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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.
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
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