How to Spot A Forex Trading Bot Scam?

At its most fundamental level, foreign exchange trading is analogous to the practice of a trader buying one currency and selling another, with the exchange rate continually fluctuating as a result of supply and demand factors.

The foreign exchange market is a global marketplace that is open around the clock from Monday through Friday. This market is where currency trading takes place. OTC stands for “over the counter,” which refers to the fact that there is no physical exchange for foreign exchange trading (unlike the case with stock trading) and that the market is supervised by a global network of banks and other financial institutions (instead of a central exchange, like the New York Stock Exchange).

Forex Robot

Institutional traders, which include persons who work for banks, fund managers, and multinational organizations, are responsible for the bulk of the trading activity on the foreign exchange market. These traders may merely speculate about or hedge against future exchange rate swings; they may not necessarily aim to take physical possession of the currencies themselves.

If a forex trader feels that the value of the dollar will increase over time and that they will, as a result, be able to purchase a greater quantity of euros in the future, she might buy U.S. dollars (and sell euros). In the meantime, an American firm that has operations in Europe may utilize the foreign exchange market as a hedge against the possibility that the euro may get weaker, which would result in a decrease in the value of the company’s income earned in Europe.

Over £27million lost to scams involving crypto and forex investments in 2018/19

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Table of Contents

What Is A Forex Trading Bot or Robot?

trading central

A software program that alerts traders to buy or sell a currency pair at a specific period in time-based on price changes in the foreign exchange market is referred to as a forex trading bot or robot in common parlance. This program is based on the foreign exchange market.

These systems are capable of automating some processes and can be coupled with online forex brokers or exchange platforms. Automated software programs, which are known as “forex trading robots,” are responsible for the generation of trading signals. 

The vast majority of these robots are constructed utilizing MetaTrader and the MQL scripting language. MetaTrader is a platform that enables traders to produce trading signals, place orders, and manage transactions. MQL scripting is used in the majority of these robots.

Understanding Forex Trading Robots

forex trading chart

Trading can be negatively impacted by one’s emotions, and Forex robots are meant to remove this potentially damaging factor.

Forex trading robots are currently accessible for purchase over the internet; nevertheless, investors are cautioned to proceed with extreme care when purchasing a trading system through this channel. Quite frequently, new businesses will start up overnight with the intention of selling trading systems accompanied by a money-back guarantee, only to vanish a few weeks later.

They may use curve-fitting to achieve spectacular results when backtesting a system or cherry-picking successful trades as the most probable outcome for a trade. Still, they are not genuine systems for assessing risk and opportunity. cherry-picking successful trades as the most likely outcome for a transaction. 

The fact that forex trading robots might create profits in the short term but have inconsistent performance over the long run is yet another criticism leveled against them. The primary reason for this is that they are programmed to behave within a predetermined range and to follow current trends. As a consequence of this, a sudden shift in price can result in the loss of profits achieved in the short term.

How Much Does A Forex Robot Cost?

Taking money in the wallet

The cost differs for each of the available payment methods.

The 1000pip Climber System, for instance, has a one-time introductory fee of $97, whereas the GPS Forex Robot has a one-time charge of $149. The premium features of certain other systems can be accessed for a set fee on a regular monthly or yearly basis.

Does A Forex Trading Bot Work Constantly?

It is possible to instruct a forex trading robot, also known as a bot, to make trades nonstop, twenty-four hours a day, seven days a week.

However, if this amount of continual trading is permitted, it has the potential to remove the investor from the process. It’s possible that the majority of investors would rather be more hands-on in their participation in the trading process.


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Should I Use Forex Trading Bots?

When it comes to trading foreign exchange using bots, contrary to what certain forex bot developers may state, there are no returns that can be guaranteed.

In point of fact, if you are not careful, you can even wind up suffering significant financial losses. Keep in mind that engaging in forex trading is a high-risk endeavor and that there is no such thing as quick money. Either you get a forex robot of sufficient quality, or you let your hard-earned money go to waste.

Key Takeaways!​

Even if forex bots are quite effective, you still need to put in the work to make money trading.

If you want to make a fortune using forex robots, you will still need to put in some amount of work. Bots are only a helping hand and can help predict market trends, but they are never a replacement for humans. Even if you want to get the robot or buy it for somebody else, you still have to research and consult experienced people who can predict the market better.

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