When it comes to investing, there are endless ways to scam a trader. Many brokers manage to get away with their fraudulent activities for a period of time. Then they are either ‘caught’ by a regulatory organization or they succeed in absconding with their clients’ funds, never to be seen again.
Broker scams come and go. Some move underground only to pop up again at a later date. There are always unethical brokers looking for schemes to fool investors and it takes only a few big deals to make the whole endeavor worthwhile.
Scams must be done in a clever, convincing manner. They must also be convenient for the trader. The easier it is for the trader to seemingly make money, the more a fraud will succeed. The latest entry into the Forex scam market is the Forex robot, which is a perfect example of promises of easy money. Forex Robots are all about making money while you sleep which makes them a prime area for fraudulent activity. Forex robot scams are only now beginning to be uncovered but not everyone concurs that Forex robots are scams to begin with.
Thankfully, there are more and more websites rating Forex traders and their systems. You can make more educated decisions after reading reviews and checking with experienced Forex experts. At the very least, one should search for reviews before purchasing a Forex robot, no matter what claims are made about its success.
Forex Robots Scams 2018
Forex robots or Expert Advisors (EAs) are programs that claim to automate Forex trades. It’s like putting a plane on auto pilot. Traders can sleep through the night calmly knowing that their trades will be placed exactly at the times they designated. Sounds easy, right?
Forex robots are getting a lot of hype of late and Forex robot scams are not far behind. Almost every Forex broker currently offers its account holders the opportunity to use a Forex robot for their trades. They back up the legitimacy of these robots with tremendous profits and lull the trader into a false sense of security only to end up broke. These claims are usually based on a very narrow window where the particular product was successful and not on a long term use of the Forex robot.
A Forex robot can only be as smart as its creator. The creators of these systems are looking to make a quick large sum of money and are not looking at the fact that the most predictable thing about the Forex market is the changes you cannot predict without watching the changes carefully. Anyone who knows the Forex market well and understands it will recommend a live person with their own trading strategy and then and only then does it make sense to automate any of it.
The companies producing Forex robots often rely on very broad, small print disclaimers to keep them out of trouble for promising tremendous results when those results are unrealistic in the long term.
The problem is that Forex robots are run based on automated mathematical algorithms, not taking into account things like market conditions that vary with political issues, weather and other factors. The inconsistency of the market is impossible to program into a robot, and therefore the results of Forex robots are inconsistent as well.
Most Forex robot scams are easy to pinpoint and would seem obvious to any investor. But even with blatant false promises of huge profits “while you sleep” millions of dollars are dropped into these Forex robot scams every day. Even those brokers that are successful exaggerate their numbers to attract new clients.
Online Forex Robot
One needn’t depend on the Forex broker for these robots because Forex robots are readily available for purchase online. Even Amazon.com sells the software package made available by one Forex company under the heading, “Make Money While You Sleep – Advanced Forex Auto Trading Robot.” Costs for a robot program hover around $1000 for the package so most traders opt to use the EA provided by the Forex broker. This is what leads so easily to Forex robot scams.
When you look at any two weeks of trading in the past that were profitable, and then make a profit claim based on those weeks, you are not lying to anyone. These Forex robots claim their profitability based on any given successful time period in their past when testing the product so they aren’t lying. Be very wary of hindsight claims in simulated conditions.
Since 99% of traders who purchase a robot end up asking for a refund, most experienced Forex traders recommend never purchasing one. Objective Forex traders suggest never putting a Forex robot on a live, real money Forex account until it has been tested thoroughly through a demo account. If the Forex vendor is genuine, then he should advise his traders NOT to use an EA until they fully understand what the robot is all about.
Getting a refund for the Forex robot sometimes will satisfy the customer but they have already lost in the market and wish they had never gotten involved with it in the first place.
Forex traders who have used robots in the past suggest that traders learn enough about the workings of the EA program so that they can place the trades themselves and not through a broker. This will provide them with a sense that they are in control of their money and are not leaving it in the hands of a broker. This may not lead to profits but it will eliminate the feeling of being taken in by a fraudulent Forex robot scam.
Vader Forex Robot
One practical example of a Forex robot is the Vader Forex robot, which is a product created by a Forex-based technology company. This particular Forex robot has performed well, is customer friendly and incorporates Fibonacci levels to help predict the trends. Some traders consider the accuracy by which Fibonacci retracements can predict future rates very significant and this Forex robot uses these levels as entry and exit thresholds for automated Forex trading. The people using this Forex robot believe this is a strong strategy and can predict results with reasonable success. Some reviews suggest that it can perform more successfully if used by someone who does some of the monitoring himself rather than relying completely on the automated decisions.
Generally, nothing that promises tremendous gains with very minimal investment will prove to be successful. Any experienced Forex trader will tell you that it takes real understanding, and changes based on that understanding to be successful in the Forex market and for that you need a human involved in the decision making process.
