Formidable Forex Powerhouse Signal Service Scam by Cobratate.com - My Case

dbc727

Recruit
Messages
5
Having monitored this service since my original complaint here and the subsequent actions of the signal provider I have decided to document my situation. At time of writing, this provider continues to censor, ignore and remove any paying customers negative feedback online. It has become apparent that I should document as much as I can on a platform that makes it harder for them to remove. It is important we document what I believe to be a scam.

For context, this service is provided by Andrew Tate (known online as Cobratate). He is a semi-famous online personality who heavily promoted this product on his Youtube channel (TateSpeech) and is exclusively sold on his website cobratate.com.

The other main contact in this is someone under the username of "warroomadmin". From what I can tell they are mostly in charge of responding, posting and managing the signals group and administration duties with this service.

I am new to learning Forex trading. I entered this program on the expectation of learning and having access to easy reliable trading signals. This was my first experience getting into it all.


Some of the main issues are summarized as follows:

False Advertisement: Website claims the services you are buying are "Real-time trading signals for Forex trading, lessons on technical analysis, margin trading and other strategies". Literally none of this exists and there is not even a timetable of when this will be provided. The only service they claim to provide is a Forex signal service which has been proven to be counterfeit in itself.

Claims the signals are provided by an exclusive 1 Million Dollar Trade Team from Dubai: This is promoted exstensively in video content on Andrew Tates Youtube channel videos. He made a trip to Dubai in late 2019 that he documents on Tate Confidential)( https://www.youtube.com/channel/UCGAHhSLVMxT9w9h1Sdp6Ibw). He documents many of his activities whilst there. It is sometime after this vlog he would start claiming in promotional live streams that whilst there that he interviewed many teams in Dubai for a 1 Million Dollar retainer to provide signals for the Forex program.
The product page also states there is a 1 Million Dollar Trading Team:

"When you join the FTA our EXPERT MULTI-MILLIONAIRE TRADERS do all the hard work for you. We analyse currency trends and formulate market-beating trading strategies. Our track record is impeccable – consistent month-on-month returns."

This product has not had a winning month since at least January according to their own data sheet. In April results showed many of us down by 12% minimum. In March the trades consisted of 15 consecutive losing trades. The statistical probability of that is around 0.00000.1% which has been accurately noted in the original thread on this program by user cobrascam.

Since I joined I have not had a single winning month despite claims in their videos they get only "1 in 13 trades wrong" and "have never had a losing month". Their own product information claims this as well so this promise has not been remotely lived up to.

Alleged Counterfeit Signals:
All the advertisement says the signals are provided by a 1 Million Dollar Trading Team in Dubai. However, it has become apparent at least some of the signals are actually copied from another program. This is noted in the original complaint thread for this product here. Personally having being in the program for almost 3 months I can attest to the quality of the signals rapidly changing, indicating probable changing of sources. In addition, the results of the program prove this.

I also have some evidence from that chat that indicates their source of the signals had changed. In the unlikely event this "1 Million Dollar Team from Dubai" actually was providing trades for them at some point and this ended, who or what are providing the trades for them and since when?

In my opinion I feel there never was the claimed 1 Million Dollar Team but at a absolute minimum they would have left at some point. Based on my experience and results, probably long before I joined this program.


Highly Unprofessional Service:
The promotion for this product was very aggressive in the live stream promotions by "Cobratate". Although this is not exactly related to what was provided, the advertisement on the website is also aggressive to back up that claim. I had over looked this originally but had I had of recognized this red flag I probably would have saved myself my money. I will expand on this point.

Impossible Refund Policy:

The refund policy of this program is ridiculous. I have seen at least 2 different versions of this and they contradict each other. The website says they will not refund digital products even though that is all they provide on their website. Andrew Tate himself, claims in the chat of the program that you can get a refund if you are in the program for the whole year and follow every trade perfectly.
It is impossible to be refunded because the product is a digital product but if you manage to do every single signal and can somehow prove it they can refund you.

In the off even that is possible how can anyone pull that off? You would have to have no human error due to typos all year round and happen to be not sleeping for every signal. Once you satisfy that criteria your subscription will be over and you're kicked out of the group.

Once you factor in the poor result rate of the program worth mentioning. You quickly learn that you will literally lose all your money before you can meet the requirements for a refund. The results of the program have shown to be losses for majority of the time I have been the program. In April, we have seen losses of 12%. In March, we saw 15 consecutive losses in a row. Remember, this is supposed to be quality service from a "1 Million Dollar Trading Team from Dubai." Subsequently they no longer provide monthly data sheets to show the results from the program after January 2020 suggesting that was the last time it was actually profitable. Unfortunately I was not there to see if that success was actually legitimate.

I have requested a refund more than once. They have not responded to any of the requests.

