Another product from FX Automater is the reason behind this post. Forex Diamond (Forex-diamond.com) review is here after the bot claimed to have over 40 recovery factors. The robot claims to take your trading to the next level. We all have heard these claims; the question remains whether the robot will deliver. Before we dig deeper into the product, investors and traders need to trade safely at all times. We feel we have to inform users of the risks of some of these products.
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When it comes to information on who is behind the platform, there is no such information on their homepage. With a lack of information on who is behind the platform, a problem arises. Without the full details on the vendor, we have to remain vigilant. The product has no company address or location. Anonymity is a risky partner when it comes to online investment. It is one of the many reasons that we feel uncomfortable with this robot. Such robots should be open about their trading background.
We have to give credit to their website overall look, which is aesthetically pleasing. What remains to be seen is the plastering of information on the homepage. One has to go through the entire homepage, which takes time. Even the other pages have more information than necessary. It is another reason that the designers didn’t consider. Users will have a hard time going through the website. The developer should have been more transparent on what they are selling and how the robot works.
Forex Diamond is also offering an affiliate program as part of enlarging their community. What most users don’t know is the number of complaints associated with the program. Most of the affiliate members are claiming they haven’t received payment for their hard work. Others claim they are being blamed by members who insist the robot doesn’t work. It is the reason for this Forex-diamond review, which should reveal what the platform is capable of. What we found out is shocking and must be shared with investors.
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Information on the assets the robot works with is missing from their homepage. With all the unnecessary information, they fail to post essential details on the assets. From the trading we have seen, the platform only works with major currency pairs. These include EUR/USD, GBP/USD, USD/CHF, and USD/JPY. The platform only offers these four currency pairs. Investors want more than just a few currency pairs from a robot. It gives them a more diverse trading pool than just four currency pairs.
FX Automater is a name we have seen in many online trading robots. What remains a mystery is the names of the team members. We could not and still haven’t had any names associated with the platform. Anonymity spells doom as the vendor might decide to shut down the entire program at will. There is no one to hold accountable as they remain anonymous in all of their products. Investors should use tools that are reliable and have a strong online reputation. When it comes to investing with unknown products, this is a no-go zone.
There have been varying comments from users of this product. We believe that the vendor has also hired freelancers to post positive comments on the product. The problem with positive comments is that there is no evidence to back their profit claims. These comments tend to move unsuspecting traders into buying the product. After this is done, we have to insist on seeing results on myfxbook. The comments are just a roost to make sure naïve investors sign up without confirming the results.
What is astonishing with the website’s history is that the platform has been around for ten years. The exact date the site went live was 11th May 2010. Their servers are located in Michigan, which would suggest the vendor is American. It also means that the vendor should be recognized and regulated by American authorities. If it is the case, it remains to be seen as we have not seen their license details. Another shocking feature with their platform is the number of changes in their IP address. There have been a total of seven changes over the past ten years. The platform could have changed ownership seven times.
We see that the platform claims to use three strategies that they fail to explain. The vendor claims the platform is compatible with Mac and OS. Traders can also download the platform and use it on MT4 and MT5 terminals. Other features include a 60-day money guarantee, which is not a guarantee. If the security was actually working, we could have seen some satisfied clients. When we were posting this review, there is a 60 percent off limited offer on the product. These are clear signs that the platform is not selling well.
Forex Diamond is yet to receive a valid permit from authorities in any jurisdiction. We have checked with the CFTC and NFA, and they have not licensed the robot. Other regulators in Europe even plan to ban the use of the robot. These regulators have received complaints from investors and are adamant they must block the app. It is a step in the right direction as the blockade will protect naïve investors. There is no information on their website to suggest they have applied for a license.
Without a valid license from authorities, it means the vendor is out to commit fraud. In the event of bankruptcy or insolvency, no users will be spared. Every user will not receive any money back despite the claim of offering one. It is the risk users have to face when using an unregulated product. Those who are smart will use products that have a strong online reputation and are backed by experts. Without a valid license, these products haven’t passed the required tests for safety.
Forex Diamond is going at $237, down from the original price of $297. It is also a high amount considering there are other affordable and tested robots. The price does not come anywhere close to the risk users face with the product. There is such a huge risk involved with the platform, which is a disadvantage. Users don’t need to buy a product that offers a higher risk than the expected profit margin. It is the reason why tested products are the best option.
For those who think that the product is supporting users, think again. Their communication process is horrible at best. Once you land on their contact page, users realize that there is no direct line. Users have to send a message via a message board and expect a response. One should notice that the vendor does not post his email and phone address. It is a sign that the vendor does not want any contact with users. Investors should be wary of such vendors as they can close shop at any time.
There are multiple myfxbook results posted on their homepage. We do commend them for frequently updating their results. The overall gain from their myfxbook account shows a 650 percent gain. When it comes to drawdowns, these are large, which is a problem for traders. In its early stage, the platform did perform well and later flopped.
Forex Diamond is not our first choice as you can’t rely on the robot for significant gains. It is the reason why we insist traders should be cautious with the platform.
We don’t recommend the use of this platform. Those who prefer to go ahead and buy the product, kindly share your comments. Let us know your experience with the robot.
For those who want better and proven robots, here’s your chance. Sign up with genuine forex robots with years of trading experience. Safety for your investment is guaranteed thanks to their level of professionalism. Transparency is a feature found on these robots and is what you need.
Our team wishes everyone a happy trading experience.
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