Over the last 2 years that I have been testing and promoting various forex robots, every now and then I become aware of certain forex robot vendors whose ethics and marketing tactics are called into question. In short, there are marketers out there who are out to scam the public into buying ineffective forex robots which do not live up to the outrageous claims made by the vendors, and may in fact lose money when put to work on a live forex account.
Just this week, I came across the 1 Click Pips website. At first I was very impressed by the apparent sincerity of Jeffery Montell, the “human face” on the video. Why is it that so many of these scams employ actors with a British accent? I guess because the English-speaking public who are the main market for their products still have some kind of respect for the British way of doing business. Nevertheless, as anyone who has watched the British cop shows knows, there are white collar criminals in England the same as anywhere else.
Anyway, the claims made by “Jeffery Montell” (if that is his real name) are very extreme. He claims to have run the 1 Click Pips expert advisor on a live account funded with $1005, and to have increased the account balance to $163,624.94 in the space of a month. Now given that most of the genuine EA’s I have tested make between 5-20% per month, the alarm bells should have been going off in my head. But as Jeffery seemed to be sincere and made a point of denouncing both backtested and demo-tested robots (a valid point as the only real way to see what you are going to get in live trading is actually to trade live), I decided to run a campaign promoting his product.
All well and good so far. I even made an affiliate sale of one of these EA’s on the first day of my campaign. Then I came across a comment on another forex review site, ForexMachines.com, which exposed some information about 1 Click Pips, which I am about to reveal to you below. The live trading “proof” offered by Jeffery Montell on his video, shows him, supposedly in real time, transferring the $1005 into a live account, then shows him going back after 2 weeks, then after 4 weeks, to reveal the astounding profit he is claiming for this EA. What slipped my notice (and it is a small detail that anyone could miss), is that the transaction number and the time stamp for the initial deposit as shown on the video, does not match the account statement published on his website to back his claims for the 1 Click Pips EA. See the screenshots below for evidence of what I am talking about:
(Screenshot from video: transfer of $1005 at 20:19 on 08/03/2011, trans #19763496)
(Screenshot of statement: transfer of $1005 at 07:25 on 09/03/2011, trans #14125128)
There are also other discrepancies, the account number which the deposit is transferred from, does not appear in the place that it usually does on a Metatrader statement, leading me to believe that it is a fabricated statement. In addition, the third party website which he claims has verified his account statement, MT4I.com, is one which anyone can publish any kind of statement to, without any kind of verification whatsoever.
Update: Since I made the screenshots above, the link , and the statement it links to at http://www.1clickpips.com/DetailedStatement.htm on the 1 Click Pips website, has been removed, and the MT4I statement has changed, to one with a deposit of $2000 made on 18/04/2011. All of this activity is further proof that the 1 Click Pips vendors are aware that they have been found out, and are trying to hide their scam from potential buyers of their robot.
Update 27/4/2011: Forex Peace Army has now started a demo test of the 1 Click Pips EA. Not only has it not made anywhere near the miraculous profit supposedly made on the live account, it actually seems to be miraculously turning profits into losses. Trades which were previously positive have been closed at a loss, and while overall the equity of the FPA account has increased, the profit is all in open trades, which the EA does not seem to be able to close in profit. If I were one of the unfortunate buyers of this EA I would demand a refund now, and then try to manage the open trades manually by inserting a trailing stop to close off any remaining open trades. At least then, if 1 Clicks Pips refuses to give a refund, which seems to be what is happening according to the FPA reviews, you can at least salvage some of your capital.
I have now emailed the support email address of 1 Click Pips 4 times with no response (no surprises there).
In my third email I gave them 24 hours to get back to me with some kind of explanation for the discrepancies you can see above, and to send me a Metatrader investor access password for the live account in question, so I can verify that it is a genuine statement on a real live account. The 24 hours has now passed, so I am going public with this information, not only in this post, but in an email to the subscribers on my mailing list.
As the official 1 Click Pips launch date was today (18/04/2011) it is critical that people are warned before they buy, that there could be issues with this product.
Click Here to see a list of popular expert advisors, many of whose vendors have provided investor access.
I am also asking anyone who reads this, to please go to any of the social media listed below, which you may use (Facebook, Twitter, Google Buzz etc) and post this article using the “Share The Wealth” feature or the Tweet and Facebook Like buttons to get the word out there to potential victims of this scam. Sharing the wealth is not just about finding good investment opportunities and sharing them, it is also about helping people avoid the scams which take your money and then lose even more money when a forex robot is put to work on a live account and wipes it out. Already, I have read one comment on ForexMachines.com, by someone who has bought 1 Click Pips, and it is already 500 UK pounds down on a demo account. I shudder to think what it could do to a live account. So please… let’s use the viral power of social media and get the word out there before any more damage is done… Share the Wealth!