November 9, 2010
Trading Scams You Should Be Aware Of
We chose to give this program a test ahead of writing anything with regards to them. There is a bunch of unfavorable chit chat on the net concerning 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 true. The performance stats they post, including all the trade details, are entirely and totally different than what you would likely get. They are not even close. There is no doubting it.
Whenever we mailed them concerning variance with the trades, they would quickly reply “Oops, thanks we will fix this immediately” which would come from the CEO Mauro Sciaccaluga but absolutely nothing was ever fixed. When we asked to cancel our membership and for a refund per their guarantee, there was no response. Not really a huge surprise. If the service is bogus, so would their money back guarantee. Hopefully no one is crazy enough to buy into their Life time membership offer. Lifetime offers are normally tip offs to scams.
Is there any approach of getting our cash back? Simply no! Because Mauro utilizes for his transaction plimus which operates in a similar method to paypal and because his product is a service, under their user agreement, they do not offer charge backs on services. If it had been 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 offers members a free subscription 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 indicates they take the other side of your trade. If you win, they lose. If you lose, they win. Consequently it is evident to say that much like a gambling establishment 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 obtain from Buyforexsignals.com. When it comes to fx brokers in general, it would be sensible to stay away from Dealing Desk Market Makers. They are comparable 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 are able to overcome them and turn a profit in your account, chances are they will turn up the heat and make it even more tough until they can get you to blow out your account.
So what are the 3 lessons realized here? One, be very mindful when getting a Fx Signals service or any service for that matter making use of Plimus, paypal or any third party service as your method of payment. Your best bet is to only use your credit card directly as payment. If Paypal or Plimus is all that they make use of, then turn away. No one is that exceptional to where you ought to take on the danger of losing your funds.
2nd, which is more essential and will outrank the 1st, in no way ever pay for a trade predicting service no matter whether it’s Forex, Stocks, Bonds, Futures or anything that is predictive unless they give a FREE TRIAL. The demo ought to be for a minimum of two weeks. If they do not offer a trial, run like heck because chances are that they have nothing good to offer and they are banking on you buying into their seductive claims of large earnings for a Month, Quarter or a Jackpot (to them) One Year subscription. Pertaining to scams such as these, it’s not really about renewals; it’s about creating that one particular sale. A purchase that is nothing more than a scam to get your money.
And ultimately the 3rd lesson; be wary of Dealing Desk/Market Maker Fx Brokers. Their business model is built to profit via your losses. That is not a broker you want or ought to be doing business with, specifically when they partner with shady firms that do nothing at all but provide you with losing trades.
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