Forex Robot Scams. When it comes to investments, there are countless ways to defraud a merchant. Many brokers manage to set up fraudulent activities for a period of time.
Then they are either’captured’ by a regulatory agency or escape with their clients’ funds, never to be seen again.
Forex scammers come and go. Some move underground only to appear again at a later date. There are always unethical brokers who create new schemes to deceive investors and take only a few large transactions to make all their efforts worthwhile.
Still, scams must be done in a convincing and intelligent way. It must also be apparently very convenient for the trader. The latest addition to the Forex scam market is Forex robots. Many Forex robot scams are beginning to be discovered, but not everyone agrees that Forex robots are a scam; definitely not everyone is.
Forex robots or Expert Advisors (EAs) are programs that aim to automate Forex trading. It’s like putting a plane on autopilot. Traders can sleep through the night with peace of mind knowing that their trades are placed exactly at the times they have designated. Sounds easy, doesn’t it?
Almost all Forex brokers now offer their clients the opportunity to use a Forex robot for their trading. They support the legitimacy of these robots with enormous profits and numb the trader in a false sense of security that often fades away.
Most Forex Robot Robot Scams are easy to detect and would seem obvious to any trader. But even with false promises of huge «while you sleep» profits, millions of dollars are lost in this kind of scam every day. Even successful brokers exaggerate their numbers to attract new clients.
One does not need to depend on the forex broker for these robots. Forex robots are available online. Even Amazon.com sells the software package made available by a Forex company, under the title «Make Money While Sleeping – Forex Robot Advanced Auto Trading». The costs of a program range around $1000 per package, so many traders choose to use the AE provided by the Forex broker. This is what makes robot scams so much easier.
Since 99% of traders who buy a robot end up asking for a refund, more experienced Forex traders do not recommend buying one. Forex traders targets suggest never putting a Forex robot on a live account until it has been tested through a demo account. If the forex provider is legitimate, then you should advise your clients not to use the system until they are fully aware of how the robot works.
Forex traders who have used robots in the past suggest that traders should learn enough about the operation of the AE program so that they can trade on their own and not through an intermediary. This will give them the feeling that they are in control of their money and are not leaving it in the hands of an intermediary. This may not lead to big profits, but it will eliminate the feeling of being cheated by a Forex robot in a fraudulent scam.