Andrew Forex Free Services or Andrew.Forex is a Scammer, Stay Away folks

ManzilFX

Recruit
Messages
8
Hello All,

I am documenting my trading journey to help new traders. I was lucky to make 10K+ blindly trading gold (XAUUSD) and decided to invest this "free money" into my retail education and training. Along the way came recovering from a blown account, dealing with fake signal providers, multiple scammers, EA (automated bots) promising to make you money while you sleep, Account Managers, fake Insta Guru flashing their wealth and shiny cars to finally being consistently profitable using my own methods. I am not a bot, jealous rival or a hater. I have paid my own money to buy services from these scammers and I document this for your safety. All reviews will be posted here on FPA and other social platforms. I will try to add as much detail as I can.

I rate Andrew Mercer of Andrew Forex Services as a Scammer, a very bad, lowlife, worst kind of scammer you can possibly find.

t.me/joinchat/AAAAAFkRvM1fzIvmOUdf6Q

https://www.instagram.com/andrew.forex/?hl=en

WhatsApp Image 2020-06-28 at 16.31.21 (1).jpeg

I first came across this scammer on Instagram. I have personal experience of dealing with him and also know many of his clients who lost money. The reason why people still fall for scammers like him is because no one can be bothered to put reviews online to warn others. People lose money, accept it and move on. Well, I won't do the same mistake and which is why I have spent time in writing this detailed review so hopefully, someday, someone will read this before handing this scammer more money.

He has a signalling service (£100 a month or £499 for lifetime access) and also does Account Management (trades on your behalf) , profits are split 50/50 after every trade. He was claiming to take 5K accounts to 50K in 2 weeks and to 100K within a month. Anyone with a basic understanding of FX will know what type of lot sizes he must be trading and high risk strategies he must be using to do that. He also has a telegram channel where daily screenshots are posted of him making several thousand a day for his clients.

For those who do not wish to read the detailed review, here are a few highlights.

  1. Will take over your account and profits are shared after every trade, 50/50.
  2. If you are lucky and he wins, you split the profit immediately. If he loses, and he loses big, all the loss is yours.
  3. Claims to make thousands for his clients everyday. Even claims to trade a £1 million account. He will also share some investor passwords with you to show you real results of an Live account which is managed wisely. You will be impressed and hand over your account for him to trade. He will trade this account like a lunatic without any decent money or risk management. Stop losses are not used, ever! Still calls himself the best trader in the world!!
  4. He has a continuous supply of people wanting to make big money so easily hand their large accounts to him. So he does not need to be careful using your accounts. He will trade them with big lots, if he gets lucky, you split the profit. If he blows your account, he moves to the next person.
  5. He will seriously overleverage and use massive lot sizes. Targetting 10-15 pips, even against the trend, even when the market is heavily dropping down, he will open huge lots in opposite direction expecting to make 10 pips on a pullback, which may never happen. Crazy. For example, he will open 10 lots on small accounts like 3K, and after 10 pips, you have made a £1000. He immediately asks you for his £500 profit share.
  6. Will urge you to put more money so you can make even bigger bucks. This results in greedy clients not taking profit and allowing their accounts to compound or put more money in. He then trades even more recklessly and can/will blow your account within a day.
  7. When he wins, he will post screenshots of profits he has made in a day. But, he will hide lot sizes and the entry/exit prices. Otherwise you can easily workout that he was seriously over leveraging and also see how much drawdown he got in before booking profit. Scammer!
  8. With this kind of huge lots sizes, the drawdown is also huge. You can easily go into 50% drawdown, which is normal to him. If you are lucky, you will recover and make 10 pips. Most of the times, you will blow your account. He will walk away and block you from his telegram and Insta accounts.
  9. He wants to be paid via bitcoin, or by bank transfer to someone else. This random person then forwards the money on to him. He has sometimes shared his own UK bank details to forward money into, but now claiming to be based in Spain.
  10. When he takes on too many clients, he may also handover some accounts to others to manage. When a small account of £3500 was blown, he blamed it on his team member who was managing "smaller accounts" without your knowledge. But then I have seen him blow £10K accounts he was personally managing, in a DAY. So just a cheating lowlife when you should avoid.
  11. He does not use an account copy service. So all accounts are traded manually. How many accounts can a single person manage this way and concentrate properly? This was proven when he forgot to close off trades in very good profits of £1700 and they eventually turned around and blew a customer account.
  12. 12 thousand instragram subscribers but he only gets a handful of comments on his posts. He constantly removes genuine comments or feedback and whoever is left, is either dummy accounts or paid actors. So do not contact them asking for recommendations as they will always say good things. In the early days, I was lucky to find some genuine curious people on his Insta like myself and all had accounts blown. He has recently made his insta account private as well.
Detailed Version:

First things first. Handing over your account for someone to trade for you is possibly THE MOST STUPID thing you will do in Forex (alongside bad money management and not using stop losses). But sometimes, getting rich quick and seeing big money blinds us and you stop thinking rationally. Early in my career, the same happened to me. But it was "Free Money" for me to use. But do not hand over your hard-earned to someone else to play with. It's not allowed under FCA rules in UK so no real professional will do that.

Anyhow, I showed interest via Instagram and Telegram. Responses were quick and to the point. He comes across as very cocky/arrogant and if you ask any questions about risk management, drawdown or chances of account being blown, he will stop talking to you by saying you are a timewaster, even saying these questions are "concerning". He will say to look at his results, boast about managing a million dollar trading account and whether people with 25K/50K/100K would trust him if he is no good. See one of the screenshots where he boasts like this to a client, and laughs at managing his 8K account saying the way you ask me questions, I thought you were a big player! Scammer.

