Does the picture above look like MLM (Multi Level Marketing)? *Coughs* YES! *Coughs*. And you stumbled upon this site because you saw the title…
GWGFX Is A Scam?
Well, is it? You’ve had friends showing you their bank accounts. From barely surviving each day to a ‘How on earth do you have so much money?’. And the flashy new car they’re riding. From a Proton Saga FLX to a brand new BMW X6. And also the confidence (and sometimes borderline arrogance) of walking down your neighbourhood shopping mall exuding the flair of a YB.
They’ll whisper to you ‘GWGFX bro!’. And that’s the hook which led you to Google and Google until you can’t Google anymore.
Let me say this, does GWGFX sound legit / legal / safe to YOU? Did it peak your interest because all of your friends are in it? Does it offer you unreal profit IF you’re able to ‘invest’ with them in a year? I’ve always said this, if it sounds TOO GOOD to be true, it most probably isn’t.
I’ll elaborate on ONE POINT based on what was written on MoshedFX here:
How A Ponzi Scheme Looks Like (Moneygame Hiding Behind The Prefix Of Being A Forex Broker)
- There’s fixed return income and ROI. For example; 10-20% ROI A MONTH WITHOUT TRADING!
- There’s pairing and levelling (exactly like any MLM companies you meet).
- Sponsor two people, the pairing with get commission even though the person only deposits money without trading.
- HALF of your capital will be locked for ROI and your capital CANNOT BE WITHDRAWN.
- Has SPECIFIC and EXACT amounts in the account to be able to withdraw earnings.
- These programmes come from ISLANDS around South America, Costa Rica, Puerto Rico, St Grenadines, Panama, Bahamas and all around it.
- Not regulated by big regulatory bodies eg. FCA UK and NFA USA.
- Uses e-wallet trading, and encourages selling-buying from their upline and downline for sponsorship.
- Your withdrawals does not show it was deposited via Wire Transfer overseas instead only through CASH DEPOSIT MACHINE. Owner is surely from Malaysia right?
- Withdrawals take more than 10 working days, a sure-sign of the programme waiting for new downlones to join in order to pay you.
- Using VIRTUAL OFFICE. Real Forex Brokers does not use virtual offices but have their own office.
- The status of the owner or the CEO is not clear. NO ONE has ever met with the CEO or the owner. Upline secret? You judge for yourself.
To cap things off, use your own judgment. If it looks like a fish, swims like a fish, talks like a fish and SMELLS FISHY, you probably are doing the right thing for yourself and your family avoiding it. There are so many other investment schemes (legal) that we can consider (although profit is slow) such as ASB (for bumiputras), and unit trusts and fixed deposits.
Maybe you can also learn How To Trade Forex! That’s where the money is. A close friend once told me ‘Adam, go where the money is’ (Adam, engkau kena ikut dimana duit itu berada). If it’s in Forex, learn Forex! If it’s in teaching, get a degree! If it’s in starting up a business, get capital and jump into it!
Whatever it is, do it safely and legally. For more info, always look up to Bank Negara Malaysia‘s list of blacklisted schemes.
Hope that helps!
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