So with her recommendation in Jan I put in my 1st forex investment of usd 1k, which managed by a team of managers.

Since d returns are so attractive I hv open 3 seperate accounts till now. Off late, hv heard a lot of rumourse abt Edgar International a scam!! Any1 in this forum can enlighten me? Edgar International is registered in NZ but is only heard in Sabah, Malaysia. My friend in Auckland said he has never heard of this company.

I've checked thru the NZ companies registrar, the said company was established on 9 Jan The sole director is a Philippine national.

These companies share the same link to download the software itrader. As far as I understand, the software is a common software from a common link. The dealer will just give you a username and password and you can log in and trade just like that. How can you be sure your account is maintained at edgar and not honest-nz or capital group etc?

Does the software link to individual company's database or a common database? I also found out, the said company does not have a license from the Securities of Commission of NZ and the Central Bank of NZ to operate as a financial institution.

I believe the platform they use is a demo platform which is not connected to the real financial market. There are a lot of demo software which uses real price and chart but fake money. Anyone still wants to be a millionaire?

Always use your intuition when reading a site - does it sound professional? Is something too good to be true? Trading and intuition goes hand in hand - develop it! Looks like a big scam from new zealand. All the companies are registered in new zealand. Any kiwis here who can verify this? Tks guys 4 d info;. Now Sabah is going v wild wth tis Edgar International investment..

I understand some1 even named himself as Edgarxxxx coz he profits a lot fr it.: I'll leave you to make you're own decisions though.

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As I've said in other posts though, why so many companies run from a foreign country, and why aren't the websites using proper website addresses. It really doesn't promote a professional image Interesting, it looks like they've changed directors in the last week Too much attention maybe?

Then do a director search on its director, you'll see they used to be the director of Edgar International, as well as a few other companies in the same vein until recently.

If the dealer is offering futures contracts it is required to be authorised by the Commission. Generally foreign exchange contracts which are cash settled and traded on a margined or leveraged basis are futures contracts, though this depends on the terms of the particular contract.

Forbidden

None of the dealers named in your email are authorised or licensed by the Commission either as futures dealers or for any other purpose. Companies Office records show that most of the companies named below have one of three individuals listed as their shareholder and director, and each of those three individuals uses the same address in the Philippines.

This would indicate that almost all of these companies are operated by the same group of people. We will look into whether any of these companies is operating in breach of New Zealand law.

The Securities Commission of New Zealand has confirmed that none of the companies mentioned are licensed futures dealer nor are authorised to offer futures contracts. In other words, these companies don't have the license to access the financial market. They are operating like an illegal football bookie. As they are not regulated, they can always refuse payments and run away. The forex market is a very large market with many different features, advantages and pitfalls.

Forex investors may engage in currency futures as well as trade in the spot forex market. The difference between these two investment options is very subtle, but worth noting.

A currency futures contract is a legally binding contract that obligates the two parties involved to trade a particular amount of a currency pair at a predetermined price the stated exchange rate at some point in the future. Assuming that the seller does not prematurely close out the position, he or she can either own the currency at the time the future is written, or may "gamble" that the currency will be cheaper in the spot market some time before the settlement date.

With the spot FX , the underlying currencies are physically exchanged following the settlement date. In general, any spot market involves the actual exchange of the underlying asset; this is most common in commodities markets. For example, whenever someone goes to a bank to exchange currencies , that person is participating in the forex spot market. The main difference between currency futures and spot FX is when the trading price is determined and when the physical exchange of the currency pair takes place.

However, it is important to note that most participants in the futures markets are speculators who usually close out their positions before the date of settlement and, therefore, most contracts do not tend to last until the date of delivery. In any case, as whom you claim you are, you should know better between currency futures and spot forex. Next time; arrest anyone who go to the bank to exchange money.

OR do you actually claim you have any idea what currency futures and spot forex is? Like us who dare risk that high risk return, I am sure you'll feel rather differently by in 2 months. Solai, don't have to so offensive or you make me feel like you are the owner of Edgar. I have a lot of friends who joined Edgar last couple months and recently difficulty to withdraw their money from the pool. What is your answer again on this? What you quoted futures is a high risk return, but you only look at the return side.

As an futures investor, we know return sometime is compensate with risk, however not including being cheat by some asshole. Are you consider scam is one of the factor of Market Risk? Are you willing to cheat by someone who you even don't know? Solai, go and check with New Zealand Securities Commission website and you will find Hayden Best is one of the solicitor in legal department of New Zealand Securities Commission.

