Beware! FXMoguls has stopped paying! Do not invest there!

Hi everyone! As mentioned in yesterday’s news update today I have the first new interview of the year on MNO after getting a response from Jason, the co-admin of FXMoguls. That’s a long term investment program that’s been in business coming up to a month now and first reviewed on MNO here, which you can check for further information if you like what the admin has to say.

As for the program itself, before we hear from Jason I’ll just remind you that FXMoguls is offering investors rates of 2.4%-3.7% for 150 business days, and then return your principal on expiry. But let’s let the admin explain the program in his own words first.

“1. Hi Admin, please introduce yourself to the readers of MNO and tell us about your own role within FXMoguls. What are your own duties within the program? What kind of experience do you have in managing the funds of others?

Thank you very much Paul for the opportunity to share our company with your readers. My name is Jason and along with Leanna we handle the day to day operations of FXMoguls. While we are the ones handling the administration of the site

We aren’t the ones who do the actual funds management. Our trade managers handle that but with our guidance as to what is needed for payments etc.

Myself and Leanna (who will chime in later) both have over a decade of experience with client services at the corporate level so we are quite capable to handle the operations of the site and tend to the needs of the members.

2. Can you also give us some background on the program? How long have you been running? What were you hoping to achieve by starting it in the first place? Apart from you is there anybody else working on FXMoguls?

FXMoguls was launched in early December of this year so we are just now pushing the 30 day mark. A lot of information can be found on our due diligence page regarding the founding of FXMoguls and the team behind it.

About a year ago we got a call from James Moreno. This is probably a name you’ve never heard.

James is a 15 year veteran of the FX markets and has worked as an institutional trader for more than 7 of those 15 years. Over this time, albeit in small circles, he has become a very skilled and well respected currency trader with dozens if not hundreds of credits to his name.

As our conversation progressed he mentioned the idea of creating an EA, claiming that he had a system that if programmed right would produce an over 90% win rate. Of course our ears perked up at the thought of this and the possibilities that it brought with it.

Well we did create the EA and it proved to be quite a fruitful venture to say the least. After a few meetings it became clear that this wasn’t an EA that we wanted to release to the market so we decided to create FXMoguls.

3. What about the investment plans? Can you explain them in detail to us? What are the minimum and maximum amounts for investment, what rates of interest are on offer and how long do they run for? Which ones have been the most popular?

Absolutely – We offer three plans to our investors. All plans run for a total of 150 business days. A business day is Monday through Friday (5 days a week) excluding major bank holidays.

Our plans are as follows:
Investor Plan – 2.4% Daily for 150 business days $.01- $749
Tycoon Plan – 3% Daily for 150 business days $750- $3499
Mogul Plan – 3.7% Daily for 150 business days $3500+

Naturally the lowest deposit plan has been the most popular. I do want to mention that we intend to raise the minimum deposit of the Investor plan to 1$ very soon. This isn’t a big stretch for most people but I did want to announce that.

4. I see you recently offered a series of bonuses, something that alarmed a lot of experienced industry players when taken with an additional claim of an alleged huge upsurge in interest in FXMoguls. How do you respond to this?

Let me first start by clarifying my comment regarding the amount of members that we have. Currently as of today we have over 500 members with 330 of them invested. When I had referred in my email to the fact that we had over 400 members join over the holiday season I was referring to our total number of members and not the amount that had joined just over Christmas and the surrounding days. This is my fault for using improper verbiage when describing this and I’ve since sent out a newsletter correcting this mistake.

Regarding the bonuses that we offer – It’s a very common practice for Forex brokers to offer bonuses for new deposits from their members. In fact while the highest bonus that we offer for a deposit is 11% our bonus that we receive is much higher. Of course we could’ve just kept this for ourselves but we didn’t feel that it was fair to our members to do so.

I do understand the fear that some folks might feel regarding things of this type. To be honest I could explain it away all day long but the thing that will speak the loudest is when months from now our members see how this is working and feel beyond a shadow of a doubt that we have proven ourselves in this department. Which we of course will.

5. Tell us about the payment options available from FXMoguls. What payment processors are you currently dealing with? What have been the most popular choices among investors? Do you plan to add more? Are you currently allowing instant payments, and if not then why? How long does it take members generally to get paid?

We accept Liberty Reserve and Perfect Money at the moment and to be honest I think those will be the processors that we stick with for the long haul. Liberty Reserve has been the clear leader having 70% of all deposit made being through that processor.

