27/09/09. ForexMonk Review and Other News

BEWARE! THIS PROGRAM HAS STOPPED PAYING! PLEASE DON’T INVEST!

Hi guys! You might remember from yesterday’s review I mentioned that there were two programs I wanted to look at more closely this weekend. Well today is the turn of the second one, ForexMonk.

You might also remember that over the course of the last several months there was a large number of HYIPs with plans that more closely resembled those of an autosurf. Some of them it must be said were hugely popular and made a lot of money for a lot of people. Not everybody of course but that’s nothing to do with ForexMonk. So if you were never a fan of such surf-like HYIPs then maybe you should stop reading now because here comes another one. But if like me you don’t think it’s a bad thing then read on.

There are three short term plans available from ForexMonk, all of which have an affordable minimum investment figure. The first one is called the Newbie Plan and it runs for 7 days. During that time you will receive a daily interest payment of 16% on deposits starting from $50. By the time the plan expires your payments will have added up to 112% of your original deposit, so in other words a $100 investment will get you a return of $112 after a week. Though you won’t actually be in profit until receipt of the seventh payment. Maximum spend is $5,000.

The second option is called the Amateur Plan and entry into this one will set you back a more affordable $20. Like the last plan this one also offers you daily payouts, this time at a rate of 10% per day for 12 days. So if we were to take our imaginary $100 and invest it here that would see us earn $10 per day, allowing us to break even after 10 days and finish on day 12 with a total of $120. That’s $20 pure profit with the balance being made up of your original principal. Maximum spend is again $5,000.

And finally for just $10 you can join the Expert Plan. No daily payments available here by the way, so just expect the one single payment on expiry. It’s the most surf-like of the three plans with 12% interest accumulating per day for 12 days, adding up to 144% of your principal which is paid on the final day. So for $100 invested here you will get a once off payment of $144 on expiry which includes your principal. $5,000 is again the maximum accepted deposit.

Not bad overall I think you’ll agree and there are numerous examples of programs that ran successfully for quite a long time while making similar payouts. A lot of that comes down to the admin of course so it’s never a done deal that a good plan automatically makes a good program. It needs to be managed properly as well but if it is then ForexMonk could do quite well in the short term. The accepted payment methods include AlertPay, LibertyReserve, PerfectMoney, and StrictPay so not a bad spread there at all. Payments are made seven days per week but you are requested to allow the admin up to 48 hours to process them. Up to now mind you they have been made a lot faster than that.

Security wise ForexMonk does well. Better than many new programs in fact by way of their implementation of a secure SSL encrypted site. An excellent feature all by itself and and one that only compliments the dedicated Staminus server they are hosted on by Koddos. The script is licensed by Neversay. A solid enough performer but you should note that the default settings for this script mean you can only invest in units of $5, eg $10, $15, $20, $25 and so on. Not $21, $22, $23. I guess it stems from Neversay traditionally being associated with autosurfs and only more recently gaining widespread acceptance among HYIP sites as well.

Customer support and communications come via the usual online e-mail support ticket submission system. There are forum discussion threads open but it remains to be seen how active the admin will be there, if he even intends contributing at all. Live Chat is also featured which is always a useful function. It’s not a 24 hour service however so feel free to ask the admin before joining about the best time to contact him using this.

As far as the business and investment side of things go, well regular readers will know my feelings on that by now, so I won’t be paying too much heed to ForexMonk‘s claims until they become one of the most established online investment sites. In fact when I think of the word “monk” ForEx isn’t exactly the first thing that springs to mind. Rasputin maybe or the famous musician Thelonious Monk. But not ForEx trading, so enter with your eyes open please. But as I said the plans themselves are fine if managed properly.

Other news for today.

Finally we got an official update from the admin of GainRoi (reviewed here) Joshua today explaining the situation with AlertPay, processed refunds, and the intention to continue with the program despite all the problems caused by the strange but not unexpected behavior of this payment processor. At the moment everybody is waiting for the D-day when the first payouts are scheduled to be processed. For those who invested into the 120% after 10 days plan on the very first day you can expect it in a couple of days. After that I’m planning to interview the admin of GainRoi on my blog. He explained that he’s going to start a massive advertising campaign on the same day the first payouts are processed. I have little doubt it will happen considering all the effort the admin made in bringing the program online and on refunding the members investing via AlertPay (that one action deserves universal applause in my opinion!). Anyway, here is the latest update from GainRoi:
“Dear Friends, GainRoi is going strong despite the hiccups it had lately. The AlertPay issue will take sometime to resolve, therefore we have refunded all the investors who invested using AlertPay.
We would like to be known as a honest program and our primary goal is to provide long term quality service to investors, which is why we will not leave a single stone unturned in handling matters pertaining to investor discomfort.
So friends, without any second thoughts, kindly go ahead and try our investment plans. This way you will gain more confidence in us, leading to a long term relationship. Happy Investing”.