Poor Customer Service

Expanding on the unprofessional service, the actions I personally have seen them do above make me deeply concerned they will follow through on anything they promise.

For example, Andrew Tate (Owner) came into the chat group and claimed everything was good and "Weve been winning the last few weeks". When challenged he told the customer "standby and showing last months trading history". A few minutes later that customer was deleted from the chat and Andrew Tate never provided evidence to his claim.

Keep in mind this product has an excessive price for annual membership of £1,799.00 compared to any other Forex signal service.

WarRoomAdmin in the chat also claims that any month that ends in a negative will result in a 2 month extension to your annual subscription.

That is great, if you can survive to the end of the subscription with any money left you can trust them to extend your subscription after it has ended. Sounds legitimate from these trust worthy guys. In all seriousness I have seen claims on social media that they have made these types of promises to people in the trial version of this product only be unceremoniously kicked out of the group at the end of their original subscription. I can not say I doubt that commenter.


Many of their promises are based on trust and after the everything I have experienced and seen in this program that is lost. There is no accountability or professionalism from this group.

Guarantee: (From the product page)
"You profit or I will work with you until you do. No excuses. That’s on the condition that you can show me you’re following the system.
If for any reason we don’t recoup your initial investment after one year, I’ll continue to work with you personally until you do. No matter how long it takes.
I am a man of my word. And I know my stuff works. If there’s a screw-up, I’ll stay committed to getting you a fantastic ROI as long as you remain committed."


Once again, this is on the assumption they will keep to their promise. My experience thus far to all other issues has been no response to questions in the chat or emails. This in additon to the common theme of them being dishonest and unprofessional. I would not want to wait an entire year to find out if a potential scammer is going to keep their word when your annual subscription ceases.



Conclusion:
Their complete dishonest advertisement, the lies, the results and poor treatment of customers. The list goes on.


They have recently started to delete all criticism and allegations of being scammers on all their social media.

I hope I can save people the headache and frustration with this. My experience ended with me losing the majority of my balance in my broker account.



This program is an absolute disaster. I recommend no one use this signal provider and probably best not purchase anything from cobratate.com in general.
 

FxMaster

Lt. Colonel
Messages
9,534
Having monitored this service since my original complaint here and the subsequent actions of the signal provider I have decided to document my situation. At time of writing, this provider continues to censor, ignore and remove any paying customers negative feedback online. It has become apparent that I should document as much as I can on a platform that makes it harder for them to remove. It is important we document what I believe to be a scam.

For context, this service is provided by Andrew Tate (known online as Cobratate). He is a semi-famous online personality who heavily promoted this product on his Youtube channel (TateSpeech) and is exclusively sold on his website cobratate.com.

The other main contact in this is someone under the username of "warroomadmin". From what I can tell they are mostly in charge of responding, posting and managing the signals group and administration duties with this service.

I am new to learning Forex trading. I entered this program on the expectation of learning and having access to easy reliable trading signals. This was my first experience getting into it all.


Some of the main issues are summarized as follows:

False Advertisement: Website claims the services you are buying are "Real-time trading signals for Forex trading, lessons on technical analysis, margin trading and other strategies". Literally none of this exists and there is not even a timetable of when this will be provided. The only service they claim to provide is a Forex signal service which has been proven to be counterfeit in itself.

Claims the signals are provided by an exclusive 1 Million Dollar Trade Team from Dubai: This is promoted exstensively in video content on Andrew Tates Youtube channel videos. He made a trip to Dubai in late 2019 that he documents on Tate Confidential)( https://www.youtube.com/channel/UCGAHhSLVMxT9w9h1Sdp6Ibw). He documents many of his activities whilst there. It is sometime after this vlog he would start claiming in promotional live streams that whilst there that he interviewed many teams in Dubai for a 1 Million Dollar retainer to provide signals for the Forex program.
The product page also states there is a 1 Million Dollar Trading Team:

"When you join the FTA our EXPERT MULTI-MILLIONAIRE TRADERS do all the hard work for you. We analyse currency trends and formulate market-beating trading strategies. Our track record is impeccable – consistent month-on-month returns."

This product has not had a winning month since at least January according to their own data sheet. In April results showed many of us down by 12% minimum. In March the trades consisted of 15 consecutive losing trades. The statistical probability of that is around 0.00000.1% which has been accurately noted in the original thread on this program by user cobrascam.

Since I joined I have not had a single winning month despite claims in their videos they get only "1 in 13 trades wrong" and "have never had a losing month". Their own product information claims this as well so this promise has not been remotely lived up to.

Alleged Counterfeit Signals:
All the advertisement says the signals are provided by a 1 Million Dollar Trading Team in Dubai. However, it has become apparent at least some of the signals are actually copied from another program. This is noted in the original complaint thread for this product here. Personally having being in the program for almost 3 months I can attest to the quality of the signals rapidly changing, indicating probable changing of sources. In addition, the results of the program prove this.