A carefully chosen Forex robot, monitored by an educated Forex trader can help to automate the trading and reduce time spent which saves money in the long run. If you and your Forex trader do the research then Forex Robots can be a positive thing. It can be a benefit to eliminate the emotional aspect of trading if you don’t eliminate the intelligence. Beware of any arrangement that does not involve careful research by experts and remember that it is not only the cost of the Forex robot at stake; your trading capital is as well.
Eventually when you pay $100 and grow triple digit stable income, meaning you have no need to have an office job. Moreover, banks would dismiss dealing desks with their six figures salaries, because hundred dollars robot can do a better job and ultimately lower salaries.
However none of the above mentioned happened in practice, and banks do not use $100 robots that generates more money than a human does.
Here are the questions arise. Why do vendors sell “money printing tools”, when they can make money for themselves? Why are they sold ?
Normally, the scam is when somebody receives your money and returns you nothing, but not all forex robots do this, thus they may not be viewed as scams. Mainly good robots will genuinely give your money back but do not expect to make stable big figure money by trusting the whole trading day to algorithms. There always has to be a human intervention in forex trading, as a predefined $100 algorithms do not predict the market for political uncertainties, or weather or any other force majeure situations.
Simulated performance results have serious limitations, as they do not represent an actual trading. The market inconsistency is impossible to program into a robot, hence the results of algorithmic robots are also inconsistent. In general forex robots are designed to perform based on historical prices and events that occurred in the market, but the problem is that this prices and events will not be repeated exactly by the market same way as they did on the displayed performances of robot vendors. This means losses, as the rules were bent to fit the snapshot.
As long as 99% of traders who buy a forex robot end up demanding for a refund, majority of professional forex traders recommend never buying one.
So are forex robots scams?
The answer is no, as they give what they say and that is a system that used to be successful in the past. In order not to fool you, they give you the warning, that in case you decide to purchase their product then that is up to you. Most of vendors promise to give you your money back but that is not getting important when you are already blowed your account in the market.
Let’s face facts if you could make money with all the forex robots you see, everyone would be traders and not bother to work.
After all you pay 100 and make a triple digit income then you have no need to go to work. Furthermore banks would sack there dealing teams (on seven figure salaries) as a hundred buck robot does better (according to the track records) and reduces the banks salaries dramatically.
Now none of the above has actually happened I know plenty of traders and they don’t use hundred buck robots and I know plenty of bank dealers whoa re still in their jobs earning seven figure salaries and bonuses. So why has the whole world not got into trading forex robots and why are they being sold? Why are the vendors selling them, when they make so much money.
Now a scam to me is when someone takes your money and gives you nothing and most forex robots I see don’t do this so they cannot be considered scams. They give you something describe it and its up to you if you buy it – that’s not a scam and many will genuinely give you your money back.
The main issue is when you have got it, will it make you money and can look forward to putting your feet up, playing golf and leaving your work to a robot? The answer is no, not with the robots I see for sale, because they all have problem which is summed up in this statement:
“CFTC RULE 4.41 – Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading….. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown”.
Look on the promotion for the system and you will probably see it.
This is easy, we can all make paper money knowing the price data but you have to trade forward in the real world and you can’t spend paper money.
Generally, these forex trading systems look at the price data and then keep bending the rules until they have a profit.
The problem is:
No two weeks of data are ever going to repeat exactly again and this means losses, as the rules were bent to fit the snapshot.
This is the flaw and you get many forex trading robots which are clever and lose because they do this and it obviously wont see the same results again.
I once made the mistake of buying one built by an ex NASA employee and never noted he had never made real money, I was to impressed I had a man who had helped man walk on the moon on my side!
What happened to my equity?
The system wiped it out in a couple of weeks and this system cost me $10,000 dollars back in 1991! Ouch.
So are forex robots scams?
No – they give what they say and that’s a system that worked in hindsight – there not deceiving you, they give you the warning, if you decide to take it then that’s up to you. Many will give you your money back but that’s not really much if you get wiped out in the market.
There are very few forex robots with track records that are real of 3 years or more and you can find them but most come with simulated track records and you have to decide, if they will make real money. Me? I think I will give them a miss, even if they worked for NASA!
Forex Robot Review and Investigation
Exactly when our staff of researchers was about to publish a new SCAM review exposing new malicious Forex Robot SCAMS, we came across the recently launched ForexRobot.com software and automated trading app. We are skeptics by nature and learned our lesson the hard way after getting scammed online by professional con artists. So when we examined Forex Robot, we took a real hard look at the facts and if this new Forex EA and auto-trader produces consistent results over time. We only endorse genuine and legit systems, so naturally we were suspicious. However, as we progressed with our review and fact-checking process the dots started to connect for us and the picture became clear. We believe we have finally stumbled on to a legitimate trading software which was set up to work with tested and recognized brokers and this time also performs for extended periods of time.
