Problem 4500 Euros and no refund option. Scam or not scam?

[Bentonli]

When you buy the Vista from Microsoft, do you get refund guarrantee? Once the package of software is opened, there will be no refund. You can get another copy of the software and get help from service people. This is my expereience.

But for 4500 euro,a big money, there should be a different sevice contract. TradOracle can't make its software work to Woodcrusher's satisfaction and refuse to provide a solution. This fact makes TradOracle a scammer.

I sympathize with Woodcrusher's loss of money. Although I voted "Yes", I am not sure Woodcrusher has the right to get 100% refund. Software is not like hardware. You can't 100% return the product,how can you get 100% refund? Maybe partly!

 

[trader12]

That issue was covered in this part of the facts laid out.



The screenshots are 1 hour time frame and don't show all the indicators. Woodcrusher explained that the screenshots he sent to you and that you sent back to our investigator as evidence deliberately had some indicators turned off to highlight the problems with the trigger indicators. He also says that the manual does mention that your system is usable on the 1 hour timeframe.

Well How possible is it to turn off other indicator to highlight problems with the trigger indicator, yet there was one left,does this look sensible to you..which ever reason he is giving for this, is sure far fetched....if people can Pirate microsoft and other softwares to get a free copy, then what else do u expect woodcrusher who bought software but only have $1000 to trade.

 

[trader12]

But for 4500 euro,a big money, there should be a different sevice contract. TradOracle can't make its software work to Woodcrusher's satisfaction and refuse to provide a solution. This fact makes TradOracle a scammer.




well for your information,He asked for refunds as soon as he had our product, Refused to hear anything than refund.......He also rejected advice and support.....is it not funny that somebody who can afford eur4500 has only a $1000 he started trading with......so because of his actions,our director has swear to follow him to any extent,be it in space......so you might as well go to CNN to say we are scam........No skin pain

 

[trader12]

It would be useful to see the screen shot evidence or actually evaluate the software to help decide if this software is a scam. but as a MT4 programmer myself i do know that the indicators often look real nice a few bars later while in fact are hard to judge and changing in real time. but this is also part of the quality of the programming.

My impression is that a programmer came up with some nice looking algorithms to make indicators which look good in many cases (especially in retrospect). I've got many myself. He thinks he has the holy grail and rushes to sell it to the world relatively unproven. Running a company and collecting big money for these little programs is another level and these guys do not appear to be reputable or up to the task. The web site advertising is definately over the top without anything to back it up.

My guess is that there are indeed some serious issues with the indicators repainting differently making it hard to use real time. I think Tradeoracle should provide support, explanation, and training if needed to get the new user running with this expensive software or provide a refund. and certainly be very open to complaints/evidence of the software not functioning correctly, a quality software company should investigate these issues to make the software better and keep happy customers/references.

Tradeoracle customer support and treatment of their customers has triggered this complaint, their response to personally attack the customer is the sign of a very lame (if not scam) company no matter how good the software system.

My vote is that this is indeed a 'scam' company due to their pathetic customer service and attitude. Stay away.

-smoothy

please send me your email so i can gladly send you the proof of the screen shot,then now go back to the website to see if the screen shot you see there is the same as the one he had

 

[trader12]

Proof

Hello Guys pleas kindly look at this screen shot by Woodcrusher and then go to
tradeoracle website to see if this guy is honest or if the system he was using looks like the one you find on our website.
emphatically i would like you guys to look at this issues very well to see the facts before voting
thanks

 

[ldshaw]

Scam? Yes. But who's to blame?

I must agree with Bobzilla. There is no such thing as an automated system that works. If there were, it would die a very rapid death. Let me explain why.

If an automated system was adopted by hundreds or thousands of individuals, brokers and banks would become wise to it. If thousands of individuals were trading the exact same system, with the exact same entries and exits, the spread would widen to the point that the trades would likely become unprofitable. This is what happens when TOO MANY TRADERS are all trading in the same direction.

Felix can tell you first hand what happens to news traders that attempt to jump into a news spike. Spread widens, orders are not filled, and brokers do everything they can within legal limits to PREVENT this sort of trading. Too many traders are all going the same direction.

If there really is an automated system that is consitently profitable, then the creator would be a fool to make it public. If he/she did, sooner or later, it would be rendered useless. So, the idea of purchasing one - at any price - is ludicrous.

Yes, this was a scam, but who is at fault?

 

[Hisashi]

4,500 Euro software is a very expensive shopping and I personally would like to support Woodcrusher.
But it is hard to judge this case.

1. Broker
Each broker offers their own dealing rates and thus the result of a software might differ significantly.

2. Contract details
We do not know anything about the contract details, including refund policy, making hard to judge.

3. Indicators
Woodcrusher claimed he used all indicators at first and then turned some off.
No software is profitable all the time and he might have only experienced a time of continuous losing trades.
I cannot know how long he had been using all indicators required by TradeOracle.
If he was using for a full month, for example, and got a completely different result as advertised, he is right to complain.
But it still may be difficult to prove the advertisement was a fraud.

4. Company profile
I looked at the website of TradeOracle. I found their phone number; however, they only show their address as "Switzerland."
Only looking at their company profile, it is easy to find them not trustworthy.
I must say Woodcrusher should have been more careful before purchase.
He could have asked questions via live chat in order to prevent problems.

Although I am on Woodcrusher's side, I must say it is hard for him to win this case, unless he has the evidence that TradeOracle "repainted indicators" to make their software look more profitable than the fact, or, unless they advertise like their software works fine with every broker with MT4.
That they do not offer any money back is really the obstable in this case.

Hope he can reach a compromise, at least.

 

[thethinman]

You need three choices, not two.

The short version is that whether Woodcrusher was scammed or not, he probably would have been lost his money anyway. Trading is about managing risk. Duh! Is the market going to give you a refund if you lose your money?

In this case the risk was 4500 euros. That's a big risk without an iron clad refund policy in a country with a strict regulatory system. Caveat emptor - Let the buyer beware!

I agree with others: He needs to learn and move on.

There needs to be three choices IMHO:

1.) Yes, he was scammed.
2.) No, he wasn't scammed.
3.) He failed to manage his risk.

 

[YUSUFF ABDULLATEEF]

Not Scammed

He Should Come To Terms With The Software Provider On How To Install And Utilise The Software,this Is Business Both Sides Have To Reach A Level Of Compromise.my Advise To My Colleague Is That You Should "look Before You Leap",those Who Ask For Directions Never Miss Their Way.thanks.

 

[superstar]

Ya I agree he was scammed but he deserves it. There is lot of info available free of cost which would help in profitable forex trading, then why buy something that looks and sounds scam. Nice lesson learned. The only way to trade forex is by putting ur a** to work and by learning how the big guys trade. Until and unless you learn that these scam guys are gonna party everyday.