Friday, October 12, 2007

Foreign Currency Trading In The Caribbean

Foreign currency trading has elicited much excitement in Jamaica with David Smith's OLINT promising an average returns of 10 per cent a month. Many people have done well out of it and OLINT has taken away business from the formal banking sector.
Recently, investment clubs and other schemes have been surfacing in the Caribbean. Most claim to be involved in FX trading, paying 10 or more per cent per month to investors. The sustainability of any financial institution of the kinds like LewFam, Olint F1investments Cash Plus , Vision Increase West , May Daisy , Minivestment, Higgins Warner and WorldWise depends heavily on their openness about their business and the confidence the investing public has in their ability to maintain their payments of 10 or more per cent per month on money from its lenders/depositors.
There are a number of good books on Forex trading and a number of legitimate course on Forex trading on .available sites like e-bay, Amazon etc. I have a friend who is trading on the forex market. He paid around $200.00 for a course and a monthly subscription fee of around $100.00 and he is making money.
Again, beware of any company wanting to charge large amounts to take a Forex trading course. There are also numerous online brokerage houses that will allow you to set up a practice account and try trading in real time with practice money. The moral of the story is do your homework research, research, research!


Anonymous said...

I would like to see the government of the day look at serious ways of regulating these clubs so that they can come under the normal regulation as any of the other entities so that it provides a level playing field.

Anonymous said...

I disagree with your statement Forrest. Government should only advise the public to be suspicious of persons offering extraordinary returns on investments. We should all do our homework and be slow to believe claims of extraordinary investment skill or extraordinary new opportunities to make piles of money.
I know of a friend who invested about $50,000 in one of these clubs in 2005 and now 2007 the money has compounded to over $270,000. The friend is now withdrawing interest of $20,000 per month. They have already retrieved the initial investment of $50,000. Tell me, why should I not invest in one of these clubs?

Anonymous said...

For those who are interested in World Wise, they deal in Forex trading.US$300 is the minimum requirement. Up to US$1500 U earn 6%, above that u earn 12% (monthly or roll over).If u wish to withdraw your funds, you can but there is a penalty for doing so before the maturity date.5percentage will be taken.

Anonymous said...

Investors are getting their returns every month. I have heard no complaints. In fact, it has been suggested that all you have to do is sit for 10 months with these alternative investment schemes and you will make back your initial investment.

Anonymous said...

A rate sheet obtained by the Financial Gleaner Jamaica, shows that Cash Plus is now offering up to 18 per cent interest per month or 216 per cent per year on Jamaican dollar investments if funds are rolled over for five years, while U.S. dollar investments for a similar period are promised returns of 16 per cent or 172 per cent per year. Funds that are not locked in - that is, investors who are paid monthly returns - earn three points less.
Investors who lock in their funds for longer periods command higher returns, ranging between 12 per cent and 18 per cent on funds placed with Cash Plus for three months to five years. Clients who opt for a monthly cheque are paid returns of 10 per cent to 15 per cent.
The Cash Plus boss in an interview done at his New Kingston office had said his organisation was on course to be licensed, having taken the necessary steps to meet the requirements set out by the FSC.
"Nobody could ever say that our companies have never been open to scrutiny," said Hill. "We, however, will be taking the next step to be regularised; to meet the fit and proper requirements of the FSC." See entire story at

Anonymous said...

From what I have red about Davis Smith’s Olint, this is the 10th years since David Smith has been involved in FX trading. From the years he was employed to when he launched out and formed Olint. A licensed representative at JMMB he specialized in international FX trading. In his ten year career he spent seven at JMMB honing his craft. Because Olint was making returns as much as 15 per cent a month for members the word got around and the club grew.
Early last year the FSC, raided his offices, not only did he survived the raid, but none of his investors reported losing their money. While Smith has not been arrested or charged he is under investigation to determine whether he breached section 7(1) (a) and 8 (1) (a) of the Securities Act.
One year later, the original investors returns on their investments have grown by leaps and bounds. Olint moved to the Turks Caicos Island and his investors stayed with him.
It is my understanding that no new monies are being accepted by Olint, and from what I have read, that has been the position since the FSC debacle of March 2006. OLINT is tried and proven and has stood the test of time.

Anonymous said...

I have a contact name for Higgins Warner if anyone needs more info: The name is Kenrick Gilpin, his number is 876- 772-2374. I understand that they are registered with the Office of Registrar of Companies Jamaica.

Lc said...

Hello from Azores.

Anonymous said...

Welcome to our site Lc from Azores. Hope you found it informative.

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