This was quite an unexpected surprise and a breath of fresh air, especially since this Forex Robot trades not only Forex currency pairs, but also Cryptocurrencies such as Bitcoin, Ethereum, and Dash. Now, with all the crypto scams being promoted online these days, it’s extremely rare to actually find a trading robot which stands apart from all the rest and delivers on its promise by actually generating profits as expected from a scam-free Forex Robot. Keep in mind, this is NOT a binary options robot and has nothing to do with digital, all or nothing, or exotic options trading. We will be discussing the differences in detail as we progress with our impartial Forex Robot review. We understand that you have had your share of disappointments from seemingly legit apps warmly endorsed by a variety of so-called “honest review sites”, but we rarely recommend new apps, so why not take a minute to read this insightful article and see what the all new Forex Robot automated trading software is all about.
Official Forex Robot Website, Login Page, and Members Area: Forex Robot
What is Forex Robot?
Forex Robot is an automated Forex trading software which executes trades for you on auto-pilot without any form of human intervention. This app was designed by professional traders who have cut the learning curve out of the equation and automated the processes. So, it doesn’t matter if you are a clueless amateur when it comes to Forex trading or an experienced trader, the software does all the work for you while you live your life.
The Forex Robot Trading Interface
The Forex Robot trading interface is simple, intuitive, and very user-friendly. You have a chart which lays out the signal, leverage (meaning the money borrowed from the broker if you choose to do so), investment amount, profit, and status. You simply need to click the auto-trading button and you are on your way, the bot does all the work for you.
Forex Robot Review: Distinguishing Features
Forex Robot is different in a variety of ways. First, simplicity is key and anyone can get started using this app. Secondly, there are a few canned or “ready-made” strategies which are integrated for you in the app. If you wish to choose these formats you simply select the strategy according to the risk level you wish to take, and start trading. Finally, you can go to manual signals mode any time and develop your own strategy if you wish.
System Specifications, Settings, and Operational Guidelines
You can set the Forex Robot with certain settings which generate signals that are traded automatically via the selected broker. It’s possible to use multiple indicators, however we do not recommend that.
TREND: This indicator surveys the overall market trends.
MACD: This acronym stands for Moving Average Convergence Divergence. It measures the delta or differences between moving averages and calculates or adjusts trades accordingly.
RSI: This is the Relative Strength Index. In a nutshell it makes corrective trades based on market sentiment.
STOCH: The Stochastic Oscillator is a indicator which factors in both speed and momentum and executes trades accordingly.
WILLIAMS: This is an indicator which buys short positions which are undersold.
CCI: The Commodity Channel Index uses time to factor trends based on averages.
Time Frames: These vary from 60 seconds to 60 minutes or more.
The trading systems are Classic, Fibonacci, or Martingale (which we do not recommend – just use the default settings). You can execute simultaneous trades freely without having to monitor the dashboard.
You also have a “stop loss” feature which is set based on your trade size. “Profit” and “leverage” multipliers can also be customized according to the risk you wish to take.
Factoid: Forex Robot does not accept traders from the USA, Canada, or France.
Currency pairs include: EUR/USD, USD/CAD, EUR/JPY, EUR/GBP, GBP/USD,
USD/CHF, USD/JPY, and AUD/USD.
Cryptocurrencies Include: Bitcoin, Dash, ETC, Ethereum, Litecoin, and Ripple.
Binary Options Versus Forex
Binary or digital options are considered to be simple contracts where you need to guess how the underlying expires and place the trade according to that. Forex differs in the sense that you invest in the assets in a trading environment which offers higher variability but varying levels of risk. In the Forex markets, traders must decide not only in which direction a certain asset will take, but must also attempt to speculate as to how high or low that asset may reach. This leaves a higher level of certainty, and coupled with leverage the risk is just that much higher in the FX Markets.
I Got Scammed Before – How’s This Different?
Well, first of all the system is tried and tested to produce results. We also had some of our members try it out and it performed as expected. Still, if you are a skeptic that is a good thing but try to leave a door open for opportunity.
We did not see any fake reviews about Forex Robot, but we are constantly searching the internet for anything which may be construed as fraudulent or unethical Forex Robot software.
The cost will be at least $250 and that money will be used to bankroll your broker account. In Forex we recommend a higher initial deposit for money management purposes, however this is not an absolute requirement.
Trending Viral Scams to Avoid
The ones with the most complaints are Bitcoin Loophole and Stabilis Lucra.
Signals, Crypto Systems, Binary and Forex EA’s
There are countless scams being launched on a daily basis. The all boast massive return on investments, guaranteed wins, and no risk. These are all classic get-rich-quick schemes designed to steal your money. Fortunately our staff compiled a short yet reputable list of money-making machines which have withstood the test of time. These apps are all listed in our recommended section.