It’s been 4 weeks since I joined Cash FX (which I took a look at recently), and this is my first progress update, 4 weeks in.
I opened my account with the minimum investment of $300.
However, they only accept deposits and process withdrawals in Bitcoin, so I had to deposit $300 worth of Bitcoin into the program.
Of that $300, 70% – $210 – is actually used for trading; the other $90 goes into other parts of the program.
Current State of Play
There’s a wait of 3 business days before your funds actually start being used for trading.
Trading is actually done by professional Forex traders on members’ behalf and a small daily profit is paid out to members.
Up to 15 % per week can be paid out, but the average tends to be around 1% per day, sometimes more, sometimes less.
I’m now in week 4 of my membership and the image above shows my progress so far.
The only figure of note is the $39 that I’ve earned over three and a half weeks of trading.
So I’ve been averaging about $10 per week.
Here’s my earnings for Monday to Thursday this week (week starting March 8th), with Friday’s earnings yet to be reported:
At this rate, it’ll take another 17 weeks to get back my $210 investment and another 9 weeks after that to recoup my original $300 investment.
However, there’s a 20% withdrawal fee (which goes back into the program rather than to pay the people running the program), so I actually need to earn $375 before I could withdraw my original $300.
And it would take another 8 weeks to reach that amount at current earning potential.
In all, it would take 38 weeks for me to break even.
After that, any future earnings would be pure profit.
My plan is to upgrade to the $500 investment plan once my Daily Trading percentage goes over 100%.
I’ll only have to pay the $200 difference between the $300 and $500 investment plans.
Daily profits will be larger in monetary amounts and things should start to roll faster from there.
The $39 I’ve earned is known as Bear Capital.
This is simply earnings from the trades with my investment fund.
There are other ways to earn money inside Cash FX which I haven’t really explored yet.
As yet, I haven’t referred anyone but my plan is to get more people on board.
I’ll have another update for you in 4 weeks.
Filed under: Cryptocurrency Trading