FPA Scam Finding
We the members of the Scam Investigations Committee of the Forex Peace Army have deliberated on all the evidence available to us and have reached a conclusion. It is our opinion that...
On May 28th, 2012, the FPA received a Performance Test submission for Safe 'n steady trading signals from Safensteadyfunds.com. Everything appeared normal, until one of the members of the Test Team noticed that something was wrong.
The MT4 statement for the signals from Safe n Steady Funds showed comments indicating that the majority of the trades came from 4 commercial EAs. Bill, the FPA's AsstModerator, emailed all 4 EA sellers. Two replied. Both confirmed that the signals were being copied from the EA and that there was no licensing agreement. He then emailed Safensteadyfunds. There was no response.
Reselling trades from another commercial source without a licensing agreement appears to be a clear violation of copyright law. It doesn't matter if the seller bought a copy of the EA or the services of another signals company. This is just another form of piracy.
Under the circumstances, we have no choice but to declare Safensteadyfunds to be a scam. In order to have this scam finding lifted, Safensteadyfunds.com must reach an equitable settlement with all of the EA sellers that they pirated trades from. Safensteadyfunds must also offer an explanation to all subscribers to their signals and managed accounts services and give their subscribers a chance to receive a refund. Finally, Safe n steady funds must pledge to never again send trades from other sources without permission.
Safensteadyfunds.com is hereby blacklisted by the Forex Peace Army. If you have subscribed to their signals, we recommend you immediately contact Click2Sell to seek a refund. If you have opened a brokerage account using them as an IB, we recommend you contact your broker immediately to terminate the IB agreement. If they are trading funds for you in one of their PAMM accounts, we recommend withdrawing your funds immediately and notifying your broker.
We extend our thanks to ForexGrowthBot and TulipFx for providing information that helped catch this scammer in the act. We thank the FPA's Test Team and AsstModerator for detecting and dealing with the issue.
Discussion thread for this Scam Finding
FPA Review Page for Safensteadyfunds