antonyturner
Recruit
- Messages
- 3
HonestForex are MISLEADING everyone with their "proof" page. As a result, the results of the service were appalling, with a loss of over 600 pips. I tried to get a refund, but they kept denying that the service had lost money.
However, when I asked them to provide proof, they were not able to do so.
Please take a look at my MyFxBook account to see the actual performance for the last few months of 2012. Please note that I used the trade copier, and verified every trade with the email alerts that they sent out, so this is EXACTLY what any subscriber would have experienced.
HonestForex Test Account System | Myfxbook
-673 pips negative !!!
I joined HonestForex in September 2012.
I should have realized they were just salesmen, as when I asked about lot sizing they cam back with a totally useless response:
"We legally can not tell members how to set the risk settings on their accounts. That is totally up to you. " Bear in mind that as a user of the system, we are completely blind. We have no idea of how they trade, what their SL is etc, so there is no way I could be expected to know what risk setting to use for my account. Anyway, setup was easy, and the system started trading.
>>>>>>>>> PROOF PAGE <<<<<<<<
In October I took another look at the "proof" page, and realized that it was full of holes.
a) They have cherry picked some good months, period - but there is ABSOLUTELY NO PROPER PROOF that supports their performance claims.
b) The one 3rd party verified account that they provide a link to (via myfxbook) is not even their account. It is from another coompany called VavaTrade, who has nothing to do with them any more. So they appear to be re-selling his signals.
c) Lots of bits an pieces, with lots of gaps.
d) I asked why they dont have an account tracked on MyFxBook showing all their trades, and Tony just avoided the question.
>>>>>>> MY ACTUAL RESULTS <<<<<<<<
Month1: 19/09/2012 - 18/10/2012 ------ BIG LOSS approx 345 pips down
Month2: 19/10/2012 - 18/10/2012 ------ STILL LARGE LOSS - around 200 pips down
TOTAL LOSS: 545 PIPS
>>>>>>> REFUND "NEGOTIATIONS" <<<<<<<<
At this stage, I requested a refund. They insisted that they were in profit by 200 pips, so I was not due a refund.
We argued for about 2 months. All I kept asking for was proof, and all they kept giving me back was delays, and the usual rubbish about how they have so many profitable subscribers blah blah blah.
They do have a backend system that records all their trades - they did send me some trades earlier to verify some of mine. So, I asked them to provide a full list to prove their claims - but they were not willing.
I never did get a refund, although I have to admit that when Tony threatened me not to post on this site, I told him where to put it, so I did not really expect to get a refund.
--------------- MISLEADING INFO ON THEIR SALES SITE -----------------
There are only two items of proof on the page that are worth considering. These are:
(a) The GBPUSD VavaTrade MyFxBook results
(b) The second statement on the proof page.
All other so called proof is cherry picked, or completely outdated, or was produced by a different trader who no longer works for them
So, lets take a look at these two items:
(a) if you take a look at the MyFxBook account, it is owned by VavaTrade, who has nothing to do with HonestForex. Furthermore, this account is traded by an EA (even though HonestForex says they are real traders).
Furthermore, this account shows a loss over the past year, and has been consistently losing for the last 6 months.
(b) this set of results is 98% AUDUSD trades. So far so good. Nice Results...
Then, I compared this trade log with the trade signals that I received from HonestForex for the 3 months when I was a member, and there was only 1 trade that could have been similar.
So, I'm not sure where they found this statement, but it is CLEAR THAT THESE TRADES ARE NOT PART OF THEIR SERVICE.
--------------------
During my three months trading with HonestForex, most of my trades were GBPUSD from the VavaTrade account. So, my question is, with VavaTrade being non-profitable for 2012, HOW IS IT POSSIBLE THAT THEY MADE 4900 PIPS ???? THIS IS REAL B.S.
At the same time that I was recording a 500 pip drawdown, they were reporting a 1200 pip gain ????
ANOTHER THOUGHT:
VavaTrade GBPUSD was a loser last year. The proof for AUDUSD shows 1600 pips for the year, so where did the other 3300 pips come from THAT HAVE NOT BEEN VERIFIED OR CONFIRMED.
