Forex

I worked as a Forex (foreign exchange) broker at FEGM (Foreign Exchange in Global Markets), or what it really stood for: Fantasy of Every Gullible Monkey. Please rest assured that I only worked there as part of an experiment. Trader losses were unofficially guaranteed because the dealing room at most of these binary options firms controlled the trading platform like a casino that manipulated its roulette wheel. In 2011, I started to work as a French Forex broker given that one’s first language often determined the language in which one would be brokering trades. Brokers couldn’t use their real names, and thus I ended up calling myself Pierre Fox after having considered other names for some seconds each (for example, John Trader and Patrick Fox). The following calling script template and diagram were supplied to all new brokers:

This is (your name) from FEGM. How are you today? We are an international investment company in the financial markets.

I am calling you because you left your contact information on one of our advertising banners to receive information on a method of earning extra income each month.

Do you have experience in trading?

(Without experience) The majority of our clients started like you, without any experience, and that is why our company has put in place an exceptional offer of free training provided by a professional trainer who will teach you all the facets of trading as well as offer you several bonuses.

(With experience) Very well! How did you trade? With a broker, in Forex, or in the stock market directly?

Could you turn on your computer? I would like to show you our website.

(The client says that s/he is not near her/his computer) Oh, OK! However, there are other advantages that I would like to talk to you about, such as protected positions, with which you could only win. But for that, you have to be on our webpage. Can you be in front of your computer within two hours? I’ll call you at ________, at which time please make sure to be in front of your computer. I’ll talk to you soon.

(The client says that s/he is near her/his computer) Please connect to the Internet if you’re not already connected and access our website at www.fegm.com

What do you see?

(New client) (A) Please enter your details as you did on our banner ad. (B) Check the box: I Accept the General Terms and Conditions, which stipulate that you are at least 18 years of age, have valid and unexpired proof of identity, have proof of residence, and have a Visa or MasterCard to receive the bonuses that are only offered to cardholders. Do you have such a card? (C) Also check the box: Add the Verification Code and enter the following code (_ _ _ _). (D) And press the large Join Us button.

(Former client) Tap the Login box and enter your email and password.

What do you do for a living, Mr./Mrs. ________? (Flatter the client)

What do you see? (Pause) You are in the stock market in real time. You see before you the table of quotations, which consists of pairs of currencies, one currency opposite another. In your opinion, why are there numbers that sometimes change to green or red? Very good! Because a green value represents an increase, and a red value, a decrease.

I would like to explain how this market works. It is like going to the market and buying nice tomatoes for 2 euros. You return home, and a few hours later, your tomatoes have gained in value and are now worth 4 euros. You go back to that same market and resell your tomatoes. What profit did you make? Yes; 2 euros! Well, you see that it is very simple. It is the same here, except that instead of investing in tomatoes, you will invest in currencies, one currency versus another, as well as in commodities like gold and oil, and in company shares such as Airbus and Apple.

I would like to talk to you now about an incredible offer of 5 positions protected against any loss. That means that your first 5 investments will be guaranteed. They can only be winners because in the event of a loss, it is our company that will absorb it. In any case, you will recover your starting capital, and of course, all profits will be yours.

Do you see the Withdraw button at the top on the right? You can use this button at any time to withdraw your profits.

We are a company that is regulated by the European Union and referenced by the Bank of France, which is why we are required to request 3 documents in good standing from our clients, including a valid identity card, a proof of residence, and a proof of payment.

Do you have an idea of how much you would like to earn extra each month? (Make the client dream big) What would you do with this extra capital? Buy a new car? Take a trip to Bora Bora? Buy a house?

So, tell me, do you have an idea of ​​the amount that you would like to place to activate your account? Please know that most of our clients start with 1,000 to 1,500 euros because they understand that it is a nice sum to start with to make significant profits. You understand that the more you invest, the more you will win, and the less you invest, the less you will win.

We offer you free training, 5 protected positions, and an additional gift: a bonus that consists of trading money. For example, for an investment of 1,000 euros, you will receive a bonus of (determined each day) euros, and for a placement of 1,500 euros you will receive a bonus of (determined each day) euros.

So, we agree Mr./Mrs. ________. We will activate your account with the sum of …

Press the Deposit button!

Complete the form!

Select the payment method (Visa or MasterCard)!

Congratulations! Now, we need to finalize your registration.

Complete the KYC [Know Your Client] forms with the client.

(Require the 3 documents by email).

Your account manager will contact you as soon as possible.

Pierre Fox was so bad at enrolling new clients that he quit this stellar position within a few weeks, early on a Friday morning, looking forward to a normal weekend. Forex brokering was practically the opposite of a normal job. Whether religious or not, all brokers were trained to believe, or think, that they were performing a good service in helping people make extra money, when in fact, all clients ended up losing their investments given that the Forex online platform was rigged to allow a few wins, demonstrate that there was much money to be made, and induce potential clients to deposit additional funds. After all, it takes money to make almost work-free money.

Most of the brokers believed that they were working for a legitimate business. It was striking to see many religious brokers arriving after morning prayers every weekday to fleece French-speaking people from around the world, stop for afternoon prayers, and then continue to swindle people. Depending on the season, Fridays were half to three-quarter workdays, with a half-hour interlude at noon to thank God, followed by a sanctimonious hustle. When their weekly sales were less than adequate, some of the brokers even worked on weekends, after being reminded several times each day that their minimum monthly sales — cons — had to be reached to guarantee their continued employment.

The boiler-room atmosphere of this office was heightened by nightclub music, especially the volume — soft songs were rare — which was so extreme that all new brokers, as well as several of the others, had considerable difficulty hearing the people they were trying to rip off. Many potential clients asked about the background noise, receiving numerous, often inventive explanations for it. I, for example, had replied on such an occasion that one of my clients had just made his first million Euros and was being celebrated in an adjacent office. No broker had an office; not even the manager. Brokers were seated somewhat uncomfortably at small desks in rows of ten, which surely did not coincide with the Ten Commandments given that “Thou shalt not steal” was obviously not being followed. With close to 60 brokers, the manager had divided the large room in two, using his best two brokers as assistant managers. They had to compete against each other and cumulate the highest number of group sales each day, each week and each month, offering various daily bonuses to both brokers and potential clients to help boost the daily, weekly and monthly totals.

The manager carried an old baseball bat that he contentedly hit against the back of the chairs of many brokers to wake them up to make sales. Yet, no broker was asleep. Taking their cue, his assistant managers used broomsticks. Moreover, all male brokers had to wear a black dress shirt or a white dress shirt, with two such shirts paid by the company once a year. Female brokers had to wear a black blouse or a white blouse, with two such blouses also paid by the company once a year. With hundreds of calls every day and very few sales — two though the first one had been credited back when the client wised up — I resigned after five weeks. The manager asked me to stay at least for the rest of the month, believing that sales would pick up, but I could not stand the perverse chair hits or the deafening mostly awful music on top of the supposed defrauding that constituted this occupation, which was confirmed a few years later when this industry was exposed as employing thousands of people to fleece hundreds of millions of dollars and euros from naive would-be investors around the world using diverse crooked practices.

FEGM (Fucking Everybody Good or Mean) had ruined many a life but was finally shut down a few years later.