I am very sure that he has sufficient knowledge to provide value information here. Hayden has a good intention to warn all investor in courtesy at this forum and let us know something happen and NZ SC in the process of investigation. Don't you think this is one of the sources of information to do trade with Edgar?

Hayden is not going arrest someone in front of bank door but look into whether Edgar breach trading law in NZ. Once again, I don't know who you are? Are you one of the owner who recently got elected to be the so call sole shareholder in Edgar? Or are you friend of Franco or Robert Wong? Look like I know Edgar more than you do, huh? Hayden, please post the update findings from your investigation and it will benefit some other trader stubborn enough like Solai. The company has changed their banks.

Formerly they ask the clients to bank in to Cosca International's account in ASB, NZ. Now they just issued a statement advising clients to bank in to Demac International's account in HSBC, HK.

I'm not sure if this is a normal practice in the forex industry. If Edgar is not regulated, and your monies is with Cosca and Demac, in Edgar's book of accounts, they never receive cash from the clients. If dispute arises, even the regulators can't do anything to Edgar because they never receive any cash. Moreover, Cosca and Demac are not trustees nor subsidiaries of Edgar.

So why did Edgar change from a NZ bank to a bank in HK?

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Could it be the NZ Commission is investigating all their bank accounts in NZ for money laundering? The company issued a statement in their website under important notice. Go check it out. The statement is signed by the managing director who declines to put his name. This is my first time seeing a letter signed without a name, just the title.

I don't think Solai is the owner. He could be the client-turned introducer. Edgar rewards all the agents and introducers by trading more frequently for them. I've never seen a forex company operates in a multi-level-marketing structure. If you recalled, there are certain hours you can't log into your online trading account apparently because the fund manager is "trading and making profit" for you, so the next time when you log in you'll see profit sitting in the account already.

Profit or no profit, if you can withdraw all your monies then you can consider yourself making money. Think about the consequences, if the introducer makes money but all his friends and relatives lose money if Edgar decide not to pay them one day.

It'll be difficult for the regulators to trace them, because: Is this really a high risk investment or a high risk pyramid game? I'm not Hayden Best, I just quote Hayden's email reply. This thread is very popular in google's search for edgar international.

I hope the moderators will not block this thread as I believe it answers many msian's doubt and questions on edgar international. Yes, bestwishes; I have check with New Zealand Securities Commission on their website, but does it matter? Having "someone trade for you" is a short term block investment. If you can get pass the very stressful 2nd rotation, you're home free, loosing does not matter anymore.

I am a real follower now ofcourse until they break, scam or not , edgar? I don't even know who they are. My trust is on my agent and trader.

He have not quote the difference between future and forex. He mentioned, "They are operating like an illegal football bookie. Solai, it's matter a lot, as you questioning the source of information from Hayden. Finally, all the follower like you said depend on some valued information from someone in NZ SC. Then, you can make your own decision whether you need to quit this game or not. Just as ytlpowr mentioned, Edgar using different companies receive money from client; that is really a big doubt for investor to question the credibility of Edgar.

In accounting point of view, what ytlpowr said is absolutely right. How about Edgar deny to receive any money from Cosca and Demac since they are no inter-company relationship.

In this situation, we may find a fact that early bird earn money and latter bird lose money; that is totally multilevel marketing or pyramid scheme money game. I tell you some insider information, now most of the client who submit their withdraw for more than a week still didn't receive any reply from Edgar.

Some international clients told me that, Edgar don't even need bank swift code or ABA No. That is so wrong for international money transfer, it will create confusion for all intermediate bank who try to complete the money transfer for client.

Then, is that Edgar will argue that you didn't submit sufficient information in order to get your money back? Conclusion, Edgar is a big scam from NZ with a goddamn helper in Malaysia.

Edgar International Beginner Questions.

BLARE

Don't fall for these scams! What is the name of the sole director who own these companies? You can find the Directors name here: I can't post a link but as a hint the New Zealand Companies website is COMPANIES dot GOVT dot NZ. Regards Hayden Best Lawyer Securities Commission Direct Dial: With currency futures , the price is determined when the contract is signed and the currency pair is exchanged on the delivery date, which is usually some time in the distant future.

In the spot FX , the price is also determined at the point of trade , but the physical exchange of the currency pair takes place right at the point of trade or within a short period of time thereafter. The rest is up to you Hayden Best Lawyer Securities Commission Direct Dial: Company's website I'm not sure if this is a normal practice in the forex industry.

Just want to know, have anyone being scam!?