- Report: #1072567
Report - Rebuttal - Arbitrate
Complaint Review: Simo FX Signals
Simo FX Signals Simo Forex Signal Service Internet
*Consumer Comment: Simo FX is a complete rip- off!! AVOID!
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This is a new trade copier signal service that started on June 17, 2013. I received numerous promo ads from Simo for the service. I did find that my contact information was taken from MBFX Systems, a company where Simo was previously involved. In speaking with MBFX Systems, they informed me that Simo illegally exported their mailing list, left the company, and used their mailing list. Simo also took one of the MBFX indicators called the New Trend Indicator, changed its name, and re-marketed the indicator as his own creation calling it the FX Indicator Predictor. Nonetheless, I stupidly signed up for the trade copier service at the end of June in which Simo claims 70% winners and 10% to 50% monthly (you will laugh at these claims when you see the results). Simo took 1 week to get the copier service properly working on his end. So on the start of the 2nd week, I took all of Simo's trade signals for use on a LIVE account. Here are the results:
TOTAL TRADES: 64
TOTAL WINNERS: 12 (17%)
TOTAL LOSERS: 52 (83%)
CONSECUTIVE WINNERS: 2
CONSECUTIVE LOSERS: 14
MONTHLY PROTRATED DRAWDOWN: -32.4%
After 2 weeks, I had to shut it down to stop the bleeding from having my account wiped out. With such horrendous trade signals, I requested a refund in line with his 60 day guarantee. Before the request, he would respond to an email. But after the refund request 3 times, all requests were ignored. I assume that nearly all the new clients for the new service were also asking for refunds, and he went into hiding.
SUMMARY: STAY AWAY FROM SIMO FX SIGNALS
Someone who rips off his previous work place for their mailing list, someone who rips off indicators and re-packages as their own, and someone who makes false performance claims and puts out signals with performance so bad that it would be hard to duplicate even if you intentionally tried to pick losing trades. Then to top it off, does not acknowledge refund request under the 60 day guarantee.
This report was posted on Ripoff Report on 08/02/2013 03:04 PM and is a permanent record located here: http://www.ripoffreport.com/r/Simo-FX-Signals/internet/Simo-FX-Signals-Simo-Forex-Signal-Servicenbsp-Internet-1072567. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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