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DragonPips – Why won't they refund the money?

Discussion in 'Scam Alerts' started by Scam Investigations Committee, Aug 24, 2010.

  1. Scam Investigations Committee

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    DragonPips – Why won't they refund the money?​


    DragonPips advertised in the FPA's forums, with the subject line “Dragonpips.com - $1,000 Exploding Into $78,352,326”. FPA member Aussie2010 found that it only blew a hole in his wallet.

    Aussie2010 was so impressed by the claims on the Dragon Pips website that he bought 3 copies of their expert advisor. He planned to trade it on 3 accounts. The reason he bought them up front was that the site had warnings about upcoming price increases. He felt safe, because there was a 90 day guarantee.

    After he tested the DragonPips EA, Aussie2010 reports that forward testing took a demo account from $10,000 down to 5 087.79 using standard settings. He tried to get a refund, but says that the people at DragonPips stopped responding to his messages.

    Because of vacations and other cases, there wasn't an FPA investigator available. The FPA Forums Team volunteered to pitch in and handled the negotiations. Because DragonPips had an FPA forums account, they tried using the email address tied to it. That yahoo.com email account was no longer functioning. Aussie2010 provided a different address that worked.

    The people at Dragon Pips claimed that the first test wasn't valid because it didn't use a VPS to run the EA. Aussie2010 provided receipts to show that he had purchased VPS services for testing. They also claimed that he needed to do one more test because he had bought three licenses. The Forums Team advised Aussie2010 to run two tests on different brokers to prevent DragonPips from demanding a third test later.

    The two tests came back showing large losses again. This should have been the end of the matter. DragonPips should have honored their guarantee. Instead, they waited 10 days and came up with new excuses. They claimed that a number of new settings were not used. No mention any changes had been made prior to the new tests. Both Aussie2010 and the FPA Forums Team pointed this out to the people at Dragon Pips. There was no reply from DragonPips. The Forums Team set a deadline. There was no reply from DragonPips. They set a final deadline before the case would be tuned over to the Scam Investigations Committee. There was still no reply from DragonPips.

    In our view, promising a refund and refusing to honor the terms is simple theft. Taking money legitimately owed to traders is the FPA's first definition of scam. The actions of DragonPips.com seem to fit that definition very well.

    Dragon Pips does not use Plimus or Clickbank for payment processing. If they did, Aussie2010 could have gone to the payment processor and would have probably gotten a refund easily. DragonPips gets their money through wire transfer, Western Union, and places like Liberty Reserve. None of these have simple ways to request a refund.

    We urge Aussie2010 and anyone else who has been scammed in this was to complain to the payment processor anyway. If enough complaints come in, that can cause a company to lose the ability to use some payment systems. That cuts into their supply of potential victims.


    FPA Scam Finding against Dragon Pips

    Aussie2010's Original complaint against DragonPips

    DragonPips advertising in the FPA's Classified Ads

    FPA Review Page for DragonPips.com
     
  2. Teodor Jackson

    Teodor Jackson Sergeant

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    Claimig refund

    Hi

    First I strongly recommend to use only the vendors supporting Clickbank or Plimus or other renown platform. This makes things a lot easier like buying in a regular shop rather than makeshift stall on a beach.

    Some time ago I tested about 30 different robots and believe me or not all proved to be money machine only for the vendors. I did thorough tests and they all failed.
    I got full refund on all of them however some vendors tried to play excuses.

    The best way is to go to the vendor site and find the their statement about the money backguarantee. Usually it is something like "money back guarantee with no questions asked".
    Just copy and paste the text to your refund claim, stress it's their own statement and this does the trick ;-)

    Note: once you decide to buy anything - save the vendor web page as a web archive and a screenshot to have a proof of the initial offer.
    Some of them change the web pages when flooded with return claims.
     
  3. trader8

    trader8 Banned for uncivilized conduct

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    Because most of these systems or services turn out to be useless, and if they use Plimus or Clickbank you can get your money back eventually.

    But, with Clickbank, if you ask for money back more than a few times they will blacklist you, so that you can never buy through Clickbank any more. A friend of mine was such a victim. So we decided that if the merchant sells through Clickbank it is suspect anyway.

    Don't know about Plimus though.
     
  4. gammel

    gammel Private, 1st Class

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    Thanks to the forex peace army

    THanks to the forex peace army its great that you are there to bust these lazy intenet thiefs..
     
  5. gbenga112

    gbenga112 Corporal

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    Good job FPA

    Kudos to FPA for a job well done...Now FPA members know what this fraudulent people behind Dragonpips are up2.
     
  6. mike boyer

    mike boyer Recruit

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    Pure Scam

    Wire transfer or any other usage other than Plimus or Clickbank and the like. Beware, it's likely a scam.
     
  7. John Wimberley

    John Wimberley Recruit

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    Aussie2010, I'm sorry for your loss.

    Again it shows there is no such thing as a robot that makes money in FX.
    You have to do what I and countless others do, that is have a system, and actually be in front of the screen making trades.
     
  8. Chrisbenjy

    Chrisbenjy Recruit

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    I and a lot of others will disagree. Complex EA's are just as good as a manual trader. Both have their advantages and disadvantages. Don't distrust EA's just because of the commercial scammers.

    I have made private EA's and seen free EA's that are alot better than most of the rubbish sold commercialy.

    Kudos FPA.

    Chris
     
  9. Pharaoh

    Pharaoh Colonel

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    The question went past whether or not the EA (or any EA) had the potential to be profitable. It looks like Aussie's testing showed that it sucked and the weasels didn't want to give a refund. As far as I'm concerned, any company that refuses to follow their own refund policy is nothing but a fraud.
     
  10. RMSTrader

    RMSTrader Private

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    Here is what their website says NOW:

    "Guarantee 90 DAYS Money Back
    10 Years Back-testing
    Over 112,000 Total Trades
    Over 97% Winners
    $1,000 Exploding Into $619,037,305

    Guarantee 48 HOURS Money Back for Perfomance if your back-testing not similar with us, who robot vendor gived guarantee perfomance like this even "..turbo, mega.., super.., blaster.., bot.. boss.." robot? prove it to us!
    I REALLY CHALLEGE YOU! "


    They've upped their claims!

    Hah!
     

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