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We are considering using a signaling service. Is there a way to know if an internet site is a legitimate service or just a fraud? In particular we are considering using http://buyForexSignals.com/ and just searching for it I found http://www.forexpeacearmy.com/public/review/www.buyforexsignals.com where there are people saying it's a scam. But on the other hand, can I trust that site either?

Is there a trusted official site where such things be tested?

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Generally bad reviews come up faster than good reviews. Human tendency. –  DumbCoder Oct 25 '12 at 7:48
    
I am aware of this, I was trying to find some trusted site where I can check up on a company before placing my money at their hands. –  epeleg Oct 25 '12 at 8:16
    
@epeleg Also, the pictures of their team look like stock photographs, and a quick image search yields another site with the same images in an unrelated field. Another forex site (possibly related) is using the same images too. Stock photographs have a place, but it seems suspicious for a reputable business to use them. –  John Bensin Jul 1 '13 at 4:08

3 Answers 3

up vote 5 down vote accepted

You can't really tell if a website is legitimate or not just by looking at it. In fact, it's the same thing for every (not widely used) internet service, not only for forex signaling services.

They will be asking for money to access the private part of the website (or email subscription...) to access the service. And since you can't be sure of the quality of the service before paying, you can be scammed.

What you can easily do, is try to find the information of the society holding the website. If the site is legitimate, there should be an "about us" section somewhere which discloses information about the company (like registration number or name). With those references, in some countries, you can access a database of registered companies, thus trying to find is there is really something serious behind the website (I often do that before an interview to get financial information and the owners' names).

But, the owner of the services could try to impersonate a company by putting false information, so, just ask the company more information about the signaling service, if its not theirs, they will tell you.

Also, even if the company is legitimate, that does not mean that they won't try to scam you (like Madoff). But if they do, at least you know what/who is behind the website, which makes it easier to find them in case there is a problem.

Also, most scam websites don't have an address on the contact us page. (Most don't have a "contact us" page at all.) Be aware of such websites. Never give in to websites that promise huge return on investments. These are scammers and they try to tempt you and then loot you. You might end up losing money and personal financial information like your credit card number, bank details, etc.

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This is a good answer. The other thing you can do is look at the whois data for the domain of the website and see whether it matches - is it a business listing or private listing, does the registrant name seem plausible, was it registered around the same time that the company claims to have been set up? –  Vicky Mar 1 '13 at 11:29

You should check the website for a forex service just like you would for any other service provider. I went to the About Us section of the website. This is what it said:

We started on March 2003 with passion after the school degree. It worked already from the start and we got a lot of money with the Forex market. After a few months, we shared all the knowledge with other people and started this web site. Now, we are one of the fastest growing Forex signal providers in the world with more than 1,200 members (and counting!) from around the globe using this system.

The language is not professional. Much more important: There are no names, phone numbers or addresses on the website for contacting BuyForexSignals.

The website footer links to The Shack in the U.K. and in New York City, for which there are addresses and phone numbers. I would check on that to find out more.

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I think this is really a scam. The information about them is not concrete or convincing. If they are legal, why take the effort to prove it? It's up to individuals to make a judgement.

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