08/11/2010. Interview with the admin of FxEconomy

BEWARE! THIS PROGRAM HAS STOPPED PAYING! PLEASE DO NOT INVEST!

Hi everybody! For the first post of the new week I have an interview with the admin of a recently launched long term HYI program called FxEconomy. His name is Edwin and it seems he has quite a lot to say about his business. If you like what Edwin has to say and would like to investigate a little further then I suggest you start by taking a look at my original review published here.

Before doing that let me just remind you that FxEconomy is a long term HYIP that pays out on terms offering 1.3% to 2.1% for 150 business days, with your principal given back on expiry. If you have any comments to make or any experiences to share then you may do so on the FxEconomy thread on the MNO forum that can be found here.

“1. Hi admin, please start by introducing yourself to the readers of MNO and telling us a bit first about your own role in FxEconomy and then about your background in the HYIP industry. What kind of previous experience do you have in managing funds?

Well, first of all, I would like to thank you, Paul, for letting me bring my point of view to your blog. I’m Edwin Mckenzie, Administrator of FxEconomy.

I started forex trading 8 years ago and I like it, because this is a part of Economics and I find it an intriguing way to analyze our daily lives in a systematic way. I found the FxEconomy in 2005 with three partners, Mr. Alphonse Vallo, Dr.Gerry Weingarten and Mrs. Augustina Langton.

From the beginning I wanted to make an international investment company that increases our capital in trading and on the other hand help world wide investors earn money. We had no experience in HYIP industry till now but I know how we can manage risk and pay interest to our investors while the company’s average income is positive.

2. Can you also tell us a bit more about FxEconomy itself? How long have you been in business? Are you running this alone or are there others involved with you? Why did you start the program to begin with?

We have been operating offline for the past 5 years and recently decided to stretch the opportunity to online investors. (Since Oct 2009)
Our team is being managed by the following persons:
Fermin Schwegel that leads the trading team includes 20 traders.
Shannan Austin (livechat/Email support),
Patrick Hodgkinson responsible for payment and advertisement,
Hassan Majdi (web security, IT / technical issues), and me who takes care all other activities.

All of my colleagues have enough experience in their specialized field; Let me thank all the colleagues because they are the main reason for the company’s growth.

3. Please explain the investment plans to us in detail. What are the minimum and maximum amounts accepted into each plan? What rates of interest do you offer and how long do they run for?

FxEconomy has been providing investors with good returns over the years. Our investment strategies have been excellent in providing solid returns on their investments. Our company offers its investors 4 investment plans. The maturity period is 150 business days for all investment plans. At the end of the maturity period, the principal amount is returned to the investor. The amount of money you earn will depend on the amount of money you invest (including compounding).

Starter Plan:
Minimum – Maximum Investment: $20 – $1000
Daily Interest Rate: 1.3% Light Plan:
Minimum – Maximum Investment: $1000 – $5000
Daily Interest Rate: 1.5% Business Plan:
Minimum – Maximum Investment: $5000 – $20,000
Daily Interest Rate: 1.8%

Professional Plan:
Minimum – Maximum Investment: $20,000 – $500,000
Daily Interest Rate: 2.1%

We accept just four Payment processors, AlertPay, LibertyReserve and PerfectMoney. Stay with us in the world of investment and we promise not to let you down.

4. Don’t you think that some of the amounts asked for in some plans is a bit unrealistic for most online HYIP investors? And do you agree that it may be detrimental to the program? For instance, instead of asking for $20,000 for your last plan and getting no members why not ask for $1000 and get 10 members?

It is natural in real investment firms; the main benefit to the company is from small investments because we have to pay more interest to bigger investors. This is one of the important features to guarantee profit. Our goal isn’t only to attract investors; our goal is to pay interest on time and stay in the market for a long time.

5. If a reader wants to join FxEconomy then what payment processors are you using? What have been the most popular choices and do you intend adding any more?

FxEconomy accepts only LibertyReserve, PerfectMoney and AlertPay so you will not have many choices for selecting the desired payment system but these three e-currencies are safe and easy to use. There is not any difference between the payment processors for us; each payment method has its own popularity and their popularity in different countries is difference. Maybe we add more payment processors in the future but at the present, we’re satisfied with these payment processors.

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?

