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Performance test scams

Discussion in 'Beginners Bootcamp' started by bogdy23, May 11, 2015.

  1. bogdy23

    bogdy23 Recruit

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    Hello,

    I have a question about former and actual test done by forex peace army.At the ones that don`t have the scam stop icon are not scams.Im looking into broker arbitrage and i see 2 types of comments half that its a scam and another half that its good.How to know wich side is telling the truth also that the figures shown there 5000% are real.
    Thank you
     
  2. Pharaoh

    Pharaoh Colonel

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    Beginners Bootcamp isn't really the place to discuss individual products, but let's turn this into a lesson in how to not get yourself scammed.

    Broker Arbitrage may not be officially classified as a scam, but there are plenty of red flags.

    1. The test was on Deutche-Trading. That broker came out of nowhere, was associated with Broker Arbitrage, got itself 1 Traders Court guilty verdict and a couple of 1 star reviews before it disappeared.

    2. Even before it disappeared, the FPA stopped the tests because of complaints about the broker. On the test page, it says:

    "2014-08-11 Broker Arbitrage Real Test stopped by the FPA due to the questions raised regarding the previously unknown broker, Deutsche-Trading. The FPA has invited BrokerArbitrage to select a better known broker and submit a new test."

    3. For some reason, Broker Arbitrage never got around to starting a new test.

    4. The old test shows huge lot sizes for the account size and no SL being used.

    5. The Broker arbitrage home page as a screenshot (that's not linked) to an image from MyFxBook. The information in the image ends in May 2014. You have to give up your email address to even get access to the view the account.

    Under these circumstances, I suggest avoiding this product.


    This is why you need to do research. A Performance Test is an incredibly valuable piece of data, but without cross-checking other details, you can still get ripped off. Read this for more info:

    http://www.forexpeacearmy.com/forex...tting-scammed-when-buying-forex-products.html
     
    Etedus12 and FxMaster like this.
  3. Etedus12

    Etedus12 Sergeant

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    Got my attention, this is good reply provided above but it's not helpfull at all for some newbie who wants to differ one scam from another and collect a lot of yada yada, just use some free sticky FAQ from a forum like that or other solid one like earnforex.com or so. And you are good to go;)
     
  4. Enayess

    Enayess Private, 1st Class

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    Pahroah give pretty soild advice about that thing, better listen to him in that matter anyway. "5. The Broker arbitrage home page as a screenshot (that's not linked) to an image from MyFxBook. The information in the image ends in May 2014. You have to give up your email address to even get access to the view the account." this alone is the end for me.
     
  5. bigdolly

    bigdolly Sergeant Major

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    The algorithm is simple:

    If it is signal provider, ask for account number and investment password. If the vendor refuses - forget about cooperation with them, it is scam.

    When it comes to the broker choose one which has at least 100-200 reviews on FPA broker page. The more reviews the better because rating can be easily manipulated by fake orders when reviews count is low. It becomes harder to do when review count is high.
     
  6. Shalirad

    Shalirad Private

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    Why not just use some of the brokers which already verified that by many many real reviews and that's really it ? What do you want to achieve with that arbitrage really ? How is it really going on there ? I do not get all that simply.
     
  7. JamesForexSlayer

    JamesForexSlayer Sergeant

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    Not sure I understand this?
     
    momo3HC likes this.
  8. Thoris

    Thoris Private, 1st Class

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    Like many others already stated, I bet it should be done as a sticky thread cause it's really bad news anyways if a person asks such things no matter what. How do you plan to go there ? All already posted in FPA reviws thread about each such brokers.
     
  9. bigdolly

    bigdolly Sergeant Major

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    Many reviews are fake, how do you tell apart promotion from genuine traders' feedback? Only experience can help to separate wheat from the chaff, but the problem is that getting experience takes time and newbie traders don't have it.
     
  10. KatySalcido

    KatySalcido Recruit

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    Preach! However, here's a good tip I've heard - when the broker doesn't work with the US or the EU citizens, it's a 100% scam.
     
    JamesForexSlayer likes this.

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