Still Wealthy is an investment advisor providing Forex managed accounts with ADS Securities broker.
ADS Securities is a Forex broker in the UAE with branches in cities like London. They started operating in 2011.
Due to failure to implement maximum transparency as promised on the Still wealthy website, I lack the conviction to include this service in our list of the most recommended trading products and services.
To get a place in the coveted list of trading products, vendors must take full responsibility of their trading and clients’ money.
That said, I found that Still Wealthy is operating from the website StillWealthy.com which was created in July 2013.
The company is associated with Hammad Siddiqui who claims to be a fund manager in the UAE.
In his LinkedIn profile, he promises to deliver a monthly return of between 10%-22% depending on the amount of deposit.
I’ll definitely look into his performance record to see whether this claim is verifiable.
It also appears that Hammad Siddiqui is the owner of Stillwealthy.com.
The website promises to manage Forex accounts of their investors through honesty, integrity, transparency and commitment.
The company’s marketing materials also proclaim that StillWealthy.com is the leader in Forex investments.
While it’s normal for managed Forex account providers to make these marketing declarations, what matters is their reputation and whether they can produce proof of their consistency.
Stillwealthy.com managed Forex accounts
The minimum deposit is USD 100,000 while management fee is 30% of the profit.
They claim that with strict money management rules, the fund can only risk 20% of the invested amount but generate at least 100% returns annually.
I do not know how real these suggested returns are because even the best fund managers accepting this kind of deposit rarely make more than 50% per year.
On the other hand, StillWealthy is accepting deposits of between 1 million and up to 10 million USD.
For these amounts, they proclaim to generate between 14% to 20% monthly.
Their marketing materials also proclaim that the company will monitor their clients accounts 24/7 and even give freedom for cashing out anytime.
Still Wealthy Trading Strategy
They tell us that the company uses a combination of overlapping technical indicators for purposes of trading short-term signals in the Forex market.
They also focus on intraday short term movements in addition to breakouts when identifying opportunities.
This is the only information we have concerning their supposed trading strategy.
From what I can see, this explanation does not go into details of how trades are identified, executed and managed.
While this information is not important to less sophisticated investors, it really matters when you discuss this company with informed traders.
Therefore, for purposes of transparency, I would like Mr. Hammad Siddiqui to provide a quick overview of their exact strategy in order to boost his trust profile.
Who are the people behind this company?
It appears that this is a one man army operation where all functions of the company are conducted by Hammad Siddiqui himself.
Of course it’s common to find a setup like this hiring freelance call center agents to take care of investors wanting to reach the company by phone.
Whatever the case, I find it quite strange that Still Wealthy is not providing a page where they detail their staff profile.
Also, the marketing materials of this website claims that trading is being done by people with 15 years of experience.
It is always a good idea to provide some sort of proof when making such a bold claim.
At the moment, the only proof I have is that Stillwealthy.com was formed in 2013 and this does not tell me anything about the experience of the supposed traders.
This is the ultimate litmus test which many vendors of managed Forex accounts or signals do not want to face.
In my Degram Signals review and many other posts, I have always highlighted this issue just to see whether those vendors will make it a consideration.
Indeed StillWealthy.com has provided a page titled ‘performance’.
However, what I see on this supposed performance page is quite disappointing.
First of all, the results are outdated as the page shows us trading results for 2019 only.
Where are the results for 2020 and 2021?
How do we establish what returns and drawdown this company has experienced?
It is generally a common practice in the Forex marketplace for vendors to use a statement sharing platform like myfxbook.com.
This is how transparency is practiced in this industry. Unfortunately I see that Still Wealthy is not very transparent when it comes to their performance.
This raises the question of whether or not to trust Mr. Hammad with your hard-earned $100,000.
Apart from the issues which I have raised above, I also find it rather strange that no reviews or customer feedback can be found for the company Still Wealthy.
They’ve been around since 2013 and I believe Mr. Hammad was ‘trading’ all this time.
Was he trading for himself? I want to believe so because if this trading was being done on customers’ accounts, I’d surely see reviews of the service on the web.
Well, that’s it for today. And Mr. Hammad Siddiqui, my recommendation is that you should preach water and not drink wine.
At this point, how do I know whether my audience will be safe from getting ripped off in blown up Forex trading accounts?