The admin of FxCapitalInvestment Greg (interviewed here) has processed all the payouts for today and sent out the usual daily update afterwards:
“FxCapitalInvestment welcome all new members, I also want to use this opportunity to annouce to you that all pending payout have been completed for today 27th day of September 2009. All paid members should please visit our monitoring page and cast a vote for us.
All free member are advised to buy an ad pack or will be deleted from the site. This is to reduce the load on the server.
Thanks for all your support. Greg”.

I’m glad to report that 201 readers took part in my first poll which asked your opinion about the most reliable payment processor. Now it’s time to tally the votes! As was expected AlertPay again confirmed its reputation of the most reliable payment processor with 60 votes (30% of the voters). Although its popularity seems to be waning as in my previous poll I recall it had about 40% support. LibertyReserve and StrictPay on the other hand strengthened their positions and finished second and third respectively. LibertyReserve had 50 votes (25% of all the participants). The success of LibertyReserve is that it’s the most uncomplicated e-currency which anybody can use without any form of verification. An advantage for some admins and of course and a disadvantage for the scammed investors who can neither trace the admin of the program nor complain to the processor (all the transactions made via LibertyReserve are irrevocable). StrictPay came just slightly behind LR with 48 votes (or 24% of all votes). Well, I wasn’t surprised by that just like that I wasn’t surprised with the poor performance of SolidTrustPay (with only 26 votes or 13%). StrictPay overtook SolidTrustPay on all fronts over the last number of months. StrictPay now offers almost all the options SolidTrustPay is offering (including their own Debit card) but unlike SolidTrustPay it had no problems with the site’s accessibility and the recent database hacking. In addition, this week SolidTrustPay started to delay their withdrawals to their Debit Cards yet again causing rumors of cashflow problems withn the result that many people are switching from STP to SP. Bottom of the pile is PerfectMoney with only 5 votes (2% of all the votes). A position that reflects their recent problems with bank accounts and delays with deposits and withdrawals. I still think though that PerfectMoney is safe to use in the HYIP industry (just don’t keep too much money there, ok?). One vote was added for another payment processor (I wish I knew what it was, lol). And finally, 5% of all the participants (11 votes) said that none of the suggested payment processors can be considered reliable. Well, I think there is some logic in this belief too. I would advise (just like with HYIPs) not to keep all your money in one payment processor. Diversity is a necessity in all areas of this business remember. Of course you can always deposit in (a few) investment programs using Bank Wires. This option is offered by certain HYIPs that you can find on my monitoring page. The main disadvantage of using Bank Wires is its high minimum to deposit which usually starts around $500. There is a high minimum to withdraw as well. However, if you trust your chosen program thoroughly and have a good initial budget in control then investing via Bank Wires might be not a bad solution for those who don’t like payment processors.

Today following the suggestion of one MNO reader, Dan, I’m opening another poll which will run for at least a week. I hope it will interesting for you hope you cast your vote for your favorite investment program. Yes, that’s right! I want to know your opinion on which program from my Top 5 programs you consider your favorite. Please feel free to choose among the following programs: GoldNuggetInvest (reviewed here), PanaMoney (reviewed here), GeniusFunds (reviewed here), NanoMoneyCorp (reviewed here) and SazaInvestments (reviewed here). Of course if you don’t like any of the afore mentioned programs you can cast your vote for “Another low-ROI program”. If you prefer one of the short-term HYIPs (HYIP games) please have your say by picking “Another short-term program” option. I hope you like this new feature on my site. I would be glad to receive your comments or suggestions about future polls at my email abramsonp@gmail.com

Unfortunately one of the short-term programs ProComInvest stopped paying after just 9 days online. So nobody could possibly be in profit as the program offered 10%-12% for 12 days plans. Nobody except the admin that is. It’s very probable that the admin’s intention was to scam from the beginning so nobody could profit from the program except him. It’s a shame that ProComInvest should end so quickly and though it’s obviously was a game it was a dishonest one.

Many other programs keep paying even on the weekends so I was paid from them today. Here is the list of the paying programs: Verifield, CedexInvest, MetaStocks, GeniusFunds, IncoForex, ForexMonk, AdsDailyPro, GlobaFund, XagaEnterprise, CoolReturn, BlackDiamondPortfolio, XrateInvest, NanoMoneyCorp, InvestRoyal, FxCapitalInvestment, CSMFinance, SensibleInvest, WOIC, ProfitEx, MoneyTurbo and GainRoi. That’s all for today and I will see you on my blog tomorrow!