Nov

09

Beware Of FX Trading Scams

09-11-2010

We decided to give this program a try out ahead of writing anything regarding them. There is a large amount of bad chatter on the web concerning the dishonesty level of their Forex Signals service therefore we had to find for ourselves if it was true or not. Regrettably, it is all true. The performance statistics they publish, including all the trade details, are entirely and totally diverse than what you would get. They are not even close. There is no denying it.

Whenever we emailed them concerning variance with the trades, they would speedily answer “Oops, thanks we will fix this immediately” which would come from the CEO Mauro Sciaccaluga but absolutely nothing was ever repaired. When we requested to end our membership and for a reimbursement per their guarantee, there was no response. Not really a huge surprise. If the program is bogus, so would their money back guarantee. Hopefully no one is crazy enough to buy into their Life time subscription offer. Life time offers are normally tip offs to scams.

Is there any way of obtaining our cash back? Absolutely no! Since Mauro utilizes for his transaction plimus which functions in a equivalent method to paypal and because his product is a service, under their user agreement, they do not offer charge backs on services. If it was a product, perhaps we would have better luck.

Yet another item in which we find is highly dubious is their association with the forex broker AvaFX. Buy Forex Signals provides members a free subscription to their services when you open an account with at the very least $500 at AvaFX. Why is this suspect? 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. Therefore it’s obvious to say that much like a casino in Las Vegas, they want you to lose and how else better to do so than with the use of the losing signals you will acquire from Buyforexsignals.com. When it comes to foreign currency brokers in general, it would be sensible to stay away from Dealing Desk Market Makers. They are similar to online gambling sites that do not want you to win. They will do everything in their power to make trading difficult for you with stop loss hunting and re-quotes. And if you happen to conquer them and turn a profit in your account, chances are they will turn up the heat and make it even more challenging until they can get you to blow out your account.

So what are the 3 lessons learned here? One, be very mindful when buying a Currency Signals program or any program for that matter making use of Plimus, paypal or any 3rd party service as your method of payment. Your best bet is to simply use your credit card directly as payment. If Paypal or Plimus is all that they use, then turn away. No one is that exclusive to where you should take on the danger of losing your funds.

2nd, which is more crucial and will outrank the 1st, in no way ever pay for a trade predicting program no matter whether it is Forex, Stocks, Bonds, Futures or anything that is predictive unless they provide you with a FREE TRIAL. The demo must be for a bare minimum of 2 weeks. If they do not offer a trial, run like heck because odds are that they have nothing at all good to provide and they are banking on you buying into their seductive pledges of large earnings for a Month, Quarter or a Jackpot (to them) One Year subscription. For cons such as these, it’s not about renewals; it is about creating that one sale. A sale that is nothing more than a scam to get your money.

And finally the 3rd lesson; be careful of Dealing Desk/Market Maker Forex Brokers. Their business model is created to profit through your losses. That is not a broker you need or should be doing business with, specifically when they partner with shady firms that do nothing at all but provide you with losing trades.

Day Trading scams is a blog devoted to discovering the unkown about people and companies such as Team Trading. Visit today to read informative articles about Pristine Trading.

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