Dear Partners and Visitors of MySystemX,
only a few days since the last and also first newsletter has been published, so you might think that it is too close to report something. Well, this Newsletter is not as big as the first one, but lots of important information need to be shared through the network, to keep a good information flow and prevent wrong or old information being published somewhere.
The most frequent questions our support team or the leaders get asked are related to the broker. Also very specific questions regarding the trading and terms and conditions of the partner company. So let us get you a view on the current situation and summarize, whatever we can and are allowed to answer.
When is the broker contacting us?
As already mentioned in the first newsletter, some formal agreements were outstanding, which was causing a delay in first hand. We got informed that this is almost done, but after sending them the updated enquiry sheet with all interested persons (We assumed that they will be impressed), they identified some more potential issues. We can consider those issues more as luxury problems, but we also understand their point of view. Better waiting a few more days and getting everything ready, before having major problems afterwards. So what are the potential issues:
- As many German speaking people are on the list, they want to have all documents ready on launch. This is more than understandable, because not everyone is confident in reading customer agreements in English. So it is a protection for both parties.
- The high amount of people was not expected right from the start. To feel more comfortable, they want to implement more automation in certain processes. This will reduce workload on their end and ensure that no customer is having issues, which can lead to some kind of frustration. Also here, it is much better for having a good customer relationship from the start.
- A new partnership with a new payment service provider could have been negotiated. This partnership is reducing the fees for the company, but also for customers e.g. on credit card transactions. The payment gateway needs some more testing and everything needs to be finally set up. We understand this step from commercial point of view and everything what our partner company helps to reduce costs is good for all of us. Costs are always a risk factor, especially at the beginning of a business.
- Because of some people already asking for it, our partner company decided to implement customer trading accounts and possibilities already earlier than planned. This means, all interested customers can have their own trading accounts (demo or real) and do their own trading under very competitive trading conditions. This will increase the product portfolio of our partner company.
We know that all of you are interested in dates, so we were asking and got following information. Based on the current plan, you will receive a welcome email in the week starting 22nd of May, most probably on the 23rd. From that day on you can register and verify your account, it was promised that there will be no delays on verifications.
When an account is verified, also deposits are open.
All trading activities (customer trading and the special forex solutions) should start on the 5th of June.
These are the dates we received and if there is any change required, we will inform you right after.
What risks should I consider when dealing with Forex products?
We are very often asked from people with some trading experience about margin calls or even call liabilities. As everywhere written in the internet and every risk disclosure of any broker in the world, the losses on the forex market can exceed the invested capital. In other words, you can lose more than you invested and are forced to cover those losses. We are not the broker nor any financial advisor or investment professional/manager. Everyone has to consider the risks in this market, BUT as always there are many safety nets available, which can be installed to prevent or minimize those risks.
We asked our partner company and got following answer:
On the customer trading accounts, the customer is responsible for all the trades and therefore also responsible for margin calls or call liabilities.
On the special forex solutions, no call liabilities are existing. The system and strategies are setup in a way to protect the capital as first priority.
This still means your invested capital can be lost, it only protects that the losses can exceed the invest capital. Never invest any money you need for life, always seek advice from professionals.
The Team Page has a new look; we hope you enjoy the additional information you will get. At the moment it is not fully working on mobile devices, this will be fixed as soon as possible. Also there was an issue with a wrong partner link for a few hours. The partner link has been removed and from now on, all links and documents and other promotional materials are only found on the Marketing Materials page, which will stay as the only place for it.
A landing page will be available by end of today, which is summarizing all important information for visitors on one page. This should help to understand what we are doing and how everything works.
All verifications have been completed yesterday, either accepted or rejected. From now on they will be checked daily, so a verification will be processed within 24 hours.
Thanks to all partner for your continuous work, we really appreciate it and are happy what you have achieved so far. At the minute of writing this newsletter there are 1471 interested persons and/or partners in our database.
We are looking forward to working with you in a team!