TradeProfits

4-star Rated OneCorpFX Now a Scam?

Posted on 11. Nov, 2010 by Jakob.

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Not even a lot of good reviews will give you any guarantee when it comes to choosing the right broker in the world currency trading. OneCorpFx was rated as a 4-star broker over at FPM. A guy called Aladar was unable to access his funds in an account with OneCorpFx and was additionally informed that the money for some reason now was with Boston Technologies Read more... (203 words, estimated 49 secs reading time)

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Jacko’s House of Pleasure and Pain – Mostly Pain

Posted on 23. Sep, 2010 by Jakob.

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A couple of days ago, I was over at the forum of ForexFactory and it seems that there is a new scammer in town. Those of you who have been loyal readers over at the ForexFactory forum probably already know a lot more about this than I do, but I still thought that this is an interesting story to bring up. So this thread “Jacko’s House of Pleasure and Pain”, has been around for ages, and was (as far as I remember) rated a 5-star thread and people were highly positive about this guy Jacko. He spent several years building this thread, giving himself a good name in the ForexFactory community. Now I never really followed this guy or his thread but a lot of people did, and apparently he also had a paid membership blog, and some time ago, he started a privat fund which Jacko was supposed to manage. Now due to his reputation over at ForexFactory, I am sure that a lot of people put a lot of money into this fund, and surprise! Jacko is gone along with all the funds. The thread over at ForexFactory has been downgraded (now only 2- stars! Lol) and there are a lot of unhappy paying customers. I really do hope that the people who lost any money in this scam will somehow be able to get their money back but right now things don’t look too good. This is yet another lesson about this industry filled with scammers – No matter how well you think you know a guy, be careful sending him any of your hard-earned money! Check out the thread here.

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Scam Alert – Dragon Pips

Posted on 27. Aug, 2010 by Jakob.

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This is a perfect example of just how scammy this industry can be. A couple of days ago, the guys over at ForexPeaceArmy posted this story about one of their members who bought an (or actually he bought three) expert advisor named Dragon Pips. According to the Dragon Pips sales page, customers are promised a 90 day guarantee refund period. First of all, the EA did exactly the opposite of what was promised, namely losing money rather than increasing the account balance; same old story about expert advisors. But in addition to this, the refund guarantee was apparently nothing but hot air, as the customer never got his money back. One way you can secure yourself for incidences like this, is to only buy products sold through Clickbank or Plimus. Don’t let the scammers get away with tactics like these. Read the full story here.

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Easy Forex faces Lawsuit from Employee

Posted on 24. Jun, 2010 by Jakob.

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Any other day, this would be a typical story from the world of currency trading. Brokers are being accused with fraud in several different ways, all the time. Easy Forex is a Middle Eastern broker and they have been around for a long time. I signed up with them as one of my very first choices, when I started my journey in the world of forex trading. However, it only took me about 3 days before I closed my account and started a new account with another broker. I found their trading platform to be annoying in all possible ways. Since then I have never really thought about them. Then yesterday I read this blog post from Michael Greenberg over at Forex Magnets. This one guy called “D” claims to have lost somewhere around $125.000 trading through Easy Forex. Now instead of simply filling a lawsuit he decided to approach this in his own unique way; namely by applying for a job at Easy Forex. He got hired and became aware of the way in which Easy Forex operates their business. With this knowledge and multiple voice recordings “D” now filled a lawsuit and obviously this isn’t pretty. You can read the entire story here. If you thought about signing up with Easy Forex, you probably want to read this first.

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Forex Scam of the Year Award

Posted on 22. Apr, 2010 by Jakob.

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The guys over at Forex Peace Army have started a new section – Forex Scam Award. Since it is a little too early to vote for the scam of 2010, they have decided to start with 2008 and 2009, as there are a lot of confirmed scams to choose from. Currently the scam award section is split into two parts, namely a broker scam and a non-broker scam. Go over and throw your vote and read the thread.

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MidnightForex – MetasignalForex – Vsasignal

Posted on 29. Mar, 2010 by Jakob.

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I have written about MidnightForex before, and how they suddenly disappeared after a couple of losing months. Now they are back again, sending emails and posting their results over at FX review forum. Now in the last couple of weeks I have received emails from two new “services” which I have never subscribed to before. Funny enough, these two new signal providers have a very similar model to MidnightForex. The two providers are MetaSignalForex and Vsasignal. If you look at their sites and read the details, you will see what I mean. All of them have “set and forget” systems, where the signals are send out around 24.00 GMT. All of them offer three different plans you can subscribe to. Prices for the three plans are almost equal for all the 3 providers. MignightForex and MetaSignalForex even has the same favicon. I am not saying that the guy behind MidnightForex (“Eric Manpur”), is also running MetaSignalForex and Vsasignal, but there are a lot of similarities. If you consider signing up with any of these “services” I highly recommend you read this thread first.

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Random Noise

Posted on 31. Dec, 2009 by Jakob.

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It’s the last day of 2009 and probably the last post of the year. It’s been an interesting year with a lot of new things taking place in the trading environment. In one of the upcoming days I will write more about what has been happening here at TradeProfits and some of my plans for the upcoming year. For now, I just want to share a few interesting topics with you guys. Read more... (310 words, estimated 1:14 mins reading time)

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FXIntel.com – Compare Broker Spreads Live

Posted on 24. Nov, 2009 by Jakob.

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FxIntel is a new site which lets you compare several different spreads from various brokers. The data can be tracked in real time, or you can look at the minute, hourly or daily average if you prefer. The great thing about this is that most brokers’ state “spread from”; this is at times very misleading, as the majority of brokers tend to increase spreads tremendously around fundamental news releases. One example is Oanda and their 0.9 pip spread on the EUR/USD; around news releases, the spread on EUR/USD is often increased to some 10 pips or more. Now you check it out, without the need to sign up with a broker first, and then get disappointed afterwards. The best (lowest) spread on FxIntel is highlighted in green, so you can easily get an overview. FxIntel currently tracks 13 different brokers, and the site is still in beta. My guess is that they will add more brokers in the upcoming days. Obviously you need to be aware that spreads is not the only aspect which you need to take into consideration when choosing a broker. The forex industry is stuffed with scammers, and new brokers come and go all the time. Proper due diligence is needed before you throw money into an account balance. Check out FxIntel here and rate the site below the comment field.

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