Thursday, December 6, 2012

Internet Scam Masquerading As Legitimate Currency Fund

The first rule of thumb for testing a deal that comes your way is “If it is too good to be true, it is too good to be true.”

Imagine if someone came to you and said I am going to give you a million dollars to trade the commodity markets and we will go fifty-fifty on the profits. This definitely sounds too good to be true. Yet, this is what happened to a few fortunate individuals who became known as members of the Turtles: a group of people chosen to trade the commodities markets funded by Richard Dennis back in 1984.

In 2012, Apiary Fund sends out unsolicited junk emails stating they will train people and fund them to trade the currency markets with the headlines:

 We'll Fund Your Account - While You Learn to Become a More Profitable Trader

If it sounds too good to be true, it is too good to be true. However, when you happen to know about the Turtles, you have to put a proviso in that rule of thumb rule, which now becomes, If it sounds too good to be true, it usually is too good to be true. There is always the off chance that all things are possible and the proprietor Apiary Fund might turn out to be another Richard Dennis seeking to find some twenty-first century traders to form a new breed of Turtles. Unfortunately, this is not the case.

The first alert there might be something fishy going on is the form requesting information on your own portfolio, and whether or not you might like advice on how to manage it.

The alarm looks ready to sound at the webinar when participants are told how much other organizations charge for training. The alarm goes off when you learn that Apiary Fund is seeking a fee for training you, prior to funding you.

The death toll sounds when participants are told that there are monthly data feed payments for unfunded simulation accounts.

The  coffin is on its way when you learn that Apiary Fund solely trades currency markets, which means Apiary Fund is a bucket shop creating a false currency market where they fund you, once you have paid them to go through their advanced training.

In all probability, you will spend $10,000, or maybe more, doing their training courses. When you are funded to trade the currency market, you will be playing with token money, because it will be on their currency market simulator. Although, their market simulator mimics the real markets, but is merely a computerized board game, where you play against Apiary Fund.

Apiary Fund promise to let you keep a healthy percentage of the profits you make once you are funded by them.  Everything seems legit and aboveboard, except they expect all the participants to give up because they will make it so difficult to make money, if you are a funded participant, you will give up because you will not be able to make any money. This will be the case, regardless of how many  advanced courses you take to improve your skills.

Further evidence of Apiary being a scam is registrants of their webinar, who do not make a decision to pay the fees to see if they are one of the lucky 30 qualifiers to be selected as participants are chased via phone by consultants.

Honestly, there are much better ways to make money than falling for internet scams and online frauds. 

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