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Showing off: 'Trader' Dan Legg poses on a Lamborghini in a social media post. But Money Mail has spoken to would-be investors who have lost thousands of pounds to forex trading. They say traders claim to be making the same trades as their students, but there is no proof of this. Campaigners also say betting on the foreign currency market is so unpredictable it should be classed as gambling.
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There are also fears some traders could be acting illegally by providing investment advice without authorisation from the Financial Conduct Authority FCA. But influencers argue that their signals stop short of providing financial advice and do not break the law. Gary Wilson says he was sucked into staking hundreds of pounds on risky bets by 'traders' flaunting lavish lifestyles on Instagram. The telecoms engineer from Motherwell, Glasgow, says he thought he could win 'financial freedom' and even quit his job after seeing influencers boast of riches they claimed to have earned from trading forex.
He got his deposit back from Dan after threatening to report him to the regulator. The year-old from Cheddar, Somerset, bills himself as a teenager who flunked his A-levels before learning how to trade from YouTube tutorials. He says he made his first million by the age of 19 and has since doubled his profits. Legg initially told Money Mail he did not sell signals.
But after being told this paper had evidence to the contrary from April , he backtracked and said he had not done so for more than a year.
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He says the FCA spoke to him and was 'satisfied' with his activities. Legg says: 'While I used to offer signals, I no longer do so because I decided to educate people in this area rather than offering trades myself. I do not need to be regulated by the FCA to do this. Earning thousands in commission fees. Insiders say some trading social media stars make most of their money in commission — rather than on the currency exchange itself.
Yet Money Mail has seen a video in which Hamilton admits that 99 per cent of his income comes from commission. He claimed he would be made homeless unless his broker paid his commission in the video that was posted to his account last year. Hamilton did not respond to Money Mail's request for comment. So risky it's like gambling. He boasts that forex trading is 'tax-free' and claims Direct Forex Signals is the UK's largest forex trading group. But the estate agent told Money Mail that the property is still for sale and Walsh had merely rented it for four months.
Walsh says he never claimed to have bought the property. Walsh, from Stockport, Manchester, is also one of many influencers promoting the coronavirus pandemic as 'a massive opportunity' for those stuck at home to cash in on market volatility. Laura Suter, personal finance analyst at AJ Bell, says the crisis presents 'a paradise for people trying to flog their forex trading plans' and has 'created many more vulnerable individuals who are likely to fall victim to these schemes'. She adds that claims made by some influencers of making large sums in a short period of time are 'highly ambitious at best, and plain lies at worst', while the risks involved in trading forex during market volatility are 'much higher'.
The risks of forex trading are so great, even in normal circumstances, that campaigners want it to be classed as gambling. Forex traders typically deal using contract for differences CFDs that allow investors to profit from price fluctuations, without ever owning the asset.
Millionaire
Lewys Griffiths was just 16 when he signed up to what he thought was a foreign currency trading course. Lewys Griffiths was just 16 when he was lured in by adverts on Instagram saying he could get rich quick by trading foreign currency. Instead, he was bombarded with 'signals' showing lists of high-risk trades should he want to copy them himself. He says: 'All of them knew I was 16 or 17 at the time and were happy for me to trade under my parents' names.
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Money Mail has seen WhatsApp messages between Lewys, now 18, and influencer Jamie Shepherd, 22, from July , in which Lewys explains he is having trouble signing up due to his age. Lewys says the trading platform, which Shepherd referred him to, is 'asking for third party authorisation but I'm under age Shepherd has more than , followers on Instagram, where he boasts of forex trading fortunes.
The Financial Conduct Authority has now added Shepherd and two Instagram pages linked to his name to its warning list. A spokesman for Shepherd says: 'Jamie Shepherd believes its businesses have operated in accordance with UK law. He added the signals did not constitute financial advice but said Shepherd has immediately suspended his service. Regulated CFD firms often report that 75 per cent to 80 per cent of their accounts lose money. Yet Connor Walsh's website claims that 89 per cent of his signals are successful, while his analysts 'ensure that every trade will go the way we predict'.
Matt Zarb-Cousin, of the Campaign for Fairer Gambling, says these 'bets' should be regulated by the Gambling Commission - meaning influencers such as Walsh would no longer be able to advertise it as a way of making money. He says they 'know that they are sucking customers into an addictive gambling product under the pretence of investment'. The Department of Culture, Media and Sport says it will not be reviewing forex trading. But Mr Zarb-Cousin says ministers must take action.
Although forex trading is not regulated as gambling, it is taxed as such. Connor Walsh's website claims that 89 per cent of his signals are successful, while his analysts 'ensure that every trade will go the way we predict'. Millions lost to trading 'scams'.
1. All forex traders, and we do mean ALL traders, LOSE money on some trades.
The FCA says firms must be authorised to offer trading signals and financial advice on regulated products. It says that some trading firms act without authorisation, while others 'knowingly run investment scams'. The FCA has added dozens of these so-called bedroom traders to its warning list. The page said: 'This is a firm that we have been told is either operating regulated activities without the correct authorisation, or is running a scam. We strongly advise you avoid dealing with unauthorised firms like this. Parent company James Mills Ltd is registered with the FCA, but does not have permission to carry out investment activity.
Walsh says his signals stop short of providing financial advice and are not illegal. He adds that he makes it clear to customers that his signals are not investment advice 'but an insight into a live trading environment'. Reckless: The risks of forex trading are so great even in normal circumstances that campaigners want it to be classed as gambling.
Mail dossier to be investigated. Money Mail has handed a dossier of 32 traders to the FCA, which says it is investigating. The regulator has now added Kieren Hamilton and two of his Instagram pages to its warning list. Description Ever felt like knocking your boss the eff out? Even if you're your own boss? I have. I remember the day I decided to punch my boss in the face. One of the best decisions I ever made by far. It was glorious. A "V" day of sorts. I just walked in his office, looked him straight in the eyes, and did a spinning back fist.
Yeah, that's right Bruce Lee style, baby. I missed of course. And fell. But nevertheless I picked myself back up off the floor, slotted back to my cubic-hell, and resumed my daily torchores like a good little drone. And then I woke up. I was just a stupid dream. Luckily for me I had two dreams. One was to punch my boss in the face. The other was to quit my job and get filthy rich doing stuff that made me happy.
Swing-and-a-miss on the first dream pun intended. Home run on the second one.
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I wanna tell you both how I did it and how you can be one of my "RBI"s. I've done all the hard work for you.
All you have to do is quit your job and come on home. Here's my point You can have and do whatever the heck you want. You can, to a certain degree, create your own reality. But it's not easy. Which is why I've decided to create your reality for you.