CMC Markets is organizing a trading competition. Participants will compete with each other for the grand prize of S$5000. The criteria is really simple, the one (oh, sorry, not one, but the top ten) with the highest return-on-investment will win.
Sounds fun, doesn't it? Then when I look at the terms & conditions, I almost fell of my chair. The one condition is that you must have a live trading account with CMC markets. What does it mean? It means you must trade with your own money, real money! And you have to pay the normal fees & commissions.
The organizer must think Singaporeans are idiots! Come on, the fees & commissions generated from the transactions done in this so-called 'trading competition' will be a couple of times of the prize money. There are winners & losers among the participants, but for sure CMC markets will be the winner, sure winner.
People are getting more and more creative in convincing people to surrender their hard-earned money to make some shady characters the new millionaire.
Oh, yeah, just a reminder to myself. Tomorrow I should write about a scam that is rampant in China. This scam happened to some in Singapore too. In fact two scams. Just to warn everybody.
Tuesday, July 1, 2008
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Hey Louis, if I want to invest in rmb, is there a vehicle in singapore to do it?
ReplyDeletewhats the scam in china?
ReplyDeletei wanna know more
did you get to know this property scam that is going on
about buying bank's debts on the sub prime, meaning you buy over the bank's defaultees properties in US.
do you know how that works?
quite shock that it is being advertise in the newspaper on property
Stanley, I am not very sure about investment vehicles in RMB. The best that I can think of is to invest some China-themed funds. I personally don't like funds in general.
ReplyDeleteAnonymous, I have not heard of that kind of property scam before.
ReplyDelete