Pinoys urged to invest in forex trading

 CEBU, Philippines - Aside from time deposits and stock market trading, a consultancy firm urged local players to venture into foreign exchange as an investment of liquidity, stability and two-way opportunities. “There is serious money to be made in forex trading and people should know about that,” said Neil Fernando, Group Manager of Universal Economic Information Consultancy Services (UEICS).

UEICS serves as the marketing arm of its broker, Winwood Group Ltd., a Hongkong-based online provider of financial products, catering to the investment and wealth management requirements of individual and institutional clients worldwide.

Fernando cited that people tend to misconstrue forex as a high-risk investment but if accompanied with proper studies, he added that investors could actually maximize profit with the risk to reward concept.

“We feel that forex is a better investment. It’s even what the banks are doing. And if you’re careful, business will thrive. That’s why we teach our clients how to do with the trading and how to manage risks,” he continued.

He said that forex trading is not fairly new only that, lack of education is observed in Third World Countries that includes the Philippines compared to other countries wherein forex is going at exponential rate.

He added that they consider Philippines as a difficult market since Filipinos practice a conservative culture.

However, he noted that forex in Cebu has been receiving negative sentiments as investors lost money due to lack of education.

“If they only took time to study further, I’m pretty sure they could have not lost money,” he told The Freeman.

What added to such negativity, Fernando added, is the presence of scam brokers and unscrupulous individuals who take advantage of how lucrative the industry is.

With this, he said that Winwood decided to put up an office in the country to address such concern and offer contracts to prospective clients as a representation of how legitimate and transparent the company is.

“We are proud to say that our clients have been seriously making money. We assist them in every way possible especially on risk management. For those who have lost, they understood what happened. So far, the number of gains is greater than the number of losses,” he said.

He further said that forex is a total investment of time, money and effort as the trader needs to monitor the market which is considered as the most volatile and has the largest volume.

He also cited that it is a better investment than stocks since the probability of a country going down is lesser than a company going bankrupt.

“Prices of stocks will also increase like forex but if you look at the latter, the price will go up and down but your investment is relatively safe. It is one currency compared to another. Companies and businesses have to go bankrupt first than the country so if I were to choose, I’d rather invest in currencies,” he stated.

Aside from education, he further advised investors to learn managing their assets since discipline is also significant in the business.

“It is a high-risk investment but consider the rewards you can make. Do what the banks are doing on your own. Know what moves the market and do your homework. Investor’s education is what matters most. If you want to know about forex, we will educate you,” he said.

The company currently eyes on local businessmen and anybody who want to try the business requiring a minimum amount of investment of US$ 10 000 or P 420 000 – P430 000.

Situated at Unit 303 Keppel Center at Cebu Business Park, UEICS has four group managers in Cebu. Each having diverse portfolio of traders, Fernando’s group currently handles 8 clients in Cebu who are mostly local players in the industry. (FREEMAN)