Are you interested in trading in the forex markets? If so then you have probably already looked at the huge number of brokers and automated trading systems available on the market. There is no doubt that the choice can be dazzling.
To make things more complicated you will almost certainly have heard about how there are many scamming companies operating which are simply interested in taking your money. FinTech Ltd is one company that has earned a series of scam reviews.
However, thing are not always what they seem; it is important to consider the following points before deciding that FinTech Ltd is a scam; or not.
- Bad Reviews Create Publicity
You have probably heard the phrase that “all publicity is good publicity”. In this instance, it is certainly true. It is much easier to raise the profile of your company by posting a bad review regarding other firms.
This achieves two things; it discredits a competitor, such as FinTech Ltd and suggests that the review has been written by someone who cares about you. This leads you to trust their recommendation and go with the software they suggest you use.
Of course, you never know that they are affiliated with the software they are suggesting which could be the real scam.
- Stock Photos Equate to Scam Label
You will find that many review sites point to the stock photos used on forex broker’s websites and the automated trading systems. These photos are used to confirm that the software is simply a scam.
However, again, this is not always the case. Many global, well recognized, businesses use stock photos to promote certain parts of their business. It can be much more cost effective than having your own photoshoot done!
The fact that companies like FinTech Ltd state in their terms that the videos and even stock pictures are fictitious is designed to ensure you are aware of all the facts. This does not change the validity of the testimonial. It simply reminds you that not everyone wants to be famous, even if they have generated a good rate of return.
Read my full FinTech Ltd. Review to understand why the claim it is a scam is an empty one.
- High Rates of Return
Another contentious point which reviewers use to confirm that specific software is a scam is the rate of return they offer. FinTech Ltd offers a return rate in the 90’s but this does not mean that you will achieve this every time. Investing is a difficult business. Even the very best software programs cannot get it right every time.
However, many reviewers and disgruntled customers will call a system a scam because they have not got the returns they expected; even if they have made a profit.
No rate of return is set in stone; there are too many variables, even within an automated system. This does not mean that the software is a scam; merely that they are presenting the best possible image of their business; a trait that every business does when publicizing themselves.
Many review sites will make sweeping generalizations and instantly write off a software program as a scam because it doesn’t provide the detail they expect.
However, many forex software sites do not offer trade examples. This is because they are very specific to date and time; even if they listed a trade it would then be analyzed and discredited as not being genuine because the review site can say one of two things:
- The figures are incorrect because the review site is unable to match them to the assets. However, there are too many variables to make this possible.
- There is no proof provided to confirm that these trades were actually provided by the software.
This point links to the notion that it is easier to discredit the competition in order to get publicity than to build your own publicity campaign.
- Broker Links
The final point to consider is that software is often declared a scam because they have linked with an unregistered or unknown broker. The fact of it is that the registered and well-known brokers are already dealing with software programs. They may not be interested in linking with new products; especially if they are happy with the set-up they have.
The brokers are the ones which take your money and provide the trading software firms with an introductory commission, an automated software provider has to link with a broker in order to generate funds and give their product away for free. It may not be their preferred broker but this does not automatically make them a scam.
Summary –Don’t Believe Everything You Read!
FinTech Ltd may actually be a genuine product offering a service which could make you a good rate of return. In fact, the same can be said for many of the automated traders which have been written off as scams.
The simple fact is that forex trading is an incredibly competitive marketplace. Reputable and un-reputable companies will do what they can to discredit other firms in order to increase their own market share.
Before investing in any of these products it is advisable to look at what they are really offering and, if possible, monitor their real time results. You can then make a properly informed decision.
As ever, you should not invest any funds that you cannot afford to lose. While the end game is to generate a lot of money it is always possible to lose it all when investing; approach with caution!