buyforexsignals SCAM!

JustinL

Recruit
Messages
5
The company is a forex signal provider Forex Trading Signals and Alerts Online. Most Accurate Daily Signal and Forex Alert via SMS.. I purchased a lifetime contract for $1299.00 to receive daily signals indicating the direction of the market on EURUSD, GBPUSD, and USDCHF. Their site claims to have only had one negative month on their results since 2003. Their site also says that they have addresses in New York and London with a 30 day money back guarantee. I figured I had nothing to lose with all the hype on their site. I went ahead and purchased their service knowing that I could get my money back if I wasn't satisfied.

Well, it turns out that they won't honor their 30 day money back guarantee and refuse to refund my money. Their terms claim that I must use their service for 21 days and provide proof of trades. I complied with both and they still don't refund my money. In the three week period, I lost 158 pips that they claim is inaccurate according to their records. I have detailed proof attached indicating all the transactions in the time period. His strategy is also very easy to implement that I was able to write a program on an EA to backtest his performance on metatrader. The results are way off with several negative months since 2003.

They are scammers preying on the ignorant public including myself. The owners name is Mauro Sciaccaluga. He is also the owner of forexsignalsprovider.com and gainprice.com known to be scams as well. I have written Mauro several emails trying to have my refund issued, but he is very stubborn full of excuses and lies.
 

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BigT1

Sergeant Major
Messages
951
Hello Justini,
.
As a new member, you might not be aware of the FPA Signals Services Reviews. Here is a link to this known dubious provider's reviews:
BuyForexSignals | BuyForexSignals.com reviews and ratings by Forex Peace Army
.
You should go there and post a 1 star review and describe your experience. There is also a Discussion board linked to it.
.
Now, with regard to your refund issue, how did you pay? Credit Card, PayPal, Liberty Reserve?
What country are you in? You should report the failure to honor the published refund requirements as posted in the Term of use on their website to you payor and demand a refund from them.
Who is your broker?
Did they take a deposit from you or are you trading your own account not opened through them?.
Depending on your location, and theirs, and the answers to these questions there are other actions we can recommend.
.
Anthony Ingrassia, CTA
NFA ID#: 0278164
 

JustinL

Recruit
Messages
5
Thanks for the reply,

I have posted a review on the discussion board since this was written.

I paid with PayPal and started an escalation the beginning of December. It is still pending. I am in the U.S. and the service provider claims to be outside of the U.S., although their site has addresses in New York and Great Britain.

They are a signal provider so I manage my own account with Oanda. They claim that their results are from Oanda also. Their results and my results are far from eachother. They don't even have detailed transactions of their results, but instead just a piece of paper stating how much they earned. I happen to have a detailed log of all trades in my trial period that can be reviewed by any expert.

I have also filed a complaint with the BBB that is currently pending. Even though my primary goal is to get my refund back, my other priority goal is to shut their site down so they don't scam anybody else.
 

BigT1

Sergeant Major
Messages
951
JustinL,
Thank you for answering the questions asked.
Good work so far.
Since the firm claims a US address and advertises such; but is unregistred and unregulated, you should file a complaint with the CFTC and copy the NFA.
https://forms.www.cftc.gov/fp/tcform.aspx
http://www.nfa.futures.org/basicnet/Complaint.aspx
.
and open a case with IC3 here:
Internet Crime Complaint Center (IC3) | Home
.
Since they sport a UK address as well, you have work to do with the FSA, the SFO.
Inform PayPal Security Department of any filings you place with them.
.
Contact Oanda and request they investigate, and tell them of your filings as well.
Tell them you will file with Canadian Authorities if they don't take immediate action.
.
Anthony
 
Last edited by a moderator:

BigT1

Sergeant Major
Messages
951
Justin,
Thank you for posting your review on the Broker Review page:
BuyForexSignals | BuyForexSignals.com reviews and ratings by Forex Peace Army
.
I encourage other members to do the same and/or join the discussion here:
http://www.forexpeacearmy.com/forex-forum/forex-signals-services/5550-buyforexsignals-com.html
.
Please keep us informed of your actions and developments, as will we of further suggestions.
.
Here are some links to the British Authorities:
http://www.sfo.gov.uk/
http://www.fsa.gov.uk/fsaregister
.
AI
 

JustinL

Recruit
Messages
5
Thanks for the information BigT1. I have now created a case with the CFTC and IC3. This site has been very helpful to me. I will keep you updated with any progress.

Thanks again,

Justin
 

BigT1

Sergeant Major
Messages
951
Post your progress including the case numbers, and invite others to join your complaints.
FPA 50,000 strong, has other members with very similar issues.
Together we are heard and cannot be denied.
.
Be careful and accurate with your filings. No exaggerations are needed. Just post the facts as they are.
Best of luck,
.
AI
 
Last edited:

Pharaoh

Colonel
Messages
19,691
Please go ahead and invite BuyForexSignals to join the discussion. Ask them to explain why the refund hasn't been paid.

Of course, promise them that you will update this thread if the money owed is received.
 

JustinL

Recruit
Messages
5
PayPal has declined to refund my money because their policy states that they cannot refund money related to services or intangible items. I called PayPal's service number and waited on hold for 45 minutes. They responded that I could potentially file an appeal and contact my bank to see if they can reverse the transaction. Unfortunately my bank is not open on Saturday's. I will contact them on Monday to see what happens.

I still have cases pending with the BBB (case # 90183617), IC3 (complaint ID: I1212190225342501), and CFTC (conf # 1212-1902-0329-59).
 
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