Who wants to be a Forex Millionaire

Trading Point, a Cyprus based broker claims they have paid out $1 million to a client who deposited $25,000 a couple of months earlier. It is apparent that trader Chris Wheeler an experienced trader started trading with the broker with twenty-five thousand dollars in July 2011, and made request for a withdrawal of one million US dollars in September.

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Trading Point, a Cyprus based broker claims they have paid out $1 million to a client who deposited $25,000 a couple of months earlier.

It is apparent that trader Chris Wheeler an experienced trader started trading with the broker with twenty-five thousand dollars in July 2011, and made request for a withdrawal of one million US dollars in September.

The truth to this story can not be verified, the news report could be a PR stunt by the broker.

On the other hand the summer months saw strong volatility and markets made dramatic moves. Gold kept edging to new highs, S&P shifted 17%. Brokers experienced strong volumes due to the heightened volatility.

The question is can an account size of $25,000 make $1 million in 2 months?

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22 Comments

  1. Michael Greenberg

    possible, i personally know true stories from major brokers where traders made over x1,000 and x10,000 respectively on their initial investment.
    this things happen but very very very rarely, and are often used by brokers to market a success of one person whereas 99.999% others lose

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  2. Jacques Goldman

    This just tells you to avoid this broker.

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  3. Steven Matrix

    The question is can an account size of $25,000 make $1 million in 2 months? I highly doubt it. Even if you leveraged out maximum, swung for the fences, and was 100% correct on every trade, I still don’t see it. It’s obviously a PR stunt.

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  4. andrew

    Actually, I will not trade with those broker. I blew an account with a robot, but the same robot did fine with other brokers.

    When I tried to manually trade with this broker, there were so many lock-outs One last around 20 minutes! They also advertise 1 pip spread on EURUSD, but the average is really 2,1 to 3 pips even during somewhat “slow” times.

    If this guy really made this money, then good for him. But I don’t know how with this broker.

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  5. Richard

    It is possible but people have to realize that it is unlikely. It requires lots of skill, hard work, and luck. Everybody cannot do it.

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  6. Chris A. Zacharia

    Official Representative of Trading Point of Financial Instruments Ltd.

    Dear Mr. Goldman,
    First of all I would like to confirm that the above facts are 100% true and the above mentioned gentleman is a registered account holder at Trading Point.

    Moreover this was part of a series of announcements made by our Public Relations Department to a PR agency in regards to business achievements which have occurred during 2011 which we are proud of and was therefore released through marketwire.

    This post was not submitted directly to this website as seen above but was re-published edited by the webmaster of this site which has the absolute right to post whatever he likes if this does not violate the reputation of the referred party.

    The reason I mention this is clearly due to the fact that Trading Point would never endorse or advertise its services in a way which could be criticized to be an invitation to clients to come and become millionaires. Both myself and the institution I represent find your comment totally unfair to a broker which is simply doing what is right which is paying its profitable clients.

    In regards to your comment, I don’t see why traders should stay
    away from a licensed broker which has had the opportunity to see one of its clients occur an extreme 4000% return on investment and request a withdrawal of 1 Million USD.

    The above facts are 100% accurate and NO European licensed broker carrying a cross border license would jeopardize its reputation and moreover its license by announcing such an extreme case if it was not true.

    Just for the record European licensed brokers are audited and
    monitored for fair business practices and in our case our financial books are kept by KPMG so the above facts would not be published if they were not true.

    If you may wish for any additional clarifications you can feel free to contact me directly by email at chris@trading-point.com or by phone at +357-25029900.

    Thank you,

    Chris A. Zacharia

    Official Representative of Trading Point of Financial Instruments Ltd.

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  7. Arnaud

    This trader is very brillant… not because he made a fantastic return on his investment but because he requested a withdrawal.

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  8. Marko

    It can be true of course, but still, it is a bad PR strategy to make the naive one’s think they can make millions in this market. It’s not what a professional broker should do.

