I was approached by someone that wants to manage an account for me. Now i have a few questions concering the protection of my investment.
He suggested a broker to open the account with (ibfx.com.au) he gave me an affiliate link (I am having that link checked by the broker ibfx.com.au). Now my plan is to open an account and give him trading access to the account without the ability to withdraw funds.
now appart from the risk that he is making the wrong trades I am wondering:
1. can he somehow work with the broker to steal my money and disappear? (granted that the affiliate link is no scamm in itself, which Im already having checked)
2. can he somehow benefit from making the wrong trades to destroy my account?
3. he suggested to open a mini account with that broker instead of standard account, does that indicate anything fishy?
4. appart from losing my money by the wrong trades, can you think of any other risks Im taking by this endevor?
Anything else to add?
Please do not comment on weather its a smart idea to trust in his skills of trading, as I am fully aware of that riks, Im really just making sure I am not overlooking something.
Thanx a lot.