Is AUTO FOREX DIRECT a FOREX scam??????

Jack Kavanagh

Recruit
Messages
5
There has been a lot of advertising of a newish FOREX company called Auto Forex Direct promising retuns of 10% per month through an autmated bot.

autoforexdirect.com

I could find no FCA listing

I can't decide if it is a scam - can you help?

Positivies are:

1) Auto Forex Direct is founded by a real, named and photographed person, Darren Richards, who is a well respected businessman - founder of Dating Direct

1580768354875.png
2) Their site links to a myfxbook record of past performance myfxbook.com/members/DMRFX/autoforexdirect/3511818.

Can this be faked? It looks very official. The only concern is that it is listed as a DEMO account

Negatives are:
1) Claims incredible almost unbelievable returns of 100% per year
2) Auto Forex Direct Limited is a dormant company worth about £1
3) Removes difficult questions from its Facebook feed leaving only glowing praise
4) No telephone number given only an address which I believe is a virtual office
5) Claims a history of a few years but the website was only registered in 2019.
6) Not registered with the FCA

What do others think?

If it is legitimate then I will happily invest, double my momey and delete this post

Thank you
 

4evermaat

2nd Lieutenant
Messages
1,218
Can this be faked? It looks very official. The only concern is that it is listed as a DEMO account
yes. track records (even real accounts) are not fool-proof.

Negatives are:
1) Claims incredible almost unbelievable returns of 100% per year
2) Auto Forex Direct Limited is a dormant company worth about £1
3) Removes difficult questions from its Facebook feed leaving only glowing praise
4) No telephone number given only an address which I believe is a virtual office
5) Claims a history of a few years but the website was only registered in 2019.
6) Not registered with the FCA

What do others think?
If it sounds too good to be true.....it likely is. But the gambling impulse is very strong in some people.

If it is legitimate then I will happily invest, double my momey and delete this post
I will PM my details to which you can make your donation. It will go to a good cause to help fight scams.
 

Pharaoh

Colonel
Messages
19,722
"Borrowing" the image of a famous person to promote a scammy looking investments is a very common tactic. I've seen complaints about useless EAs, managed accouts, and other investment services allegedly being created or endorsed by Bill Gates, Stephen Hawking, George Soros, Warren Buffet, DonaldTrump, and more. I'll bet if you try to contact Darren through any of his verifiable businesses

There's a super-easy way to "fake" a demo account like this. First, notice the large drawdowns at several points as well as all closed trades being blocked. That's a strong indication of it being a high risk martingale system, which is doomed to fail sooner or later. Since it's a demo, the people behind the website could easily have created dozens of accounts running slightly different versions of the system. Most would crash and burn, so they show whichever one hasn't failed yet.

Bringing this to the attention of the FPA was a good idea. This is the best place to get some quick free advice and save yourself from falling into a scam trap.
 

FingerFlyer

Recruit
Messages
6
Hi thought I’d contribute to this. I signed up with AutoForexDirect in November when they started.

I was extremely sceptical, I still am to be honest, but so far they have done exactly what they said they have, my account is up 33% since November!

Auto Forex Direct have no access to your trading account, they just provide the signals which auto trade on your brokers cTrader platform, it costs £49 per month to get these signals which you can cancel any time.

I’m happy to leave it a while longer but I do find it hard to believe that someone can produce 100% per year returns forever.

I don’t know who Darren Richards is but if you look up Auto Forex Direct Ltd you can see he is listed as a director.

I don’t feel it’s a scam, apart from taking the £49 each month there is nothing more they have access to, to scam me.

Be interested to hear from others using it.
 

Darren Richards

Recruit
Messages
7
There has been a lot of advertising of a newish FOREX company called Auto Forex Direct promising retuns of 10% per month through an autmated bot.

autoforexdirect.com

I could find no FCA listing

I can't decide if it is a scam - can you help?

Positivies are:

1) Auto Forex Direct is founded by a real, named and photographed person, Darren Richards, who is a well respected businessman - founder of Dating Direct

View attachment 50573
2) Their site links to a myfxbook record of past performance myfxbook.com/members/DMRFX/autoforexdirect/3511818.

