This forex fraud article contains a FAP Turbo overview, questionable profitability claims, and an objective FAP Turbo scam assessment and in the end you’ll find links to other possible scams to help you avoid them.
FAP Turbo Overview
FAP Turbo is automated forex trading software that operates as an Expert Advisor or EA on the popular MetaTrader 4 forex trading platform. (more about forex trading softwares and scam) This robot was developed by a team consisting of three software experts called Steve Carletti, Mike and Uli working in collaboration with Marcus B. Leary, a trader who pioneered automated forex trading with his Forex AutoPilot system.
Questionable Vendor Profitability Claims and Issues
- Vendor claims positive live and ongoing trading returns of $15,235.44 net profit on a $10,000 deposit achieved during the period of 2/7/2010 to 4/1/2010 using USD/CAD, GBP/CHF and EUR/CHF, EUR/GBP, USD/CHF and GBP/USD currency pairs on the 15-minute time frame for an annualized profitability of 1,049%.
- Vendor also claims positive live and ongoing traded returns of $3,209.93 net profit on a $10,000 deposit achieved during the period of 11/6/2008 to 4/1/2010 using USD/CAD, GBP/CHF, EUR/CHF, EUR/USD, USD/CHF and EUR/GBP currency pairs for an annualized profitability of 468.31%.
- Vendor also claims positive live traded returns of $3,209.93 net profit on a $10,000 deposit over live testing during the period of 2/7/2010 to 3/4/2010 using the USD/CHF currency pair on the 1-minute time frame for an annualized profitability of 468.65%.
FAP Turbo Scam Assessment
Is a FAP Turbo scam going on here? Perhaps, since profits seem generally lower than claimed in independent live and demo trading tests. Also, a number of complaints have arisen about its customer service.
Although many forex robots are just back-tested by their vendors over historical pricing data to come up with outstanding profitability claims over a carefully-selected time period, set of currency pairs and choice of setup parameters, this robot has been extensively tested and does show some promising profitability in live trading.
Usually, people who purchase these robots test them by having them trade in a demo account during the guaranteed return period. If the results look disappointing, they then return them via Clickbank. Also be aware that sometimes demo traded results are superior to live trading results, especially for scalping systems like FAP Turbo’s scalping EA that can be very sensitive to dealing spreads.
Overall, we do not recommend that forex traders use the FAP Turbo automated forex trading robot or trust money to trading on its signals in automated trading or use any other automated forex robots.
Basically, the process of trading forex is not a means for getting rich quick. Trading forex profitably and consistently requires you to come up with and refine your own forex trading system. Trusting your funds to others has not been shown to be a reliable way to achieve success in trading forex or in other life situations.
Learn more about trading software scams on this page. Read about more specific softwares on the following pages:
- AUD/USD in the 0.7350 Region, Jobs Data in the Spotlight
- EUR/USD close to 1.1737 – what’s next for the euro?
- Is NZD/JPY to head back towards the 71.98 level on Wednesday?
- Is the GBP/JPY pair on course for 137 on the price charts?
- AUD/USD could fall to 0.7162 ahead of upcoming RBA meeting
- EUR/USD could hit 1.1870 level after ECB pronouncement
AUD/USD in the 0.7350 Region, Jobs Data in the Spotlight
EUR/USD close to 1.1737 – what’s next for the euro?
Safest Forest Brokers 2020
|Broker||Info||Best In||Customer Satisfaction Score|
|#1||Your capital is at risk Founded: 2012||Global CFD and FX broker||
Best FOREX BROKER Visit broker
|#2||Your capital is at risk Founded: 2012||Global Forex Broker||
Best Trading App Visit broker
|#3||Your capital is at risk Founded: 2010||Global Forex Broker||
Low minimum deposit Visit broker
|#4||Your capital is at risk Founded: 2006||Globally regulated broker||
BEST CUSTOMER SUPPORT Visit broker
|#5||Your capital is at risk Founded: 2014||Global Forex Broker||
BEST SPREADS Visit broker
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