BEWARE: FOREX Robot World Cup Competition SCAM your right to market your product
Yes, take great care with this one :(
The site registration is anonymous - why?
If the ownership is really the stated
Reality Based Forex Limited
BLK A, 15/F Hillier Commercial Building
65-67 Bonham Strand East
Sheung Wan
Hong Kong
Why is the web ownership hidden?
There are no phone numbers listed, so is it just a postal drop?
Perhaps one of our readers could drop in there and check for us?
Search Google Maps for Hillier Commercial Building, Bonham Strand East, Hong Kong
Caveat vendor..?
-BB-
When doing one of these always check the WHOIS of the .com/.whatever address. You can learn an lot from seeing who registrered the domain, when and for how long. It could very well be a scam and once you send you robot you could very well kiss him bye bye ...
Now, if a real company pays you 100K (USD, EUR or GBP) for a valid robot...why not? It may be much more profitable than running it yourself on your capital. That said, if they get 100 robots and only pay for one the other 99 can expect to see their code online soon while not seing a dime.
I say that if you have an old robot that you know can do well on a backtest enviroment but that sucks in real life (because of broker data or market impact)...then go ahead and send it (if you believe the company is not a scam). At least you may make some money from it and if you do win and it sells well you will have a good knowledge of what a lot of morrons are doing their trades on!
Good luck everyone,
Y.
I am a pretty well known person in the forex automated industry so i'm afraid i have to post this anonymously. I know the people behind forex robot world cup. You are best going it alone in this business, believe me.
10 000 sales is nothing. The big robot makers like fapturbo managed over 50,000 sales. If i came across a good robot i would offer the programmer $100k outright to sell it to me with resale rights, no problem - no competition needed i'd give you the money there and then and just sell your robot. So if that is what you want let me know ;). Otherwise, you should definitely go it alone in this - it is very easy to set up a simple website selling and promoting your own robot, under your own terms.
$100k sounds like a lot but it is nothing. I can earn this in one month in this field of business. Don't be a sucker and put yourself under the control of someone else, they will always take advantage of you.
Hi,
I'm glad that you both have looked into the details of this scam and are making them known.
I've had some unknown person(s?) on Skype, which I use for my ForEx tutoring sessions, that is trying to get me to send money for a 'ForEx Managed account'. I've asked for details and there URL, to which I never get any response. Sounds really solid and legit eh? So every time they get me on Skype now, I've started asking them to send me $10,000,00 USD for me to manage a ForEx investment account for them. Strangely I don't hear from them any more now.
Be wary and be vigilant.
I would like to say that Forex Robot World Cup is not a scam. It is a legit competition sponsored by FXCM and Boston. There will be an interview with FXCM soon.
All EAs are traded on a special boston technology metatrader with 1000 usd live accounts and 0.01 lot. It can be downloaded in the member area.
Also the contest will have the phase 2 once phase 1 is over and all the prizes are awarded.
Best EAs will be sold to the traders.
Here is the analysis of the live phase:
The legit link is only www.forex-robot-world-cup.com
Scammer has created some clone sites. Check the correct link!
I would like to say that Forex Robot World Cup is not a scam. It is a legit competition sponsored by FXCM and Boston. There will be an
interview with FXCM soon.
All EAs are traded on a special boston technology metatrader with 1000 usd live accounts and 0.01 lot. It can be downloaded in the member area.
Also the contest will have the phase 2 once phase 1 is over and all the prizes are awarded.
Best EAs will be sold to the traders.
Here is the analysis of the live phase:
The legit link is only www.forex-robot-world-cup.com
Scammer has created some clone sites. Check the correct link!
The competition SURE LOOKS interesting..
I dont think this is a SCAM ...not when it hasnt cheated anyone of ANYTHING !
Anyway...lets observe what happens after the competition ends..I will be looking to JOIN the competition with my 5 private EAs :) The prizes look GREAT
A "FOREX Robot World Cup competition" is an oxymoron to begin with.
The only real and meaningful competition is between a robot and the real-world market. Everything else is just hot-air, or a pretty good scam.
Just my 2 cents here,
If you build an ALGO and prefer to test it on a competition (being able to earn some money from the prize) but loosing the property of your code. Then this is not a scam... Many competitions have these same rules. You can send half your algo and keep a better version for yourself, worst case you loose, best case you make some money...it is always better than risking your own capital.
If the site is for real then you know the rules and what to expect.
Best
All EAs are traded on a special boston technology metatrader with 1000 usd live accounts and 0.01 lot. It can be downloaded in the member area.
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
You agree to website policy and terms of use
Any developers with a valid robot, I would beware of the FOREX Robot World Cup competition like it was Swine Flu.
Looking at the rules, for your messily 10000 to 100000 USD prize you loose all control of the right to profit from your labors for 6 months while the FRWC get to sell you short and profit lets say 150.00 a pop to 10's of thousands of greedy people across the world whose livelihood is being ripped away from them by our World Governments BS on their economies.
150x10000 is 1.5x10e6 USD SIX ZEROS per 10000 sales. My partner has looked into these marketing companies and 10000 sales for a product that just proved itself would be no contest.
After 6 months you get to finally capitalize on your hard work BUT since they, the FRWC, have already established the marketplace and the URL's that will be WAY ahead of yours, You won't be able to compete, even doubtless if you invest all that 100,000 in a marketing campaign. Because after all, who are you? Are you REALLY the author of the Software.
This IN MY OPINION, is the biggest scam yet to cheat someone of their software for nothing, and get huge profits from renting a few servers for a month or two. FAP Turbo used to boast on how many users they had, I can not find this documented anymore, but, FAP Turbo is a major promoter of this new campaign.
As a developer of a truly profitable EA, I can say do yourself a favor, if your EA is profitable, market it yourself for a valued price. If the EA is truely profitable you would not have to advertise it, your clients will do the best advertising available.
Tell two people that tell two people that tell two people.
I hope I am wrong but the rules don't look good.
B(14) - The ownership and Intellectual property rights of an EA will remain with the entrant. At no time will the FRWC organization assume ownership of any EA submitted.
- whoppy, Youget to claim ownership here
BUT
B(15) - Should the entrant of a submitted EA be announced as a winner of any prize category, said entrant (as the acknowledged owner), hereby agrees to unconditionally grant to the FRWC organization sole, exclusive rights to market the EA as it sees fit and for its own exclusive benefit for a period of 6 (six) months from the end of the competition - this is deemed to be 14 days from the end of the live trading phase.
B(16) - At the end of the 6 month exclusivity period, the FRWC organization shall acquire the non-exclusive rights to market the EA for its own benefit in perpetuity. With the commencement of the non-exclusive period, the owner shall thereafter be free to do with the EA as they wish (sell it, market it, license it), save that the owner may not sell or dispose of any rights to the EA if such sale or disposal would infringe, in any way, upon the rights previously granted to the FRWC organization - for example, the entrant of a winning EA could provide marketing rights to a third party on condition that such provision would not restrict the FRWC organization from continuing to commercialize the EA.
B(17) - Any improvements to a winning EA at any time after entry into the competition shall be included within the scope of the marketing rights granted to the FRWC organization.