Nervous about managed forex accounts

[MFA_Noob]

I've never done this before and I'm very panicky. I'm looking to open up a brokerage account with a reputable broker in Europe but I'm worried about sending a copy of my driver's license and a copy of a utility bill to anyone. I fear ID theft no matter how reputable they are. I fear for my family and everything. It's really for a successful managed account. Am I a big pvssy?

In fact I went to the post office with the application documents in hand ready to send. I was the next person in line and started getting so nervous I aborted.

How do you guys feel about all this? My brain is keeping me from opening an account since it thinks about ID theft and the end of the world, lol. Can anyone tell me why "it's okay to send, you have nothing to worry about" so I can send the darn thing?

 

[Splitlink]

This is something that you have to decide for yourself, but I had to send mine when I actually had an account open. If I hadn't done, I suppose they would not have allowed me to continue to trade.

I see no real harm. My online trading is such that any proceeds are sent directly to the bank that is registered with them. Under no circumstances, though, do I use an online bank account, I'm very oldfashioned in that respect.

It was explained to me that new government anti-terrorist legislation made it obligatory for them to ask for these details, even though I have had my account with them for thirty years.

Cheer up! We have to live with the times!

An additional thought. Don't they need a bank account number? How is your money to be transferred to and from? I would have thought that you would be more worried about that , than your DL and service bills, although if your service bill is paid through the bank, the bill would have the bank details on it.

Split

 

[MFA_Noob]

Split, thanks for replying. They need a bank account number (I listed my checking #), driver's license copy, utility bill copy, employement, etc, but no SS number. The documents are being sent to a management firm in Switzerland who will sign a POA document and then send the docs to the broker, also in Swiss.

I'm really concerned about ID theft and access to my bank account and anything else criminal that could destroy me. I even called the broker and suggested I send them the docs and have them send ONLY the POA to the management firm. They said it's okay to do that but it would be faster the original way. To me it sounds like it's just a regular process of applying, but since this is my first I'm just a little frightened. I don't know anyone who's done this and I sort of feel alone in this. I haven't told anyone (I want to keep it a secret until it's okay to spill my beans, i.e., when I see a profit or else people will discourage me to do anything.)

Seriously, what's the worst that can happen if someone has a copy of my info above (not my SS number.) ??? My brain just runs wild and says I could be in trouble and the sky will fall and I'm just afraid of not having a peace of mind. Once I send that envelope, that's it, it's gone and I can't do anything to stop it. I'm looking for someone who can tell me that I'm dead wrong and that this is really normal and nothing to worry about. Until then I may have to spill my beans and get a "partner" to help me out which I don't really want.

Hmmm, I think I'll sign up with and ID theft protection company, only 10 dollars a month, insured up to a million.

 

[PualoP]

I think your main concern should be that the 'management company' are going to churn and burn you. People who give strangers POA of their trading accounts deserve to get their account wiped out.The broker maybe reputable but do you know anything about this managemnt company? Could you enlighten us as to who the broker and managemnt company are?

 

[MFA_Noob]

I think your main concern should be that the 'management company' are going to churn and burn you. People who give strangers POA of their trading accounts deserve to get their account wiped out.The broker maybe reputable but do you know anything about this managemnt company? Could you enlighten us as to who the broker and managemnt company are?

The management firm is what's really concerning me. I spoke to the broker (MIGFX) about the management firm and they told me that they are a legitimate company. They have a website too (ASTAL Treuhand & Verwaltungs AG: Buchhaltung Steuerberatung Treuhand Finanzmanagement Revision Liegenschaften Links Lachen Schwyz Immobilien Rechtsberatung) I even mentioned theft but they seemed comfortable with them since they deal with them right down the street. The POA document says that they can only trade the account and not withdraw from it.

 

[Rossini]

Sounds to me like you are scared of opening a managed account regardless of ID theft, maybe you are using the ID theft to cover up your real concern- which is the more founded one in my opinion.

