Scams Alert In The Day Trading Industry
Posted By William Riley on November 18, 2010
We chose to give this provider a test prior to writing anything about them. There is a bunch of unfavorable chatter on the internet with regards to the dishonesty level of their Fx Signals program therefore we had to find for ourselves if it was true or not. Sadly, it’s actually all accurate. The performance stats they publish, including all the trade details, are completely and absolutely different than what you might get. They are not even close. There is no questioning it.
Whenever we mailed them regarding incongruencies with the trades, they would speedily answer “Oops, thanks we will fix this immediately” which would come from the CEO Mauro Sciaccaluga but nothing was ever repaired. When we asked to cancel our subscription and for a refund per their guarantee, there was no response. Not really a big shock. If the service is counterfeit, so would their money back guarantee. Hopefully no one is silly enough to buy into their Lifetime subscription offer. Life time offers are typically tip offs to scams.
Is there any way of obtaining our money back? No! For the reason that Mauro utilizes for his transaction plimus which operates in a comparable manner to paypal and because his product is a service, under their user agreement, they do not provide charge backs on services. If it had been a product, possibly we would have better luck.
Yet another item in which we find is extremely dubious is their association with the forex broker AvaFX. Buy Forex Signals offers members a free membership to their services when you open an account with at least $500 at AvaFX. Why is this suspicious? AvaFX is a Dealing Desk Market Maker broker which means they take the other side of your trade. If you win, they lose. If you lose, they win. Thus it’s obvious to say that very much like a casino in Las Vegas, they desire you to lose and how else better to do so than with the use of the losing signals you will get from Buyforexsignals.com. When it comes to currency trading brokers in common, it would be smart to stay away from Dealing Desk Market Makers. They are equivalent to online gambling sites that do not want you to win. They will do everything in their power to make investing tough for you with stop loss searching and re-quotes. And if you happen to defeat them and turn a profit in your account, odds are they will turn up the heat and make it even more difficult till they can get you to blow out your account.
So what are the 3 lessons realized here? One, be extremely watchful when buying a Fx Signals program or any service for that matter utilizing Plimus, paypal or any third party service as your method of payment. Your best bet is to merely utilize your credit card directly as payment. If Paypal or Plimus is all that they utilize, then turn away. No one is that special to where you must take on the chance of losing your money.
2nd, which is a lot more crucial and will override the first, never ever pay for a trade forecasting program no matter whether it is Forex, Stocks, Bonds, Futures or anything that is predictive unless they give a FREE TRIAL. The demo should be for a minimum of 2 weeks. If they don’t offer a trial, run like heck because probabilities are that they have absolutely nothing good to offer and they are banking on you buying into their seductive guarantees of big earnings for a Month, Quarter or a Jackpot (to them) One Year subscription. For scams such as these, it’s not necessarily about renewals; it’s about generating that one sale. A sale that is nothing more than a fraud to take your money.
And lastly the third lesson; be wary of Dealing Desk/Market Maker Fx Brokers. Their business model is created to profit via your losses. That is not a broker you want or must be doing business with, especially when they partner with unethical companies that do nothing but supply you with losing trades.
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