Is Spy FX alive?
We’ve chosen Spy FX as a signal company to review. The presentation is simple and looks like another scam. The main page doesn’t include any of the current Forex-related information.
What exactly trading strategy are you running? Effective is not a word we want to hear.
Registration is allowed for people who not only provide email but also a phone number.
It seems like an ok tail. Why not? They want to share their success for not a big subscription price. It looks commonly.
The next we see is the list of features:
- Real-time updates of trades.
- The service charges fees depending on a profit.
- It can be run without additional VPS software.
- Receiving access to 3rd-party verified results on myfxbook.
- Low entry deposit requirements.
- Unlimited and instant access to our account through MT4.
- There no down (?) payment requirements.
How to get started?
First of all, we have to do the next:
- Register a real account on a PaxForex broker, using a referral link.
- We have to fund our deposit for $2000, but they recommend us to at least $10000.
- We should send a request to PaxForex Support to connect our trading account to one of their accounts: EUR/USD, GBP/USD, USD/CHF.
So, we can work with only one currency pair, because they don want to run all symbols on one account.
The trading strategy
So, what their strategy is up to. “… to stay focused on the most profitable way of minimizing risk known as Dollar Cost Average. We focus only on 3 currency pairs (EUR/USD, GBP/USD, USD/CHF), our trading strategy has been offering us consistent profits for over 10 months now. We leveraged a trading system known as Dollar Cost Average, which minimizes risks by ensuring that we do not trade with any single anticipated risks.”
Let’s sum the features of the strategy:
- EA is based on technical analysis and not a fundamental one, this means that news release does not affect EA’s trading.
- Market volatility doesn’t affect trading techniques which can lead to decreased drawdowns.
- Algorithms don’t execute trades when rapid slippage doesn’t create high drawdowns.
- Most of our trades are closed within 24 hours of execution.
- EA stops the execution of new trades several hours to the close of markets on Friday afternoon to forestall huge slippage upon market re-opening on Sunday.
- Forex trading growth on full autopilot.
- They are averaging a 10x-12x in returns on the traditional stock market index.
- 401k retirement plans and Merrill Lynch investments to make more profits with us (?).
This is what we’re offered: 69% of the profit trades, 68% of short position won, 70% of long position won.
If we take a closer look at these two screenshots we can notice that they’re photoshopped. On the first one, the end date was 05.01.18, but in the last one, it was 05.01.19.
A screenshot from their demo account (if it was a real one they wouldn’t cut the top info) show another chart that doesn’t connect in any way with that blue one. So, we can be sure that it’s a lie. Let’s take a look at the results. The account has been launched on January 02, 2019. The total gain was +79.08% for half a year. The monthly gain was 17.81% with an extremely high max drawdown equals to 44.42%. The initial deposit was $10000.
The previous screenshot was united with that text. (+97.68% of profit.??), so, what is it? Also, there’s no link to a myfxbook page.
It doesn’t look like something that should convince us.
The blog stops updating half a year ago.
It’s one of the screenshots they share.
Results of the period far ago.
“It is a good result for us because we put just $10,000 in trading. After a simple calculation, our Weekly Gain is 80.72%.” This seems a manipulation.
Social network profiles
An Instagram page has 4393 followers and 338 posts.
FB’s page has no people. So, we’re sure Instagram followers are fake.
Instead of Twitter, we’ve been sent to the Telegram channel.
The channel was active. Across all links, the last posts were on 14 February 2020.
As we can see, they’ll get a 25% performance fee from our profit.
- No pros
- An account can be connected only to a one-symbol account
- No team revealed
- Fake screenshots
- No tradings result provided
- Social Network without updates since February 2020