We don’t allow instant payments although it was looked into. We do have the ability to add that feature from our programmer but as of now we haven’t had any trouble keeping up with the work load. If in fact we do find that it becomes too much to handle then we will look into the option of instant payments once again.

I personally believe that as long as the administrator is active and makes payments in a timely fashion that it’s much more secure to do the payments manually as we have been doing.

6. How highly would you rate the security of your own website? Tell us about your hosting provider and how highly would you rate them as a service provider?

The security of the script itself is impeccable. It was created from the ground up for us with this in mind. We are using Koddos as our hosting provider. So far they have been decent as far as uptime is concerned. We did have a few hiccups in the beginning due to a hardware failure on their end but it was fixed and no harm was done.

7. What kind of customer support do you offer? What is the best and most efficient way to contact you if I have any questions?

We offer direct email support by emailing support@fxmoguls.com, we also offer two site based options in our contact form as well as our live chat option.

8. I also notice that you have a Live Chat feature but I have to say I have never once seen it actually open for members. Do you ever use it, and if so then what hours (GMT) will there be an operator there to take member’s questions?

Actually myself and Leanna are on there a minimum of 5 hours a day. Of course it’s important to note that we haven’t yet had the opportunity to hire a dedicated live chat person yet so we have been at the mercy of our schedules. We do however have plans of hiring a dedicated live chat operator in the New Year

9. What have been the most common questions, problems, or other support related issues that you have had to deal with so far? Is there anything you would like to address here so that members can avoid having to contact you?

I’m going to go ahead and let Leanna field this question.

Hi Paul and thank you again for the chance to speak to your members. You’re doing a great job and the success that your blog has achieved is simply mind blowing.

By far the number one support question that we get is why members don’t get interest over the weekend. Other than that it has been pretty divided up between deposit questions and referral questions. We do get the occasional question regarding our trading activities but surprisingly this is low on the list.

10. What other outside business and investment activities are FXMoguls involved with?

FXMoguls LTD was built around an EA that we refer to as the pound killer. A lot of work went into the creation of the EA yet the system is surprisingly simple. We use a combination of buy and sell limits strictly on the GBPUSD pair which are executed during the dead time after New York’s closing and before the start of the Asian session. Back testing as well as forward testing has shown incredible results which can be seen on our due diligence page. A real time updated statement of trades taken by the EA can also be seen in the members area of the fxmoguls.com website.

11. Are there any plans to develop FXMoguls further in the near future? Will there be any interesting changes made soon? How are you planning to keep the program competitive with so many new HYIPs opening every day?

To be honest Paul we don’t foresee any changes being made to the plans as we have them. Much careful consideration went into their development and they are the perfect balance of high roi for the members while being within a range that we feel we can safely achieve on our end.

We have kicked around the idea of adding a variable daily plan but as of yet those plans have been put on hold.

Just today, as stated above, we added a real time updating statement of the trades taken by pound killer. We do not however show the actual trading account that member funds have been deposited into. But because this account uses the exact same EA with the exact same settings members can see the trades taken without us having to reveal the balances of our member accounts. I’m sure everyone will agree that this accomplishes our goal while still ensuring that the company and the member’s funds remain secure.

In regards to remaining competitive – I personally feel that we have one of the most well-made sites online. In addition we are a real business with proof of trading activities. Our support staff is extremely dedicated and the plans are very generous compared to what others are offering. So based on these things I have no doubt that we will be one of the biggest sites in the coming years.

12. And finally, is there anything you wish to say here that you feel was not already covered? Anything in the MNO review of FXMoguls that you feel was unfair or disagree with? Anything you would like to say to existing and potential members?

Actually we were all quite flattered by your kind words in the review. One thing that I respect about you is that you don’t fill your readers heads with positive things when your heart tells you otherwise. When we sent our email about the deposit bonus you told members to be cautiously optimistic. I appreciate that and it means that when positive things are said they hold that much more weight.

To our current and future members let me just say thank you for your trust and know that we are working day and night to ensure that your experience with FXMoguls LTD is one that you will always feel made a positive impact on your life.”

Thanks a lot to Jason for that, and I guess thanks also to his co-admin Leanne who also contributed. And of course best of luck to all the existing and future members there, let’s hope for a good run for FXMoguls throughout 2012 and who knows? Maybe even beyond. We’ll see in due course anyway. That’s about it for today guys, but don’t forget to tune in tomorrow when I’ll be taking a look at a new (or should that be returning?) addition to my monitoring page and of course all the main HYIP industry news stories. See you all then!