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Global Markets Australia - Is this a scam?

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Hi Dave,

I believe you should be wary of purchasing any of the GMA packages without a much more rigorous assessment than just a few days or weeks trading a dummy account, the reason being that so few trades is just not a statistically significant sample if you want to be reasonably sure of expected results over, say, a year.

I have extracted and analysed all the data available on the twitter feed. Here's a summary of some of my calculations for the 12mths beg. April 2012 to end March 2013:

package: global-11 global-7 global-3
1st hr trades:
wins 1st hr: 826 657 280
losses 1st hr: 773 635 278
total 1st hr: 1599 1292 558

2nd hr trades:
wins 2nd hr: 402 328 137
losses 2nd hr: 371 307 141
total 2nd hr: 773 635 278

total wins: 1228 985 417
total losses : 1144 942 419
total trades:: 2372 1927 836

OK, so this gives strike rates of 51.8%, 51.1%, 49.9% resp. Not too flash really.
However, since Global doesn't count losing 1st hr trades because they trade them again in the 2nd hr, they can claim "success rates" of 77%, 76% & 75%, resp. Same numbers, slippery definition. (Please see my previous post with my analogy about tossing heads or tails.)
Given a nominal profit on winning trades of 95%, then long-term you must expect average returns of 49.2%, 48.6%, 47.4% resp., calculated using their own results available publicly on Twitter & Facebook!! I can't see how you can make a sustained profit this way, compounding notwithstanding!

You will have good weeks/months and you will have bad weeks/months. I think you cracked it for a short-term good run in your dummy account. If you had bought a GMA package 12 months ago and traded with real money, where would you be now?

BTW, I would buy a package tomorrow if GMA could thoroughly, accurately and transparently demonstrate that they did, and can, sustain actual strike rates of over 75% over the long-term (eg, 12mths or more). Please keep us posted about what you find out at your appoinment and your results if you decide to go ahead.

all the best
Jen

 
this sounds very familiar to a company called prosperity group
I spoke with them on and off for about 6 months abuot a year or 2 ago, they were using betonmarkets as well to bet on forex's.
there entry fee was around 10 to 30k, they would send you 3 trades a day (for 10k) up to 20 trades for the platinum package (30k). they boast this is an entry promotion to all of their other packages they do. then when you dont sign up, they call up offering their software package which started off at $1100 then they called a few months later saying they have sold out of their software at that price and now they have a new package which is $2200.

But the software limits your earnings off $800 betonmarkets account to $560 per month. But there was a $40 ongoing fee for support and maintenance of the software. When I told them to demonstrate it to me, they kept calling up after the trade/bet was placed and saying look if you put a bet on this, you would of had a 25% return last hour..


I have a new one calling trying to sell me an arbitrary betting package for 18k, Sansar Connect
these guys are a virtual office in sydney, the way this one works is to pick a bet for win on soccer(say aust vs sweden) for Aust on 123bet then pick a win for sweden on bovada and either can win but for 4k (2k on both of them), you get $67
Sounds good, but when you read up about arbitrary betting the bookie websites don't like it and can cancel your bet which drops your change from 100% to 50% and can be at the last minute and not give you a chance to cancel the other bet as well.

1st I would bet is a scam, 2nd one is a risky opportunity, they proved it works, but there is a difference in AUS on bet123 and EUR on bovada which may kill your earnings when you switch it back to AUS
 

You do realise that in soccer a draw is a valid result, hence your $4k bet could lose too.
 
www.globalmarketsaustrali.com.au / www.smartmarkets.com.au

www.smartmarketsaustralia.com.au / www.globalmarkets.com.au / www.itrademarkets.net / seem to be all the same guys Dave, I'll give you several reasons why I think you should not hand over any money to these people.

1. Their business address in Sydney is a well known virtual office, meaning they probably have no office or staff, just someone answering the phone for them.
2. Why is there no phone number for their "Head Office" in Brisbane or their "Client Support Centre" at the (shock, horror) Gold Coast? How do you actually know if there is anyone, or even an office, at these addresses?
3. Why do they claim their business is operated from Sydney but their actual registered business address is in Southport: https://connectonline.asic.gov.au/R...l&searchType=OrgAndBusNm&searchText=154282069
4. Just like "Smart Markets Australia" they use Bet on Markets, meaning not only are they making a huge upfront fee off you but are also taking a healthy cut of every dollar of revenue you generate for BOM.

