PaydayForex.com Review
2.429 •
20 REVIEWS
Out of business
Updated: Apr 13, 2022
•
Website is down. Company apears to be out of business.
Out of business
PaydayForex.com Performance tests
| Status | Account | Product | P/L Weekly,% | Weeks tested | P/L Gross,% |
|---|---|---|---|---|---|
| PayDay Forex Aggressive | -16.58 | 23 | -98.453 | ||
| PayDay Forex regular | -0.4 | 50.3 | -18.262 |
Please click the Product name to see detailed test analytics, trading statement, and use our Performance Simulator.
2.429 •
20 REVIEWS
Recent User Reviews of PaydayForex.com
T
Tommy
Thailand,
Jan 20, 2011,
Guest
I posted on 2011-01-04.
They made margin call again on 2011-01-21.
They asked additonal margin and the reason was they use a new strategy on 2011-01-08. How stupid they are! I think they will excuse like, "Beacuse you did not put additional deposit, this happend." this time. Thay are so stupid and equal to SCAM.
I could not withdraw even a cent coz the floating drawdown was always huge,
Here is a email they sent on 2011-01-08.
Dear clients,
As you all know, the trading in 2010 has been devastating for almost all of the regular accounts, this has been very crucial to the clients account as well as the company it self as everyone has suffered sever losses. Some of the accounts are still holding and are expected to overcome this bad situation and then show profit on a regular basis.
Even though we have gone through a disastrous period, the team was still up looking for new and better trading strategies and traders and has started to implement these on the accounts that can still be traded. We are confident that over time the situation can be improved for those who still have a current balance of at least $2000 on their accounts. And we will continually do the best to achieve this.
Unfortunately if your current balance is under $1000 we are not quiet sure that there can be much done at this point. The only thing we would recommend is adding funds so that the minimum is at least the $2000 mentioned, however we absolutely understand if after all of this you do not have any trust in the trading. This decision is solely up to you.
We would like to thank all clients that have been with us throughout all this time, for the patience and for loyalty. For those who decide to stay with us, or the situation still enables them to stay with us, we will do our best to bring the accounts back into its previous balance.
Thank you for understanding
Best Regards
support team
Payday Forex
2011-01-04 1star Go away from them! I joined about 7 months ago and they blowed off 80% of my money.
They make tiny profit and big floating drawdown. So you even cannot withdraw your money or your account will be mergin called.
They use stupid Martingale EA but they say traders deals your account. They do not update their performance incluging last Nov. on wesite. Thay are huge mass of lies and so stupid.
Now I think they get IB cash back only each time they trade our accounts and does not intend to increase our profit.
They made margin call again on 2011-01-21.
They asked additonal margin and the reason was they use a new strategy on 2011-01-08. How stupid they are! I think they will excuse like, "Beacuse you did not put additional deposit, this happend." this time. Thay are so stupid and equal to SCAM.
I could not withdraw even a cent coz the floating drawdown was always huge,
Here is a email they sent on 2011-01-08.
Dear clients,
As you all know, the trading in 2010 has been devastating for almost all of the regular accounts, this has been very crucial to the clients account as well as the company it self as everyone has suffered sever losses. Some of the accounts are still holding and are expected to overcome this bad situation and then show profit on a regular basis.
Even though we have gone through a disastrous period, the team was still up looking for new and better trading strategies and traders and has started to implement these on the accounts that can still be traded. We are confident that over time the situation can be improved for those who still have a current balance of at least $2000 on their accounts. And we will continually do the best to achieve this.
Unfortunately if your current balance is under $1000 we are not quiet sure that there can be much done at this point. The only thing we would recommend is adding funds so that the minimum is at least the $2000 mentioned, however we absolutely understand if after all of this you do not have any trust in the trading. This decision is solely up to you.
We would like to thank all clients that have been with us throughout all this time, for the patience and for loyalty. For those who decide to stay with us, or the situation still enables them to stay with us, we will do our best to bring the accounts back into its previous balance.
Thank you for understanding
Best Regards
support team
Payday Forex
2011-01-04 1star Go away from them! I joined about 7 months ago and they blowed off 80% of my money.
They make tiny profit and big floating drawdown. So you even cannot withdraw your money or your account will be mergin called.
They use stupid Martingale EA but they say traders deals your account. They do not update their performance incluging last Nov. on wesite. Thay are huge mass of lies and so stupid.
Now I think they get IB cash back only each time they trade our accounts and does not intend to increase our profit.
T
Tommy
Thailand,
Jan 3, 2011,
Guest
Go away from them! I joined about 7 months ago and they blowed off 80% of my money.
They make tiny profit and big floating drawdown. So you even cannot withdraw your money or your account will be mergin called.
