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PipsLeader.com Review

Updated: Jun 16, 2015
SCAM
2.983 · 12 REVIEWS
Is this your company?

SCAM CONFIRMATION 2009-06-11: The FPA has confirmed a scam complaint against PipsLeader.com. Pips Leader is blacklisted by the Forex Peace Army. We recommend against doing business with this company. If you have already bought this product, we recommend you contact ClickBank for a refund.

Please follow the link to read the scam finding and see the evidence.


Other websites of this company include ThePipsLeader.com

Update:  This scam company's website is down.  There is one less forex scam to worry about on the web.

PipsLeader.com

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Court cases

  • Open0
  • Resolved0
  • Not guilty0
  • Guilty1
Case IDFiledCase nameVerdict
20092009-06-11FPA Scam Confirmation against Pipsleader.comguilty

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Scam!
2.983 · 12 REVIEWS
Forex Peace Army
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Vancouver BC,
Oct 28, 2009,
Guest

I was one of the first to start using this EA in November 2008. I demoed and tested it for a lot of the currencies and time periods. I went every which way with it for months. I started a live account in Feb 2009 and did very well for a long time. I got to know it so well that I used it on shorter time charts for short term trading with me in front of the screen. Then I just left it do it's thing on the Eur/usd. I couldn't understand why on strategy it did not work on the usd/chf, that it eventually margined out with all the open trades, margin required and negative open trade balance. I wondered why it only worked on the eur/usd. But it was successful so I set it on all 4 trading accounts that I run, all 1 hour eurusd charts all with these rules for every $1000, lot size will be .01. So here is what happened: June 18 & 19 2009, the euro went sideways enough for the ea to take trades but never was the move big enough to close any in profit. It went on for days until June 23 My accounts margined out. On a $4000 account I lost 2500, on a 2500 account I lost over 1500. On a $8000 account I lost $4500, and on my $1000 account I lost $500.

This EA will go on well and you will be nervous with so many trades open, but you will get over it because then all trades close with a basket profit. Then one day for a few days in a row, the EA will not be able to trade the price pattern properly and wham you can lose all your money. I emailed Tom Geller and team at pipsleader numerous times, and they never repsonded when I suggested they look at the strategy tester for that time period.

This is a dangerous EA. 7 months of my work went down the drain.
nigeria,
Aug 27, 2009,
Guest

I have watched with interest the so called pips leader ea trade a live account on daily basis for 5 good weeks using the eur/usd alone on hourly chart without human interference using the default setting changing only the lot size and basket profit to 7 instead of 75. The following were my observations (1) it doesn't trade every day. Could stay out of trade up to 5 days while open trade are on (2) when there is signal, it opens a new trade at the open of each candle i.e. one trade every hour (3) it can open up to 63 trades running at same time. with a minimum of 7 trades which I have seen (4) closes each set of trades when there is comfortable level of profit or an acceptable level of loses (usually profit) .It does all the calculation for you. (5) could open trade any time of the day including the Asia session (6) trades could last up till 21 days (7) hedges trades most of the time Through out the 5 weeks period a total of 11 set of trades were placed. Some single trades ended up in negative why the majority in positive. Each and every set of trade ended in profit. From what I noticed this ea requires a great margin which could lead to a huge drawdown. Imagine 63 trades running at same time. For those not comfortable with too much trade running, you should consider a demo for a month using your 4 hours chart which would certainly trade less instead of 1hr chart
my advice to any one using this ea without having a margin call should be a minimum capital of $700 trading with a maximum lot size of 0.02 and $1400 with a maximum lot size of 0.04 lot size, leverage of 1:500 .This calculation is based on worst case scenario or if you want to sleep with you eyes closed use $1000 trading with a maximum lot size of 0.02 and $2000 trading with a maximum lot size of 0.04.With a monthly return of about $100-$200. This is not a get rich quick ea but I can assure you of profit on a monthly basis. I consider this ea as one of the safest out there if you lot size is properly calculated and the most dangerous if incorrect.
As for Davyd from Singapore he interfered with trade placed by ea and didn
Brooklyn NY USA,
Jun 11, 2009,
Guest

I just bought Pipsleader yesterday because of the reviews on FPA. Now today I find that it has been illegally copied from another EA! What should I do?? The last thing I need is to get pinched for copyright infringement.

