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How to identify automated trading system scams

Automated trading systems have transformed the financial world in several ways. These automated systems manage billions of dollars’ worth of assets, hedge funds and other market indices on a daily basis. But these robots haven’t been welcomed by ranchers, farmers, and industrial companies. Then the chances of things going awry during rogue computers is another aspect that needs looking into. Despite that, automated trading systems are on the rise and more and more people are using them.

While they have several advantages like allowing you to trade even while sleeping and when you have no time, providing opportunities to those with little or no knowledge to trade and the ability to diversify your investments the scene is riddled with scams and cons. There are several genuine automated trading systems while an equal number of systems that are fraudulent. Here are a few tips to identify scams.

Tips to identify scams

  • Sites trying too hard to sell: Looks do not deceive. If you come across an automated trading system with a website that looks too “sales’” and with claims that sound far from true then your antennae must be up. Legitimate sites will not demand bells and whistles to attract your attention. They will just state facts supported by genuine testimonials.
  • Unsubstantiated promises: Promises like you can make several thousand in one hour are a clear give away on the nature of the website. Any claims not supported by acclaimed systems and other legitimate results are fakes.
  • Third party testing: Okay so the developer does provide results but how can you be sure that they are authenticated. Only third-party verification ensures that a trading system has been genuinely tested. Backtesting is another method to confirm the authenticity of a system but experts believe that it is not a foolproof method.
  • Trial Period: Genuine trading platforms offer a trial period of 30 to 60 days. The trial period is most often free. If the site asks you to pay up even during trial period you might want to reconsider your choice.

Parting Words

The rapidly changing economic and political scenario across the globe play an important role in trading. As a result, automated trading platforms need to be upgraded frequently based on the changing scenario. One name that is in vogue now is quantum code; if you are wondering “is Quantum Code a scam,” the above points will help dispel the darkness and guide you in making a well informed and educated choice.

 

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