Here at Finance Magnates we take great pride in outing the various scam artists, fraudsters and hucksters that pop up across the retail trading industry. From boiler rooms and clone companies to offshore scams and phony investment websites – you name it, we cover it.
The problem with these people is that they are usually faceless and totally unoriginal. Fake addresses, fake phone numbers, and refused withdrawals are the name of the game. If you are going to do a scam, at least make it interesting to write about, says this author.
One man who has been heeding my words is FxLifeStyle. For those of you who haven’t seen this guy’s YouTube channel, I highly recommend that you check it out.
FxLifeStyle Is Buyin’ up Da Gucci Store
This Thursday, Mr. FxLifeStyle posted a new video on his channel. As with all of his other videos, it shows him wandering through expensive shops, loitering in fancy London neighborhoods and prancing around luxurious hotels and houses.
Almost every video Mr. FxLifeStyle has uploaded includes him telling us the following:
“I’m livin’ da millionaires layfstyle ‘cos of forex and you could too if you buy ma trading signals.”
“I am a 23-year old forex treydah with fousands in da bank, all becoz of forex.”
“I was a poor kid, one of da poorest, and then I dropped out of college with jus’ $65 in my pocket.”
As he says these things, he is simultaneously showing us what his forex trading has enabled him to do. For example, he often claims to be staying in a “luxury” 5-star hotel that looks suspiciously like a rental home somewhere in Spain.
Alternatively, he is “buyin’ up da Gucci store” or “hittin’ up LV”. One of my favorite videos shows him leaving “da Gucci store” with a bunch of bags that look, strangely, completely empty.
There are so many funny things in these videos that this short article won’t do all of them justice – I’d need a book to do that. Nonetheless, it’s worth mentioning some of the highlights quickly.
Firstly, is the fact that he always speaks about his wealth in terms of dollars. Have you ever met anyone from the UK who talked about how much they earned in terms of dollars? Or who, when they were skint, said: “I only have X number of dollars?” Me neither habibi, me neither.
Next is Mr. FxLifeStyle’s cigarillo smoking habit. Now I haven’t bought any of these for about ten years but last time I did, they were about £4 – truly the stuff of millionaires. What’s also great is Mr. FxLifeStyle’s inability to smoke them combined with his attempting to do so in front of expensive cars that obviously aren’t his.
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Last – but certainly not least – is his endless purchasing of designer clothes, MacBooks and iPhones. In one video, he holds up a ‘new’ MacBook Pro that we can’t see as it’s still inside its box. True, MacBooks are remarkably light but this box seems very, very light. It’s almost as though nothing is inside it.
FxLifeStyle – the Educater
This is just a taster of the grand comedy that is Mr FxLifeStyle’s YouTube channel. But what is he actually selling to people
To be fair to him, his ruse is slightly smarter than the usual, ‘get some old lady to deposit all her money and then refuse to give it back’ scheme that we usually cover here at Finance Magnates.
It seems that users can pay to see his trading signals or gain access to ‘educational’ materials. On top of this, he recommends that his clients use Trader’s Way – a broker based in Dominica – as they strive towards emulating his millionaire lifestyle.
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Of course, for recommending their service, he almost certainly receives a commission from the broker. That means the more clients trade with Trader’s Way, the more money Mr. FxLifeStyle has to spend on new MacBooks. It also means worse spreads and higher fees for traders.
Though it’s obviously misleading, all of this may not be illegal – just immoral.
Sure, Mr. FxLifeStyle’s signals may not work but didn’t you see the risk warning he has on his site? Yes, his educational materials weren’t that useful but you realise FX trading is a risky game and you don’t always win?
Unlike the regular hustlers who just nick your money, Mr. FxLifeStyle has a get out clause. He is not guaranteeing you success, “jus’ tryin’ to ejyucate” you. If his strategies don’t work then that’s just too bad.
As such, don’t give this douchebag any of your money. Just keep watching his videos for the top-tier comedy value.