November 9, 2010
Day Trading Scam Alert
We opted to give this provider a test prior to writing anything about them. There is a great deal of bad chit chat on the internet concerning the dishonesty level of their Fx Signals service therefore we had to observe for ourselves if it was accurate or not. Unfortunately, it is all accurate. The performance stats they publish, including all the trade details, are entirely and totally different than what you might get. They are not even close. There is no doubting it.
Whenever we emailed them about variance with the trades, they would quickly reply “Oops, thanks we will fix this immediately” which would come from the CEO Mauro Sciaccaluga however absolutely nothing was ever resolved. When we inquired to stop our subscription and for a reimbursement per their guarantee, there was no response. Not really a major surprise. If the program is fake, so would their money back guarantee. Hopefully no one is crazy enough to buy into their Lifetime membership offer. Life time offers are normally tip offs to scams.
Is there any method of obtaining our cash back? Absolutely no! For the reason that Mauro utilizes for his transaction plimus which runs in a related way 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, maybe we would have better luck.
Yet another item in which we find is highly suspicious 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 indicates they take the other side of your trade. If you win, they lose. If you lose, they win. Thus it’s apparent to say that much like a gambling establishment in Las Vegas, they would like 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 forex trading brokers in general, 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 difficult for you with stop loss hunting and re-quotes. And if you happen to overcome them and turn a profit in your account, odds are they will turn up the heat and make it even more hard until eventually they can get you to blow out your account.
So what are the 3 lessons learned here? One, be very watchful when buying a Fx Signals service or any service for that matter utilizing Plimus, paypal or any 3rd party service as your method of payment. Your best bet is to simply utilize your credit card directly as payment. If Paypal or Plimus is all that they use, then turn away. No one is that unique to where you ought to take on the chance of losing your funds.
2nd, which is more important and will override the 1st, by no means ever spend for a trade predicting program whether it is Forex, Stocks, Bonds, Futures or anything that is predictive unless they make available a FREE TRIAL. The test ought to be for a bare minimum of 2 weeks. If they do not offer you a demo, run like heck because chances are that they have nothing good to provide 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 cons such as these, it is not really about renewals; it is about generating that one particular sale. A sale that is nothing more than a rip-off to get your money.
And ultimately the third lesson; be leery of Dealing Desk/Market Maker Currency Brokers. Their business model is developed to profit via your losses. That is not a broker you want or ought to be carrying out business with, specially when they partner with shady companies that do practically nothing but provide you with losing trades.
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