How To Stay Away from Fake Forex Robots

When you choose to invest in a forex robot, there are a few things you should consider. Your primary concern would be to check if the robot is genuine or if it is fake.

This is never easy as it seems because the providers do their best to ensure that they look genuine. Beginners often do not have the experience to understand and fall prey to the tricks of fake robots. As a result, they lose their hard-earned money.

However, a FX EA review can help in distinguishing a fake robot from a real one. A forex robot review covers different aspects of the robot which helps in understanding if the robot is real or fake. It provides information on the algorithm, the minimum amount needed for trading, withdrawal methods and a lot more.

A fake robot does have several features that raise doubts in the minds of investors or traders. If you are new to trading, keep a watch on the following which can indicate that the robot is fake.

When you are looking to buy a robot from the Forex website, ensure that you detail their website properly. Mostly, an authenticated website will contain proper information about the exact developers and contact details. However, if you acknowledge that the website does not provide any name and address details, you need to be concerned about the authenticity for sure. In this case, there are higher possibilities of the website being a fraud, and if you lose the money by any chance, there will be no one to whom you can complain.

Vague Information about the robot

An authenticated Forex robot will always have detailed information related to the website. You can find the trading strategy that it uses and the several other technical indicators it follows. But, in some cases, some websites don’t contain proper information about their products. You need to remember that it is not wise enough to purchase a forex robot without knowing its limits and for what purpose you are buying it. A definite lack of information during the purchasing time points to fraud and might affect your purchase later. 

No result for back testing 

There might be a hundred types of claims on the website of the Forex robot developer but without proper back testing reports, it is actually of no use. If you come across a website that does not have back testing results, there is nothing to verify. Thereby, in such cases, the robots cannot always be relied on properly. If the back testing results are already provided, make sure to go through it thoroughly to analyse its results.

Unrealistic claims 

The claims that the developers make of Robots need to be properly identified. The developers often claim that Robots have accelerated the profit to about double or triple the actual one. You need to remember that this type of claim is not true at all. The market is usually volatile, and the FX robots that are newly designed need to update themselves to work under odd market conditions. Therefore, don’t be tempted by false claims as they probably lie to sell the robot. 

Combined and mixed accounts 

When the accounts are managed, and the exact control of money is taken away from the trades, there is often a risk of accounts being commingled. It means that the trader will not be able to track the performance and activity of their general funds and will be combined with other things. This is an ideal scenario of allowing the scam brokers to use the funds according to their purpose.

Unable to withdraw 

It is important to have proper access to any fund that can be looked after by the broker. Traders need to be sure that they are aware of where their money is at all times. If you cannot access the money at all times, you need to consider it a red flag for sure. This could mean that the broker is not as liquid enough as it claims.

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