The growing market in “expert advisor” software or EAs, also called forex trading robots, has proved a fertile breeding ground for forex fraud.
Self-styled EA “developers” — who actually seem to act more like hyper active marketers — still seem to be making outrageous profitability claims in an attempt to market their faulty products to those unfamiliar with trading robot scams.
This can end up costing a would-be forex trader not only their purchase price, but any funds they might lose while attempting to test or trade the EA.
Robot Marketers Rip Bot Code from Developers
Because of the increased popularity in automated trading software, many non-commercial EAs can be obtained and downloaded online for free after being produced by their amateur developers.
This ready availability of EA code has not gone unnoticed by forex scammers. Basically, it allows some unscrupulous online predators to download the free EA, dress it up with a nice website marketing package (or not) and then sell the repackaged EA with impunity, probably raking in considerable amounts of cash.
Do not even think that these outright copyright violators would be so kind as to pay the developers for their code. In most cases, the developers are not even contacted and only come to find out later about the theft and sale of their intellectual property, if at all.
One such EA which will be examined in this article is USDBot, an EA with an exceptional online marketing presence. Interestingly, its snazzy website’s homepage now claims that the forex trading robot is “sold out”, although who ever sells out some software that can just be downloaded?
USDBot’s Website and Online Presence
Whether the product being sold works or not does not really matter when a fraudster uses advanced marketing techniques since people tend to purchase the product anyway based on the attractive presentation.
Even when a money back guarantee is offered, a certain percentage of sales will go unreturned. This can make the “developers”, software dealers and affiliates plenty of money even if their product ultimately does not work and results in some returns.
Here’s what a USDBot sales affiliate invitation says about the EA promoters’ marketing strategy:
We have worked hard with marketing gurus to create a web design and a sales letter that CONVERTS. We split-tested several designs and several versions of our sales letter and found that the current one converts the best. It’s a killer sales letter that has been tweaked to perfection. Grabs the customer’s attention and doesn’t let go till purchase.
Yet another gem comes from the developer’s description of the product:
“Usdbot Is The Only Neural Adaptive Automated Real Money Forex Trading Robot That Multiples Deposits Within Weeks. Live Statements/Proof. Video Testimonials. Live Support Chat. No Tricks. No Gimmicks. Best Forex Product, Period. No Wonder It Sells Like Cake.”
Sells like cake? Apparently so given the number of complaints about this EA appearing in online discussion forums.
Nevertheless, the USDBot website claims they are sold out and will only take your e-mail address in order to put you on a “VIP waiting list” for the next issue of their (increasingly dubious) software package.
While access to most of the original website site could not be obtained through Internet archives, much useful information can be gathered from the countless irate customers that USDBot has left in its wake.
USDBot’s Humble Origins
Apparently, USDBot was originally an EA that was allegedly lifted from the Forex Factory website forum. The original name of the EA was the 123 Pattern EA, which was posted on a forum by one of the site’s members.
It seems that an individual calling himself Mark Trenton took the software right off of the Forex Factory forum. He then started a slick website and began marketing the software online as USDBot, until he was caught that is.
The developer then slyly issued a new version of the software which had nothing to do with the original release and was instead based on a Martingale system. Again, he probably sold thousands of copies.
What Traders Say About USDBot
The overwhelming majority of online forum posters gave this EA a big “thumbs down”. Furthermore, the demo trading accounts running the robot at various test sites had the EA generally losing money. One such website even had the EA showing negative returns of -23.2% monthly. Some traders reported that the EA even lost when tested over historical data in back-tests.
Nevertheless, it seems that some forum posters paid by or financially affiliated with USDBot’s vendor were also getting their two cents in by claiming exorbitant results and giving the software ridiculously rave reviews.
Unfortunately, the website which supposedly had an online account trading with the program could not be viewed since USDBot was allegedly “sold out”, or out of business for good perhaps.
Fortunately for purchasers, the EA is a ClickBank product and so it comes with a 60-day money back guarantee. This makes it easier to not get scammed by buying it.
Most of the disappointed purchasers of USDBot posting on forums who allowed the program to lose their money eventually got a refund from ClickBank.
Conclusion: Avoid USDBot and its Ilk
Unless you are a glutton for punishment and want to sit by and watch as this EA loses your money, you will probably want to shop elsewhere rather than buy this highly questionable EA. Even at $149 the original USDBot forex trading robot software was overpriced since it was originally offered online by its developer for free.
Furthermore, many other programs out there work better and probably make money from time to time. You can even get a copy of the original EA and tweak it for your purposes, rather than investing your hard earned money in what these hyper-marketing folks are passing off for a good product.
Basically, avoid getting taken in by forex fraudsters selling repackaged free EAs with fancy websites. If you have already bought one, be sure to ask for your money back.
- What Does Binance Being Kicked Out of Belgium Mean for Crypto Prices?
- Crypto Traders and Coin Prices Face New Challenge as Binance Gives up its FCA Licence
- Interpol Declares Investment Scams “Serious and Imminent Threat”
- Annual UK Fraud Audit Reveals Scam Hot-Spots
- Former Schwab, Wells Fargo, and Morgan Stanley Advisor is Sentenced to Seven Years
- FX Fraudster On The Run After £70m Ponzi Scheme Collapses
What Does Binance Being Kicked Out of Belgium Mean for Crypto Prices?
Safest Forex Brokers 2023
|Broker||Info||Best In||Customer Satisfaction Score|
|#1||72% of retail CFD accounts lose money. Founded: 2014||Global Forex & CFD Broker||
Best Trading Conditions Visit broker
|#2||Your capital is at risk Founded: 2014||Global Forex Broker||
BEST SPREADS Visit broker
|#3||Your capital is at risk Founded: 2006||Globally regulated broker||
BEST CUSTOMER SUPPORT Visit broker
|#4||82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Founded: 2008||Global CFD Provider||
Best Trading App Visit broker
|#5||Between 74-89 % of retail investor accounts lose money when trading CFDs Founded: 2010||Global Forex Broker|
|#6||77% of CFD traders lose Founded: 2007||Global CFD & FX Broker||
ALL-INCLUSIVE TRADING PLATFORM Visit broker
|#7||Your capital is at risk Founded: 2009, 2015 and 2017||Global Forex Broker|
|#8||Your capital is at risk Founded: 2006||CFD and Cryptocurrency Broker||
CFD and Cryptocurrency Visit broker
Forex Fraud Certified Brokers
Stay up to date with the latest Forex scam alerts
Sign up to receive our up-to-date broker reviews, new fraud warnings and special offers direct to your inbox