The forex market has a daily turnover of over $5 trillion. With such huge amounts of money flowing through the market on a daily basis, it is not surprising that there are people who would want to grab a portion of that money using illegal means or using poor quality products as bait for the uninitiated. One category of products that have served this purpose are forex robots. There are a few good ones, but majority of them are scam products. Today, we review one of such products: the Vader Forex Robot.
Introduction: The Vader Forex Robot
Vader Forex Robot is an automated forex robot which is offered for sale by a website known as ForexRobotTrader. It is touted as being “the unstoppable”. According to results pasted on the website (as seen in this snapshot below), the Vader Forex Robot is said to have posted the following results:
Results of $72,967 in March 2018 alone.
$139,743 in profits for February 2018.
$350,866 in profits so far in 2018.
The software vendors claim that the Vader Forex Robot uses Fibonacci levels to trade off swings of price action, and at the same time can pick out overbought and oversold levels in the market. These are the reasons it is claimed are behind the exceedingly stellar results posted on the site. However, a review of these results shows that these results are fabrications and are very far from being the truth.
Vader Forex Robot: To Trust or Not to Trust?
Vader Forex Robot has all the elements of a scam operation and is therefore a software not to trust. This conclusion has been made because of the following reasons:
Unverifiable results
Fake testimonials
No live demonstration of performance
Outlandish profit claims
The owner of the site is deceased, but the product is still being sold.
Let’s look at the scam metrics one by one.
Results
The site makes a lot of profit claims. One would think that there would at least be a little bit of evidence posted on the site to back up the profit claims. But alas, there is none. There are no screenshots from a real forex account, and no Myfxbook account snippets to indicate that any such results have been obtained. Myfxbook enables traders to connect their real accounts so that results can be viewed in real time without any chance of manipulation. From the analytics of trades done by Myfxbook, not only can profits (or losses) be shown, but the pattern of profits or losses can be analysed to indicate the trading style of the account owner. The absence of any data from Myfxbook or other software that allow real time live forex account analysis is a red flag which should not be ignored by anyone.
Fake Testimonials
This is another reason not to trust the Vader Forex Robot. Fake testimonials are about the oldest trick in the bag when it comes to fake forex robots.
Look at the “testimonials” above. Who are these people? Are they real traders? Do they exist at all? If they are real people, surely they must have some social media presence or contacts where they can be reached. In addition, they should be able to provide some proof of their use of the Vader Forex Robot. A web designer can cook up anything and assign any statement to an imaginary person.
No Live Demonstrations
It is said that a picture is worth a thousand words, but a video is worth a thousand pictures. Those who sell genuine forex robots usually have YouTube videos to demonstrate the performance and efficacy of their products. With Vader Forex Robot, nothing of the sort is provided.
Outlandish Profit Claims
Every true trader knows that the kind of profits being claimed by Vader Forex Robot can only be possible with an account that is funded with millions of dollars, which many retail traders (if any at all) have access to. So what account sizes produced such profits? It is impossible to produce such profits with 4-digit or 5-digit accounts. In any case, no proof of anything is provided, so it can simply be said that the results posted by the Vader Forex Robot team cannot be trusted.
Conclusion: To Trust or Not to Trust?
There is enough evidence to show that the Vader Forex Robot is not to be trusted. All the points discussed above prove it. Furthermore, the designer of the fx robot, Don Steinitz, has been dead for 6 years now. So who has been updating the code or upgrading the software? Yet the About Us page still speaks as though Don is still with us, which is a bit deceptive.
Vader Forex Robot is not to be trusted.