SELECTED PRESS RELEASE:
6/28/2012 6:48:29 PM EST
VISIT WEBSITE (learn more)
August 27, 2012
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. what is forex?
Earning Potential: There are three ways your potential earnings can grow during the prelaunch build-up with Forex Firm X... earnings statement
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.
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.
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.
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... Wikipedia article: Foreign exchange market
Questions: Here are a couple of questions and answers to help you better understand our launch agreement with Forex Firm X...
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.
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.
BUSINESS OWNER COMMENTS:
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