United Forex Traders EA (UFT) is yet another scam masquerading as a legit company when it’s not. The software products which they peddle around are equally bogus. Unfortunately, their affiliates will never tell you this fact until you arrive at a transparent United Forex Traders sEA review like this one.
We want to categorically state that these guys are not after preserving your Forex capital. They are only good at cheating and earning huge commissions from your lost capital — we have evidence in form of real user testimonials who were duped as a result of using Unite Forex Traders software and losing a whooping $3,000. This is supposedly the minimum investment that anyone wanting to use UFT software products must put forward.
It has also come to our knowledge that this vendor is working with two Forex brokers whose reputation isn’t good. We won’t name them here though.
You see, it’s very easy to spot scams in the Forex industry. With a little bit of experience, you’ll be able to smell them a mile away.
This particular scam has left hints behind which we are treating as red flags. Don’t take our word for it. These are real thieves, and here are a few things which they are not doing right:
We can tell you for sure that anyone who does not provide Backtesting results is a lame scammer who has an ill motive. We inquired about it and received a jaw-dropping response. You can access their FAQ page here unitedforextraders.com/faq/.
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But first things first: they are telling us that they don’t believe in back testing, yet we know very well that back testing is not a matter of believing but a necessity whenever any vendor is selling their software products.
Now, that’s dumb because most scam vendors would rather have one even if it means cooking up figures to show the positive aspects of the software which they are selling. In short, we were surprised that there was nothing in form of proof of concept. Equally, there were no myfxbook results!
We basted this scam with some real evidence to prove that these are intelligent people looking for less intelligent traders to fool.
The first screenshot was captured to portray an agitated user who confessed that United Forex Traders EA were cheaters who were looking to play with your money while earning handsome commissions from it.
Another user lamented on the fact that United Forex Traders EA was a bunch of unsophisticated averaging strategies and nothing else. Furthermore, when you go through the scam website — unitedforextraders.com, you will get a feeling that no sound strategy for trading is being used in this software. No one bothered to state that UFS software uses A and B trading strategies to achieve C etc.
All they do is to talk about how experienced they are in providing top-notch Forex solutions to retail traders, hedge fund managers, and other professionals in the banking sector. Obviously those are just claims with no basis. First of all, there is no evidence that United Forex Traders EA ever did business with any Hedge Fund Manager. There are no references either.
Performing Expert Advisors will adjust their algorithms and settings according to the prevailing conditions in the market. While this robot claims to adapt to the current conditions of any market, those who have used it have very bad things to say about this.
It seems all users agree on one thing: that this software is somehow unable to perform in nearly all market conditions.
For example, when unstable market conditions set in such that the market is moving against you, the software keeps entering positions while increasing your lot sizes. This has caused a lot of users to suffer huge draw downs and eventually sacrificing a whole account. Blowing away $3000 in the name of trading is just too frustrating and discouraging. Apparently, that’s what United Forex Traders EA software is good at. It only works when market conditions are ”normal”. Again, this is as good as nothing because market conditions change every second. It is therefore safe to assume that you will lose all your investment anyway. It’s just a matter of time.
It is not clear whether United Forex Traders EA is a broker or a software vendor. But we’ve learned that their Expert Advisors make money off their victims by charging markup. And if you’ve traded Forex for some time now, you should understand that additional spreads is an account killer. It is among the top rated EAons why people lose money because of too ”expensive” spreads.
They actually confessed that their robot is meant to aid you in trading as opposed to making you money. The excuse was that unitedforextraders EA are good at money management. And now we have to ask: for how long are we going to ”manage” capital that does not incrEAe despite trading every day? You see, this beats logic because all Forex traders are in it to make money, not for fun.
Secondly, we don’t know why we are paying for an EA that can’t be used with other broker platforms. United Forex Traders EA scam restricts us to 2 Forex brokers, which isn’t a good thing. We don’t know why they are insisting on exclusive partnership with these two brokers.
Third, we have a problem with the use of fake reviews on the rogue website. How did they get those reviews when everyone else is complaining about them? These screenshots actually point to the fact that the reviews were fabricated for their convenience.
We don’t understand why United Forex Traders EA are charging markup when that is the job of a Forex Broker, not a software vendor. Their only claim to fame is that they have worked with some big boys in the industry, yet there is zero evidence to prove so. The reality on the ground is that all traders who ever subscribed to this expensive for nothing software lost all their investments and are crying foul. Don’t get trapped in this. Sign up for a reliable system here.
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