Review Moderation Team Note: We think it's VERY unlikely for innocent customers to have an issue over copyrights in this case. Per the note at the top of the page, we recommend you contact ClickBank about a refund.
u.k,
Jun 5, 2009,
Guest

Issue escalated to Traders Court FPA Scam Confirmation against Pipsleader.com | GUILTY
2009-06-11: The FPA Scam Investigations Committee has looked at the evidence and confirms this as scam.

It looks as though pipsleader could be just a copy of a free expert advisor.On your metatrader platform look on any expert advisor and right click it, from the menu, select online library, click the experts tab and scroll down to the 78th expert in the list called divergance trader, date 22/9/08.click the download tab, this expert advisor will now appear in your metatrader experts column,compare the parameters box on divergance trader and pips leader, looks familiar ? now run them both side by side on demo, first both of them on a 5 minute frame, then side by side on a 1 hour frame, trades the same ? if you find that all the trades are the same and you are still within clickbanks guarantee period, then i would {did} get a refund.

More. Community discussion of this issue >>

Germany,
Jun 2, 2009,
Guest

I already submitted a review but re-reading through the new ones, I have to write again.

I don
UK,
May 25, 2009,
Guest

well, I cannot get this to work on Alpari UK: it opens trades then closes them instantly for loss of spread. Any ideas why?

Also, my demo with ITFX and OCFX have all stopped making trades.
Australia,
Apr 27, 2009,
Guest

The pipsleader works much better than any other EA I have tried including FapT. You really have to be careful setting the lot size as others here have said. I prefer to use 200:1 leverage and you need to confirm this with your broker before starting to use the EA.With a $1000 account you could then safely set lot sizes to 0.02 until you get to $2000 account balance then set to 0.05, then 0.1 lots at $3000. it is by far the best EA I've come across so far and is making me profits consistently on the live accounts.
USA,
Mar 16, 2009,
Guest

I had use other EAs and took a $2,700 account down to $840. As a last ditch try I purchased PipsLeader and I my account has grown to $1,161 in less than 2 weeks with the Lots set to 0.01. Compared to the other EAs, this one is the WINNER!
Asia,
Mar 15, 2009,
Guest

I've tried about a dozen EA's in the past and this pipsleader is the only one that's making consistant profits. You have to use $2000.00 per .01 anything more is too risky, opens up over 30 trades at a time on some days so the margin required is steep.

What they have on their site is obviously not true, starting this on $200.00 would be wiped out in no time. Don't get greedy, this EA is the only one I use on all brokers, three of my brokers also I use piptronicx but pipsleader is the overall money maker. Making profits on 6 different live accounts on 5 brokers: IBFX, FXDD, FXOPEN, FXCM and forex.com.

Oh, I am only using it on EURUSD 1HR for all accounts. Testing since 11 Feb 2009, averages about $500.00 per day overall, some days my equity is down but is back up the next day.

The bad:
Support doesn't always answer questions, but support is better than something like fapturbo.

Pipsleader blew out one of my standard accounts that was started at $2000.00 could only trade .1 lots vice .01. So, after understanding this mm requirement, ($2000.00 per .01 lot) all accounts are consistently profitable and low drawdowns where I can sleeeeep at night. And yes, the other accounts have more than made up for that $2000.00 loss.

Some trades are not closed out for some reason, probably a bug the programmer hasn't addressed, support hasn't answered my question about it. I've had a few trades I have had to manually close out usually happens about 3 times per week on IBFX and FXCM, still overall it's still a money maker and I'm happy so far.

EA's that I consider absolute CRAP, Steinitz HAS bot, Stenitz directional, stenitz fractal breakout custom indicator, boomerang, Fapturbo, Fapts, FRED, Piptronic1.0 and 2.0 (piptronicX is great and does make money if your broker has low EURGBP spreads). I didn't always consider those crap but they turned out that way in the end.

Again, I only use pipsleader and piptronicx anymore.

Uk,
Mar 10, 2009,
Guest

Hi Guys, Now I am fairly new to Forex, but I am told that because pips leader opens lots of trades (I had nearly 50 this morning on my demo account-really scary if thats real money) You need to set the lot size to 0.01 per thousand of your deposit. They suggest you do not start with less than $1000 USD. My demo accounts (I am running three on different pairs and brokers) indicate that it works best at the moment on EUR/CHF at Alpari.co.uk

It is showing me a increase of 30% per week on my original