I also have some evidence from that chat that indicates their source of the signals had changed. In the unlikely event this "1 Million Dollar Team from Dubai" actually was providing trades for them at some point and this ended, who or what are providing the trades for them and since when?

In my opinion I feel there never was the claimed 1 Million Dollar Team but at a absolute minimum they would have left at some point. Based on my experience and results, probably long before I joined this program.


Highly Unprofessional Service:
The promotion for this product was very aggressive in the live stream promotions by "Cobratate". Although this is not exactly related to what was provided, the advertisement on the website is also aggressive to back up that claim. I had over looked this originally but had I had of recognized this red flag I probably would have saved myself my money. I will expand on this point.

Impossible Refund Policy:
The refund policy of this program is ridiculous. I have seen at least 2 different versions of this and they contradict each other. The website says they will not refund digital products even though that is all they provide on their website. Andrew Tate himself, claims in the chat of the program that you can get a refund if you are in the program for the whole year and follow every trade perfectly.
It is impossible to be refunded because the product is a digital product but if you manage to do every single signal and can somehow prove it they can refund you.

In the off even that is possible how can anyone pull that off? You would have to have no human error due to typos all year round and happen to be not sleeping for every signal. Once you satisfy that criteria your subscription will be over and you're kicked out of the group.

Once you factor in the poor result rate of the program worth mentioning. You quickly learn that you will literally lose all your money before you can meet the requirements for a refund. The results of the program have shown to be losses for majority of the time I have been the program. In April, we have seen losses of 12%. In March, we saw 15 consecutive losses in a row. Remember, this is supposed to be quality service from a "1 Million Dollar Trading Team from Dubai." Subsequently they no longer provide monthly data sheets to show the results from the program after January 2020 suggesting that was the last time it was actually profitable. Unfortunately I was not there to see if that success was actually legitimate.

I have requested a refund more than once. They have not responded to any of the requests.

Poor Customer Service
Expanding on the unprofessional service, the actions I personally have seen them do above make me deeply concerned they will follow through on anything they promise.

For example, Andrew Tate (Owner) came into the chat group and claimed everything was good and "Weve been winning the last few weeks". When challenged he told the customer "standby and showing last months trading history". A few minutes later that customer was deleted from the chat and Andrew Tate never provided evidence to his claim.

Keep in mind this product has an excessive price for annual membership of £1,799.00 compared to any other Forex signal service.

WarRoomAdmin in the chat also claims that any month that ends in a negative will result in a 2 month extension to your annual subscription.

That is great, if you can survive to the end of the subscription with any money left you can trust them to extend your subscription after it has ended. Sounds legitimate from these trust worthy guys. In all seriousness I have seen claims on social media that they have made these types of promises to people in the trial version of this product only be unceremoniously kicked out of the group at the end of their original subscription. I can not say I doubt that commenter.


Many of their promises are based on trust and after the everything I have experienced and seen in this program that is lost. There is no accountability or professionalism from this group.

Guarantee: (From the product page)
"You profit or I will work with you until you do. No excuses. That’s on the condition that you can show me you’re following the system.
If for any reason we don’t recoup your initial investment after one year, I’ll continue to work with you personally until you do. No matter how long it takes.
I am a man of my word. And I know my stuff works. If there’s a screw-up, I’ll stay committed to getting you a fantastic ROI as long as you remain committed."


Once again, this is on the assumption they will keep to their promise. My experience thus far to all other issues has been no response to questions in the chat or emails. This in additon to the common theme of them being dishonest and unprofessional. I would not want to wait an entire year to find out if a potential scammer is going to keep their word when your annual subscription ceases.



Conclusion:
Their complete dishonest advertisement, the lies, the results and poor treatment of customers. The list goes on.


They have recently started to delete all criticism and allegations of being scammers on all their social media.

I hope I can save people the headache and frustration with this. My experience ended with me losing the majority of my balance in my broker account.



This program is an absolute disaster. I recommend no one use this signal provider and probably best not purchase anything from cobratate.com in general.
You already have one thread running in scam folder so why you came with the second one?
 

dbc727

Recruit
Messages
5
You already have one thread running in scam folder so why you came with the second one?

I followed instructions:


 

4evermaat

2nd Lieutenant
Messages
1,968
You already have one thread running in scam folder so why you came with the second one?

Actually, he had cross-posted in other thread. He did the correct thing and opened his own thread. Other victims should be doing the same thing. It is not difficult, and would actually help in getting justice sooner.
 

dbc727

Recruit
Messages
5
Lets hope someone reports this Andrew Tate to the local authorities. Unfortunately I am not from the UK but hopefully one of the scam victims will be able to do it. This program may just be a front for a much larger shadier dealings that I'm sure the authorities would be interested in knowing about.
 
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