I naturally cautious when looking at EA 'sfor obvious reasons but was intrigued by Fx Super EA which is created by and marketed by Sergey Shirin. The reason is that on the website investor access is given to several live accounts over a reasonable control period. The results look impressive so I shelled out my 255 USD to buy a copy. When received I was a little confused because I was sent the source code MQL4 file and not the executeable EX4 file. I was then disappointed because there was no user friendly intsruction manual to be found anywhere, just a short list of very confusing instructions in the email obviously written by someone who had only rudimentary English skills.
Looking at the instructions I was not informed of the timeframe nor currency pairs to use with the EA , so I emailed back Sergey to ask. He obviously did not understand the question, so I tried emailing again using the simplest English possible. This time I was told "the majority of currency pairs on M15 or M5". Well I had to ask myself which currency pairs can I use and which can I not ? Which ones use M5 and which M15, or both ? I could not face another exchange of emails so I tested EUR/USD and EUR/CAD (as used in investor access account) on both timeframes. I found that I got an almost perfect staright line equity curve in both cases but unfortunately they were negative. I emailed Sergey. Apparently I needed to multiply 3 parameters by 10 because I was using a 5 digit broker (with hindsight I can see that this was in the instructions but did not understand the English). This puzzled me again because within MQL4 there are instructions which allow you to check the number of digits used by the broker automatically. Oh well, I did as instructed and multiplied the 3 parameters by 10. The results were the same - perfect negative straight lines.
I emailed Sergey asking for my money back. He became very abusive and said that I wanted the EA for free. He also said that I needed to optimise the other input parameters (even though no guidlines are given on how to do this).
I looked closely at the results from the investor access account again and noted that there were many cases of pending orders being "cancelled". I looked at the code of the EA sent and found that they were no instructions to cancel pending orders. I emailed Sergey and told him that the EA he had sent me could not possibly be the EA that is used with the accounts giving investor access because of the aforementioend functional difference. Sergey became very abusive, but then (I guess realising what I had pointed out) sent me a "variant" of the EA he had that did indeed cancel pending orders. This did not perform any differently to the original version.
I emailed Sergey again and again to give him a chance to send me the real EA that he is using on the investor access accounts. He just kept saying that I needed to optimisse the settings. Time and time again I asked Sergey to send me the optimised settings so that I could get the same good results as shown on the investor access accounts. Sergey eventually said that he has to provide the settings for his customers on a monthly basis. Ok I said, you must have the settings for January or February, so send me those and I will do the Strategy test. Sergey did not answer any more.
So how does this scam work ? No how does the fraud work ?
I think I have found the answer: there is another company which has an EA which seems to give very similar results as shown by the investor access accounts on Sergey's website. But they do not sell it, instead they give access to their trades for free via an EA trade copier and in return collect pip rebates via an IB agreement.
Curiously both brokers used by Sergey (Pepperstone and Alpari) are 2 of the 4 brokers offered by the other company. I thought I had seen it all !