They use stupid Martingale EA but they say traders deals your account. They do not update their performance incluging last Nov. on wesite. Thay are huge mass of lies and so stupid.
Now I think they get IB cash back only each time they trade our accounts and does not intend to increase our profit.
They are preparoing to go away soon, I also think.
They make tiny profit and big floating drawdown. So you even cannot withdraw your money or your account will be mergin called.
They use stupid Martingale EA but they say traders deals your account. They do not update their performance incluging last Nov. on wesite. Thay are huge mass of lies and so stupid.
Now I think they get IB cash back only each time they trade our accounts and does not intend to increase our profit.
They are preparoing to go away soon, I also think.
B
Brett
Australia,
Dec 28, 2010,
Guest
Joined 6 months ago on good reviews and performance just to watch my account completely cleaned out. There were lots of excuses and talk of recovery but with nothing left in my account that is impossible.
J
John (Ioannis) Mitsou
ATHENS GREECE,
Nov 30, 2010,
Guest
I joined them with 2 managed accounts on May 2010. The advertise 10-20% monthly profit in their website. I checked them visiting your forum when I saw possitive results in a testing account. After 3 months they lost 35% of my capital and I stopped them because I experienced an almost catastrophic trading.
M
Mark
UK,
Nov 21, 2010,
Guest
Beware never put in money with Payday Forex.Put in $4000 and they have lost it all!! within 3 months.Proof is available from my account if required.
B
balaji
india,
Nov 19, 2010,
Guest
i lost 100% of my money with this service. i believed their emails stating everything in control and did stupid mistake of continuing their service. and today i have lost 100% of my money with these people and their gambling strategy. i joined them only after reading good reviews in this forum before 7 months so i would like to warn people to stay away from this service and request FPA to downgrade their star rating. FRIENDS PLEASE STAY AWAY FROM PAY DAY FOREX MANAGMENT SERVICE.
H
HeriFX
USA,
Oct 4, 2010,
Guest
I lost more than 40% of my investment. Terrible trading style, I agree with the previous reviews, their trading is like gambling, very risky trading style no stop loss on most positions. But they blame the market, the broker, the summer.
Stay far away!
Stay far away!
S
speicherstadt
Germany,
Sep 2, 2010,
Guest
I quit the account with a loss of about 50%, their trading is like gambling. They trade without stoploss, let positions run some hundred pips into the loss. The statement here says that they had a drawdown of 19%, in my account it was twice as much. I would warn everybody to invest into this managed account
P
PaydayForex
Worldwide,
Aug 2, 2010,
Guest
We would just like to post a few comments to make sure readers understand the situation mentioned below.
We agree with all of the comments below stating that our trading has been negative for the last month, and yes the trading style might have seemed a bit dangerous to some clients. Nevertheless each negative month gives us the boost to improve, and changes in the trading style and in this case also a trader are made.
All of the accounts are slowly recovering and all the long term clients (non US) are in profit for this year. You may always view our trading on the FPA test demo account, which is slightly off the real results, but it will give you the picture.
As to the differences in results for the US clients, unfortunately this is caused by the price feed of the different brokers we cooperate with. Only one of them can accept US and Canadian clients, unfortunately the results with this broker have shown to be worse in the long run. Only a portion of the clients actually use that broker.
As to the results posted on our website, these have actually always been posted as an average value between the two different brokers, which means that the non US clients actually have even better results than posted on the website.
Even though the markets are constantly changing and it is getting very complicated to trade on Forex, we still have traders which are capable of making very nice profit in the long term. If you keep watching our results in the testing lab you will see how the accounts grow in the long term.
Thank you all for understanding and if you have any questions please feel free to email us at support@paydayforex.com
Regards
PaydayForex.com
We agree with all of the comments below stating that our trading has been negative for the last month, and yes the trading style might have seemed a bit dangerous to some clients. Nevertheless each negative month gives us the boost to improve, and changes in the trading style and in this case also a trader are made.
All of the accounts are slowly recovering and all the long term clients (non US) are in profit for this year. You may always view our trading on the FPA test demo account, which is slightly off the real results, but it will give you the picture.
As to the differences in results for the US clients, unfortunately this is caused by the price feed of the different brokers we cooperate with. Only one of them can accept US and Canadian clients, unfortunately the results with this broker have shown to be worse in the long run. Only a portion of the clients actually use that broker.
As to the results posted on our website, these have actually always been posted as an average value between the two different brokers, which means that the non US clients actually have even better results than posted on the website.
Even though the markets are constantly changing and it is getting very complicated to trade on Forex, we still have traders which are capable of making very nice profit in the long term. If you keep watching our results in the testing lab you will see how the accounts grow in the long term.
Thank you all for understanding and if you have any questions please feel free to email us at support@paydayforex.com
Regards
PaydayForex.com
B
Bruce
Portland, OR USA,
Jul 26, 2010,
Guest
I left a review on May 4, 2010, saying I would wait a while to place a review.
