Over the last couple of days we have received numerous emails about ForexMultiplier and Forenx, people want to know is ForexMultiplier and Forenx a scam? They certainly have very impressive looking websites, but we will be digging into this system and will share what we find with you. Take a couple of moments to read through this combined review, and we will give you clear answers.
Disclosure: We might get a commission fee if you sign up through any of our links.
ForexMultiplier And Forenx Review Summary
- Annoying Browser Pop-Ups: No
- Fake Scarcity Counter: No
- Paid Actor Testimonials: No
- Impossible Revenue Gains: Maybe?
- Comes Across As Authentic: No
- Convincing Proof of Profits: No
- Price: Free
Forenx And ForexMultiplier Review Findings – Scam Or Not?
The ForexMultiplier website and also the Forenx site both come across as very professional sites, they are well designed and they look impressive. When I first heard some people complain about it, I visited the ForexMultiplier.co site and I was impressed. ForexMultiplier and Forenx looked legitimate and honestly I couldn't find anything wrong with what I saw.
You also have to remember that this is not a Binary Options service, it is a Forex signal service, so it is in a different category to the systems that we usually review, but I'm doing this at the request of some of my subscribers that wanted to know what my opinion is of this Forex signal service.
For those of you that might only ever have had exposure to Binary Options, trading regular Forex is a lot more about getting the big market moves. I haven't tested the ForexMultiplier and Forenx service enough to know if they do “scalping”, which involves smaller fast trades on Forex, or if ForexMultiplier and Forenx take a longer view on trades. You also have to set a good stop loss point in case the market moves against you and there is no time for you to manually exit. You would also keep trades open for much longer with regular Forex, often for multiple days, and you definitely need a stop loss in place for any sudden market spikes or drops while you are soundly asleep. From what I can tell, the Forenx service from ForexMultiplier does set stop loss levels, which is great, but keep in mind that it still does not guarantee that you will not lose money.
The unfortunate thing that a lot of traders only discover after it is too late, is that it is entirely possible for the market to “jump” over your stop loss. How is that possible? Well, stop losses are triggered at the next open position above or below your stop loss. This means that during regular market movements, there is no problem, the market goes over your stop loss, it triggers and you're taken out of the market before you lose a lot of money. With Forex it is possible to lose more than you have in your total account, shocking but true, and that's also one of the main reasons that I migrated from trading Forex to trading Binary Options.
However, this is a Forenx review and ForexMultiplier review, so I would like to focus on some of the elements that I have hinted at above, by showing the screen capture from the ForexMultiplier.co sign-up site. The site where you sign up for this service is a specific link, and while I have little to no problem with the ForexMultiplier or Forenx main pages, there is another page where all the dubious marketing practices are revealed: http://www.forexmultiplier.co/get-forex-multiplier-now/
There isn't a single one of those badges that are real, not a single one. That is really sad, because up until this point, I actually liked the software and the whole presentation of their website. There is an SSL badge, which is simply not true, because their site does not start with HTTPS (check for the extra ‘s' on our site address to compare). There are two badges that mention 2015, one of which claims that ForexMultiplier was the “Trading bot of the year” in 2015. That would have been great, except for the fact that when you check their Whois.net record, you will see that the site was only registered a few days ago!
This discovery on the ForexMultiplier and Forenx sign-up site is what made me change my mind about this service.
Forenx / ForexMultiplier Review Conclusion: Not Safe!
Our conclusion based on these last two very damning pieces of evidence is that you should simply stay away from this site. It is not worth risking your money on this when there are much better alternatives available.
You are welcome to check this site, or even any other reputable review site for better alternatives. Trade safe, trade easy!