TrueFXSignals – Less True and More Scam?

Usually, when the first thing stated on a forex website involves something like “You Can Trust Us With Your Money”, a number of cautionary forex fraud red flags will immediately go up. TrueFxSignals provides unsuspecting forex traders with one such website.

One of the features of TrueFxSignals which immediately struck a sour chord was the fact that, despite charging an exorbitant $199 per month for their signal service, the company either cannot or will not pay for a decent website, which is even hosted for free with Go-Daddy.

In addition to their monthly signal service, TrueFxSignals also offers an Expert Advisor software package which is available via their website for the steep price of $599. This price also seems truly excessive since it is more than three times the amount that other popular Expert Advisors charge.

TrueFxSignal’s Signal Service

According to their website, the signal service offered consists of a daily signal trading strategy which they determine through “careful calculations.” Through these calculations, the signal service apparently then arrives at two numbers for each of the currency pairs which represent market levels at which trading signals are generated.

On their website, they also show you a preview of one of the trading signals for the six currency pairs that you pay $199 a month for. This is what the trading signal looks like:

EUR/USD

Sell at 1.3460
Buy at 1.3507

The website explains that the sell signal should be acted upon if the market reaches that level and that action should be taken on the buy signal if that level is reached.

Nevertheless, the site claims “Our signals are very easy to trade because you do not have to sit in front of your computer and wait for the price to reach the signal. You can just set buy and sell orders and walk away from your computer.”

If orders are left to sell EUR/USD at 1.3460 and to buy EUR/USD at 1.3507, there exists a reasonable chance that both of your orders might be filled for a net loss of 47 pips since some U.S.-based forex brokers will not take one-cancels-the-other or OCO orders due to a recent NFA rule change. Perhaps being on the other side of the trades would make more sense?

Also, the trading signal system gives stop-loss order levels for the six currency pairs which range from being 50 to 75 points, depending on the currency pair.

The signals are released at 12:00 AM EST every day and the site’s advice is “All open signals should be kept open until the following day when the next signals arrive, they should be closed for profit.”

It seems that their trading advice involves risking up to 75 pips per trade, and then closing out the trade at the arbitrary time of 12 AM EST when the next signals arrive, whether the trade was profitable or not.

If somewhat vague instructions to this effect are actually followed by unsuspecting traders, they will soon probably sense that something is rather off in TrueFxSignal’s trading plan.

Overall, these issues could cost a considerable amount of money to anyone using their trading signals.

TrueFxSignal’s Expert Advisor

The Expert Advisor software offered by TrueFxSignals has, according to their website, been in “development for years” and apparently requires no monitoring or input from the user.

Nevertheless, the vendor does not seem to provide any information on what platform it runs on, or any other specifics about the program whatsoever.

The expert advisor costs a steep $599 and gets e-mailed to you after you have paid for the package with instructions on how to install the software.

Again, such a price is triple what most other commercial EAs cost, and payments are handled via PayPal, not via the more secure Clickbank system that provides a guaranteed 60-day refund policy if dissatisfied.

TrueFxSignals Performance

Also suspicious is that the website gives phenomenal performance results for both the TrueFXSignals trading signals service and its expert advisor, but with no independent verification of such results.

For example, according to TrueFXSignals’ website, the performance of the signal service is purported to be a profit of 10,502 pips in 2006, 12,487 in 2007 and 9,539 in 2008.

The 2009 claim is slightly lower, and the monthly results are posted showing a total of just 7,342 pips for that year. During the current trading year of 2010, the signal service has allegedly made 2,612 pips through the month of April.

Besides the fact that no losses were posted, no independent way of verifying the profits is offered. Apparently, the prospective buyer of the service is supposed to just take their word on these profits.

The Expert Advisor’s performance is presented in a similarly questionable fashion on the website, although the shown profit for the Expert Advisor was only 6,137 pips from August of 2009 to April of 2010.

Conclusion

TrueFxSignals does not even attempt to hide that it is most probably a scam.

From the moment you open the poorly-designed and cheap-looking website, click on the links and read the sparse text for each one, you can sense immediately that this site is highly questionable.

In addition, no information of any sort about the development of the signal system or what types of indicators are used for signal generation appear on the site, making it a total black box.

It seems that any information other than the small amount offered on their severely lacking website must be obtained by leaving your e-mail address with a message.

Also, the cost of the signal service at $199 per month seems more than a bit steep.

Nevertheless, the subscription service is probably designed to get the $199 paid once from each unsuspecting dupe, which is all it can take for them to turn a good profit.

All in all, this reviewer must give a big thumbs down on TrueFxSignals.

Read more forex trading software reviews

Chris Lee

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