Plundering EAs to make Signals - Another Form of Piracy

AsstModerator

FPA Forums and Reviews Admin
Messages
5,603
Plundering EAs to Make Signals
Another Form of Piracy


I've seen pirates selling illegal copies of EAs. I've seen pirates subscribe to one signals service and resell the signals as their own. This time, the pirate decided to skip the monthly fees. Instead, he bought copies of at least 4 commercial EAs and set up his own signals and managed accounts company, Safensteadyfunds.com.

He might have gotten away with it if he'd kept it quiet. Pirates tend to be greedy and greedy people make mistakes. He decided to submit his signals to the FPA's Performance Testing Program so he could get more paying customers. Signals service tests require a live account and testing always checks things carefully. The comments on trades in the account listed the names of 4 different commercial EAs. Testing send me a copy of the statement.

“There be pirates in these waters” was my first thought. Since I like to be fair, I had to make sure that the Safe 'n steady trading signals really were scurvy dogs and not innocent resellers of licensed signals. I emailed each of the EA sellers. Two of them wrote back. They confirmed 2 things. First, the trades really came from their EAs. Second, this was a clear violation of the licensing agreement.

Even then, the FPA likes to give all sides a chance to explain the issue. I emailed Safensteadyfunds.com and asked if they could explain this issue of plundered pips. There was no answer.

If you've subscribed to any of the products or services from Safensteadyfunds, do whatever it takes to try to get a refund. Warn your friends to not do business with pirates like this.


I'd like to thank the FPA's Performance Testing Team for spotting this issue. I also want to thank ForexGrowthBot and TulipFx for providing information confirming that Safensteadyfunds was copying their EA trades and reselling those as signals.


FPA Scam Finding against Safensteadyfunds.com

FPA Review Page for Safensteadyfunds
 

jacoblnrgn

Recruit
Messages
7
nice job... we just have to be careful for what we subscribe for! i want to advice fellow traders like meto read the forex course by Sive... it's really helpful and might be your next step to being the next great trader of the coming generation... happy pips y'all
 

Michigander

Private
Messages
12
Plundering

Good Job FPA. Its hard enough to find good EA's (tulipfx) for example. We want to keep the good guys in business.
 

Bob4rex

Private
Messages
23
Another good job FPA. Lets keep these pirates where they belong....deep in the depths of Davy Jones locker.
 

eric123

Private
Messages
13
Another great job FPA!!!

A few months ago, I put money into this managed account. After about 3 months and paying the rascal a lot in commissions, I found out he was using Wall St forex, and the worst part is that he charged me an "upfront" fee for "VPS setup" etc that was actually him buying one license for the EA. So not only was he charging me commission on the trades, he actually made me pay for the EA itself - bastard!
 
Top