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  9. Chris A. Zacharia

    Chris A. Zacharia

    Official Representative of Trading Point of Financial Instruments Ltd.

    Dear Marko,

    As noted to Mr. Goldman, this post was not submitted directly to this website with the title as seen above but was re-published edited by the webmaster of this site which has the absolute right to post whatever he likes if this does not violate the reputation of the referred party. The title has been changed as the original Press Release submitted on this story was “First Millionaire Trader of European Forex Broker”.

    The reason I mention this is clearly due to the fact that Trading Point would never endorse or advertise its services in a way which could be criticized to be an invitation to clients to come and become millionaires.

    If you may wish for any additional clarifications you can feel free to contact me directly by email at chris@trading-point.com or by phone at +357-25029900.

    Thank you,
    Chris A. Zacharia
    Official Representative of Trading Point of Financial Instruments Ltd.

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  10. Adil Siddiqui

    Chris thank you for responding to comments put forward by Forexmagnates followers. The title was chosen on the back of a quote published by Tasos Papanastasiou, Non-Executive Director of Trading Point. I quote: “We created a Forex millionaire who was very satisfied with our financial services and payment speed”.
    You can appreciate our followers comments because the press release is somewhat controversial in its subject and content when it comes to the way Forex as an asset class is promoted.
    Regulators have been introducing ‘revised’ legislation to ensure that the end user or client is protected from advertising that is incorrect, misleading or non compliant.
    Press release: http://www.marketwatch.com/story/first-millionaire-trader-of-european-forex-broker-2012-01-11

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  11. Chris A. Zacharia

    Chris A. Zacharia

    Official Representative of Trading Point of Financial Instruments Ltd.
    Dear Adil,

    Thank you for following up; as noted in my initial comments you have the right to edit or adjust a title to make it catchy on your website in any way you feel right if it does not insult the brokerage or entity you are referring to.

    The reason I have made it 100% clear that the title selected on the above article posted on your website was not chosen by Trading Point is clearly due to the fact that although the title chosen by your editors does make the story interesting; it can still be criticized to be an indirect invitation to customers to come and become millionaires which is something in no case we have published as a title to our Press Release.

    The above title has been confused by readers of forexmagnates.com to be a title given by Trading Point in its original press release which is something that does not match reality.

    Additionally the title given by your editors has been commented controversially which has urged the need to us to keep the record straight to avoid any conflicts with your valued readers.

    Catching up on this opportunity I would like to thank you for your coverage on this story and for all your efforts to keep this website to the highest of standards.

    Thank you,

    Chris A. Zacharia

    Official Representative of Trading Point of Financial Instruments Ltd.

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  12. MC

    Let me get this right … a licensed and regulated broker discloses a clients personal information including name, trading activity and profits???

    Under what possible scenario is this OK under Cysec regulations?

    A broker that doesn’t respect client privacy and discloses highly sensitive personal & financial information like that should not be able to operate in a licensed environment.

    No amount of PR BS will ever convince me otherwise.

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  13. Chris A. Zacharia

    Chris A. Zacharia
    Official Representative of Trading Point of Financial Instruments Ltd.

    Dear MC,

    The above noted client has allowed Trading Point to publish his testimonial about his success.

    In that regards I think your comment about a licensed broker not respecting clients personal and finance information is highly mistaken.

    Thank you,

    Chris A. Zacharia
    Official Representative of Trading Point of Financial Instruments Ltd.

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  14. Adil Siddiqui

    Hi Chris,

    Was the quote in the press release from managing director incorrect?
    “We created a Forex millionaire who was very satisfied with our financial services and payment speed”.

    In addition our readership is aware of the stories we post as we tend to add useful information and analysis relating to the story, your title states ‘First Forex Millionaire of European Broker’? are you implying this is the only millionaire for a European broker, there are over 300 brokers in Europe?

    I think the story was interesting but it had a lot of sales language informing the public how good trading point are, we all appreciate this however there is no way to justify your clients comments or quotes.

