How Can I Distinguish Between Scams and Reputable Vendors?

This is a discussion on How Can I Distinguish Between Scams and Reputable Vendors? within the New to Trade2Win forums, part of the Reception category; Originally Posted by pboyles Tim What about when existing advertisers are caught red handed defrauding customers. Will they be dropped? ...

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Old Sep 19, 2011, 5:49pm   #9
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Re: How Can I Distinguish Between Scams and Reputable Vendors?

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Originally Posted by pboyles View Post
Tim

What about when existing advertisers are caught red handed defrauding customers. Will they be dropped? An example would be a company heavily fined by CFTC, NFA or FSA for a breach of law/rules. Would T2W continue to promote such companies and/or give them 'preferred' status?
Hi pboyles,
Creating policies to cover every possible scenario that might occur isn't practicable I'm afraid, so each case will be considered on it's own merits - or lack of them - as and when it arises. Since the recent upgrade - I expect you will have noticed that the Preferred Broker page is no more - so this particular issue is now history.
Tim.
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Old Nov 27, 2011, 2:23am   #10
 
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Re: How Can I Distinguish Between Scams and Reputable Vendors?

Vendors of what?, signals?, systems?, methods?, EA´s? or brokers?
EA´s. Get rid of the idea. Under the right circumstances any EA can be "perfectly and professionaly made", but under the right circumstances can also be "a perfect scam". It will just be a matter of time, every system - consequently any EA - will show its own weakness, the difference is that when you operate manually you can realize the whole situation before its late, an EA will not, it will depend on the way its algorithm was set.
Signals and systems, get rid of the idea. It is the same as before, if you dont know what you do, you will lose money. Regarding signals it is worst, when a signal seller make a mistake it is your money nor he´s.
My best advice work hard to learn this thing and develop the best method to suit you.
Regarding brokers, since they are controlled it will be hard to find a scam.
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Old Dec 3, 2011, 7:57pm   #11
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Re: How Can I Distinguish Between Scams and Reputable Vendors?

hey all

great thread.....best read for a long time

perhaps the main protagonists on his thread should club together and create our own traders guide ?

perhaps contribute the proceeds to a decent charity - and ask T2W to Advertise it ?

I have a lot of respect for the names in this thread.. seeing them all as defenders of the faith in most of the new threads that appear here selling waffle

just a thought............and yes i'm a bloody vendor...so what

N
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Old Dec 3, 2011, 10:00pm   #12
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Re: How Can I Distinguish Between Scams and Reputable Vendors?

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Originally Posted by fayalac View Post

Regarding brokers, since they are controlled it will be hard to find a scam.
Er I think you might have missed the news lately, FXCM were fined about $20 million and MF Global just went bankrupt with $1.2 billion in customer funds missing.
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Old Nov 30, 2012, 10:31pm   #13
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Re: How Can I Distinguish Between Scams and Reputable Vendors?

as a vendor (proudly wearing the badge!) i thought i should offer my two cents. here are the 2 scam warning signs i use:

1. unprofessional claims: I use the word 'unprofessional' deliberately. people who are in accounting, legal, financial analyst or planning programs usually have to abide by a code of ethics and a standard of professional conduct. i of course can't speak for all the codes of conduct out there, but the ones that i know (and am apart of) do not let a person make promises of superior returns. so, if you see such claims, then you are either dealing with a group of unethical professionals, or non-professionals who are offering professional advice.

2. the price: as backwards as it seems, scams are cheap. they know that their product is suspicious, they want the customer to think, "it's only $10/month". if it's a recurring payment, 10/month can add up. and a lot of people aren't diligent about combing through their visa bills. a 10/month charge can sit on the bill for a long time before getting dealt with. i myself find old subscriptions on my bill every now and then. the point is that a good product should cost more. if you're not able to get the value out of it, then it doesn't necessarily mean that it's a bad product, just not the right one for you.

one last thing, i don't make this a separate point as it only applies to brokers (namely FX brokers). leverage: brokers that offer crazy leverage know that it's almost certainly not appropriate for their clients. they advertise more leverage as more power, but all they do is give you more and more fire to play with, knowing that you'll get burned. it's easy for the trader to blame themselves after getting burnt, but it is still unethical for the broker to hand out the kerosene and matches to begin with.
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Old Dec 1, 2012, 1:23pm   #14
 
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Re: How Can I Distinguish Between Scams and Reputable Vendors?

I think that I may have been bitten by a "legal scam", and am trying to find more information.

The system is called "SignalBot" is run by a guy called Gerry (Gerard Lannen) out of an office in Stevenage. Signal Bot - web based, system trader tool It appears to be exactly similar to Goldline Trading System Goldline Trading Systems.

It may be that SignalBot is a good thing, and I have just been unlucky (I have been using their system for three weeks, just "paper trading" with a demo account, and with a £2000 pot am down about £650). On the other hand, I may have been stupid (this is seeming more and more likely as time goes on).

I would like to make contact with anyone who has used either of these systems so that I can judge when it is time to suggest to Gerry that he might like to refund my fee.

If I find out anything of potential interest to members here, I will post it in due course.

James
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Old Dec 2, 2012, 9:40am   #15
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Re: How Can I Distinguish Between Scams and Reputable Vendors?

Ladies 'n Gents . . .
FAQs and Stickies are tidied up on a rolling monthly basis to ensure they remain strictly on topic and I don't want members putting time and effort into otherwise perfectly good posts that later get deleted. Therefore, may I suggest that if you want to discuss Banners Broker - or any other company / scheme in depth - to do so on another thread or start a fresh one.

Thanking y'all kindly!
Tim.
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Old Dec 2, 2012, 4:56pm   #16
 
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Re: How Can I Distinguish Between Scams and Reputable Vendors?

Quote:
Originally Posted by JamesHardiman9 View Post
I think that I may have been bitten by a "legal scam", and am trying to find more information.

The system is called "SignalBot" is run by a guy called Gerry (Gerard Lannen) out of an office in Stevenage. Signal Bot - web based, system trader tool It appears to be exactly similar to Goldline Trading System Goldline Trading Systems.

It may be that SignalBot is a good thing, and I have just been unlucky (I have been using their system for three weeks, just "paper trading" with a demo account, and with a £2000 pot am down about £650). On the other hand, I may have been stupid (this is seeming more and more likely as time goes on).

I would like to make contact with anyone who has used either of these systems so that I can judge when it is time to suggest to Gerry that he might like to refund my fee.

If I find out anything of potential interest to members here, I will post it in due course.

James
This caught my interest purely because I'm familiar with Stevenage and my lunch time walk often takes me past the address where Goldline Trading Systems is based (Floor 2 Southgate House. St Georges Way, Stevenage. Herts. SG1 1HG). I never realised Stevenage was a financial hub of success . The picture from google maps shows the building which they occupy and for several years the building has had the sign saying offices to let.

Of course, if their automated trading system actually worked they wouldn't be selling the service to the public.

Click the image to open in full size.
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