2 Types of Forex Managed Account Services that you can use

2 Types of Forex Managed Account Services that you can use to grow your portfolio

If you have been searching for Forex Managed Account Services, your search will likely stop right here on this page. Because not only will we end your search for the right Forex Managed Accounts Services (we have our own to offer to you). Forex Managed Accounts Service is typically a done for you service where you, as a trader, don’t have to do anything else except to hand over your money to the supposedly experienced Forex Trader who will trade and make money for you while you sleep. Sounds good, right? Theoretically, it’s actually a really good concept just like Mutual Funds actually. However, the biggest flaw in this arrangement is transparency. And those hidden fees are the killers of this concept.

The Advantage of Forex Managed Account Services:

  1. Profit on Autopilot
  2. No Learning Curve
  3. Ability to hire many trading experts to grow your portfolio

The above is true if the service delivers results as claimed.

To us, there are 2 types of Forex Managed Accounts.

1. Hand Over Your Money Type

Forex Managed Account Services - Hand Over Your Money and Hope for the Best

Forex Managed Account Services – Hand Over Your Money and Hope for the Best

Basically, this type is kinda scary because essentially you are handing over your money to these companies and they will manage all your funds and your worries so that you can sleep and they will generate that profit for you. While there are some really reputable companies out there for Stocks, like Warren Buffett’s Berkshire Hathaway, only a small handful of Forex Managed Accounts are legit. In fact, only a small percentage actually produces consistent income for their retail clients. As mentioned early, the scariest part of this type of Forex Managed Accounts is to hand over your money. Have you thought perhaps they might disappear suddenly or even worse, they will not process your withdrawals?

Think about it… you find a website that claims they offer Forex Managed Accounts Services. You transfer your funds over to them and expect them to produce results. They produced results and ask you for more funds. You continue adding more funds into this company. One fine day, you log into the company website and find that the website is down. You call their customer service line and it’s also down. You write them an email and wait for their reply. No calls. No reply to your emails. No more website. You have been scammed!

The danger is in handing over your money over to a company that supposedly provides Forex Managed Account Services. Of course, there are still a good handful of companies that’s legit but all of them will have hidden charges and will lack transparency. Afterall, your money is with them and they can do whatever they want with it.

2. The “I Keep My Own Money But You Trade for Me” Type

Forex Managed Account Services - Hire a Professional Trader to Trade for You

Forex Managed Account Services – Hire a Professional Trader to Trade for You

To make this easy to understand, you keep your own money which means you find your own Forex Broker and allow a so-called Professional Trader to access your account to trade for you for an agreed fee. The agreed fee could be in the form of monthly subscription fee (like a membership fee) or a percentage of profit. Membership fees can range from $47 to several hundred per month depending on the Forex Managed Account service.

The advantage of this Subscription Fee Approach to you:

  1. Fixed Cost
  2. Relatively inexpensive if results are good
  3. Your Money is in your control (or at least in your trusted broker’s hands)

Another approach… and typically this is for larger Forex Accounts is the profit sharing approach. Warren Buffett (of course not Forex but for Stocks) started out taking 25% of profit. Money is still in your control and you pay no fixed price. Only pay when there is profit. Cost of this Professional Service will vary depending on your profit. If there is no profit then you pay nothing. So the Service will be hard pressed to produce profit for you. A big chunk of your profit (25% or the agreed percentage) will be paid to the Professional Trader for his ability to generate the profit for you. This is truly a pay for performance approach.

With the technology that’s available in the Forex world especially in MT4 or MT5 platform, there is no reason to go for the first approach. The 2nd approach is always the smarter approach because you are always in control of your own money. If you like  the “I Keep My Own Money But You Trade for Me” approach, then you might want to consider our very own subscription based service. We have 2 Forex Managed Accounts available at this point of writing, Profit By Friday and Profit By Friday EURUSD. You can also read more about our Forex Managed Accounts Performance here.

Comment below on your thoughts on this… We would love to hear from you as always!

 

 

 

 


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