Thread: Forex Cybertrade EA - SCAM
04-21-2011, 02:28 PM #1
Forex Cybertrade EA - SCAM
The developer sells the EA for $ 1000 claiming high profitability. After I used the EA for some time, I saw that the drawdowns were extremely high. Even today the same situation has repeated itself. The FPA demo test has a balance of $ 100000 and a floating loss of $ 43000 in a single day !!! I contacted the developer through Plimus requesting a refund of money. The developer cited the following reasons for not giving a refund -
1. since I was using other EAs in the account
2. since I had closed the high drawdown positions manually myself and not let the robot close them
3. since I did not adhere to the trading time suggested by them
The first two reasons are NO reasons to NOT grant a refund to me. Anyhow, my replies are -
1. I did not have any issues with the other EAs as there was no huge drawdown from any of them and there was no over leveraging my account.
2. Of course I had to close the positions manually when the loss is reaching to around 7 to 10% of the account size. That's what anyone would do. The developer himself responded that he had lost 7% of the account size in a single day. I have the mail on record.
3. For one day, I did use the EA beyond the time suggested by them to see the results, however the drawdowns had occured for the positions opened by the EA WITHIN the timeframe recommended by them. So their argument is not valid.
The EA developer seems to be a big scam. The results of the EA being sold for $ 1000 are there on the FPA website to see. I need help to get my money back.
thanks and regards
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