This is the honest review of FxSyndicate.org Forex Account management service based on my personal experience.
They claim to be a Professional Forex Account Management service working only with Oanda for US based investors and Swiss based Swissquote broker for the rest of the world. The website claims to have more than 1000 investors. Working with reputable brokers may put all suspicions aside when you decide to invest with them but that is only the visible side of the iceberg.
As per the About us page, they started the business in 2016 and were successful ever since. FXSyndicate.org is owned and operated by FXSyndicate Trading Group. The address is 20-22 Wenlock Road, London, N1 7GU which happens to be a virtual office offered by MadeSimple online service. The website has links to several social pages but they are not updated on timely manner. The CEO Andrew Host has his account on Quora where he posted regularly up to September 2019. His LinkedIn profile image is the logo of the FxSyndicate service and there is not much information about him either.
I found FxSyndicate.org on Google and decided to give it a go as I trusted Swissquote broker and didn’t have any clue they (FxSyndicate.org) would not follow their promises. Andrew Host, the founder and CEO is the only person replying to skype messages. We had plenty of conversation on skype before my investing decision and he wanted to persuade me to start with not initial $5k but more. I still made up my mind to invest $5k for the beginning and add some more later. It turned out to be the sound decision.
Once the money reached my account and I signed the POA they started to trade. The strategy was full of erroneous decisions which quickly dumped my balance. Besides, they were withdrawing $500 performance fee each month for literally destroying my account. Once I started to complain, Andrew got somewhat angry with me and warned to stop managing my account and even stop replying to my messages.
I even tried to get on the website support chat and asked for explanation, but once they found out who I was, I was simply ignored.
Now my balance is left with $1 only and I still haven’t received any explanations. FxSyndicate.org website claims they have no margin calls ever, that may actually sound correct, but it doesn’t prevent them to empty the account with wrong trading decisions.
They also claim to have 24/7 customer support which is also another trap for attracting investors. I’ve been waiting for more than month for Andrew Host reply back to me and demand to have all the service fees transferred back to my account, but still there is no response.
My bad experience with FxSyndicate.org gives me good grounds to consider them as scam unless they have something solid enough to prove the opposite. I’m ready to update this review once I receive a healthy explanation as well as my account is deposited with the withdrawn service fee.