Who Are Forex EA Trader?
These two packages which are ostensibly advertising the same thing - Auto ForEx Trading Robots - appear to be a new provider of this scam. From somewhere on the Indian Subcontinent.
The product is the same as other examples but it is being marketed in India, Bangladesh and Pakistan using services such as Fiverr.com for videos etc.
This is a possible example of the scam being copied by another group who have decided that this method will work upon their fellow countryfolk.
Let's look at www.forex-ea-trader.com first:
What is Forex EA Trader?
So first of all the video seems pretty ridiculous. It is obviously targeting the US market and ForEx trading is actually legal there, as long as it is not through Contracts For Differences. Their pledge that you can have a robot that deciphers the markets automatically and makes money whilst you sleep is completely untrue. No robot can decipher the market trends as the market would immediately evolve with people taking advantage of it's algorithmic patterns. This is a huge red flag to begin with.
The main website is very familiar looking if you have ever looked at Bitcoin Era, Bitcoin Trader or 1K Daily Profits as the 'video alongside a sign-up box' is their favourite website format.
What Does Forex EA Trader Do?
They go on to say:
There is zero guess work involved and there is no uncertainty on when to trade. The system does all the analytics for you and will enter to trade and will set the stop loss and take profit.
Which is a contradiction in terms. Of course there is guess work, that is what any algorithm is doing, guessing based on a set of conditions either pre-programmed or derived from observing the market as an AI. Every investment is a guess.
How Risky is Forex EA Trader?
Well we read further down the page:
to protect your capital and you from unethical brokers: cheating you with high negative slippage, high spreads or delayed order execution. Now you will be able to monitor every minute whether your broker is stealing from you.
So let's just try and understand what their offer/product is. They are using multiple brokers to buy and sell ForEx rather than a single one? How does that work? The system is connected to multiple brokers and buys and sells across the markets all of the time? Well what is the point of that with ForEx? The market moves as it moves and the comparison between currencies, regardless of how you are investing, doesn't require more than one broker. This is another huge red flag presumably placed here to address scary stories people have read about ForEx trading.
How Can I Register for Forex EA Trader?
Let's try registering with this service to see what happens:
OK so the registration email comes through as:
Thank you for signing up for Forex Ea Trader website
In order to get your 1 year free licence of our forex robot.
You just need.
1. Open a new trading account with one of the brokers on this page: Click Here
2.Fund min of 250USD-300USD to start making profits with our forex robot
3.Send us an email to [email protected] with your account number and the name of the broker you open an account with.
Then we will send your Forex Ea Trader for 1 year free using
If you need any assistance or have questions, do not hesitate
At contact us: [email protected]
Click Here to open your trading account.
Firstly, they can't spell license, which is a pretty dodgy sign. But also they need you to sign up with a trader before you can use their robot, but then how does it connect through your account? Let's see if the trader allows us to use this algorithmic trader robot.
What Happens When You Register with Forex EA Trader?
The trader we were sent to was DogeCoinM.com for Doge Coin Markets which is obviously nothing to do with ForEX trading as Doge coin is a cryptocurrency??? Aside from being a huge red flag this is plain stupid. The only site we can find that even mentions this trader is the obviously dodgy - www.reviewsoncoins.com from Finixio - so the trader is either fictitious or is very new. Either way it is another red flag.
Then we read:
protection guards you against transactions at times when your broker has broadened the spread above levels acceptable to you
So it does not sound as if this system is for beginners as this is a technique for those familiar with trading. It would be good if it was true but we don't expect that it is.
So all in all the whole thing appears to be a fraud.
Verdict: FOREX EA TRADER IS A: SCAM!!