Wealthified.net sells a Forex e-book for $199 and trading room access for $79/monthly.
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In addition to this, Wealthified is offering managed accounts services which are hosted with the broker Key to Markets.
Minimum deposit for joining Wealthified managed accounts is $500. However, the bigger the deposit, the less the performance fees an investor will pay.
A deposit of $500 will attract 35% performance fee. The fee keeps reducing as we deposit more money. However, we’re not told whether this fee is based on high watermark principle.
Basically, high watermark means the asset manager cannot deduct his performance fee until the next time there is a new profit which is higher than the last profit.
There’s no about us page on the Wealthified.net website. Despite this, “Peter Cay” claims they were able to turn 1,500 to $120,000 in 2 years.
Mr. Peter Cay also claims that they’ve been live trading until 2016 when they withdrew all their accumulated returns.
Now they’re offering Forex managed accounts in collaboration with a broker that is able to accept US citizens too.
Is Wealthified.net legit?
We go back to their trading background to see whether we can find proof that this service is reliable.
This proof can be hard to find if all we have to rely on is a table showing returns in figures and percentages over the years.
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This website has a “performance” page but we can’t rely on this information since we want maximum transparency on how results are presented.
This can be achieved using a third-party statement sharing service like myfxboook.
With myfxbook, we can determine average monthly returns, drawdowns and other metrics.
Currently the “results” on the performance page are just too good to be true.
We can neither recommend the trading room or managed Forex account services offered by Wealthified.net.
The service is not transparent and we don’t know whether we will gain any returns out of our deposit or lose it entirely.
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