Beware Of FX Trading Scams
We opted to give this service a test prior to writing anything about them. There is a bunch of bad chatter on the internet concerning the dishonesty level of their Fx Signals service therefore we had to see for ourselves if it was correct or not. Sad to say, it is all correct. The performance statistics they publish, including all the trade details, are entirely and absolutely different than what you would have. They are not even close. There is no questioning it.
Whenever we e-mailed them concerning disparity with the trades, they would rapidly respond “Oops, thanks we will fix this immediately” which would come from the CEO Mauro Sciaccaluga yet nothing at all was ever resolved. When we inquired to end our subscription and for a refund per their guarantee, there was no answer. Not really a big shock. If the program is untrue, so would their money back guarantee. Hopefully no one is silly enough to buy into their Lifetime membership offer. Lifetime offers are usually tip offs to scams.
Is there any method of getting our money back? Simply no! Since Mauro uses for his transaction plimus which runs in a similar manner to paypal and because his product is a service, under their user agreement, they do not supply charge backs on services. If it had been a product, maybe we would have better luck.
Yet another item in which we find is highly dubious is their connection with the forex broker AvaFX. Buy Forex Signals gives 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 signifies they take the other side of your trade. If you win, they lose. If you lose, they win. Therefore it’s apparent to say that very 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 obtain 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 comparable 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 hunting and re-quotes. And if you manage to beat them and turn a profit in your account, odds are they will turn up the heat and make it even more hard till they can get you to blow out your account.
So what are the three lessons learned here? One, be very careful when purchasing a Currency Signals program or any program for that matter utilizing Plimus, paypal or any 3rd 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 use, then turn away. No one is that special to where you ought to take on the risk of losing your money.
2nd, which is much more critical and will override the first, never ever shell out for a trade forecasting service whether it’s Forex, Stocks, Bonds, Futures or anything that is predictive unless they offer a FREE TRIAL. The test must be for a minimum of two weeks. If they do not offer a test, run like heck because probabilities are that they have got absolutely nothing good to offer and they are banking on you buying into their seductive pledges of large profits for a Month, Quarter or a Jackpot (to them) One Year subscription. For frauds such as these, it is not about renewals; it is about making that one particular purchase. A sale that is nothing more than a scam to get your money.
And last but not least the third lesson; be wary of Dealing Desk/Market Maker Currency Brokers. Their business model is created to profit from your losses. That is not a broker you want or should be carrying out business with, specifically when they partner with shady organizations that do nothing but supply you with losing trades.
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