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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...
USDBot's initial release was a copy of a free EA. Although this EA was freely available, that does not give anyone else the right to sell it as their own.
It appears that the owners of USDBot may have bought this from a 3rd party claiming to have developed it. This does not free the USD Bot from their obligation to reach a deal to compensate the original developers of the EA. The website for this EA claims it as developed in-house by a man named Mark Trenton.
We are pleased to see that USDBot issued an upgrade. It appears to be a completely different EA. Test show that it is using a Martingale strategy. This strategy can be highly profitable for short periods, but almost always ends up in a margin call. Under the circumstances, the FPA's Performance Testing Team has asked that the second version of USDBot be allowed to run until it wipes out the account.
Violation of copyright laws in this way meets the FPA's definition of scam. USDBot is hereby blacklisted by the Forex Peace Army. If you have purchased this product, we suggest you seek an immediate refund.
USDBot may have this scam finding lifted by reaching an agreement to compensate the original developers of the software. If this is done, we will also require that they disclose how they acquired this copy as well as how this works in light of the Mark Trenton story.
We thank senior FPA member Ken Long for making sure that we stayed on top of this issue. We thank our good friends over at 4xProject for providing more than enough evidence to finalize this case.
4xProject.com Full Report on USDBot
FPA Review Page for USDBot.com
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USDBot's initial release was a copy of a free EA. Although this EA was freely available, that does not give anyone else the right to sell it as their own.
It appears that the owners of USDBot may have bought this from a 3rd party claiming to have developed it. This does not free the USD Bot from their obligation to reach a deal to compensate the original developers of the EA. The website for this EA claims it as developed in-house by a man named Mark Trenton.
We are pleased to see that USDBot issued an upgrade. It appears to be a completely different EA. Test show that it is using a Martingale strategy. This strategy can be highly profitable for short periods, but almost always ends up in a margin call. Under the circumstances, the FPA's Performance Testing Team has asked that the second version of USDBot be allowed to run until it wipes out the account.
Violation of copyright laws in this way meets the FPA's definition of scam. USDBot is hereby blacklisted by the Forex Peace Army. If you have purchased this product, we suggest you seek an immediate refund.
USDBot may have this scam finding lifted by reaching an agreement to compensate the original developers of the software. If this is done, we will also require that they disclose how they acquired this copy as well as how this works in light of the Mark Trenton story.
We thank senior FPA member Ken Long for making sure that we stayed on top of this issue. We thank our good friends over at 4xProject for providing more than enough evidence to finalize this case.
4xProject.com Full Report on USDBot
FPA Review Page for USDBot.com
.
