Chancery Lane Traders, PFX Trade Challenge, and GuardMark Challenge
Chancery Lane Traders, PFX Trade Challenge, GuardMark Challenge are "prop trading" companies that claim to fund traders up $10,000,000. All three companies are owned by the same scam artist looking to fleece the desperate and the naive in fee's ranging from $100 to $10,000. Just pay the "testing" fee and if you hit a minimum benchmark, then all three companies claim to pay massive payouts. Yet another scam where a person pay's a fee to trade on a Forex simulator. Complete and total shit sandwich. Avoid.
Thanks for reading today’s review of Chancery Lane Traders, PFX Trade Challenge, and GuardMark Challenge
What is Chancery Lane Traders, PFX Trade Challenge, and GuardMark Challenge? All three of these companies are owned by the same individual, and each offers the chance for a trader to pass a trading combine, in hopes of earning a trading job or a cash reward.
The domain name, ChanceryLaneTraders.com was registered January 2015 and a website was created for ChanceryLaneTraders.com in early 2015. The Guardsmark challenge website was registered May 2015 and the PFX Trade Challenge website was registered June 2015. All three of these websites are parked on the same web server address, and all of the language used for each of these websites is nearly identical.
The Chancery Lane Traders website is registered to a person named Michael Lovell-Pank with an address listed out of Newport Beach, California. A google maps search of this address is a mailbox within a UPS store. The phone number listed for Michael Lovell-Pank appears to be forwarding several channels into Europe.
A google image search of Michael Lovell-Pank revealed several online profiles using scraped images from various sources. In other words, the name Michael Lovell-Pank is a fictitious identity.
What is Chancery Lane Traders?
The Chancery Lane Traders “trading challenge” is a Forex trading challenge. There are three levels of the trading challenge. The Full Time Trader Challenge, the Senior Full Time Trader Challenge, and the Fund Trader Challenge.
With the Full Time Trader Challenge, a person pays an upfront fee of $1,000 and then trades on a Forex simulator. If the person achieves a 2:1 profit to loss ratio, and 55% winning trades on 125 total trades, then this person receives a guaranteed salary of $1,000,000 British Pounds for the first year, and an upfront cash bonus of $100,000 British Pounds.
With the Senior Full Time Trader Challenge, a person pays an upfront fee of $5,000 and then trades on a Forex simulator. If the person achieves a 2:1 profit to loss ratio, and 55% winning trades on 125 trades, then this person receives a guaranteed salary of $5,000,000 British Pounds for the first year, and an upfront cash bonus of $1,000,000 British Pounds.
With the Fund Trader Challenge, a person pays an upfront fee of $10,000 and then trades on a Forex simulator. If the person achieves a 2:1 profit to loss ratio, and 55% winning trades on 125 trades, then this person receives a guaranteed salary of $10,000,000 British Pounds for the first year, and an upfront cash bonus of $1,000,000 British Pounds.
Sounds great, right? Before you get your credit card out, better keep reading.
What is PFX Trade Challenge?
The PFX Trade Challenge is nearly identical to the above. However, the entry fee’s are lower. And, there is no job offer. If a person passes any of the challenges, then they are simply rewarded a one time cash payout. The graphic below was pulled from the PFXTradeChallenge.com website.
What is the GuardMark Challenge?
The GuardMark Challenge website was created for those with only a minimum $100 to spend for a trading challenge. The table below describes how the company promises to pay an immediate cash payout ranging from $100,000 to $1,000,000 to anyone that can complete the trading challenge.
They promise to bank wire the money the very same day! Have a look at the challenge:
Contacting these companies
I sent an email to each of the “contact” email addresses listed on the websites. Two of the three bounced back as non deliverable email addresses.
Next, I went through the purchase process for each of the websites, all three filter directly into a consumer PayPal account. One of the three PayPal accounts have been closed by PayPal. Next, I contacted PayPal via email and requested information on all three accounts, PayPal responded with a Fraud Alert for all three accounts.
Wrapping Things Up
Its seems like everyday, yet another trading scam hits my inbox. Sometimes I have to just laugh at the nonsense that I see out there in the trading world. This shady crap has got to be one the more ridiculous trading scams that I have come across. Truthfully, whom would be so gullible to fall for this sort of nonsense?
I have written too many articles about companies promising funding for aspiring traders. 99.9% are complete and total scams. Thus far, the only one that I can definitely say that actually does fund traders is Top Step Trader. Sure, I have been critical of Top Step Trader and the abysmal rates of failure, but you have to give them credit for actually doing what they say they will do. They are the one company that actually does fund traders.
Well enough for today, time to take the dogs out for a walk and enjoy the sunshine. Its a hot day, a good day for the creek.
For those that complain that my blog is too depressing to read, I will leave you with a picture of my two dogs. Sure to brighten your day.
Thanks for reading and don’t forget to leave your comments below.