Do you really feel comfortable handing over tens of thousands of dollars to un-named people for some SMS alerts telling you when to buy and sell an index? Un-named people with no track record, no history and no audited results that could confirm their accuracy. I sure as hell wouldn't, and IMO you are crazy if you do.
 
Re: www.globalmarketsaustrali.com.au / www.smartmarkets.com.au

So I am guessing there is a good chance of not being a very popular man if I applied for this job!!!!!!!!! I am going to call anyway for a laugh.. It always interests me as to whether the high pressure sales people are duped by management into thinking it is a good deal or whether they are in on the rip off. I will let you know my conclusion.


Global Markets Australia is a leader in Intra Day Trading in Australia. Due to on-going growth in the business we are looking to recruit new telemarketers to build new business and promote our services in a dynamics sales environment.

We seek professional and highly motivated staff. You will be responsible for making outbound call maximising each opportunity in order to qualify clients prior to leads being given to our Senior Traders.

The successful applicant will be a highly driven individual with a tenacious attitude and a strong work ethic. An understanding of index trading would be an advantage but is not essential.

The ability to work in a team environment contributing to the overall company goals and objectives is an important factor.
The right candidate will receive a generous remuneration package including a retainer plus commission and superannuation. The package includes holiday/ sick pay as well as team bonuses based on performance.
Details will be discussed at personal interviews.

Contact Graham Carden - 0408 541 870
Global Markets Australia

Graham Carden
Global Markets Australia
0408 541 870
 
Hi

I was called with global market australia about 4 months ago and they rang me again 2 weeks ago. After careful research I found this company has only started this January, they also boast 90% success rate on index trading (bets on markets) which is a form of gambling bells keeps ringing (Tax Free) is definitely rings another bell. They also have a virtual office in Sydney which rings another bell of scam. When they called me they said I will need approximately 20-70k which I dont want to give, because of their credibility. In my opinion they don't think have a senior analyst, I think they use a algorithm program to predict if the trades goes up or down.

Please help me and give me advice with these people. I am hard working mum and these people keeps ringing me.
 
Tell them to go jump. There is no such thing as 90% success rate on indexes. Read the thread.
 
waza1960 said:
Tell them to go jump. There is no such thing as 90% success rate on indexes. Read the thread.
Click to expand...

Thank you for the advice......i am thankful i just dont want to invest 30k for a five year duration and the business might go bankrupt you know what I mean I seen it with a lot of finance companies and you will never see hard earn cash ever again I am divorcee and I rather put it on my children
 

Please understand you wouldn't be investing with these guys just gambling and worse you wouldn't even know the odds
Secondly these guys make plenty of money off the gullible so the only reason they go bankrupt is to get rid of liability and change identity.
 

Find out who the principle is, if they're worth their salt they'll have a LinkedIn profile and be putting themselves out there.

If you're a crook then the last thing you're gonna do is put yourself out there and have a few hundred well known colleagues yeah?

CanOz
 

Very logical thinking, next time a Global Market Australia representative calls you make sure, you ask for their name their full name, once you have done that go to LinkedIn and research if they are junior or senior traders and what credibility they have, think outside the square you live in I'm mother so I have to always do that. Get their name, and see if they are saying is true. Also ask where they are? Brisbane, Gold Coast or Virtual Office Sydney, Ask for their ABN No. go to ATO website (Im pretty sure this dodgy company are using negative gearing unto their clients) and when they do call if it sounds too good to be true it is usually a scam
 
umm anyone can fake a Linkedin profile, its easy to do.

AND anyone can then get lots of friends on linkedin so it makes you "look professional", so many people just build up links but have no idea who the other person is.

if you need to use linkedin to qualify if a company is legit or not then that is a bit of a worry....
 

No kidding....LinkedIn is not a list of reputable financial advisers.

My suggestion was that anyone worth their salt would have profile, and if you wanted to be investigative you could see if they had any well known colleagues in the industry....Obviously not fool proof, but being active with LinkedIn its one of the first things i thought of.

Whatever....

CanOz
 
morecomb and wise

laural and hardy

ernie and bert

posts 24 and 25

tag team wrestling never had it so good.....
 
Gents,

I have specifically opened an account on this forum to WARN anyone to fall for the Global Markets Australia Scam.

