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

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...

True FX Signals is a registered and NFA monitored company.
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

The system was registered in November 08 and it is being monitored by the NFA ever since.
We asked them to explain. They said...

Yes the company is registered. We send the same signals to them that we send to our customers every day and an NFA representative monitors the results to make sure that they are with accordance on our web site.
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...

We are still in the process of finalizing some documents so we dont have a registration number as of yet.
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....

Im sorry i cannot disclose that information.
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.
 

Attachments

Last edited:

ForexRazor

ForexRazor Representative
Messages
3
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
 

clem699

Sergeant
Messages
147
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.
 

Pharaoh

Colonel
Messages
19,771
Sounds like we've got a signals provider getting his info from an alternate reality. :D
 

TheMan

Private, 1st Class
Messages
33
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.
 

D. Moser

Private
Messages
13
There ARE legit brokers out there!

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.
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.
 

1n1gor

Recruit
Messages
1
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?
 
Last edited:

made4life

Private
Messages
17
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?
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.
 

blackwidowfx

Private
Messages
22
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.
 
Last edited:
Top