Warning to potential Investors (I lost 25k in 6 months)

- A
- andy
  
  Contact options for registered users
posted
14 years ago

Fri, Nov 20, 2009 10:04 PM

I'm a 54 year old semi retired guy from Lancashire England, with some savings for my retirement. I was tempted by the forex markets, but too scared to trade myself, so I was tempted when I was offered an opportunity to invest with a Professional trading company based in the City of London. (Beta2 Ltd) They were very slick and very persuasive, and appeared extremely professional...

I invested 50k in March 2009, and by September they had lost 5k of my money, and charged me 20K in commission to do it, leaving me 25k down......

I'm depressed, angry, and feel like a fool..

I'd be very interested to know if anyone else has had similar experiences with this company.

I have a little webpage at

formatting link

with the details

- J
- Jef Roe
  
  Contact options for registered users
Vote on answer
posted
14 years ago

Sat, Nov 21, 2009 6:59 AM

- R
- Rob Graham
  
  Contact options for registered users
Vote on answer
posted
14 years ago

Sat, Nov 21, 2009 7:38 AM

Unfortunately, this is one of life's little experiences, but it's good of you to come forward and warn others. It's interesting that they lost this money during the period of exceptional stockmarket growth.

I would expect you to be able to get at least some of the commission back on the basis of unreasonable charges. You might care to consult the Office of Fair Trading.

Rob Graham

- J
- Jonathan Bryce
  
  Contact options for registered users
Vote on answer
posted
14 years ago

Sat, Nov 21, 2009 11:33 AM

It doesn't matter what the stockmarket was doing. Playing with forex is just gambling unless you have a particular reason to be in foreign currency, for example to hedge a future foreign purchase.

- R
- Robin Graham
  
  Contact options for registered users
Vote on answer
posted
14 years ago

Sat, Nov 21, 2009 9:02 PM

No. You're absolutely right.

Rob

- B
- bartc
  
  Contact options for registered users
Vote on answer
posted
14 years ago

Fri, Nov 27, 2009 4:54 PM

His investment dropped 10%. But there seemed to be another 40% in commission charges, if I understood correctly. That doesn't sound like gambling to me, just a ripoff.

(I thought to play with foreign currency you just needed to open an account in a currency (even with a UK bank). Then you transfered money in or out depending on what the rates were doing. No commission charges. Don't know about tax though if you were to make a profit)