Forex Sugar (Forexsugar.com) is another EA Scam product that is targeting inexperienced and naïve investors. And this has led to some lodging complaints regarding the misappropriation of funds by the robot. The robot is, without a doubt, one of the biggest scams we have found so far. They are openly extorting investors with claims of making them profit in the forex trading world. And this is why we have to expose the rot that’s happening within the robot.
The developers claim that Forex Sugar is a powerful and smart trading robot. Without any evidence to back this claim, the go-ahead and state it is 100 percent automated. One of their most significant selling points is that they make quick profits that make accounts grow. Another claim on their about us page is having made over $6 trillion in transactions daily. These are all unfounded claims created by the developers to entice naïve investors into signing up. And this is why we are exposing the rot that is happening within the platform.
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Forex Sugar is a website that is not well presented to visitors. It would seem that the site is only after getting clients to sign up. These developers have started with showing the performance of this EA. Claims of the robot being user friendly are far from the truth. The majority of victims we talked to had a problem operating the platform. There is no clear guideline on how best to manage this robot. And this is why we must expose the downside of using such an unproven trading bot.
From our investigation, we learned that the robot only offers one currency pair. This is a problem for a robot that claims to make miraculous trading happen. The currency involved is XAG/USD. It means that the robot is only used when dealing with Silver against the US dollar. It would have been ideal if the robot worked under different currency pairs. The limit of using one currency pair is evident as not a majority of investors prefer this pair. And the reason behind this feature is to try and get a small army of investors to sign up and dupe.
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Brian Jones is the name given as the person behind this platform. The name is synonymous with other online trading scams, which is another reason to stay away. Brian is also what we term as a ‘fictional character’ as there are no pictures of him. Social media platforms have no person who goes under this name and owns a robot. It seems the developers are using the name as the creative genius behind the robot. These are professional scam developers who have been in the industry for a while.
The few customers who signed up a while are now ruing the reason they purchased the robot. Most claim that the robot did nothing but offer unrealistic signals. The dismal performance witnessed by the investors is proof we are dealing with an untested robot. These are hard times for members of the robot as it is clear no actual trading is taking place. The robot developers are now hiring freelancers to post positive comments and posts. This is to throw away the idea that Forex Sugar is a scam.
Thanks to a comprehensive check with domain registers, we now know when the website went live. Records show that the website was registered on 14th March 2020. They are barely six months old as of publishing this post. The complaints over the past few months suggest that the bot is incapable of producing results. There have been over 15 unique changes on the website, which points to one thing. These scam developers have used the website to sell other scam products to investors.
This is an automated trading robot that comes with a price tag of $299 to $799. The price is enormous, because it doesn’t work. They claim to use the News Avoidance strategy, which they fail to explain on their website. The robot also fails to disclose their timeframe, which leaves investors guessing. There is a lot of missing information in regards to what to expect with the robot. And this is why no one should sign up with the robot since they will be going in blind.
Forex Sugar is NOT LICENSED or regulated by regulatory authorities anywhere in the world. Most of their internet traffic is from the United States, which means they target these citizens. To find out whether they are regulated, we reached out to regulators from the States. The CFTC and NFA have no records of such a robot being in their regulated files. And this means the platform is knowingly offering unregulated trading products to investors. This is a crime, and it’s why the developer’s face is out of the question.
The entire website has not given users any information to believe the robot is licensed. There is no valid proof that the robot has undergone any testing by experts. And this means anyone who deposits funds is using an untested product. These products rarely come with a money-back guarantee. And this is the reason why investors are still waiting to get a refund from the robot. It is not coming as the robot does not insure any funds deposited. And this is another reason to stay away from the platform.
Forex Sugar is offering two sets of plans on its platform. One goes for $299, and the other is going for $799. What we noticed is that these plans have the same features. There is no advantage of holding one package over the other. They both come with unlimited demo accounts which don’t work. The demo accounts have been another bone of contention for members who bought the plans. They seem to make unrealistic profit margins, with some trades jumping to 1,000 percent.
To contact the support team, you have to give your name and email, then wait for a response. The first time we sent an email, the answer took more than two weeks. When we sent a second email with details on how to deposit, the response was instant. And this leaves a lot to be desired with the robot. They fail to give users an efficient communication platform, such as a phone number. The robot is intending to take over the communication process. Only scam developers use such lame tactics.
The risk-reward ratio is 1:1, and the average win rate for the past 30 days is 42.53 percent. This is not a profitable robot is it has such a high-risk margin and low profitability. We also noticed that the trade length is around 84 minutes. The sample size for the FX Blue results is not enough to give the robot the thumbs up. They combine baseline news trading strategy with technical indicators. And this is not a reliable strategy. The bot will pause at times when there is low or high impact news.
When it comes to how safe funds are with the robot, a lot leaves to be desired. The robot is unable to offer money-back guarantee features. And this means no one will be able to get back any funds in the event of a breakdown. Another reason for concern is the fact that the bot fails to show compliance. Regulators may decide to shut down the website and use of this robot. If this happens, no investor or member will receive any compensation. It is why everyone should stay away from the robot.
Forex Sugar is a scam platform that must be exposed by all concerned parties. The security of our readers is our utmost concern when it comes to dealing with unregulated platforms. Stay away from the robot and use expert-recommended trading tools.
By adding the robot to our scam blacklist, we will have protected our esteemed readers.
Stay safe and use transparent Forex trading robots with an eye for success. It is the only way to ensure your investments are in safe hands. Try these robots for fulfilling trading experience.
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