How to avoid getting scammed when buying forex products - Page 4

Pharaoh · (#31 (**permalink**))

Logic suggests that if the scam is successful, the profit goes to the scammers.

vans22 · (#32 (**permalink**))

Quote:

Originally Posted by realsbd

Hello Pharaoh i appreciate everything you have been doing since all this while and i thank you for making something like this available for people who are not really good in browsing

Hi there.I have also been helped by pharaoh many many times from his advises that I think are all based on his past experiences.Thanks Pharaoh!

elah024 · (#33 (**permalink**))

Quote:

Originally Posted by vans22

Hi there.I have also been helped by pharaoh many many times from his advises that I think are all based on his past experiences.Thanks Pharaoh!

how could he not have many ideas? he started to know how trading works when he's only 6 something. and not to mention his experiences in different kinds of fields. thats what made him a guru to this thing.

avaya1386 · (#34 (**permalink**))

Another helpful post. Really appreciate it Pharaoh. I did forget that there is a review section here in FPA, Must proceed to read further.

elah024 · (#35 (**permalink**))

yes. i think pharaoh has a lot of good ideas that a beginner should at least comprehend before making a start to the real one. you know what i mean..

judgedredd · (#36 (**permalink**))

There seems to be much talk of doing due diligence before purchasing something but here is my take on how to spot scams. It may or may not have been discussed before, but I do not have the time to wade through these messages.

When I found that there were some peculiarities of the company I had chosen to trade with I downloaded other platforms and ran them side by side.

If a company claims to have a live feed why is the data different to other companies data feeds? If they were all live they would be exactly the same.

I used CMS forex as my main trading account and Delta Trading and Marketiva as my backups.

CMS forex would have different 'live' feeds than the other two.

The only way to test this is to pick your platform, then try and find a 30 day trial of a high end truly live service (mostly Banks like Saxo bank). If there is a discrepancy, then ditch the one that you are looking at.

Another thing to look out for is to see how different it is to place trades with a live account and a demo account, and how different the platform displays the signals.

The scam is apparent when the two different accounts on the same service show different signals or one account shows a lapse in displaying the signal whereas the other one seems to be more 'real time'. Usually the demo account seems to be easier to use and displays more 'real-time' looking signals than the live account.

The greatest giveaway though is the disclaimer where it states that you will be trading against the company. This means that your order does not buy a position in the forex market but a position against the company you have the platform with and is all done in-house via a computer account. So its like going into a casino.

Truly live systems where you will be trading in the actual forex market and not against the company you have an account with will have lower leverage level ratios (definately not the 200:1, 400:1, ratios touted elsewhere) usually less than 100:1 and they will charge a per trade fee.

ausus · (#37 (**permalink**))

I disabled my account so the IvyBot can not touch my account anymore, then requested refund from clickbank. IvyBot is a scam! I put 5k and lost 25% in four days. Their phone is only for taking messages and no response for emails.

Pharaoh · (#38 (**permalink**))

Did you miss the advice about testing things on demo or only using very small amounts of money? Throwing $5k at a bot you haven't carefully tested first is a very bad idea.