Forex Automoney Review

Overview

Forex Automoney is a forex trading signal generator service which has been in business for over 10 years and is based in the United Kingdom. Forex Automoney is a specialty alert service which does not require any special software download and can easily be accessed by members via the Internet during forex trading hours to get its signals.

Apparently, the financial experts, mathematicians and computer programmers at Forex Automoney claim to have put together an innovative and intelligent software product which can look over the forex market and tell you how to trade and when. The software gives trading signals to buy or sell six times per day, as well as once daily and once weekly. Traders can trade using all three time frames, and signals are produced for all major currency pairs.

In addition, the trading signals are sent to members via email, SMS text and with special pop-up software on member’s computers. The software works with most trading platforms; however, it will not automatically enter trades.

Nevertheless, despite the attractive sales pitch and glowing testimonials on its website site, Forex Automoney has received numerous poor reviews posted on a number of websites by unhappy customers. Also, the company does not seem to have a phone number, and part of its own site even looks like it was written in non-native English, although the company’s claims to be headquartered in the United Kingdom. That all seems a bit strange.

In terms of its rated performance, Forex Automoney has been reviewed by 57 users on the Forex Peace Army website, and all reviews were decidedly negative. This earned the signal generator service the rather dismal average rating of just over one star out of five stars possible. This is slightly better than the service being rated as an outright scam, which may be due to the fact that ClickBank handles the product’s purchase and reportedly honors its money-back guarantee when it comes to refund requests.

In fact, finding a positive review for the service not posted on Forex Automoney’s own website or most likely written by an affiliate marketer has proven a near-impossible task.
Nevertheless, to be fair, one reviewer commented that since signals were generated for 18 different currency pairs, this might explain why so many people complain because they may be unable to keep track of the 18 currency pairs and three time frames that signals are generated for.

Another common issue noted by numerous reviewers, was that the “3-day” trial period for $4.95 was in actuality a 2-day trial period because a 24-hour notice must be given to cancel the membership. Apparently, if you fail to cancel your membership by giving the required 24-hour notice, then the company charges your credit card $99.90 for the first month’s service.

Furthermore, Forex Automoney apparently offers an 8-week money-back guarantee. While that may sound just fine, their website also states:

“We (retailer) will, at our option, replace or repair any defective product within 8 weeks from the date of purchase. After 8 weeks all sales are final.”

Which leads one to question what defective product they will repair or replace if they primarily offer a signal generation service, and what recourse does a customer have if Forex Automoney chooses not to honor the guarantee “at their option”? Apparently, approaching Clickbank for a refund instead gets better results.
 
The Forex Automoney service clearly has some severe problems in practice and its users have written numerous complaints about the service. The following information about Forex Automoney comes from what has been obtained from Internet resources that may include the vendor’s website.

Facts About Forex Automoney

Product Type: Forex trading signal generator service
Vendor Site: www.forexautomoney.com
Cost: $4.95 for 3-day trial, $99.90 per month afterwards.
Guarantee: 8-week, replace or repair any defective product guarantee.
Payments and Refunds: Made via Clickbank. Service requires a 24-hour advance notice to cancel.

What You Get With the Forex Automoney Signal Generator System

A Forex AutoMoney membership which entitles you to:

• Instructions on how to use Forex AutoMoney signals
• Three different forex signal strategies.
• Online Forex Basics manual
• Forex news service
• Real time Forex market quotes
• Links to several online forex brokers with an account settings tab

Forex Automoney Signal Generator Characteristics

• Service generates trading signals for 18 currency pairs.
• Three time-frames for signal generation.
• Members’ area on their website to monitor signal generation.

Pros and Cons of Forex Automoney

Pros:

• Works with 18 currency pairs.
• Plans all trades and issues alerts for each time frame.
• Signals delivered by e-mail, SMS text, special pop-up software and the member’s area of their website.
• Provides comprehensive trading signals.
• 24-hour customer service during forex trading times.
• Three-day service trial for just $4.95.

Cons:

• Does not trade automatically, and user must enter their own trades.
• Trading signals may occur too quickly to take advantage of.
• Vendor makes profit claims which seem improbable, if not impossible.
• Cancellation of trial requires 24-hour notice.

Conclusion

Basically, instead of paying the $99 that the Forex Automoney service costs each month, a forex trader would probably do better by purchasing a reasonably-priced Expert Advisor software package to run on the MetaTrader 4 forex dealing platform. This could at least get them started trading forex automatically in a demo account, rather than having to execute trades manually to start with.

In addition, a number of the reviews by experienced forex traders who had used Forex Automoney’s signal generator service indicated that it was not as easy to use as the vendor’s site made it out to be. Some even commented that it took them several days to feel comfortable implementing the trading signals, and that the suggested trades had poor risk/reward ratios.

Overall, given the numerous complaints and lack of success reported when actually using the trading signals, we find it hard to recommend the Forex Automoney signal generator service even for a low-cost trial, and it seems most of their former customers would tend to agree.

Visit the official Forex Automoney website for more info.