I've been approached by a few people who want me to start trading some of their money, however, I have no idea how to start this process. I've always traded with OANDA, and I think one of their FXManager accounts is exactly what I need. http://fxtrade.oanda.com/forex_trading/fxmanager/ I was wondering if anyone: - knows what kind of certifications are need to use FXManager - is currently using FXManager, and how they (and their clients) like it Thanks for any help
"OANDA does not promote or screen any Investment Managers who use FXManager. Clients are encouraged to do their own due diligence and to ensure that the terms of the agreement with their Investment Manager are clearly stated and agreed upon. OANDA makes no representation as to the qualifications, experience or regulatory authorization of Investment Manager or lack thereof, and will not control Investment Manager's actions. When investing with a Manager using the FXManager platform, the FXTrade Client is required to sign and return to OANDA a Power of Attorney to authorize the Investment Manager to trade on the customer's behalf. Even though Customer has granted Account authority to Investment Manager, Customers should be diligent and frequently scrutinize the status of the Account." Sounds like Oanda requires jack shit.
I also read that on their website. I guess it's kind of like taxes with FX brokers...they don't report anything to the IRS, but it's the responsibility of the trader to disclose the information and fill out the necessary forms. Who would I talk to about this, SEC, NFA, etc... Anyone else have an opinion? Thanks.
No certifications needed. I believe the law (not sure if it varies from state to state) is that as long as you are managing under 8-10 people, you need no license. You'd have to look into the exact number. All you really need is a POA from the person whos account you're going to manage.
We're actively managing funds via Oanda FXManager since the launch of this PAMM platform in 2007 and generally satisfied with the service and infrastructure provided by Oanda. Also it is important to emphasize that "they eat their own dog food" and Oanda's founder Dr. Richard Olsen offers high-frequency managed accounts executing up to 2000 transactions per day via FXManager platform (see olseninvest.com). CERTIFICATIONS: This might depend on your location, etc. As Oanda is NFA regulated at a minimum your marketing materials are to be NFA compliant. The best path to clarify this is to contact the Oanda FXManager Team directly. CLIENTS FEEDBACK: Clients enjoy the service (although sign-up procedure is a bit tricky) especially when their accounts are growing FXManager offers flexible commissionâs structure, automated billing and other features. However, if you plan trading different portfolios or apply different money management rules (e.g. vary risk depending on the client) for different clients, consider LAMM (Lot Allocated Management Module) solutions offered by other FCMs. Should you have any other questions, contact us directly by mailing to support [AT] intelli4x.com or by using the contact form on the IntelliForex (http://www.intelli4x.com) site.