The forex signal generator website Greenlight Forex rather suddenly changed their name to G8Forex in August of 2009, also altering their online appearance substantially in the process. This service also purports to be the world’s “most accurate daily Forex forecasting system” – a questionable claim at best.
Nevertheless, what would be the fundamental marketing reason behind G8Forex making such a shift in their website and overall presence? The worrisome answer to this question may be right on their website that often appears intentionally vague in some key places.
Furthermore, unfortunately for the service’s disgruntled former subscribers, the answer probably also involves a rather high rate of customer dissatisfaction that may qualify this trading signal generation subscription service as a possible forex fraud. Read more about trading signal generator fraud.
G8Forex Website Features and Issues
The first impression received when opening the G8Forex website is that it consists of a carefully crafted site designed to attract mostly inexperienced or moderately experienced forex traders.
A video even opens automatically with an apparently automated and clean-cut man lip-syncing to a computer generated voice speaking in an Australian accent. The animated actor starts singing the praises of the signal generator service, claiming that it is the “world’s most accurate currency forecaster”, among other things.
The narrator also tells you that their “team of international experts” have been putting out signals for three years, and that in that time, the signal generator has only experienced two losing months. Nevertheless, these “experts” are never named and no credentials for anyone associated with the product are posted on its website.
Furthermore, on the G8Forex homepage, the company lists their signal generator’s monthly profits in pips going back to November of 2006. It seems that the two monthly losses claimed by the video’s animated actor are actually three losses instead, with the March of 2010 entry showing a 7 pip loss, the January 2010 entry showing a loss of 101 pips and the December 2009 entry showing a loss of 57 pips.
Otherwise, the signal generator’s monthly profits have ranged between 100 pips and 3,595 pips according to the website — an impressive profitability track record for just about anyone, but only if this data can be independently verified as real, of course.
Unfortunately, no independent way of verifying their profits are offered. Like with so many other dubious forex websites, you are basically expected to take their word for their stated above-average profit results.
Furthermore, the website’s three unsubstantiated customer testimonials read like they came from people who lack some very basic English writing skills. These hardly seem like messages from sophisticated forex traders, who would tend to be in a better position to know whether the G8Forex signal system was a worthwhile product or not.
G8Forex Signal Generator Services
G8Forex offers three levels of signal generator service:
Silver Membership – This level allows subscribers access to forecast signals 24/7 on their website, to a European session update at 8:30 AM EST and to a daily currency forecast and a weekly market analysis. For alerts access from a secure log-in on their website, the company charges a subscription price of $129 per month.
Gold Membership – Subscribers to this level get all of the above features, plus forex signals are sent directly to your e-mail account daily at 8:30 AM EST. You also receive daily forex trade suggestions, as well as an additional “Daily Special instant trade signals on five currency pairs of spot market”, and cell phone and e-mail alerts for $149 per month.
Platinum Membership – With this membership, you get all Gold and Silver features plus forex signals sent by SMS daily to your cell phone at 8:30 AM EST. This plan has an upfront charge of $899 per year, which works out to roughly $75 per month.
Complaints and Concerns Over G8Forex
According to former users of the Greenlight Forex service, now G8Forex, the signals sent out at 8:30 AM EST were useless in some cases. This was because the market had already moved away from the recommended price to initiate the trade at by the time the signal was sent out. Subscribers also report receiving signals late, sometimes even hours after the promised time.
Another reason for concern with G8Forex is that the G8Forex customer service seems unreliable at best and non-existent at its worst, according to former users posting at online discussion forums. Customers report that many customer service queries go unanswered and an unsatisfactory reason given was high Internet e-mail traffic.
Furthermore, the G8Forex website says its service is “guaranteed to make you money or you don’t pay” on its home page. Nevertheless, this guarantee requires some caution in practice since the website then clearly states in the relevant FAQ that no free trials are available and that a refund is only available during the first thirty days of a subscription.
The website also offers its new and existing subscribers three months of its “renowned” daily advisory service, which they claim is worth $450, free of charge if you open a forex trading account with one of their “preferred forex dealers.” Note that “dealers” is somewhat ambiguous in the forex market and can refer to a broker, bank or trader, but probably denotes an online forex broker in this context.
In addition, this free offer is apparently for both managed accounts and self-directed accounts, but the online information request form does not give the name of any forex “dealer” and asks you to send contact details and other personal information. Read more about managed account forex fraud.
Again, it appears that you must take G8Forex’s word for the dealer’s credentials — a major cause for concern about possible forex fraud.
Conclusion – A Red Light for G8Forex
While G8Forex may not give the immediate impression of impropriety, and does seem to have some satisfied customers, the fact remains that its website offers no independent evaluation of its signal generation system while making dramatic profit claims. As a result, subscribers are therefore asked to take the company’s word in regards to their own system’s performance.
Such self-referential qualifications should immediately make one skeptical of a service’s validity since they have become a characteristic of a typical forex fraud.
Basically, in the online forex market, being a “Doubting Thomas” with a healthy amount of skepticism can be a blessing when it comes to avoiding forex frauds.
As far as G8Forex, formerly Greenlight Forex, is concerned, this reviewer has noted too many amber lights of caution above to give this signal generating service the green light when it comes to purchasing a subscription to their services.
Those also wishing to avoid forex frauds should strongly consider giving this rather questionable forex signal generation product company the proverbial red light as well.
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