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Mark Larsen: “This week we have a whole bunch of Forex scammers that were busted. First FXZapper came out that turned out to be a stolen copy of Funyoo’s XBar EA. The EA was “created” by the same scammer that came up with FxBrokerBuster scam few months ago.
Then two more scams were busted. Multivers and EAKAIN Scalper turned out to be a copy of the old Dragonpips (also known as ForexShocker, Forex Bling or THUNDER4WD free EA) and megadroid eas. This guy is talking about evolution…One more fresh scam – Forex BigCat EA which was “inspired” by the EURONIS code.”
What is Forex Scam?
Forex scam means that the code of the expert advisor is not genuine, it was stolen from another EA. Here is what scammers do: they find free EA with a good backtest on public forums, rename it, put the trading logic into DLL to hide it and release as a new $97 robot to gather some pocket money from forex newbies.
On the other hand If the EA does not trade well that does not mean it is a scam. All EAs have periods when they perform better during the certain market conditions. There is no EA that can perform the same during 10 years. This is a myth.