WhatsApp Image 2020-06-28 at 16.43.09.jpeg WhatsApp Image 2020-06-28 at 16.43.10.jpeg


So what research did I do before going ahead? I went through his telegram and Insta. Contacted a few people who left comments and found similar people like me who were interested. A couple of guys replied saying they are happy with signals but I could not get in contact with any account management clients. And to be fair, he does share his investor account details of some Live accounts he is managing (supposedly). I asked to see that. He gave me access for 2 hours of a 100K account. See screenshot below.

WhatsApp Image 2020-06-28 at 16.31.21.jpeg

I went through it and all looked good. Recent trades,Sensible lot sizes, losses were small, money management was good and he was gradually increasing the account size every day. Nothing like doubling it every few days as he shares in his Insta stores. No idea whether this account is actually Real, or if it belongs to him, but had recent trades on it.

So I was happy with what I saw so were the other guys I was in touch with using Insta. At this point, he was asking for a minimum investment of £10K. Which was more than I wanted to spend so I said no thanks. He said he might open up slots for smaller account sizes later and I said OK (I only realised later that this means that he has a frequent supply of idiots like me trusting him with their money. At this time he had people paying him 10K+ plus to manage and he was busy. Once he blows their accounts and has no big money clients, he will open up slots for smaller accounts). He asked me if I was interested in signals and I said no. He was ok with that and there was no pressure selling.

After a week, surprise surprise, he opens up slots for smaller accounts. I check with the other two guys from Insta who have already been onboarded by now and have had good initial results even though drawdown was huge, nearly 40% once for one of them. Should have rung alarm bells but we all got blinded by money and ignored common sense. For me it was playing with free money, but for them, it was money they could not easily afford to lose. I warn them about not gambling too much but if you are making hundreds/thousands a day, why would you listen to some sound advice?

So I started with a £2500 account, one guy from Insta had £7000 while the other had £5K starting capital. Andrew recommended we go with IC Markets or Vantage FX. 500:1 leverage so he can do Big Lots easily. Another warning sign that was ignored.

Account details were sent to him via telegram and trading started after a few hours. The first trade, he opened 3 Lots on my £2500 account and soon I was in 700 drawdown, which quickly became 900. This is 36% of my account. I messaged him and he said its normal. It eventually turned around after a few hours and he made £522 profit. I sent him £262 immediately. He needs this before he puts in the next trade. He sent me his bank details.

Scammer2.jpg Scammer3.jpg

The other 2 guys had a great day as well. One made £2773.05 (on a 7K account, he sent me this to show how much money can be made with big accounts) while the other may £1835 (on a 5K account). They were told to send money to a random person as apparently he is now in Spain.

Some other big accounts recently made £206K, yes, you read that right, £206K in a day. All featured on his telegram public group to reel people in. See how he hides Lot sizes and entry/exit positions.

Scammer4.jpg WhatsApp Image 2020-06-28 at 18.17.24.jpeg

The Next Day, it all went wrong. One of my Insta Contacts woke me up at 8AM saying his account has been blown. So that's 10K vanished overnight.15 Lots were opened and wiped his account. The other account with 5K was in 75% drawdown and no stop losses in place. I quickly checked my account but I was safe. Andrew then messages me saying if I can put more money in his account. Sounded very dodgy so I said No to which he replied OK. Soon he opened 9 Lots on my £3K account to BUY GBPCAD!! GBP CAD was taking a nose dive and looking for Buys was crazy. Even I knew that it was a bad trade. I asked him and he said Let's See.

By this time, the second Insta Contact with a 5K account also contacted me saying his account was blown. They couldn't contact Andrew but he was clearly replying to me. This was enough of a hint. I had enough of this scammer. I closed all the trades which were now in -£900 drawdown and removed his access. He contacted me saying I was a nervous wreck. See screenshot below. I lost -£600 overall but I paid the price for being stupid with my free money. Could have been worse as GBPCAD fell badly and would've wiped my account. Others couldn't afford to lose their hard-earned money and paid the price for being stupid. That's what you get with Andrew, thousands one day, blown account the other.

Scammer1.jpg

So you see how this scammer works. Both my Insta Contacts and myself were blocked on his social platforms. He clearly moved onto new lambs to slaughter. I still know people who are scammed by this lowlife to this day. Check details below. He blew another 4K account by opening 6 lots. It was in £1700 profit and he forgot to close trades, as he was probably busy managing other big accounts. The client was at work and couldn't check himself. From £1700 profit, he went to a blown account. No Take Profit or Stop Losses Used. Common sense to put SL into profit or at least at breakeven but he does not care.

Margin_Call.jpeg

Lesson:

Avoid this scammer and stop using him for anything, even signals. How can you trust such a person.

Take this as a lesson to avoid all Signal and Account Management services from anyone. They are all a Scam.

Any questions, feel free to contact me.

I will be back with another Scammer story soon.

@ManzilFX
 

marco_mmbiz

Corporal
Messages
76
Just after the first look I had on the first screenshot I already knew it was a scammer. Why? Because of the text: "15-20k generated weekly for clients". If anyone could do such things then he'd never ever advertise for himself on social media. He'd be a millionaire and trade his own stuff only. ;)
For my social media I can say that I get such profiles as new followers to my Instagram account on a daily basis and I always report them to Instagram straight away. Because such profiles are always contacting you without any question upfront or they just spam your profile with their scam-bots.
 
Top