Trade Oracle as such no longer exists since its original website was taken down in April of 2009, only to be replaced soon thereafter with a new and similar domain name.
The online trading software vendor was plagued by many complaints from dissatisfied customers that the indicators used for the software’s forex trade signal generation purposes, and much of the trading software itself, had been taken from other websites’ forums.
In essence, since the system works on the MetaTrader 4 platform, many signal generators created by third parties can be downloaded for free after being posted online by their developers. Example of another signal generator fraud.
Trade Oracle Apparently Became Traders Oracle
The new incarnation of the Trade Oracle is called Traders Oracle, and it is currently being marketed online with almost identical text to that seen on the old website, with a number of notable additions and changes.
Also, the company seems to have relocated, since the new Traders Oracle website has the company doing business since 2007 and based in the State of Delaware in the United States.
The old Trade Oracle website had Switzerland as the vendor’s base country since 2004. In fact, their share*it product purchase page still has “Forex trading software, Switzerland” listed as the publisher of the new Traders Oracle software product.
Another notable development with the slight name change is that the price of the new Traders Oracle forex trade signal generator software now costs a mere €3,500, versus the original price tag of €4,500. Be sure to read on before you think this is a bargain.
No Risk is High Risk With This Vendor
In the Traders Oracle website’s Products section, it asks if “you are ready to try a winning system at no risk”. Unfortunately, the promised “no risk” trial and purported 60-day money back guarantee, that reads as follows;
“If you are not pleased with our software for any reason, you are entitled to our 60 day no hassle, no questions asked, money-back guarantee. Your account will be credited promptly”,
seems highly questionable.
Basically, this vendor uses Digital River’s share*it service to process your credit cards instead of the considerably more reputable Clickbank for purchases and refunds. Also, no mention is made on the purchase page of any 60-day money back guarantee that is standard with Clickbank.
The vendor also has a shady reputation for scamming clients with their previous Trader Oracle website, according to online discussion forums. Apparently, representatives of the company contacted via live chat even emphatically claimed that you will not lose money using their system, and that is why trying it is “risk free”. Huh?
Well, it seems that the main way that purchasing this software could be considered “risk free” is if you just found an extra €3,500 lying around and want to waste it by purchasing their so-called “winning” forex trading software instead of using it for fuel in your fireplace.
Basically, if the complaints about this company posted online are accurate, you may well be better off burning that cash, rather than investing it in this potential forex scam!
More on the Traders Oracle Website
The About Us section of the website for both TradersOracle and TradeOracle has essentially the same information, with the aforementioned exception of where the company is domiciled. Both sites claim to develop software applications for “investment and finance industry and system utilities (sic)”.
In addition, the new website claims that their signal generation program was developed after five years of research, also noting that “Since 2007, TradersOracle has been generating confirmed buy and sell Signals, helping traders and investors trade the moves.” The year on the defunct TradeOracle website was 2005, but otherwise the text on both the current Traders Oracle and the defunct Trade Oracle websites is pretty much identical.
The About Us section also boasts of service provided by a team
“of experienced professionals in the exchanges market, economic analysts and traders from the world’s leading banks and around the world.”
Pretty impressive if true, although not one name or reference for any of this supposed dream team of experts, or any other endorsement by any verifiable source, can readily be found on the TradersOracle website.
What can instead be found is a pull-down menu of very possibly fake testimonials, all of which give glowing praise to the signal generator and thank the developers.
The questionable testimonials are signed by such unknown forex traders as: Ontario, CA; Caro from Cananda (sic); Julius, AU and Dr. Sam H. from Canada. The testimonials also include one from the equally obscure Ronnie P. from the UK, who apparently wrote “So far I am up around $60,000.thank you for your system, it really works” back in December of 2007.
While some positive reviews of the software were found on some online forex discussion forums, many of these read suspiciously like the questionable glowing reports on the company’s website and could well have been faked by the vendor or its affiliates.
To its credit, the site does provide some screenshots of the software in action at its aptly named Screenshots page, although the software’s indicators seem rather complex and hard to read intuitively.
The website also contains an online support link provided by Live!Zilla, but following this just provided a “leave a message” form suggesting that you do so because the touted Live Support was offline. That seems very strange for such a pricey system!
Basically, the TradersOracle website contains precious little information about either the developers or the basis for the trading signals produced by the software, so it frankly presents like a black box offered by a vendor wearing a black mask.
What Former Trade and Traders Oracle Customers Say
The majority of former customers that posted to online forex forums that had actually bought either the past or present incarnation of this forex signal generating software, felt ripped off by the company. Some claim that the software basically consists of indicators that can be found online for free, such as the Murray Math lines and the Zig-Zag alert.
Furthermore, many online posters who claim to have tried to get their money back after purchasing this “risk free” software were apparently denied refunds by TradeOracle, with the owner claiming that other people had made money using the system, without being specific of course.
In addition, one of the online forex forums of which both the TradeOracle representative Tony Awunor, who reportedly owned the TradeOracle domain name, and a customer who felt he had been ripped off by Trade Oracle were both members, even put the matter to a vote as to whether the product should be considered a forex scam, learn more about forex scams.
The scam vote was then apparently tampered with, since one of the parties who was later determined to be the TradeOracle rep, seems to have voted many multiple times against the fraud determination in order to initially shift the vote his way.
The vote tampering was later rectified and the true vote came out overwhelmingly against TradeOracle. The vendor subsequently dropped its old website and eventually returned with a new domain name oddly reminiscent of the original, and a reduced price tag of €3,500 instead of €4,500. Of course, this entry cost still seems pricey for software that was a democratically agreed upon forex scam.
Conclusion: Avoid Traders Oracle
Thankfully, the huge €3,500 price tag alone would tend to deter most forex software purchasers from being potentially scammed by this apparently unscrupulous vendor.
Nevertheless, the fact remains that some people who do not have the background or even rudimentary knowledge of the forex market may waste their money purchasing such overpriced software. They would probably do better speculating on sports results since at least then they might win back some money on their bet.
Unfortunately, companies such as this one, which take free software off of the Internet, dress it up and repackage it, and then market it at exorbitant prices with highly questionable promises may or may not be considered a scam. Furthermore, those who prefer fair dealing practices will be very disappointed to discover that the Internet is full of other websites which pull more or less the same tricks as Traders Oracle in one way or another.
Also, anyone that does not read the obvious forex fraud signs and simply takes the vendor’s word for everything they read on their website might deserve to part with some money, perhaps as an educational experience about how forex scams work. Still, €3,500 seems steep for such a valuable life lesson.
Basically, if Traders Oracle or any other forex software vendor provides no real and verifiable proof of their product’s performance, does not have a sound and reputable full purchase price return policy, and relies simply on questionable testimonials posted on their own website, they should be avoided like a skunk running in front of your car on a country road.
Otherwise, you might end up losing some decent money and carrying a nasty forex fraud scent around with you for a long time.
Read more about how to avoid forex robot fraud here.
Learn about free expert advisor softwares and USDBot.
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