Forex advisors are dupe-a-matic – such opinion can be met on the forums and portals. Such categorical judgments are the result of limited experience and habits to trust people who have created problems for themselves in the pursuit of big money, and then began calling names like professionals. Nevertheless, the “bubble scheme” really exists and flourishes on the market, but it can be recognized very easily if you know some specifics of automated trading and the market for such services.
First of all, attention should be paid to the process of robots selling. If the developer’s or seller's website is primitive and with poor design, with lots of errors, the chance is big that the Forex advisors located there are fake, since the purpose of such resources is similar to the fly-by-night companies: to sell a product as quickly as possible and shut down before the client has made a claim. If the cheated buyer wants to post online reviews at appropriate portals, that website no longer exists, and nobody will be the wiser.
A special case, which is now very rare, is bogus sellers from fraudulent dealing centers (hereinafter – DC), whose working scheme is veiled very well and does not allow to smoke them out. It is as follows: a robot is aggressively marketed, interesting reports are presented, where the dynamics of equity is either an ideal straight line or exponent, and the price of the “Holy Grail” is nickel-and-dime and is justified by the fact that the algorithm is optimized for one DC only.
Beginners often immediately start trading with real money, and in result have their accounts vanished, while the DC fixes the according revenue. The matter is that such robots are specially programmed for unprofitable work, and reports are fiction. It is easy to avoid such a result – just use the strategy tester, or demand demo version (after which the seller usually goes on the defensive and stops responding).
Another reason to claim that Forex advisors are dupe-a-matic
Another category of unfair sellers are those who in addition to receiving the money for the robot also indicate demand under any pretext to work with the account registered on the referral link. Of course, in this case Forex advisors are not scam, but the seller is, because the robot is often stolen or hacked, and the person decided to profit from the deals of the clients attracted to the DC. Only newbies fall for this option.
We should also make a reservation – there’s absolutely nothing bad in referral links and affiliate programs, but only when using conventional advertising banners. An option is also possible when the developer provides the advisor for free, but in return suggests to register by following the affiliate link in order to generate income from the active accounts that are running its advisor. To put it simply, if the robot is profitable, it will consistently benefit both sides.
Thus, you can really argue that some Forex advisors are dupe-a-matic, and sometimes the line between a quality product and a tool for beginners’ fooling is very thin, but these are special cases, and you still can earn with the help of robots. In conclusion, we would list some criteria that satisfy quality products:
- developer’s website is as good in functionality as popular online stores;
- free demos and trial licenses are offered for testing;
- there are no strict restrictions on any DC, as there is no such a parameter in a quality advisor that would be impossible to optimize for another company;
- there’s no single recipe for affiliate programs, it all depends on the terms of the EA: for example, this option is valid if the programmer doesn’t work "as is", but tries to support his invention further in order to receive a steady income.