Can this be faked? It looks very official. The only concern is that it is listed as a DEMO account

Negatives are:
1) Claims incredible almost unbelievable returns of 100% per year
2) Auto Forex Direct Limited is a dormant company worth about £1
3) Removes difficult questions from its Facebook feed leaving only glowing praise
4) No telephone number given only an address which I believe is a virtual office
5) Claims a history of a few years but the website was only registered in 2019.
6) Not registered with the FCA

What do others think?

If it is legitimate then I will happily invest, double my momey and delete this post

Thank you
There has been a lot of advertising of a newish FOREX company called Auto Forex Direct promising retuns of 10% per month through an autmated bot.

autoforexdirect.com

I could find no FCA listing

I can't decide if it is a scam - can you help?

Positivies are:

1) Auto Forex Direct is founded by a real, named and photographed person, Darren Richards, who is a well respected businessman - founder of Dating Direct

View attachment 50573
2) Their site links to a myfxbook record of past performance myfxbook.com/members/DMRFX/autoforexdirect/3511818.

Can this be faked? It looks very official. The only concern is that it is listed as a DEMO account

Negatives are:
1) Claims incredible almost unbelievable returns of 100% per year
2) Auto Forex Direct Limited is a dormant company worth about £1
3) Removes difficult questions from its Facebook feed leaving only glowing praise
4) No telephone number given only an address which I believe is a virtual office
5) Claims a history of a few years but the website was only registered in 2019.
6) Not registered with the FCA

What do others think?

If it is legitimate then I will happily invest, double my momey and delete this post

Thank you
Hi,

Maybe I can help with the above?

1, Yes, the Company is owned and founded by myself, I am more than happy to chat to anyone to confirm this. You can also see me in the videos on the site itself.

2,We set up an account on MyFXBook due to several requestis we did so. The account is verified as per their system. The data they show corresponds directly with our own internal data and results, and that of our many users.

1, Well, the figures are the figures, our users can also testify to the results we are making.

2, We set up a Company for the purpose of launching the software to the public. It was indeed dormant until we began officially trading, this is normal practice as any accountant will tell you.

3, We are unaware of any “difficult questions” being removed from social media, on the contrary you can see we are proactive in answering all questions whatever they may be. We have however removed blatantly defamatory comments in the past. Regretfully, it seems par for the course that anyone in this industry gets bombarded with abuse,

4, We used to display a phone number, however we were continually taking calls from far and wide from people asking basic questions about how to trade Forex etc. We felt the best way to serve our customers was through a dedicated FAQ and Support Page on our website where users can contact us if need be. The address is our registered company address.

5, This is correct, the website was registered and developed to launch to the public after the system had been tried and tested for a couple of years, Companies House shows the company was originally set up and registered in 2017.

6, Under the current terms of the FCA we are not a broker, nor do we handle clients fundsWe are a software company supplying signals for a small fixed fee. The user always has full control of their broker account which we have no access to.

I am of course more than happy to answer any questions anyone may have.

Best Regards,
Darren Richards
 

Darren Richards

Recruit
Messages
7
"Borrowing" the image of a famous person to promote a scammy looking investments is a very common tactic. I've seen complaints about useless EAs, managed accouts, and other investment services allegedly being created or endorsed by Bill Gates, Stephen Hawking, George Soros, Warren Buffet, DonaldTrump, and more. I'll bet if you try to contact Darren through any of his verifiable businesses

There's a super-easy way to "fake" a demo account like this. First, notice the large drawdowns at several points as well as all closed trades being blocked. That's a strong indication of it being a high risk martingale system, which is doomed to fail sooner or later. Since it's a demo, the people behind the website could easily have created dozens of accounts running slightly different versions of the system. Most would crash and burn, so they show whichever one hasn't failed yet.

Bringing this to the attention of the FPA was a good idea. This is the best place to get some quick free advice and save yourself from falling into a scam trap.
Hi,
Well, you can contact me on my Twitter and LinkedIn, or my website at mail@darrenrichards.com and I’ll happily confirm it’s really me.

