£5k course then a salaried job (basic) using company funds - sound ok?

[Lexlondon]

Hi all,

New to FX but keen to make a serious commitment to it. I've come across a job that promises 4 weeks of training, then a basic salary of £14.7k p/a + bonus.

All sounds ok but there is a £5k upfront charge to the employee, which is repaid either via bonus or at the end of 11 months - reasoning is that the founder does not want to train people and loose them...it's a start up that is not currently trading, based in the city of London.

Any thoughts gratefully received.

 

[ns1000]

Never pay up front. Sounds like a complete con - what's the firm?

 

[redart]

Personally, im WAY too skeptical to ever pay money up front for any 'job' related to trading. There's a million scammers out there.

 

[Pento]

Would not pay up front. Something fishy about someone asking you for money so they can give you a job. I guess they need to find the money for your wages from somewhere.

 

[arabianights]

it ********

 

[bedsit]

Hi all,

New to FX but keen to make a serious commitment to it. I've come across a job that promises 4 weeks of training, then a basic salary of £14.7k p/a + bonus.

All sounds ok but there is a £5k upfront charge to the employee, which is repaid either via bonus or at the end of 11 months - reasoning is that the founder does not want to train people and loose them...it's a start up that is not currently trading, based in the city of London.

Any thoughts gratefully received.

Avoid them like the plague:smart:

 

[Lexlondon]

Ok, thanks for the replies...100% negative feedback so far.

Do you think it is likely that once the training is complete they'll turn around and say 'oops...no job'. Doesn't seem like a scam on paper, would not be worth the effort (50 trainees @5k = £250k - rental of v swish offices and half a dozen staff who I've seen miling around)

Is it not likely they are just wanting to cushion the cost of training and gain trader commitment?

Have seen the employment contract and it seems kosher...

Their website is here: http://www.londonforexmarket.com/index.html - admittedly not the slickest of sites on the block.

Any change in views?

 

[arabianights]

obvious scam.

Do you see FSA reg # there?

No. Simple.

 

[Lexlondon]

True - apparently the application for FSA registration is underway...good point

 

[donaldduke]

does a company need to be fsa regd to trade it's own money?

 

[ns1000]

12th Floor Broadgate Tower is just a Regus office; they could close up tomorrow.

 

[arabianights]

does a company need to be fsa regd to trade it's own money?

No, but companies that purely trade their own money wouldn't have sites like that...

 

[MrGecko]

the job offer is conditional, that's their get out of jail free card.

Come on, use your bonce!

 

[shadowninja]

The well-established companies PAY for an employee's training. Even the small businesses with 3 employees PAY for an employee's training. What you've described is the new modelling agency. Yeah, we'll put together a portfolio. Will cost you £500, though.

 

[pcindia]

What do you need training for? It took me three days to learn everything on internet, 2 days to decide on my system, four years of cautious trading and what I have today is a UK based hedge hedge fund agreement to trade its clients funds, US company's offer to be head trading mentor for their clients and a lot of investors calls to form my own private equity.

Remember, forex is a skill which you master only by learning it on your own. You take training, you lose.

 

[DionysusToast]

True - apparently the application for FSA registration is underway...good point

LMAO !

More news....

- the cheque is in the post
- there's another buyer really interested in this so you have to decide NOW
- only 3 places left, hurry !

If you take this, the following will happen.

1) You will lose 5k
2) You will be unemployed

 

[D70]

I think the offer is poor in every way.

14.7k pa, are they joking? You would be better off doing deliveries or selling the Big Issue.
And the 5k "gauranteed" but "performance" related bonus....... hang on... do you get 5k or not?

If it looks like **** and smells like ****....

ps. If you want to get into trading. Get a home office setup and use the 5k to pay for a pint of milk and a sandwich for a year. Use google, read some books and get a demo account.

 

[Lexlondon]

Thanks all for your replies...seems the sentiment is seriously poor.

All points taken on board. I am going back today to speak to the small group of 4 who have already started training. It is my intention to get contact details, then make contact with them in 6-8 weeks time and see whether they got a job out of it.

In the meantime will continue with the research, try a few demo accounts and then talk to pcindia about a job

Despite all the warning signs it still does seem to be a believable model for starting a new trading co, especially in the current climate...just doesn't seem like it would be worth the effort for a scam...will keep you all posted.

Thanks again...

 

[scose-no-doubt]

just doesn't seem like it would be worth the effort for a scam

:clap:

Some things you just can't teach in schools.

 

[MrGecko]

you can lead a horse to water...