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They Call Themselves True, But They Don't Seem Very Truthful

Discussion in 'Scam Alerts' started by Scam Investigations Committee, May 21, 2009.

  1. Scam Investigations Committee

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    Forex companies exaggerate a lot. You already know that there can't be 100 different “best forex trading systems in the world”. Who would buy a product that advertises itself as “an OK forex system”? Some exaggerations are to be expected, but some lies qualify as scam.

    FPA member Oriana filed a scam complaint against TrueFxSignals.com on the basis that the TrueFXSignals website stated...

    Since we aren't aware of any program where the NFA monitors signals companies, we contacted the NFA directly. They could find no information on TrueFxSignals. The compliance officer that our person spoke to was not aware of any NFA program for monitoring the performance of a signals service.

    Rather than trigger a direct and probably hostile conversation by sending an investigations inquiry, FPA Investigator Gerard asked the FPA's AsstModerator to send an inquiry to the company on behalf of the Review Moderation Team to get clarification. This lead to the following statements being made by customerservice@truefxsignals.com

    We asked them to explain. They said...

    We checked the NFA database and also called the NFA. There is no sign of True FX Signals being registered with the NFA. No one at the NFA was aware of any monitoring program for trading signals. We know of no other signals provider in the many companies reviewed by the FPA that has ever made a similar claim. We asked about their registration number...

    The truth is that a person or company gets a number with Pending status before having to file any documents. We asked about their NFA contact that they sent signals to so we could verify this amazing new NFA program....

    That would be because that information doesn't exist. That's also when we noticed that they had removed the fake NFA claim from their website.


    When pressed about their NFA information, they decided the best thing to do was to complain that the FPA is a scam since not all their reviews haven't been posted. A check of their reviews shows 17 deleted fake positive reviews submitted from 3 different locations. There has been a warning about fake reviews on their review page about fake reviews submitted from January to April of 2009.

    They also demanded that we remove their review page and any mention of their name from our website. That isn't going to happen.

    This isn't the only deceptive thing about True Fx signals. Their website claims they are “among the top forex websites for traffic amount by forexontop.com. We checked. They are currently listed as #332 out of 601 companies listed there. We aren't sure how being in the bottom 50% qualifies them as being among the top websites. Forexontop hasn't been updated since December 2008, so we don't think we missed seeing them in among the top forex websites there. Maybe we'll chalk this one up to exaggeration.

    We thank FPA member Oriana for bringing this to our attention. We that FPA Investigator Gerard, FPA,s AsstModerator, and the members of the FPA Review Moderation Team for their efforts on this case.

    Attached are screenshots of their webpage with the fake NFA claim in red text in the right hand column, their modified web page, and the forexontop ranking.


    Official FPA Scam Finding Against Truefxsignals


    Please note that you need to be logged into your personal FPA forums account to see the attachments.
     

    Attached Files:

    #1 Scam Investigations Committee, May 21, 2009
    Last edited: May 21, 2009
  2. ForexRazor

    ForexRazor ForexRazor Representative

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    I read all your guys scam postings, for one because it is so darn funny what lengths companies go to, but this one is especially hilarious...especially because there were probably not many victims and their claims are just so bizarre! Thanks for the work guys :)

    Jason
     
  3. Cindy in AZ

    Cindy in AZ Recruit

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    What a bizarre story... Does make you wonder about some people. Thanks for the update.
     
  4. clem699

    clem699 Sergeant

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    FXtrue signal

    U guys are doing a great job with your investigations.This information is indeed useful especially to new traders like me.Please continue to expose the fraudsters in the market.

    Once again thank you.
     
  5. Pharaoh

    Pharaoh Colonel

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    Sounds like we've got a signals provider getting his info from an alternate reality. :D
     
  6. TheMan

    TheMan Private, 1st Class

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    this is sad, annoying, and very worrying. I want to get baak into forex trading, but it's unbelievable why there seems not one legit and reputable broker out there.
     
  7. D. Moser

    D. Moser Private

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    There ARE legit brokers out there!

    I don't think the situation is THAT bleak. :)
    I have two brokers I have found that I am happy with (LIVE) and I am sure that others can chime in on others that they've found that they are happy with. Just check out the FPA Reviews and Ratings section for Forex Broker Reviews.
     
  8. 1n1gor

    1n1gor Recruit

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    Free Signal Or Advert

    i cant find today's text FOREX signal even aftr i logged in my password.it was empty only promoting FOREXDIAMOND,y?i dont get it y will the forum allow such.it is meant to be free,is n't it?
     
    #8 1n1gor, May 22, 2009
    Last edited: May 22, 2009
  9. made4life

    made4life Private

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    today`s ssignal was in VIDEO format.....click on the link to watch it...

    More importantly, I want to thank FPA team for the good work they are doing. More power to your elbows, guys...

    lovely weekend to all.
     
  10. blackwidowfx

    blackwidowfx Private

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    Truefxsignals - another ACM

    Where they located? On a moon? to be closer to the flying forex angels.

    No info on website of company location.

    They posted CRAP reports in NotePad??????

    Ha ha ha, can they post real statements instead.

    Good job by FPA, when you reading this postage is like you contacted ACM
    customer service.
     
    #10 blackwidowfx, May 22, 2009
    Last edited: May 23, 2009

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