With regards to “faking MyFXBook” we have had our account verified, plus we don’t have lots of different accounts as you suggest listed, just the one, which is the same one we have used since we launched, we also have many users which have been with us since launch, ALL of which will be able to verify their returns and low risk strategy we employ.

I do however welcome healthy discussion on the topic as I fully understand everyone being skeptical, as was I when I first started trading.

Regards,

Darren Richards
"Borrowing" the image of a famous person to promote a scammy looking investments is a very common tactic. I've seen complaints about useless EAs, managed accouts, and other investment services allegedly being created or endorsed by Bill Gates, Stephen Hawking, George Soros, Warren Buffet, DonaldTrump, and more. I'll bet if you try to contact Darren through any of his verifiable businesses

There's a super-easy way to "fake" a demo account like this. First, notice the large drawdowns at several points as well as all closed trades being blocked. That's a strong indication of it being a high risk martingale system, which is doomed to fail sooner or later. Since it's a demo, the people behind the website could easily have created dozens of accounts running slightly different versions of the system. Most would crash and burn, so they show whichever one hasn't failed yet.

Bringing this to the attention of the FPA was a good idea. This is the best place to get some quick free advice and save yourself from falling into a scam trap.
Hi Pharoah,

Thanks for the post and raising those points.

Well, you can contact me on my Twitter and LinkedIn, or my website at mail@darrenrichards.com and I’ll happily confirm it’s really me.

With regards to “faking MyFXBook” we have had our account verified by MyFXbook themselves, plus we don’t have lots of different accounts as you suggest listed, just the one, which is the same one we have used since we launched, we also have many users which have been with us since launch, ALL of which will be able to verify their returns and the low risk strategy we employ.

I do however wholeheartedly welcome healthy discussion on the topic as I fully understand people being skeptical, as was I when I first started trading,

Regards,

Darren Richards
 

TheAlert1

Sergeant
Messages
195
Hi,

Maybe I can help with the above?

1, Yes, the Company is owned and founded by myself, I am more than happy to chat to anyone to confirm this. You can also see me in the videos on the site itself.

2,We set up an account on MyFXBook due to several requestis we did so. The account is verified as per their system. The data they show corresponds directly with our own internal data and results, and that of our many users.

1, Well, the figures are the figures, our users can also testify to the results we are making.

2, We set up a Company for the purpose of launching the software to the public. It was indeed dormant until we began officially trading, this is normal practice as any accountant will tell you.

3, We are unaware of any “difficult questions” being removed from social media, on the contrary you can see we are proactive in answering all questions whatever they may be. We have however removed blatantly defamatory comments in the past. Regretfully, it seems par for the course that anyone in this industry gets bombarded with abuse,

4, We used to display a phone number, however we were continually taking calls from far and wide from people asking basic questions about how to trade Forex etc. We felt the best way to serve our customers was through a dedicated FAQ and Support Page on our website where users can contact us if need be. The address is our registered company address.

5, This is correct, the website was registered and developed to launch to the public after the system had been tried and tested for a couple of years, Companies House shows the company was originally set up and registered in 2017.

6, Under the current terms of the FCA we are not a broker, nor do we handle clients fundsWe are a software company supplying signals for a small fixed fee. The user always has full control of their broker account which we have no access to.

I am of course more than happy to answer any questions anyone may have.

Best Regards,
Darren Richards
I am of course more than happy to answer any questions anyone may have.
Since when did we all start counting 1 , 2 , 1 , 2 , 3 , 4 , 5 , 6 ? not very reassuring from a forex software company that can't even count to 6!
 

mr snacks

Recruit
Messages
2
very strange you couldn't (with permission) use one of your 'many' users accounts to show evidence of trading performance, seeing as they 'ALL' are able to verify their returns this really shouldn't be a problem.

why isnt your "Demo" account able to "Demonstrate" it's trading history (set to private)?

do you think it is a responsible thing to do to advertise a strategy which uses 200x leverage and experiences 35% drawdown as 'low risk'?
 
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