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Forexrupees.com Review: Is Forex Rupees a Scam?

Forexrupees.com Review: Is Forex Rupees a Scam?

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Forex Rupees is a signals service for those who want to receive trade alerts. It promises its customers a VIP trading experience and claims to offer real time profitable signals through their Telegram channel. Forexrupees.com tells their clients that they usually increase profits by taking advantage of the hottest market opportunities before everyone else. Forex Rupees website appears to provide other services as well. Not only do they write articles on this website, but they also claim to provide fund management services, trading tips, broker recommendation and even trading tools.

There is an about us page on the website but the content of this page does not actually provide pertinent information about the vendor. We might as well say that they have not done a good job at introducing themselves to their potential clients. We have said many times that an about us page must not contain vague information. But somehow this proves to be a challenge for many similar signal alert services. 

As at now, we do not know who the creators of Forex Rupees are or even where they are based at. It would also be fair to note that this vendor does not mention their trading experience and even if they did, we are sure that they would never provide proof of their trading experience.

In another section of the website, they claim to have 10 years of experience. However, Forex Rupees does not introduce us to even one trade analyst, and this information is quite difficult to verify. So the good thing is that they have a phone number which their customers can call to inquire more before committing with their investments. That phone number is +1(315) 988-4450.

Having said that, we are advising you to use services whose owners are well known. Transparency is very important in trading and you should always use services of website owners who have nothing to fear because they have a track record of delivering that which they claim to deliver.

Forex Rupees Review

Although it’s disappointing to see that Forex Rupees isn’t providing information about them on their about us page, it is encouraging that this page does contain information about their trading technique though. The way they describe how they open trades is sort of detailed in the sense that they claim to work with confidence levels, take profits, stop loss (to manage risks) and entry levels too. What they call confidence level is actually expressed in percentage to show what level of confidence they have for a particular trade.

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ForexRupees

We must say that this is a unique feature because it allows consumers to gauge how risky a trade can be. Most vendors don’t provide this kind of service. By using percentages, they are simply helping us to realize the kind of thought process that has gone into the creation of that signal alert.

In terms of how signals are generated, Forex Rupees tells us that they are using technical analysis to analyze multiple instruments. They also tell us that they are working with many trade analysts. They shade some light on what technical analysis looks like in their work. They claim that they work with trend lines, patterns, support, resistance as well as other variables in order to determine good entry points. Now, this is a very common way of trading on the internet. But at least the vendor cared to mention how they come up with trade alerts. Many signal vendors simply don’t bother to tell their clients what they do other than dwelling on the promises of how they can help their consumers make a lot of money.

However, in as much as Forex Rupees appears to be transparent with their trading approach, we still feel that lack of disclosure of the exact trading methodology and masking it with the phrase technical analysis is fairly vague. There needs to be specifics.

Let’s break down the service in bits so you can understand it in a nutshell.

Breakdown of the service

Forex Rupees charges anywhere between £20 – £160 per month. They trade currencies and commodities but their strategy or trading performance is not verified. They can deliver up to 3 signals a day but the least number of signals to expect in a day is 2.

Forex Rupees charges fees for membership plans and the difference is just the length of subscription. The more you stay, the more you pay less. Whether you sign up for Gold, Silver or any other package on this website, you will get the same service. The only difference is how long you will get to use that service. This is determined by how much you will pay for the service.

Forex Rupees also claims that they will generate between 1000 and 2000 pips a month. There will be 2 to 3 signals per day via Telegram channel. These signals are for currencies and commodities respectively. In addition to this, they provide us with a 15 day free trial period and our suggestion is that if you are out to use this service, you should probably make use of this offer to see whether this service might be ideal for your needs. This is because the vendor sounds vague and for that reason, they need to prove that they are offering a level of service that other signal providers are not offering. They can only do so with trial.

Trading results

They show us numbers in an excel spreadsheet but these numbers are not verified. It would be foolish to believe the numbers you are seeing there without some sort of verification upfront. Therefore, we will just say that Forex Rupees was disappointing in how they presented their trading results.

Our best advice for you

Forex Rupees appeared to be a professional Forex signal vendor at first. However, as we dag deeper into their services, we realized that something was lacking. Not only did they fail to produce evidence of performance, but they used vague language to describe their strategy. For that reason, we are advising to stick with these services because they can be trusted. 

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