The DupliTrade software platform was released as an Expert Advisor for cryptocurrencies and Forex in 2017. There are claims that it is an advanced solution which traders can benefit from greatly if they sign up.
I like and respect the fact that the website doesn’t feature any flashy promo videos or any kind of exaggerated claims about the performance of the software. But is it a trustworthy solution? Is it as real as it appears to be? I have investigated in depth to find out and my results have been featured in the following DupliTrade scam review.
It is better to join proven to work systems and use tools with established qualities instead of risking precious capital with newly released platforms. Until, at least, their authenticity has been verified. Currently, my top recommendation for Forex and CFD trading would be the QProfit System for automated investments.
What is DupliTrade?
DupliTrade is a Forex and cryptocurrency signal service that connects traders with brokers and strategy providers in order to enable them to participate in the markets through CFD trading. According to the team, the purpose is to allow traders to choose an efficient signal provider that suits their trading goals and style and duplicate the trades that are executed by them.
Review Verdict: DupliTrade Is Scam
The developer of the program is anonymous and there is no information available about their company. They claim to be located in England, but it is not possible to confirm anything at the moment.
The concept of copy trading was introduced in 2005. According to a number of studies conducted between 2012 and 2013, traders who follow suggested investors on prominent platforms perform 10% better on average than those who trade manually. The concept is useful, but it is crucial to be a part of a good network to reap the benefits.
How Does DupliTrade Work?
DupliTrade presents users with 4 options when it comes to choosing a Strategy Provider. In their terms, a Strategy Provider is a market expert that trades in real time. When a user picks a provider, all the trades that are executed by the expert are automatically copied into the account of the trader.
Their providers are named Cryptoz, Spider, Titan, and Legacy. They have different specialties, different strategies and they focus on different assets from the Forex and cryptocurrency markets.
But when I took a deeper look into the working mechanism of the software, I found out that their entire concept is based on ‘Copy Trading’, also known as “Social Trading”.
The software allows traders to copy the moves of others. The Strategy Providers they have mentioned are simply other traders. Detailed information about them is missing. There are statistics available for the different strategies, but they cannot be confirmed. After conducting a massive research, I can say that DupliTrade is just an auto-trading software with a shady background. It lacks special features and is not capable of meeting the trading requirements of its users.
Is DupliTrade A Scam or Legit?
Chances are quite high that DupliTrade is a potentially dangerous scam. I don’t understand why they claim that it is a free software when the minimum that is needed to get started is a whopping $5000. Even the best Forex and cryptocurrency brokers on the market require a minimum deposit of only $250.
When talking about the brokers, I am happy with the selection made by DupliTrade. The brokers are new and they don’t have a good reputation in the industry. In fact, they are known for suspending users when they make withdrawal requests. What this means is that once traders put their funds into their accounts, there is no way of getting it back.
It is a good thing that DupliTrade offers demo trading features. But the bad thing is that the trading results don’t match. The success rate and returns using the demo mode is relatively higher when compared to the live trading conditions. It is extremely upsetting that even the demo trading features of DupliTrade are unreliable.
Lastly, I tried looking for information on the person or group that created DupliTrade. To my disappointment, there is no information available on their website or anywhere else on the Internet. I have no option but to believe that DupliTrade is a fake company that has been created to trick traders into signing up with shady brokers.
Given the fact that the minimum deposit requirement is $5000, it would have been good if the results presented on their website were validated by an independent party. But sadly, neither the results are verifiable, nor the accounts of traders who claim to have earned substantial income using this system.
Taking into account all the scam factors, feedback from users, and information I have gathered during my research, I can confirm that DupliTrade is a scam software. There is nothing genuine about this investment program and therefore I encourage readers to stay away from it.
Review Verdict: DupliTrade Is Scam