-------------------
However, when I asked them to provide proof, they were not able to do so.
Please take a look at my MyFxBook account to see the actual performance for the last few months of 2012. Please note that I used the trade copier, and verified every trade with the email alerts that they sent out, so this is EXACTLY what any subscriber would have experienced.
HonestForex Test Account System | Myfxbook
-673 pips negative !!!
I joined HonestForex in September 2012.
I should have realized they were just salesmen, as when I asked about lot sizing they cam back with a totally useless response:
"We legally can not tell members how to set the risk settings on their accounts. That is totally up to you. " Bear in mind that as a user of the system, we are completely blind. We have no idea of how they trade, what their SL is etc, so there is no way I could be expected to know what risk setting to use for my account. Anyway, setup was easy, and the system started trading.
>>>>>>>>> PROOF PAGE <<<<<<<<
In October I took another look at the "proof" page, and realized that it was full of holes.
a) They have cherry picked some good months, period - but there is ABSOLUTELY NO PROPER PROOF that supports their performance claims.
b) The one 3rd party verified account that they provide a link to (via myfxbook) is not even their account. It is from another coompany called VavaTrade, who has nothing to do with them any more. So they appear to be re-selling his signals.
c) Lots of bits an pieces, with lots of gaps.
d) I asked why they dont have an account tracked on MyFxBook showing all their trades, and Tony just avoided the question.
>>>>>>> MY ACTUAL RESULTS <<<<<<<<
Month1: 19/09/2012 - 18/10/2012 ------ BIG LOSS approx 345 pips down
Month2: 19/10/2012 - 18/10/2012 ------ STILL LARGE LOSS - around 200 pips down
TOTAL LOSS: 545 PIPS
>>>>>>> REFUND "NEGOTIATIONS" <<<<<<<<
At this stage, I requested a refund. They insisted that they were in profit by 200 pips, so I was not due a refund.
We argued for about 2 months. All I kept asking for was proof, and all they kept giving me back was delays, and the usual rubbish about how they have so many profitable subscribers blah blah blah.
They do have a backend system that records all their trades - they did send me some trades earlier to verify some of mine. So, I asked them to provide a full list to prove their claims - but they were not willing.
I never did get a refund, although I have to admit that when Tony threatened me not to post on this site, I told him where to put it, so I did not really expect to get a refund.
--------------- MISLEADING INFO ON THEIR SALES SITE -----------------
There are only two items of proof on the page that are worth considering. These are:
(a) The GBPUSD VavaTrade MyFxBook results
(b) The second statement on the proof page.
All other so called proof is cherry picked, or completely outdated, or was produced by a different trader who no longer works for them
So, lets take a look at these two items:
(a) if you take a look at the MyFxBook account, it is owned by VavaTrade, who has nothing to do with HonestForex. Furthermore, this account is traded by an EA (even though HonestForex says they are real traders).
Furthermore, this account shows a loss over the past year, and has been consistently losing for the last 6 months.
(b) this set of results is 98% AUDUSD trades. So far so good. Nice Results...
Then, I compared this trade log with the trade signals that I received from HonestForex for the 3 months when I was a member, and there was only 1 trade that could have been similar.
So, I'm not sure where they found this statement, but it is CLEAR THAT THESE TRADES ARE NOT PART OF THEIR SERVICE.
--------------------
During my three months trading with HonestForex, most of my trades were GBPUSD from the VavaTrade account. So, my question is, with VavaTrade being non-profitable for 2012, HOW IS IT POSSIBLE THAT THEY MADE 4900 PIPS ???? THIS IS REAL B.S.
At the same time that I was recording a 500 pip drawdown, they were reporting a 1200 pip gain ????
ANOTHER THOUGHT:
VavaTrade GBPUSD was a loser last year. The proof for AUDUSD shows 1600 pips for the year, so where did the other 3300 pips come from THAT HAVE NOT BEEN VERIFIED OR CONFIRMED.
-------------------