From the time we started to work online we always paid special attention to the security measures. We have a licensed GC script with custom modifications. There is DDOS protection in place as well. Our server is located on a fire-walled dedicated server from Staminus Communications Inc. with a SecurePort to prevent higher intensity DDoS attacks.

7. What about your script? Who is the provider? What do you think the benefits of this script are to both the admin and the investors? Are you using SSL encryption?

We chose a customized licensed GoldCoders script (a GC script with some changes) because the GoldCoders team have enough experience with investment software and e-currencies. Our script is completely safe and we have access to special features in management section. Also we have secured version of the site https://www.fxeconomy.com/ and every user can choose an option to surf secured by pressing SSL link in the investor login area. By this option, all data transactions between user and server are protected via SSL encryption issued by Thawte Company.

8. What kind of customer support do you offer? What is the best and most efficient way to contact you if I have any questions? I know you have telephone support as well, what time (GMT) is the best time to find an operator there or is it just a messaging service?

Our customer service is available via E-mail, Livechat, Fax and Phone. Optimal ways are LiveChat and e-mailing, for technical questions, either straight to our e-mail address or thru the contact form on the web site. The majority of the e-mails received are answered within 12 hours. Our operators are ready to help investors every business day (Monday to Friday 8AM-6PM GMT).

9. What other outside business and investment activities are FxEconomy involved with? You have very little to say about that on your website but still think it pertinent to offer investors a guarantee on their principal. Why so?

We said the title of our business in the website, From my opinion, An investor don’t need to know our business details because he is an investor, He wants to deposit money and receive interest. A trading report about our business activity is understandable for traders, not investors, and it doesn’t guarantee profit, when we talk about investments, the most important indicator is the success in the past. Certainly, this does not guarantee success in the future, but at least gives the right to be sure that the company adheres to its obligations.

10. Speaking of guarantees, do you think it’s quite irresponsible to offer something like that? None of your payment processors can offer it, so why do you? If (for example) LR closed tomorrow and took all of your money and all the members account details with them, how would you refund them? And with what?

Our experts in Risk Management Department are working 24-hour of researching on the volatilities in different equity and financial markets to find effective methods for investing in these markets, also for every new investment, we deposit some of our own company capital into our company reserve fund account to lower the risk of any loss. And about payment processors! As you know, we have to increase our capital to pay interest on time, so when a user makes deposit; his money will exchange immediately and will be added to the company capital in the market. So we don’t keep the money more than weekly payouts in our LR accounts, if one day LR closed, we don’t lose more than one weekly payout because the main capital is available in the market or in company bank account, Consequently we can choose another payment method (like Bank wire/ Other e-currencies) to pay investors money.

11. Tell us more about the general advertising and promotional strategies being used by FxEconomy. In a very competitive market what are you doing to bring FxEconomy to a wider investment audience?

We have been advertising FxEconomy massively via different mass media. We have different strategies for different times, at the present time we are monitored by a lot of monitors and blogs, next step is interview with popular blogs like you and buy banners in forums. However the best advertisement strategy is to win the investor’s satisfaction and offer good a service for a long time that makes us different from other investment programs.

12. Are there any plans to develop FxEconomy further in the near future? Will there be any changes? How are you planning to keep the program competitive with so many newer programs opening every day?

Yes, of course, we are constantly improving our services and going to do that all the time, we are adding more languages to our website, also a private forum is still in progress. We always listen to our members very carefully, and do everything to solve problems as fast as possible, so all investors have satisfaction and this sets us apart from other programs. The majority of HYIPs are not standard and I doubt that many of them are real. But we have stable plans and time will prove why we are different from other HYIPs!

13. And finally, is there anything else you’d like to say that you feel hasn’t been covered in this interview? Anything you wish to say to potential investors to convince them to join?

I think I said everything about FxEconomy. To finish I would like to thank you very much for this opportunity to speak. I’m really grateful that you have given me a chance to describe our work for the visitors of your respected web resource and I wish good profits to your visitors.”

Thanks a lot to Edwin for that and all I can really say is to echo his thoughts and say I too wish the best of luck to the investors willing to take a chance on his program. That’s about it for the moment but not all for the day. I’ll be back later tonight with all the day’s news stories from around the industry as well as some more information on one of the most recent additions to my monitoring page. So don’t go too far, guys!