The Forex Fever Growing and Growing in Jamaica

October 9, 2007

Jamaica-We’ve written three posts on online forex trading in Jamaica and the Caribbean and by far they represent 3 of the most read posts on SiliconCaribe. As a result of that we’ve been send a lot of information on fxtrader personalities, investment clubs, self taught traders and trading platform companies positioning themselves for the Jamaican market.

What we heard of recently. Investment Clubs. There is f1investments which is a group of Jamaican pilots some based locally and others in Dubai, they put in their own cash as well as accept members and submit the money to Olint trade on their behalf. I know someone who’s been with them for 4 months and they’ve been averaging a monthly return of 9%.

Then there is DeArgent (spelling dubious) which was around just after Olint started making the headlines. They are traders and also submit monies to Olint. Their investment rules are that a member is to keep their money invested for a minimum of 6 months, you can start with a US$1,000 minimum and their guaranteed monthly return is 5%. Then there is WorldWise, which you can start with as little as US$600 and the promise a monthly guaranteed return of 12% per month. And there are other individuals who are simply creating sub accounts under their name and take a percentage of the money earned on the account. Again easy money.

The trend towards investment clubs but not becoming a trader. The trend we’ve noticed in the information we’ve been collecting, is that Jamaicans prefer to learn about the online trading process, so they understand what traders do, become more aware of the market and how it works, but in the end, they prefer to hand out their US cash to trained and qualified trader. In the end they prefer to sit back and collect, than learn to trade, then sit and stress daily.

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Comments

7 Responses to “The Forex Fever Growing and Growing in Jamaica”

John Doe on October 9th, 2007 6:23 pm

Oh what a day when it all comes crumpling down…
Ingrid on October 9th, 2007 9:05 pm

There are so man arguments John to support your opinion, that it will crumble soon, swiftly and horribly and then there are other arguments to support it since it’s been around for decades and decades. Isn’t it a case of who’s trading and who you give your money to?
David Mullings on October 11th, 2007 2:23 pm

It is a case of who is trading and who you give your money to - but that also only plays one part, just like at the sub-prime mess in the USA - established players got hit bad too so just because someone has been trading Forex for years doesn’t mean they will ALWAYS win.

Everything is a cycle and it is hot right now and will cool down again, some will lose their shirts, the smart ones would have taken out some of the money after they made back their principal and put the money into a traditional account that is insured.

This way, if you lose later, you only lost what you never really had and already did FAR better than if you were with a bank anyway.
John Doe on October 14th, 2007 2:54 pm

David you are shrewd investor. I can see it coming out. Experience indeed teaches wisdom
Egbert Jones on October 21st, 2007 12:43 pm

I wanted to leave a comment on the onlinefxtrading.net blogs but cannot see how to subscribe. Any help you can offer?
Cashplusinvestments.com online resource of Jamaica’s forex and investment clubs : Silicon Caribe on November 7th, 2007 6:25 am

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