A popular trend among creators of different trading software is the use of complicated and mainly vague explanations on how their systems work. CodeFibo is a perfect example for that. Of course, it is not out of the question that such robots are reliable and authentic. Many of the systems I have recommended are based on complex technology and utilize different theories. That is why I strive to keep an open mind when investigating similar systems. But what is the case with the CodeFibo, owned by Matthew Lewis? Keep reading.
Origins of CodeFibo
Matthew Lewis, the alleged creator of CodeFibo, is said to be a university professor. What caught my attention was the lack of mention from which university does he come from. This a good enough reason to doubt his background – if he risked mentioning a certain university, he might have been exposed as a fraud much easier. That is why I am not too quick to believe his story.
Review Verdict: CodeFibo Is a Scam
Theory & Tech Behind CodeFibo
Mr. Lewis claims to utilize a secret code, occurring in nature as well. This phenomenon is known as the Fibonacci code. He hired the Appster company to develop for him the CodeFibo app based on this code and the so-called Golden Ratio.
For The Curious:
The Fibonacci sequence is a sequence of numbers, in which the next number equals the sum of the two preceding ones. It illustrates the theory that everything is a result of previous elements in a given sequence.
In simpler terms, CodeFibo is said to be based on historical data. But of course, if the logic behind the system is explained in more complex terms, it would attract more attention. It would make it sound more reliable and sophisticated. What the CodeFibo actually does is analyze historical data and trader sentiment. There is nothing highly sophisticated or original about the trading bot. This another reason why I think it has nothing special to offer investors.
Code Fibo App – Promised Performance
The initially mentioned 80% success rate sounded much more realistic than the actually claimed 97% success. The moment I heard Mr. Lewis promise it, I knew that the system is not safe. I have said it on many occasions before, but I intend to repeat myself – even proven to work system have a hard time achieving more than 90% accuracy, let alone a newly released trading robot such as CodeFibo. This adds to my reasons to believe that Code Fibo is a scam.
What CodeFibo will do, if let to run on autopilot, is placed approximately 80 trades per week. Matthew Lewis promises that traders will be able to make $6,900 per week. Since the system seems to be a scam, I would advise you to think twice before falling for this sum. Also, the creator emphasizes the fact, that CodeFibo will place trades which will automatically close after 5 minutes, which makes me think that the Forex trading software is limited to 5-minute ones. Only one category of Forex currency pairs provided is counter-efficient.
Should You Opt for CodeFibo
To get started, you will have to deposit around $300 which is higher than the industry standard. Even though it is not so uncommon for some brokers to require $300 for an initial investment, I know from experience that you can sign up for systems that connect with brokers that have much better terms and conditions for trading. My advice is to opt for such systems.
My investigation shows that despite the complex explanation and the claimed technological methods of operation, CodeFibo is not a reliable trading solution. I have recommended a number of sophisticated system for Forex that offer much better opportunities, have high returns and have been proven to work.
Review Verdict: CodeFibo Is a Scam