If you show them your skills, Forex Traders UK, whose website is forextradersuk.com, claims they will give you £1,000,000.
Just like Try2bfunded scam, Forex Traders UK is purporting to give traders free money for trading a live account even if they are new to trading.
The only way to succeed is to invest in decent trading services as opposed to getting entangled in fantasies.
The website even claims that traders will earn 50% of their profits when they get into the program.
Traders can choose between low risk and aggressive trading plans.
Each one of these plans have strict rules which traders must adhere to in order to stay in the program.
For example, traders must reach a profit target of £250 within the first 3 months.
They must also ensure that their drawdown is not -£125 or more than that.
When traders pass the first 2 levels, they are “guaranteed” 1 million Euros in “free money” for trading.
Keep in mind that over 90% of new traders lose money (stats in the public domain), so chances are that anyone who gets into this program will not make it to the next level.
Please Note: The scam has even created an account with fake reputation management site called Trustpilot. The intention for using this dubious site is to post bogus reviews of supposedly profitable customers who have been funded. Falling for the fake reviews will cost you money.
Forex Traders UK (forextradersuk.com) Review: The Catch
These guys are not stupid. They know that nearly all of you who sign up for the “free money for trading program” will fail.
Yet the company charges £200 for all sign ups, regardless of one’s experience.
Now, ask yourself: If they truly provide free money for trading, why would the company charge a fee upfront?
It should be an opportunity for all, meaning the company should cover the initial cost of bring everyone on board for free.
Another thing is that Forex Traders UK is not providing any refunds.
I’ve not seen any clause that says traders who get disqualified will be refunded.
To cut the long story short, the website is making most of its revenue from charging upfront fees.
In my opinion, there is no way someone can give you thousands of dollars to trade with in exchange for 200 euros.
These funded trading programs are basically lying to the masses because in the end, they take away people’s money.
If you are not a professional trader, beware that you will fail and lose your £200.
This is the unfortunate truth.
Is ForexTradersUK.com Legit?
Their business model is most favorable to the owner of the company and not the naive trader who signs up with the program.
Of course a Forex broker will be involved in this kind of trading.
The company does not mention any broker that they are working with in their dubious business model.
Probably they are also acting as a Forex broker, which means they can manipulate your trades to make it even more difficult to win.
If this is the case, then Forex Traders UK is also running an illegal business because they should be having a broker’s license if they want to provide a trading platform.
They are based in London, and I believe all brokers who want to operate legally in the city should seek licensing from the FCA.
Don’t think there is free money anywhere.
If they are serious about it, the opportunity to get started should be free.
Also, I dont see why a company should provide “live trading accounts” to people with no experience.
This raises eyebrows. In fact, they should qualify traders into the program if those traders can demonstrate prior knowledge in trading.
Charging upfront fees should be preserved to scammers and not a legitimate funded account program.