Automated systems have turned into a staple part of Forex trading. This is because not only do these systems minimize the effort you put in, but also deliver high returns. Signal services are part of the systems devised to make trading profitable. These are much sought after as they simplify the trading process.
Waw Forex Signals is a signal service that claims to do all the work for the trader. The system claims to deliver an unbeatable performance with its top-quality signals. Our Waw Forex Signals review provides an in-depth analysis of this system and its features.
Waw Forex Signals: To Trust or Not to Trust?
The success of a signal service depends on the performance it can deliver. For effective performance, the signals generated should be of superior quality. From our initial overview of this signal service, we found the system to be lacking in several crucial aspects. Before we delve into them let us look at the main features of this service.
As a signal generating service, Waw Forex Signals works by managing the signal generation manually. Its signals are generated with the help of experienced analysts who use different trading strategies. With a trade Copier system using innovative technology along with the technical support people of this service, you can copy the trades directly to the account you have set up.
The vendor claims to provide steady profits for the long term. To enable the promised returns, the system uses different styles of trading including technical and fundamental analysis, swing, and day trading, and more ensuring the best results.
From the information provided on the official site, the system provides three different subscription plans namely a month plan that costs $55, a 3 months plan costing $144, and the 6 months package that costs $234.
These rates are discounted prices with the original being exorbitantly high. The price indicated covers the provision of signals, trade copier, VPS, 24/7 support, and the trading account. One key factor that differentiates the three subscriptions is the number of accounts and duration of the package.
This system provides 24/7 support, which covers responding to inquiries and complaints leaving you to focus on trading and making profits. The Forex pairs traded by this system include all the major and minor currency pairs including exotic pairs and gold trades.
Now that we have covered all the main features of the signal service, we could find several shortcomings that prevent the system from becoming an effective one. Here are three of our most crucial review criteria that this system has failed to meet:
- Lack of vendor transparency
- No verified trading results
- Mixed user feedback
To begin with, the official site does not provide any info on the developer team, their location, phone number, etc. Without these, we are unable to assess the reputation and reliability of the system.
Furthermore, other than stating the use of different strategies, the vendor does not provide a clear explanation of the strategy used. This lack of transparency makes us suspect that this system is not a reliable one.
Unverified Trading Results
Trading results form the lifeline of any signal provider or Forex robot system. From the results, it is easy to assess the performance of the system, its risk to reward ratio, the drawdown you can expect, and other such crucial information.
The absence of trading results either verified or unverified shows the vendor is not committed to proving the reliability of the system. Despite the mention of a 76% winning ratio, the official site does not provide proof for this claim.
Mixed User Feedback
We found user feedback on the Trust Pilot site. Both negative and positive reviews are present for this system. Here are the screenshots of the reviews:
From the screenshots shown above, it can be seen that while some of the users find the system to be accurate, the negative reviews point to the low number of trades executed and the need for focusing on more currency pairs.
I was using this signal service for the last 6 Months. It was perfect and generated good profits. They have a money management strategy that looks like this: (standard lots) 0.01 lots for every $100 USD, 0.05 lots for every $500 USD, 0.1 lots for every $1,000 USD ..etc They also advice users to configure a leverage of 1:500. They offer managed accounts where you can give them access to your account so that they can trade for you. Another alternative is to install an Expert Advisor which will copy the trades automatically from their servers. So far so good. Just when everything was looking perfect, on 23rd Feb 2021, they suddenly sent a series of very bad trades (8 trades) that completely wiped out everyone’s account who was connected at that time. I personally lost $25,000 USD. They have their official account on myfxbook and looking at it, they had planned all this as it looks like they stopped trading and withdrew their funds on 15th Feb 2021. This leaves the question: What is their motive for doing this to all their trusted customers? Could they be working with one or more brokers who could benefit if we lost all this cash? This has devastated many people. They have blocked all forums and chats so that people cannot discuss what happened. I would advice anyone who is thinking of subscribing to these scammers to beware of their activities. I have evidence of all the transactions from my live account if anybody wants to review them.