 

[everyonerich]

I've never done this before and I'm very panicky. I'm looking to open up a brokerage account with a reputable broker in Europe but I'm worried about sending a copy of my driver's license and a copy of a utility bill to anyone. I fear ID theft no matter how reputable they are. I fear for my family and everything. It's really for a successful managed account. Am I a big pvssy?

In fact I went to the post office with the application documents in hand ready to send. I was the next person in line and started getting so nervous I aborted.

How do you guys feel about all this? My brain is keeping me from opening an account since it thinks about ID theft and the end of the world, lol. Can anyone tell me why "it's okay to send, you have nothing to worry about" so I can send the darn thing?

i dont get it, is this about opening a trading account for yourself? but the title says.. managed account? are you letting someone else trade the account for you?

 

[PualoP]

How did you get into this situation, there isn't a cold call involved here is there....?

I was going to go into great depth as to how this arrangement (American sends money to European brokers and gives POA to some other Swiss guys to punt the FX market for you) seems unbelievably perverse to me, but, instead I will give you a little bit of wisdom:

'A fool and his money are easily parted'

 

[Splitlink]

Yes, the "management" part of this is the worrying bit. On second thoughts. I would not do this unless it was a wellknown company and certainly not if I was as worried about it as you are. It's not worth the aggro. The "fear" factor is one that is likely to give you sleepless nights.

Split

 

[MFA_Noob]

Okay, basically there's a website where an American and a European go seek out great performing managed accounts out there. They make sure the brokers are reputable, they make sure the performance is steady and they even open up accounts themselves with demo and then real so they can be tested and proven prior to announcing the accounts to the members of the site. They even keep touch with both broker and management firm/trader. They do a DD in other words.

I've spoken to the American through emails and he also has a valid phone number (I called) in case anyone has any questions. This site even provided it's members a password and username for "read only" access to the trading account so we can watch it daily on MT4. And yes, it's been performing very well. Yes, it's a managed forex account, I will not be trading myself. The opening balance is $10,000 dollars, but I'm okay with that.

My issue is I've never done this before so I'm a little frightened, that's all. Everything seems to be "okay", I've spoken with the broker, I have access to email/call the management company, I have access to the website people, I have access to the read only trading account and I have their historical background that they produce good returns. After all this "positiveness" I still have a fear and just don't know why. I'm considering opening an ID theft account for 10 dollars per month to see if that would help me feel secure enough. I really want to do this... it's just something in my brain that just stops me from doing it and I can't shake it unless I feel very secure. I wish someone could just slap me out of it, LOL.

 

[Splitlink]

Okay, basically there's a website where an American and a European go seek out great performing managed accounts out there. They make sure the brokers are reputable, they make sure the performance is steady and they even open up accounts themselves with demo and then real so they can be tested and proven prior to announcing the accounts to the members of the site. They even keep touch with both broker and management firm/trader. They do a DD in other words.

I've spoken to the American through emails and he also has a valid phone number (I called) in case anyone has any questions. This site even provided it's members a password and username for "read only" access to the trading account so we can watch it daily on MT4. And yes, it's been performing very well. Yes, it's a managed forex account, I will not be trading myself. The opening balance is $10,000 dollars, but I'm okay with that.

My issue is I've never done this before so I'm a little frightened, that's all. Everything seems to be "okay", I've spoken with the broker, I have access to email/call the management company, I have access to the website people, I have access to the read only trading account and I have their historical background that they produce good returns. After all this "positiveness" I still have a fear and just don't know why. I'm considering opening an ID theft account for 10 dollars per month to see if that would help me feel secure enough. I really want to do this... it's just something in my brain that just stops me from doing it and I can't shake it unless I feel very secure. I wish someone could just slap me out of it, LOL.

I wish you the best of luck with your investment. My feelings are that, if you have researched the people with whom you are entrusting your money, there is not a lot that can be damaged to your ID by giving them those details. As I said, there are anti terrorism and money laundering requirements ,these days, that account holders must provide.

Just be careful with what you are signing and check with your bank that money cannot be removed without your permission.

Regards Split