This forex fraud article contains a Forex Automoney overview, a review of questionable profitability claims, and an objective Forex Automoney scam assessment.
Forex Automoney Overview
Forex Automoney is a trading signal generator service which provides subscribers with forex trading signals in three time frames: one weekly, one daily, and six intra-day signals.
The service first scans the forex market searching for certain market parameters to be met. It then sends its members trading signals immediately via SMS text, e-mail and with special pop-up software for a member’s computer desktop.
Questionable Vendor Profitability Claims and Issues
The vendor claims that its signals generated a gain of $46,205 in just ten days trading only one currency pair, but its website does not mention how much of a deposit was used to make that profit. It also does not provide a link to the actual account statement.
In addition, the statement graphic on the website immediately above the claim is a generic account statement image with numbers that do not even seem to support the claim.
Forex Automoney Scam Assessment
Is a Forex Automoney scam going on here? Possibly.
Basically, a detailed assessment of Forex Automoney reveals that the trading signal generator service has a number of problems associated with it. The first is that many users do not report having long-term success trading the signals it generates.
The second concern with Forex Automoney has to do with its supposed three-day free trial offer. In fact, the advertized three-day period is only two days since a potential customer must give a 24-hour notice in order to cancel the service.
Many customers complain that the company automatically debits their credit card for $99.90 on the third day of their advertized “free” trial which only costs $4.95, despite the fact that they requested a cancellation on that day because the cancellation takes a day to process. This leaves most of them paying for a month of a service that they soon find they do not want.
The third problem is that due to the high number of currency pairs and several time frames involved, the system is difficult to test and trade, often leading to unpredictable results in practice.
In general, we do not recommend that traders use Forex Automoney trade signal generating service or trust money to trading on its signals or on those of any other forex signal generating services.
Basically, trading forex is not a get-rich-quick method. In order to trade the forex market profitably and consistently, you will need to come up with and improve your own trade plan. Trusting money to others is not a viable way to profitability in forex or any other situation in life.
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