Estimated reading time: 6 minutes
Autofxalert is yet another phony signal provider who runs shop just because of their clever marketing tactics, and not because traders are happy with them.
The reputation of Autofxalert.com is wanting.. any investor with keen eye for details will immediately be hesitant to trust this stock-picking website.
It’s worth noting that this signal service is operated out of Nigeria, although we could not immediately verify whether the physical address given to us was real or just a mail drop point.
Also, the fact that Autofxalert is operated out of this country should scare the hell out of you. Why on earth would a signal provider be based in Nigeria of all the places?
Autofxalert looks highly suspicious. The website does not provide verifiable performance record of success.
This signal provider guarantees that they will score you between 1000-2500 pips every month if you pay for their signal service.
Notice the keyword here is ”guarantee”. Can someone guarantee you anything when it comes to dealing with the highly volatile Forex market?
Any reasonable signal provider or software developer will not make outlandish promises. Making 1000 pips per month is not very easy, let alone 2500 pips.
And to make matters worse, these claims have no means through which they can be verified.
While it’s true that some signal providers are somehow able to make 1000 pips in a matter of minutes, it does not always mean that their service will profit you — even if this record is available on myfxbook.
We requested this signal provider to furnish us with verifiable records of their performance in the last few months.
Indeed those records showed that Autofxalert was capable of making anyone ‘rich’… not until we noticed that this signal provider was practicing what is called a Partial Close.
In this scenario, a signal provide will run multiple trades, say 10 trades at the same time in all directions.
Ones the trades are live, they will look for any profitable trade so that they can close it in different micro lot.
Assuming that the scammer had opened a trade for 1 lot and it turned profitable, he would then close it in 0.01 micro lots, thus creating 100 trades and so on.
Now, instead of showing this information in dollar profits, they will update profits in pips.
So if you’re looking for evidence of how they’ve performed in the last 100 trades, they got you smitten.
Autofxalert simply makes promises that can never be fulfilled. This will eventually cost you the money you paid for the signal service plus the one you traded into a loss. Avoid!
Autofxalert is one of the subsidiaries for the website called Trade 4 me. I have written about that website before and even warned investors not to throw away their money on this pyramid-like scheme.
As a matter of fact, Autofxalert signal service is run by the same person who operates Trade 4 Me. It is very disturbing to realize that these two entities are associated, thanks to the fact that Trade 4 me is already a dubious entity from the word go.
Their signal service costs $75 per month. Remember that you are signing with your contact info. If you do so, they will up-sell you other products/services which they provide as well.
You might think that this service is not costly. However, you still have to remember that Autofxalert does not demonstrate its ability to make money for its clients.
You just donated $75 to a stranger based in Nigeria. If they collect that amount from, say 100 people a day everyday, they’d soon buy a private jet — considering that they also do run a separate service involving binary options and managed Forex accounts (where they fleece victims as well).
There’s the option of paying them through a bank account. This applies to investors who are based in that country.
Even then, nobody is safe with this service. Their terms of service does not cite any money-back guarantee clause. Of course you may cancel your membership at any time. But this will not change the fact that you lost money already.
Secondly, Autofxalert makes it clear that investors should not hold them accountable for any losses that is associated with their signal service.
Therefore, if you willingly commit your money to them and later on suffer a big loss, you will opt to count your losses and cancel your membership instead. A bad review like this one would inevitably be written — if you complained.
However, the fact of the matter is that many victims choose to remain quiet, considering that their terms of service makes it clear that they are not to blame for your losses, plus it does not offer any provision for testing the service or getting your money back when you’re dissatisfied. In this case, you are the loser.
On top of not providing verifiable results, Autofxalert does not talk about draw down as well.
Autofxalert hopes that you won’t ask for evidence of their current positions. Don’t be fooled by ”proof of performance” when you don’t know about current open positions yet.
Winning streaks can always be drowned in losses if current positions are closed in losses. Therefore, you’d be a great fool to trust their ”past performance” without tracking their current positions in the market.
On the other hand, if you’re subscribing to a ‘premium’ signal service, you should be concerned with the draw down percentage.
In the case of Autofxalert, you can’t make an informed judgement because this information is not given.
What they call ‘proof’ is not really proof of performance. It’s utterly shocking that Autofxalert takes you and me for a ride.
Look at the screenshot above. It’s a shame that a signal provider is not giving us proper evidence in form of myfxbook results to allow us conduct due diligence.
What criteria do we use to judge whether or not these results are authentic? Anyone can feed data on a table. But there is no means through which the accuracy of this data can be verifiable. This should not be counted as proof of performance. It’s a big lie.
If you’re based in Nigeria and are using this service, you are allowed to make payment to a certain local bank account. Remember that you can never dispute your case with Autofxalert because their terms and conditions are very clear on that.
For international subscribers, even Bitcoin is accepted by this signal provider.
This obviously sounds suspicious. With the nature of Botcoin payments, it’s difficult or next to impossible to recover your money.
The owner of Autofxalert remains anonymous to this date. The so-called team of professional analysts are equally anonymous.
This signal service lacks a track record. Forget the table shown above because that cannot be used to judge how well or poorly these signals have been performing.
And so your money is at risk. Trusting them would ruin your account. Kiss your $75 subscription fee goodbye. But remember that once Autofxalert signals ruins a live account, there’s no recovering it.
If you’d like to pursue a sound investment strategy in the Forex market, use these products and services instead. You’ll be glad that you worked with someone with a track record and real ability to understand the Forex market.
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