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hello all, just joined and hopping someone my help me. i have been a forex trader for 13 years doing ok and have wondering about opening a hyip site, not a scam site, but with help from others investment and my success over the years together may have a good partnership, but must admit i am unshore about the safety of theses scrips on sale and how much control i would have to holding there money. many thanks logo
Any time you are talking about something made for criminals are you not taking a risk? Do you ask a dealer on the corner what the coke is cut with, like he is affiliated with the FDA? Maybe you get the good stuff, maybe you wake up in the morgue.
You say not a "scam" site your first step would be to hire an attorney and have all the paperwork filed in the jurisdictions where you plan to solicit investors. Just setting up shop, advertising on the web, taking deposits, and paying referral commissions is illegal.
If you were actually trading 4X what do you need a script for? I would be a little more concerned with finding a firm that will clear your trades, properly segregate investor accounts, and an independent auditor to verify things are as you say.
Other than that, just design a site, promise an outrageous return and let the chips fall where they may. In all seriousness that sounds like where this is headed anyway.
ligo: Welcome to RS. If you want to run a legal FOREX trading company, you sure don't want to do it as a HYIP. HYIP is nothing more than Ponzi's, and despite all the protestations of those claiming to do FOREX trading, they are all Ponzi's.
Here are my questions for you: Are you going to accept people's money to trade for them? If you are, then you need to set yourself up to do real FOREX trading. This means that you have to be registered with the SEC in the US, FSA in the UK, and any other country's regulatory agency that deal in securities from where you want to accept clients and doing business. You also have to be a licensed trader with NFA and FSA for sure, but you would need to know what agency handles licensing of traders in every country in which you will be doing business.
You say you have been a FOREX trader for 13 years. Were you working for a financial services firm as one of their traders, or were you trading on your own using your own software? You see if you were trading for a firm, you are already licensed, and that means all you would have to do is form your company/corporation and then register your firm with CFTC to be licensed and registered to begin trading.
Depending on your answers will determine what further advice can be given to you.
If he was already working for a trading firm, he would not come to the forum and ask how to setup his own firm, and gmmmm.... hyip script :)
Of course first question before even discussing anything, in which country he is planning to have investors from ?
And most important is he willing to go to jail when he does bad trades ?
If laws are not important to him, can always setup himself as a PAMM in some existing shady online forex broker,
they will do all accounting, monitoring, protect investors interest, provide a platform, etc..
they will guarantee he will not lie to people on his performance, they will guarantee he will not run away with money,
and they will take the legal responsibilities away from him.
if he is as good as he says, show it to the world and investors will come, no need to start up a HYIP for that.
Kernan posting under a new username? :)
And another question, why do you want to manage other people's money ?
If you were successful for 13 years you should have own money.
or let me guess , you want to help people to become rich?
You may also want to note that most regulators take a dim view of the sort of "pooled" trading that you are probably planning,i.e. where you pool resources to trade.