This forex fraud article contains a FAP Turbo overview, questionable profitability claims, and an objective FAP Turbo review/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.
The Safest Forex Brokers
The best way to avoid scams is to ensure you always trade with a regulated broker. This is why we have listed below the safest forex brokers for you to trade with
|Broker||Features||Min Deposit||EURUSD Spread|
|73 % of retail CFD accounts lose money US Clients: No Regulated : Yes||
– Ultra – fast execution from 0.1s
|$100||from 0.0 pips||
Sign Up 73 % of retail ...
|Your capital is at risk US Clients: No Regulated : Yes||
– 40% New Member Bonus
Sign Up Europe* CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
|79 % 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. US Clients: No Regulated : Yes||
– FCA, ASIC, CySEC Regulated.
Sign Up 79 % 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.
Learn more about trading software scams on this page. Read about more specific softwares on the following pages: