CM Business , cmbusiness.com.au , ZFX Solutions pty ltd
Well, another Gold Coast company. This time pushing training in the Forex and commodities markets…for only $25,000 !
Lots of pictures on their website of happy people living the easy life. It’s apparently because they only have to work a few hours a wekk to earn 1,000 to 3,000 a week.
They mention low start up costs. I guess that is not including the training fee!
So I got to go through the sales pitch the other day with one of their sales-people. First they offer to give you a live demonstration, which rather than live demonstration of their trading abilities, is actually a live (shared screen) sales pitch where you watch a video with the sales person talking you through it. You’re told how Easy it is ( if it’s that easy, why should you need 25k training?), how great their trainers are (one worked for the dodgy Share Market College ) and how, lucky me, they are offering 50% off, so it costs only $12,500 up front, and you can pay the rest when you’ve reached your first $50,000.
You get training of course, but you actually have to pay extra for the one on one training..290 per month. But they reckon you’ll only need three months of that. And they can’t even see their way to incuding that?!!
They claim they’ve trained ‘Thousands’, yet there isn’t a single testimonial on the web about them. They claim to be ‘Internationally recognised’ and have ‘been branded ‘Currency Market Experts’, yet you won’t find them if you search for that ( everyone seems to brand themselves that!). The sales-person told me they had got hundreds of their friends into it, as well as their family and children. So..they didn’t want to just teach their children how? No, but they did get them the half-price offer.
The sales-person doesn’t even work on commission..just a wage, and yet supposedly has been with the company and trading for 4 1/2 years themselves. Just doing it because they likes helping other people. When questioned about basic trading stuff, the sales-person didn’t even know what trading platform they were using, what a risk:reward ratio was or what their strike rate of successful trades was.
Alright, so what are the expoected returns? $50,000 in your first year, based on a $10,000 starting bank..and that’s being conservative they say. So could they send me a statement? No. After much badgering they agreed to send something. If they were using 1:1 risk:reward ratio like they claimed, it ceratinly did not look like it. Most of the profits were small and only about 10% of the stop-outs on some of the other trades. And they also claimed they had trailing stops in place, yet the the profits taken don’t seem to reflect this. There were none that were much more than their biggest loss.
They claim you can trade in just a few hours, implying during normal waking hours, yet there were many trades made in the middle of the night.
Supposedly running for 4 1/2 years, their parent company ZFX Solutions was indeed registered in 2009 ( as a Body Corporate ), yet they only registered for GST on the 1/10/2013 ..and with all that income from the thousands of people they’ve trained! I’m sure the tax department would like to know about that. CM Business was only registered on the 31/10/2013.
They guarantee, but all they guarantee is that they will train you..not that you will be satisfied or successful.
It just doesn’t add up and also the claims sound so fanciful.
You can get great training for far less than they are asking, and then you can use your left over capital to invest with.
This is my opinion, offered for general interest. You should always make up your own mind.
PS: I have to leave you with one classic claim..
The sales-person told me that the program worked so well for one guy, it even cured his migraines!!
Please comment if you have had any experience with them..