As I'm sure you'll be able to see by the July results on their website that will be posted within a week or so, the results for July have been pretty bad, Because the results for April were flat for US customers (results on the website in April are for non-US customers) the overall results since April will have been flat or negative, because of the monthly volatility. (Results for June were 26%, but they just made up for the 21% losses in May). As anyone can see comparing the results pre-April 2010 to Apil and beyond, things have changed at Payday forex.
To be fair, forex has changed (again) in the last few months to the point where it is now a casino--most of the old patterns that traders used to rely on are gone. So I've left the money in my account pending the time when Payday learns to deal more consistently with the new forex market conditions. The conditions probably won't "change back" the way they were, so they will have to change traders or the current Payday traders will have to learn new strategies. This will all take time.
2010-05-04 No rating I'm not giving a rating yet because I've only been with Payday three weeks and they admit they are having some problems, but I do have a few comments
1) these guys are the best at customer service of any forex trades I've come across--they almost always answer emails, no matter how picky, within 12 hours, and apologize profusely when they take longer than that;
2) they are having some problems with their Tadawul accounts--they are apparently not trading as well as their Tradeview accounts, but they send out a monthly newsletter and are very up front about that fact, and say they're working very hard to resolve it, so they are good at owning up to their problems. (Folks like me at Tadawul would never have known there were difference in the way the account trade at these two brokers if Payday hadn't said so first.) Also, I don't know for sure whether the managed account results posted on their website are from Tradeview or Tadawul, but I've asked the question and will post it here.);
3) the FPA tracking account is demo account and so it doesn't trade the same as my account at Tadawul (nor presumably at Tradeview);
4) for some reason 50% of the trades on my Tadawul account trade at the same time as the FPA tracking account, but at different prices--the result of this is that one week I lost money (compared to the tracking account) and the next week I gained money. This will probably even out in the long run, and my be insignificant to the other problems with Tadawul mentioned in 2, above.
Because I've had such a bad experience in forex managed accounts (one was closed by the FSA in London because they were taking clients from countries not permitted by the FSA, and the second in Canada was just closed by the Ontario Securities Commission for reasons that I haven't checked into yet) I'm paying pretty close attention to these folks. It's my belief that they will resolve their problems at Tadawul--they appear to be working very hard at keeping everyone informed of their issues--but only time will tell. I'll post a real review in a couple months.
As I'm sure you'll be able to see by the July results on their website that will be posted within a week or so, the results for July have been pretty bad, Because the results for April were flat for US customers (results on the website in April are for non-US customers) the overall results since April will have been flat or negative, because of the monthly volatility. (Results for June were 26%, but they just made up for the 21% losses in May). As anyone can see comparing the results pre-April 2010 to Apil and beyond, things have changed at Payday forex.
To be fair, forex has changed (again) in the last few months to the point where it is now a casino--most of the old patterns that traders used to rely on are gone. So I've left the money in my account pending the time when Payday learns to deal more consistently with the new forex market conditions. The conditions probably won't "change back" the way they were, so they will have to change traders or the current Payday traders will have to learn new strategies. This will all take time.
2010-05-04 No rating I'm not giving a rating yet because I've only been with Payday three weeks and they admit they are having some problems, but I do have a few comments
1) these guys are the best at customer service of any forex trades I've come across--they almost always answer emails, no matter how picky, within 12 hours, and apologize profusely when they take longer than that;
2) they are having some problems with their Tadawul accounts--they are apparently not trading as well as their Tradeview accounts, but they send out a monthly newsletter and are very up front about that fact, and say they're working very hard to resolve it, so they are good at owning up to their problems. (Folks like me at Tadawul would never have known there were difference in the way the account trade at these two brokers if Payday hadn't said so first.) Also, I don't know for sure whether the managed account results posted on their website are from Tradeview or Tadawul, but I've asked the question and will post it here.);
3) the FPA tracking account is demo account and so it doesn't trade the same as my account at Tadawul (nor presumably at Tradeview);
4) for some reason 50% of the trades on my Tadawul account trade at the same time as the FPA tracking account, but at different prices--the result of this is that one week I lost money (compared to the tracking account) and the next week I gained money. This will probably even out in the long run, and my be insignificant to the other problems with Tadawul mentioned in 2, above.
Because I've had such a bad experience in forex managed accounts (one was closed by the FSA in London because they were taking clients from countries not permitted by the FSA, and the second in Canada was just closed by the Ontario Securities Commission for reasons that I haven't checked into yet) I'm paying pretty close attention to these folks. It's my belief that they will resolve their problems at Tadawul--they appear to be working very hard at keeping everyone informed of their issues--but only time will tell. I'll post a real review in a couple months.