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  15. MC

    Well I think the “We created a Forex millionaire…” part of the press release is correct … i totally believe that they CREATED this whole thing … i.e … MADE IT UP … :)

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  16. MC

    And by the way … this press release is a direct template that a couple of gaming and poker operations based in Cyprus used to use a lot of the time to show that they had big players with big payouts and players won etc …

    Now i know that Trading Point is not really affiliated with any gaming company … BUT I can bet that some of their marketing staff used to work for the gaming sector … and i am sure that’s where this idea came from.

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  17. Chris A. Zacharia

    Chris A. Zacharia

    Official Representative of Trading Point of Financial Instruments Ltd.

    Dear Adil,

    The argument in this comment conversation was directly associated with the title you have decided to give on your story which was “Who wants to be a Forex Milionaire”.

    That’s totally accepted as a title but we have made it clear that we did not give this title to the official Press Release provided to Marketwire during the release of the news above.

    The statement of our Managing Director as noted above was: ““We created a Forex millionaire who was very satisfied with our financial services and payment speed”. This does not imply that we are inviting people to become forex millionaires and that’s 100% clear as this was the argument with one of your readers above.

    The whole dispute here has been created by readers implying that we gave that title to our Press Release which what has been criticized above if you have read the comments one by one, which was the reason we have categorically stated that this title was given by your editors and not Trading Point.

    Once again I would like to stress that we have not criticized the editors of this site for giving this title but it’s clear that some readers assume that your news posts are provided by brokers directly as posted.

    In regards to your comment ‘First Forex Millionaire of European Broker’? are you implying this is the only millionaire for a European broker, there are over 300 brokers in Europe?

    As far as we are concerned we have not read about any other trader announced by a European based licensed broker growing an investment of $25,000 to 1 Million Dollars.

    Now in regards to your last comment “I think the story was interesting but it had a lot of sales language informing the public how good trading point are, we all appreciate this however there is no way to justify your clients comments or quotes.”

    There is in reality nothing to justify as far as we are concerned, this is a great story and a great success for both Trading Point and our client. We are proud of it which is why we decided to ask the clients permission to include his story to the Public.

    As I understand you are the editor or part of the team of editors of this site and I would like to once again stress that we have nothing against the title you gave to this post but on the other hand we do have the duty to make sure that your readers are aware that the title given was not provided by us in the manner in which it was written.

    —————————————————————–

    Dear MC,

    You have the absolute right to believe anything you feel makes you happy, we have nothing against anyone’s beliefs. The above news was a great success and we decided to provide this to the public for viewing as this has provided both confidence and publicity to the company which did what was right; in this case this was paying a customer which succeeded in a fashion which can be considered exaggerated.

    Now in regards to your comment, it’s only reasonable that the individuals who provide the marketing coverage for this story might have also offered their services to companies related to other industries.

    Thank you,

    Chris A. Zacharia

    Official Representative of Trading Point of Financial Instruments Ltd.

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  18. Jacques Goldman

    Well, I’ll be fair and apologize for my previous comment, as it seems it is true that the trader really made a million.

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  19. Chris A. Zacharia

    Dear Michael,

    Following up on your comment above;

    Although Mr. Wheeler has allowed Trading Point to include his name in press releases about his success, we are unfortunately not permitted to reveal his contact information with any agency or entity.

    Thank you,
    Chris A. Zacharia

    Official Representative of Trading Point of Financial Instruments Ltd.

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  20. Michael Greenberg

    i’ve seen this and more with several brokers, the problem is that this happens in 0.0001% of the cases

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  21. Michael Greenberg

    i assume client agreed to that

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  22. Michael Greenberg

    i think if the trader indeed made those funds then that broker has every right to publish this story, it is indeed rare. i’ve heard of few such stories but it’s very hard to receive a consent of the broker/trader to make it public.
    Chris – will your trader be interested to be interviewed by us?

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