Terence Tan Wealth Vertex, Copy Trading, Mirror Trading, IM -Finance Auto Income System Copy Trading Scam by Wealth Vertex Singapore Internet
I was invited to attend a preview, organized by Wealth Vertex, by a close friend who came across the posting on Facebook. It promises 5-figure passive income with just 15 minutes daily. It sounded too good to be true, but we thought that it would be harmless to just go and listen. The speaker, Mr Terence Tan, started his sales pitch and very soon both of us were drawn in, especially with the grand finale of cheque presentation to existing members. The system involved using internet marketing to lure prospective 'students' and getting them to invest their money in Forex, through a brokerage firm, by picking from a list of traders they offered, and letting them trade on your behalf or following whatever they trade. This, I later found out, was Copy Trading. The course we signed up for taught Nothing pertaining to Forex Trading. Even then, things started off ok, we were making some profits.
But on one fateful day, I realized that my profits and a large part of my capital had gotten wiped out! I called up the brokerage firm and was told that I had a margin call! I don't even know what that was. Even worse, my close friend's account went negative!! We called up Wealth Vertex and only then were we told that there were risks involved in Forex Trading and that we had pick the trader ourselves! They said are not responsible for our loses and hence not liable! We were left out to fend for ourselves! We were furious and many thousands of dollars poorer!! I immediately went to research more about Copy Trading, Wealth Vertex and Terence Tan. I found out that the trader we picked, traded without setting a stop loss, which means if the market decides to go the opposite direction, your account could potentially be wiped out! What about the trader?
We knew nothing abt him/her accept for a nickname/ username and a one-month trading results. BUT, whether he/she wins or lose, he/she gets to earn your Introductory Broker Fees per account, per trade! And Terence Tan gets a cut of those fees!! Wealth Vertex has been promoting the same system but always changing the name when things went sour! They would lay low for a couple of months and then start all over again with a new name for the course/ system. They offer no recourse if things turn bad and most definitely, no support. What about the cheques presented to members/students? These are actually referral fees you earn if people sign up for the course through you and not the profits earned through Forex Trading. We were certainly fooled then. Luckily, we had made no referral yet. If this was the outcome, we would have been referring people we love into destitution!! Most recently, I received word that a group of students stormed into Terence Tan's preview and demanded their money back, in front of the crowd! If this is not more foretelling, I don't know what is!
Hence, if you see or read anything about getting rich or passive income from Wealth Vertex, Terence Tan or Copy Trading/ Mirror Trading/ Social Trading, do yourself a favour and think carefully. There are no free lunches in this world!
2 Updates & Rebuttals
The Truth Always Hurts
#3Author of original report
Mon, March 20, 2017
I have received a Rebuttal as expected. Knowingly, the author tries to instill the idea that both Terence Tan and the staff of Wealth Vertex try so hard to CONSTANTLY remind preview goers and potential students, the dangers and risks of Forex Trading... NOT!!!
Let me reiterate again. During the entire preview, at NO point in time did the speaker mention anything about RISK! And at the end, the speaker gave the audience a short period of time to go to the back of the room to sign up, in order to secure the 'VERY SPECIAL' price for the course. All the staff did, was keep asking people to fill up the application and busy swiping the credit cards for payment. There was NO mention of ANY RISK WHATSOEVER by any of them!
With reference to Copy Trading, one would most certainly question the need to choose from a group of 8 to 10 traders, because, if Terence Tan really had his students' best interest at heart, he would have gone through great lengths to provide them with just ONE TOP TRADER to copy!
With regards to the author questioning my points, I can bring out at least 20 ex-students who would willingly vouch for my report. Better yet, I should get them to each submit a report to RIPOFF, so that the general public would be informed of THIS SCAM!!
Corey J
Singapore
Teck Wei
SingaporeMy Experience with Terence & Wealth Vertex
#3Consumer Comment
Thu, March 16, 2017
I have been a student of Terence Tan for the last 8 months. During the preview seminars, there were constant mentions about trading is risky. Even when I signed up for the program, the sales executive had to emphasize again that I got so annoyed. But the team was patient to let me understand as they do not wish that I sign up without knowing the risk.
Even during the workshop, the point was emphasized and there was never promise of large gains. The most definite promise that we were given was that we might be able to beat the low bank interest rate if market conditions were favourable. In fact, we were taught how to manage our risk and only invest the amount that you are ready to lose as forex trading’s itself do not give guaranteed returns. This is mentioned again and again.
Using equity protection was also encouraged as it is part of risk management that was taught. I find it suspicious that someone who attended the workshop would decide to trade without equity protection. Especially when the Wealth Vertex team would keep emphasizing it.
Prior to learning Terence’s copy trading platform, I tried using Zulu Trade and Etoro which are international copy trading platforms. I was rather lost when I used them as I could not understand how the entire system worked. However, after attending Terence’s workshop, I was taught exactly how copy trading works and the risks involved. At times, I find them too naggy.
I don’t know where you copy-traded or traded forex but it is impossible to owe the broker money. For a simple reason that if a broker extended a line of credit to everyone who opened an online account they would literally go broke. You can only lose money that you have in your account not a single cent more. The maximum amount that you will only lose is the amount that you put to invest. You sure you did the copy trading?
Cause why is your points totally so different from what is mentioned and taught? You are either making up stories or not part of the copy trading community. I am highly suspicious that what you are reporting is not even real.
I recently referred a friend of mine to Terence’s previews in Singapore, I heard that some thugs barged in during the session screaming incomprehensible gibberish. I do not know why the thugs appeared and not the actual student. I find this ridiculous.