Estimated reading time: 6 minutes
The true intent of the Smart Money Room website is to hustle unsuspecting investors who will then end up losing all their trading capital.
The Smart Money Room is owned by a cunning individual whose name is Steve DeWitt. The cost of this live day trading room is $197 per month.
We managed to get hold of their YouTube page and even viewed their recorded trading videos and webinars. It turns out the supposed ‘live trading videos’ are nothing but recordings of NinjaTrader market replay. In these replays, Steve claims that he makes up to $5,000 in profits every week.
In fact, this man makes amazing claims on his SmartMoneyRoom.com website that are way impossible to believe. According to Mr. DeWitt, all the profits that he has ever made are fully verified. For instance, his 2015 profit were 135%, and this can be ‘verified’.
Since Steve DeWitt is so good at marketing, he often pitches his sales using ridiculous claims that portray him as some sort of a Forex trading guru.
For instance, he claimed that he was the winner of 15 International Trading Contests in the largest Forex trading contest ever.
He claims that he has published over 100 articles in leading trading publications.
Sometime last year, he dared people to compete with him where the winner would take a whooping sum of $100,000 as prize money. When asked about his secret to trading, he claimed that he was using a very powerful trading technique that can beat every other trader in the world. That’s why he was daring anyone to show up for this competition.
The guy is on record for saying that if you have $100,000 and would want to prove his trading skills, simply contact him on firstname.lastname@example.org and he will set you up for the challenge.
We certainly find this man very interesting. It’s the reason we want to review his Smart Money Room website and see whether or not there is some truth to it.
For the last 16 years, Steve DeWitt has opened and closed multiple fraudulent and failed trading ventures on the internet. He has a long and sad history with scam trading ventures where he charges a one-off fee to teach his supposed trading secret. The naive and the desperate, financially, are promised thousands of dollars each week. But only if they pass through Smart Money Room.
We reached out to Steve DeWitt with the intent of requesting him to verify his trading performance where he claimed that he had made 135% return on investment in 2015. Unfortunately, this man could not provide any proof that verifies his amazing performance.
Since we did not have proof of his amazing performance, we decided to ask him for proof that he is the author of some 100 articles lying in the supposed multiple online trading publications. Once again, this man could not produce the slightest proof that he is the author of any article on the internet. We even conducted a brief search on Google to find out for ourselves. Guess what, there were zero articles being attributed to the name Steve DeWitt. Had he lied?
On top of this, the owner of Smart Money Room claimed that he is the world’s greatest trader and that in the last 6 years, no one has proved themselves capable of taking up the $100,000 trading challenge with him.
However, we were not to spare him for we knew that he was lying. So we demanded proof of his supposed endorsement as the world’s greatest trader who has won 15 international trading contests. We asked for references pointing to his so-called trading victories. Once again, this man was not able to provide us with any proof.
The owner of Smart Money Room has been making claims that he is the super-man of all traders in the world. However, when we conduct a deep web search on him, we realize that he has also been involved in multiple fraudulent trading activities ever since he entered the world of trading.
Before he founded Smart Money Room, he was running a website called Forex Confidential.We managed to capture previous records of this site here.
When we reviewed his Forex Confidential website, we learned that this man was claiming that he makes 1.9% daily profit, and that he was willing to show people how he does it.
In that statement, he was also inviting people to join him for special meetings on Wednesdays. He calls them ‘Wealth Wednesdays’. In those meetings, Steve DeWitt claimed that he was willing to teach attendees how to make 20-45% monthly return on their investments as well as how to compound their monies on a daily basis.
You see, a daily return on investment of 1.9% is truly remarkable by all standards. If you had only invested $5,000 with Steve DeWitt and you were making money at that rate, you’d quickly become $4,000,000 richer by the end of the year.
We are not sure about you. But these kind of returns make us super excited. Yet we are not going to fall for the products that are being peddled at Smart Money Room.
Smart Money Room apparently teaches DeWitt’s own trading secrets where you will be guaranteed thousands of pips every month. The most unfortunate thing happened anyway. Those who were foolish enough to believe this nonsense ended up losing everything which they had invested at Smart Money Room and with their respective brokers.
DeWitt is an experienced charlatan who opens and quickly closes down supposed trading educational websites when he had collected enough money.
He also uses this method to evade detection. You see, when negative reputation builds up thick and fast, you have to find a way of shielding yourself against these attacks (that is if you are to continue in that line of business).
That is what the owner of Smart Money Room did with his DeWitt University, where he used to sell ”trading secrets”. However, if your dreams never became true with DeWitt University, then this man could offer you something special at 4XRiches.com. Here, he claimed that he was the kingpin of Forex riches. His claims of earning several thousands of dollars were never verified.
The truth is that Smart Money Room is just one of the many avenues that DeWitt is using to collect money from unsuspecting members of the public.
What is so pathetic about this man is that lately, he has been touting his new-found Christian faith. This is supposed to build trust and credibility for his business. But the fact still remains that he is a charlatan. This is just a ploy to trick traders.
Our best advice is this; avoid Smart Money Room and other similar websites that make too good to be true promises. They are only selling hype.
You see, this man has a very sad history. He has never taught anyone how to trade or even made anyone rich. What he has done is to pathetically close down his fraudulent websites in hopes that he will avoid detection by doing so. Please stick to our regular trading products here. We can definitely vouch for these products.
Help Us Fight Scams. Please Donate to Support Our Work. No Amount is too Little or too Big. Thank You..
August 23, 2017 By Warren
Some social media users have been blasting and trolling Meir Barak of Tradenet because he said in one of his...
June 7, 2017 By Warren
Is Forex School Online going to really teach you the right skills needed to make money from the markets? We...
June 6, 2017 By Warren
The word ''Forex'' is an intriguing phrase for most people. That alone makes the Forex market a healthy breeding ground...
June 6, 2017 By Warren
Traders Elite (traderselite.com) is a scam that claims to have the secret of identifying the exact millisecond to enter and...
June 4, 2017 By Warren
The Forex market is a lucrative place to be. However, it is also a conducive environment where scams like Super...
Valforex.com cannot be held liable for any damages incurred due to the usage of any information displayed on this website. The information and trading guides found on the website constitute the authors’ opinion only. Both Forex and Binary options involve high-risk and are not suitable for all investors. Either Forex or Binary options may not be legal in your jurisdiction. It’s visitors’ responsibility to make sure these entities are legal in their jurisdiction before engaging in trading activity… Read More
Don’t Fall Into the Dirty Hands Of Forex Scammers! Get Free Reports on Forex Products and Services that Really Work.