Forex Scams Are Common…Learn To Spot Them
Thursday, November 18, 2010 8:37We opted to give this program a try before writing anything regarding them. There is a lot of unfavorable chatter on the net with regards to the dishonesty level of their Forex Signals service therefore we had to discover for ourselves if it was correct or not. Sad to say, it’s actually all true. The performance stats they post, including all the trade details, are completely and totally diverse than what you would get. They are not even close. There is no doubting it.
When we mailed them concerning variance with the trades, they would rapidly respond “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 subscription and for a reimbursement per their guarantee, there was no response. Not really a big surprise. If the program is bogus, so would their money back guarantee. Hopefully no one is insane enough to buy into their Life time subscription offer. Lifetime offers are normally tip offs to scams.
Is there any means of acquiring our money back? No! Because Mauro utilizes for his transaction plimus which operates in a similar fashion 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.
An additional item in which we find is highly suspect is their relationship with the forex broker AvaFX. Buy Forex Signals gives members a free subscription to their services when you open an account with at the very 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. So it’s obvious to say that very much like a gambling establishment 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 obtain from Buyforexsignals.com. When it comes to fx brokers in common, it would be sensible 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 until they can get you to blow out your account.
So what are the 3 lessons realized here? One, be extremely cautious when purchasing a Fx Signals service or any service for that matter making use of Plimus, paypal or any 3rd party service as your method of payment. Your best bet is to only utilize your credit card directly as payment. If Paypal or Plimus is all that they use, then turn away. No one is that distinctive to where you need to take on the threat of losing your money.
2nd, which is much more critical and will override the 1st, never ever pay for a trade predicting program no matter whether it is Forex, Stocks, Bonds, Futures or anything that is predictive unless they supply a FREE TRIAL. The demo should be for a bare minimum of 2 weeks. If they do not offer a demo, run like heck because chances are that they have nothing at all good to provide 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. With regard to cons such as these, it’s not about renewals; it’s about generating that one particular purchase. A sale that is nothing more than a rip-off to get your money.
And ultimately the 3rd lesson; be leery of Dealing Desk/Market Maker Fx Brokers. Their business model is developed to profit through your losses. That is not a broker you want or must be doing business with, especially when they partner with sketchy firms that do nothing at all but supply you with losing trades.
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