Spy FX is a copy trading service which is promising to help traders who don’t have time to take advantage of what the Forex market offers. The team behind this service are telling us that the Forex market provides an opportunity to earn life changing profits and for that reason, they are offering an opportunity to access the market through copy trading services. The team does not reveal their location or their trading experience. They only provide multiple ways to contact their support. This can be done through email, Facebook, Telegram and Viber. It is not clear what the response rate is but we believe that you can contact them individually to find out. Most of the time, it is not safe to make a purchase decision before you can really get into contact with the person that is selling the product online.
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At this juncture, we want to know more about the people who run Spy FX in addition to their trading experience. This is a common thing with most Forex service providers and we are thinking that if they could only include this information, life would be much easier for the people who intend to use their service. Otherwise, if this information is not available, then it simply means that potential investors cannot trust them.
Spy FX believes that many Forex traders have suffered in the market and that their solution can help bring sanity as it is designed for the less fortunate traders. These people also mention and reference to the report that at least 96% of Forex traders abandon their accounts in the first 12 months. They want to have a profound impact on these traders by providing them with a way to link their accounts with the master of Spy FX. This essentially means that Spy FX is not a traditional Forex signal service but a managed account provider. With a Forex signal service, the vendor will provide signals which are to be executed by the subscriber and this process is manual rather than automatic. However, with a managed Forex account as in the way Spy FX does it, all signals are automatically copied into the investor’s account.
The developers give us insight into the team’s trading strategy, and feel that by focusing on 3 currency pairs at a time, that they can rely on specific market fluctuations and trends that lead to consistent profits. They claim to utilize “a trading system known as Dollar Cost Average, which minimizes risks by ensuring that we do not trade with any single anticipated risks.” This description is rather convoluted to us and doesn’t make a whole lot of sense, as Dollar cost averaging doesn’t exactly have a role in the Forex marketplace. If you look on investopedia website, DCA is defined as “an investment technique of buying a fixed dollar amount of a particular investment on a regular schedule, regardless of the share price.” What this has to do with Forex trading, I’m really unsure, and this isn’t made clear by the Spy FX team.
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They require a minimum deposit of $2000 in order for their strategy to work. They are specifically focusing on two currency pairs, EURUSD and EURGBP. The strategy is known as Dollar Cost Averaging and they trade on all time frames. The service emphasizes that traders who want to have their accounts managed must deposit at least 2K with a broker called PaxForex. Once a deposit has been made, the investor is required to send an email alert to [email protected] This is quite weird because most managed Forex account providers don’t require investors to send an email once they have funded their accounts because the way it works is that an alert will automatically be generated and sent to the relevant email address. There don’t seem to be any up front service fees, or payment structures, just a fee that is totally dependent on the successes and failures of the master account. There is no information clarifying or detailing the specifics of these fees, so I certainly recommend contacting the Spy FX support group to find this information out, before signing up.
There are multiple features that come with this service. They want investors to know that their service fee is dependent on the profit that they make for each account. They also want investors to believe that their signals are updated in real time, no VPS is required and that they are also providing a myfxbook performance record for those who doubt their capability. In addition to this, these guys have also announced to potential clients that they have a low minimum entry of $2000. Depending on how you see it, this may be a barrier to other traders who can only afford $1000. These are all very important elements, and the one that interests me the most is the seamless access to verified Myfxbook results. So with that being said, let’s transition into the trading results section of the review.
You have to remember that these guys promised to show us their myfxbook account but after going through the site in details, we did not find this link anywhere. They only tell us that their win rate is 69%. But if there is no proof that this is the truth, then we cannot believe this win rate. None of their trading results can be verified and yet they know very well that traders need to verify this information before they can trust the team behind this business.
Spy FX over promises but in their sales page, we find little in the way of verified performance. For that reason, it is going to be very hard to trust anything they tell us. If you have any experience with them let us know. Otherwise, stick to these recommended trading resources because they yield consistent results.
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