As the world of trading evolves and expands, new signal providers are popping up every day, promising to help traders identify potential market opportunities. However, there are many problems among legitimate providers from one of them: signal providers offer fraudulent Expert Advisors (EAs). These unscrupulous providers promise extraordinary returns and flawless trading systems, but in reality, they disappoint and lead to financial losses for unsuspecting rookie traders. In this post, we will examine the reality of EA fraud and give important tips on how to protect yourself in the trading industry.
EA scams primarily target traders looking for automated trading solutions using EAs. 99% of the time these are traders who have been in the industry for no more than a year. Signal providers often use deceptive tactics to lure people into their schemes. The main signs of fraud can include:
1. Unrealistic promises:
This is the biggest red flag. Signal providers make big claims of guaranteed profits or excessively high returns in a short period of time. Things get to the point of nonsense like 100% capital growth every week. But in reality, no trading system can do such results in a short period of time completely eliminating risk or ensuring error-free success.
2. Fabricated results:
To attract inexperienced clients, scammers show fabricated evidence of high EA returns using fake data or false reviews. It is crucial to independently verify track records and performance data as our team has done.
3. Lack of transparency:
Signal providers often lack transparency in their operations. They may withhold important information such as the strategy or methodology behind their EAs, making it impossible for traders to evaluate their performance. An EA may be behind a sliding line crossover. As a consequence, the EA gives signals when the market is in sideways movement, which is likely to lead to losses.
Protecting against expert advisor scams:
1. Do your due diligence:
Before signing up with any signal provider or purchasing an EA, conduct thorough research. Read reputable sources of user reviews and independent analysis to assess the reliability and performance of the provider. Since the reputation of the provider itself comes first. If the provider has a good reputation, they will not offer anything that is not of any use.
2. Check the track record:
Request supporting documents from the signal provider or developer, such as statements from real trading accounts or third-party verification results like we do. Reliable providers should be transparent about their historical performance.
3. Be skeptical of unusual claims:
Be cautious when encountering providers promising guaranteed profits or unusually high returns, this is always a red flag. Remember that trading always involves risk, and no system can completely eliminate it.
4. Test periods and money back guarantees:
Choose signal or EA providers that offer trial periods or money back guarantees. Legitimate providers are confident in their services and allow traders to test them with minimal financial commitment.
5. Get professional advice:
We have reviewed hundreds of signal providers and if you are unsure or inexperienced in evaluating signal providers or advisors, get advice from professional traders who will help and show you the right way.
Conclusion:
Although there are both genuine signal providers and effective advisors in the trading industry, traders must remain vigilant to protect themselves from EA scams. By conducting thorough research, checking history, using regulated platforms, being skeptical of unusual claims, using trial periods and money-back guarantees, and seeking professional advice, traders can reduce the risk of falling victim to scammers.
EA scams primarily target traders looking for automated trading solutions using EAs. 99% of the time these are traders who have been in the industry for no more than a year. Signal providers often use deceptive tactics to lure people into their schemes. The main signs of fraud can include:
1. Unrealistic promises:
This is the biggest red flag. Signal providers make big claims of guaranteed profits or excessively high returns in a short period of time. Things get to the point of nonsense like 100% capital growth every week. But in reality, no trading system can do such results in a short period of time completely eliminating risk or ensuring error-free success.
2. Fabricated results:
To attract inexperienced clients, scammers show fabricated evidence of high EA returns using fake data or false reviews. It is crucial to independently verify track records and performance data as our team has done.
3. Lack of transparency:
Signal providers often lack transparency in their operations. They may withhold important information such as the strategy or methodology behind their EAs, making it impossible for traders to evaluate their performance. An EA may be behind a sliding line crossover. As a consequence, the EA gives signals when the market is in sideways movement, which is likely to lead to losses.
Protecting against expert advisor scams:
1. Do your due diligence:
Before signing up with any signal provider or purchasing an EA, conduct thorough research. Read reputable sources of user reviews and independent analysis to assess the reliability and performance of the provider. Since the reputation of the provider itself comes first. If the provider has a good reputation, they will not offer anything that is not of any use.
2. Check the track record:
Request supporting documents from the signal provider or developer, such as statements from real trading accounts or third-party verification results like we do. Reliable providers should be transparent about their historical performance.
3. Be skeptical of unusual claims:
Be cautious when encountering providers promising guaranteed profits or unusually high returns, this is always a red flag. Remember that trading always involves risk, and no system can completely eliminate it.
4. Test periods and money back guarantees:
Choose signal or EA providers that offer trial periods or money back guarantees. Legitimate providers are confident in their services and allow traders to test them with minimal financial commitment.
5. Get professional advice:
We have reviewed hundreds of signal providers and if you are unsure or inexperienced in evaluating signal providers or advisors, get advice from professional traders who will help and show you the right way.
Conclusion:
Although there are both genuine signal providers and effective advisors in the trading industry, traders must remain vigilant to protect themselves from EA scams. By conducting thorough research, checking history, using regulated platforms, being skeptical of unusual claims, using trial periods and money-back guarantees, and seeking professional advice, traders can reduce the risk of falling victim to scammers.