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AugurForex EA Review: Is AugurForex Robot Scam?

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AugurForex EA Review: Is AugurForex Robot Scam?

AugurForex is making a bold statement that it automatically optimizes its trading logic. They claim that Augur Forex is a robot designed to multiply your money and adapts to any market condition. The developer goes ahead and claims that the platform has 15 technical indicators capable of predicting trading signals correctly. With such a bold statement, we should all be joining this trading robot. The reason why no one is in such a hurry is simple. There is no proof to back the claim that the robot delivers.

AugurForex Review

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About AugurForex

The robot has been in the market since 2016 but the website’s design makes it a 2000-designed page. Developer of this platform should be more creative and improve the site’s appearance. At first glance, one would think that this is a mistake. The platform has not made any attempt to design an attractive website. And this is the reason why we have to expose this trading platform. They are a bunch of online scam artists preying on naïve investors. Read the entire post to find out more on this platform.

AugurForex EA is out to mislead the public on what’s happening in the trading world. And the problem is that they sound so sure of what the robot can do. In the online trading world, we have seen thousands of such claims. The only way to separate ideal robots from scams is having verifiable results. And this is what makes trading with such a platform a risky move. From the onset, we can see clearly that the developers are keen in just selling their product. It is not a right decision to jump into such robots.

Assets covered by Augur Forex

AugurForex Live Trading Performance

The platform is dealing with one major currency pair. For those who didn’t know, the robot is operating with just EUR/USD pair. The platform works with M1 timeframe and they use an undisclosed strategy. It is another reason why investors should be wary of this platform. Transparency is a valued commodity when it comes to choosing the right robots. Without transparency, users are left to wonder on what else the developers are hiding. It is clear the developer won’t dive into details on the strategies used.

Business owner

David Augur is the developer behind this atrocious trading platform. We still don’t have much information on whether the platform has other developers. Another notable anomaly with the website is lack of proper location information. We yet don’t know whether the platform is operated in the States or offshore. And here is the problem with such a platform; these developers can attach malware to the robot. There have been cases where anonymous vendors attach malware that takes over a PC. They usually go for banking details and credit card information.

Domain details

Thanks to the domain tools checker, it is now possible to determine a website’s history. According to a trusted domain checker whois.net, the site went live in 2016.  The exact date the site went live was 23rd June 2016. Another issue we noticed with the platform is the changes in their IP history. The site has made over five changes in the last four years. It means that the site was used to sell other Forex related products. Chances are that these products are owned by David and are now obsolete.

Features of AugurForex

The robot is going for $299 and is on the higher end when considering other robot’s quoted price. With a robot that claims to be a game-changer and unique, one would expect more from it. At this rate, it will be easier for users to sign up and test it on their own. The only problem is that the vendor does not offer a demo account. Interested parties have to risk losing the entire platform when testing it out. And this is a risk not worth taking if you read reviews and conduct a thorough online investigation.

Feedback from users

One would think it would be easy to find feedback from a product that has been around for four years. It came as a shock as we could not find any comment in regards to this platform. Online trading forums in different jurisdictions don’t have any chatter. We could not see any post or comments on social media platforms. For a product that claims to automate its trading logic, this is news. There is a pattern to all this, the robot has not been received well by the trading community.

License and Registration of AugurForex

With servers located in Arizona, we initially contacted the CFTC for further clarification. After making contact, it is clear now that AugurForex is not yet regulated by authorities in the States. We also checked with regulators in Europe to try and confirm their status. Most of the regulators plan to ban the use of this robot.

The fact that the platform does not give users information on their license is shoddy. They should be upfront with their compliance status for all to see. The platform is ideally not worth the time or effort. Users who deposit funds with this platform should also be aware of the risks involved. The platform does not cover any deposits with insurance. There is no money-back feature with any of David’s products. And you would expect some insurance cover from a so-called game-changer robot.

Pros and cons of AugurForex

Asking price

AugurForex is selling at $299 which is a bit on high considering that most come at around $250. With no prior results to prove that the robot works, investors are left to cross their fingers. Such a trading platform is bad news to investors. The platform is not capable of producing any of the acclaimed features. It is a shame that David fails to offer a demo account with this robot. The consequences are there to see since no one has made any positive comments.

Contact and support

Contact Page

Their contact page is another story-altogether. They have created a basic contact page with a message board. There is a listed email address which users can use to contact the vendor. The problem with emails is that the vendor might take ages to respond. And this goes to show the extent at which users have to wait for a response. We sent a message and haven’t received any feedback from David’s team.

Trading results and strategy of AugurForex

AugurForex FX Blue Trading Results

They have utilized the trading services of a third party which is admirable. Using the FX Blue records, we can see that platform makes 5.5 percent weekly returns. In a month, the platform makes 25 percent. The FX Blue account has been tracking the performance of the robot for over two years. One can see what looks like stable returns over many previous months of trading. For FX Blue, finding simple metrics such as a platform’s drawdown can be challenging. It is why we prefer vendors to use myfxbook.

Scam or Legit AugurForex

With all the evidence on our hands, we can’t simply recommend the platform for various reasons. AugurForex is unable to verify any successful trader on their platform. And this makes it impossible to tell whether there are any successful users. For all we know, the FX Blue results are from a single account. The platform should be open and give trading results of various members. Since there are no comments regarding user-experience, traders should be extra careful.

Our verdict

We won’t be recommending the use of a platform that offers no security to investors.

 

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