I am an existing client with them and I have to clarify a few points of the way their (so called) trading (gambling) system works:

1- You receive daily alert messages which suggests on whether a certain index will FALL or RISE over a 2 hour time period (called 1st and 2nd hour)
2- The 1st and 2nd hour in these SMSs is the same every day
3- You place a trade valued at 1% of your capital on BetOnMarkets.com for the index to FALL or RISE within the 1st hour
4- If the trade is successful you get about 92% return on the amount you placed, if not you get back 0.
5- if the trade is unsuccessful in 1st hour, you place another trade for 2nd hour in the same direction with 2% of the capital (famous GAMBLING technique)
6- If 2nd hour is successful you get the 92% return of the 2%, which compensates for the 1st hour loss for a total capital gain of approx 1%, however if you lose 2nd hour, you actually lost 3% of your capital with one trade

As you can see from this system, to break even, the success rate of the trades has to be 75%, not 50%, because with each win you gain 1% and with each loss you lose 3% - VERY RISKY!!!!


Just imagine you are subscribed to global 16 service, and it goes wrong 1 day (which happens) you will literally wipe 16*3% = 48% of your capital in ONE DAY.

Of course based on the "professionally" laid out performance date on fbook and twitter, the success rate is below 75%, which means that even on the long run you are in fact losing money.

I made an ACCURATE analysis of their results for the last 2 month from the twitter posted results. I assumed the Global 7 service as there is no sufficient data for a higher level services (like Global 16) since they do not have all results posted (another ALARM):

Result is: 133 WIN 44 LOSS
For simplicity lets assume that a 1% trade means 100$ and that the return is 100% and not taking into consideration compound %.

Profit = 133Wins*100$ -44Losses*300$ = 100$ profit in 60 days....

Compare that to the Global 7 profit claims on the website: 900-1500$ WEEKLY!



Also the quality of the alerts seem very amateurish and not based on any proper analysis which even I can say with very basic finance background. For example there would be an alert sent on days where there is important financial announcements during the 1st or 2nd hour which may heavily impact the direction of an index, how could they know in advance the outcome of these announcements?

Last but not least, the customer service seems very dodgy:
- account manager never answer call to mobile
- response to emails only occasionally with generic crap
- You can just sense that they are lying, for example they would say something like their system being tested for YEARS for 80-90% success rate when the company doesn't even exist for that long!

I hope this information will save anyone from falling for these bunch of scammers/liars/thieves.
 
I hope there is someone here that understand the legal aspects.

While the company must have made sure they are not liable for any losses in clients accounts, I presume they ARE responsible for providing accurate information about past performances and the product they are selling, which is clearly NOT CORRECT.

Is there any consumer protection law or legal actions that could be taken against this company for providing false information to trick people into buying the service?
 
I was contacted recently by someone from Global Markets Australia, and found this thread amongst others when I googled them to find out more about them. I see there’s also some info about them on a site called Trade2win.com that anyone considering signing up to them should read first.
I noted from their website that the suggested profits that could be made by subscribing to their service were based on $500 “trades”, and decided to use their results as a guide to how I would have gone had I been a subscriber.
It’s difficult to come up with anything other than an approximate figure as the results they publish on their Facebook page seem vague & unaccountable, and differ from the results on their Twitter page. However, from either source the results are scary!
Since 24th June up to 4th July the cost of trading on their alerts would have been something in the area of $145K, with a return of approximately $102K!
That’s a paper loss of over $40K in just 8 trading days, and I guess for those that have already subscribed, it’s a real loss. Perhaps their results were better previously, but based on these figures they're not for me, but good luck for those that go ahead!
 
Earlier tonight I had cause to kill some time and decided to clean up my “Favourites” on my computer.
I noticed that I still had the Global Markets Australia site saved there, opened it & saw that since my last visit there had been a recent post added to the site entitled “Mark Tencaten Singapore Conference 2013”. Intrigued, I opened it and as I read his “comments” I have to admit I was impressed by the article and what Mr. Tencaten’s views were on the economy. Momentarily I questioned myself. The thought crossed my mind that maybe I had misjudged the company. Was my original assessment of them wrong?
Nah.
Here’s the link to what Mr. Tencaten supposedly said at the company’s supposed Singapore conference: http://www.globalmarketsaustralia.com.au/_blog/Blog/post/mark-tencaten-singapore-conference-2013/
Have a read. Then have a read of this.
Here’s the result of a quick Google search: These are comments attributed to Warren Buffett & reported by Reuters on 6th May 2007, over 6 years earlier: http://www.reuters.com/article/2007/05/07/berkshire-indexfunds-idUSN0628419820070507
Aren’t the similarities remarkable! Looks to me to be a classic example of blatant deceitful plagiarism, which is of some concern when you consider the considerable sums of money they require people to pay them for their “service”. What do you think?
 
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