Service Details:
Forex Firm X are working toward launching a new forex
trading platform backed by unparalleled new predictive analysis
technology. They expect their new service will leave competing brokers
playing catch-up for years to come. Specific details of their service
offering are being closely guarded due to the highly competitive nature
of this industry.
Earning Potential:
There are
three ways your potential earnings can grow during the prelaunch build-up with
Forex Firm X...
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Managed Trading Account
Forex Firm X will automatically create a forex trading
account linked to your PLX account. This account will begin with a
balance of US$100. They will trade this linked account in the forex
market on your behalf. The trading decisions will be made by their
in-house staff of experienced forex traders in combination with the
predictive analysis technology they are developing.
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Sign-up Bonuses
Forex Firm X have agreed to pay you a
one-time
sign-up bonus of US$100 for each person in your first social circle and
US$20 for each person in your remaining unlocked social circles (2-10).
Payment of sign-up bonuses requires that the people in your launch
group create forex trading accounts with Forex Firm X after their
official launch.
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Monthly Commissions
Forex Firm X have agreed to pay you a recurring monthly commission
of US$10 per month for every PLX user in your unlocked social circles
who creates a forex trading account and maintains an active trading
balance with Forex Firm X after their official launch.
Background:
What is Forex? Forex (also called foreign
exchange, FX or currency trading) is the largest financial market in the
world. This market enables the exchange or “trade” of foreign
currencies. For example, a company in the U.S. may need to pay a company
in Europe, thereby creating a need to exchange U.S. Dollars into Euros.
Who uses Forex? Companies and individuals around
the world may engage in forex trading for various reasons. Individual
traders most commonly trade forex as a speculative investment. The
“exchange rates” from one currency to another are always fluctuating.
This creates an opportunity for individual traders to profit from these
movements.
How does it work? As an example, if you expected that the Euro would gain value against the U.S. Dollar, you may buy Euros in exchange for U.S. Dollars. To do this you would place a buy
order on the EUR/USD currency pair. Then, if the exchange rate moved as
you expected, you could then close your transaction, which would
exchange the Euros you purchased back into U.S. Dollars at the new
higher exchange rate. In this case, you would earn a net profit. This
type of transaction is called “going long”.
Another example: You can also profit if you expect a currency to lose value
against another currency, this is called “going short”. In this
example, you expect that the value of the Euro will fall against the
Japanese Yen. So, you place a sell order on the EUR/JPY
currency pair. If the value of the Euro drops as you expect, you could
then close your transaction. This would buy back the Euros you sold
using the Yen you were holding at the new exchange rate, effectively
netting you a profit on the fall of the Euro.
If you want to learn more about how forex trading works, we suggest starting here...
http://prelaunchx.com/x/rmw333Questions:
Here are a couple of questions and answers to help you better understand our launch agreement with Forex Firm X...
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Can I withdraw money from the managed forex trading account?
Not yet. The forex account is owned and managed by
Forex Firm X until their official launch. The managed forex account is
linked to your PLX account with a unique anonymous identifier. When
Forex Firm X officially launches, we will provide a special link for you
to create a new forex trading account with Forex Firm X. When you do,
Forex Firm X will transfer the money in the managed account to your new
forex trading account.
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Do I need to report the earnings in the managed forex account to my tax authorities (local or national government, etc.)?
We believe that in practically all cases the answer to
this question will be “no”. However, to be sure, you may want to check
the regulations of the tax authorities having jurisdiction where you
live.
We expect you will not owe taxes on the managed forex
account because it is not owned by you yet. It is simply linked to your
PLX account until Forex Firm X officially launches, and until you
actually create a forex trading account with them. At that time, and
provided that both of those conditions happen, the balance will be
transferred to your new forex trading account.
Once the balance is transferred to a forex trading
account owned by you, you will almost certainly owe taxes on your
earnings according to the tax regulations where you live.