Fx Viper is a service that the vendors promise to trade on your behalf while the profits are shared. The service is provided by www.forexsignals.com, a forex signal subscription firm that provides signal alerts to their subscribers.

The trader is required to invest their funds with the vendors, while the profit of trading is shared on a 70/30 formula with the trader keeping the larger share. The account is made available through forexsignals.com which is owned by ThinkHuge Ltd. The timeframe or how the trading is done is undisclosed but the currency pair traded is EURUSD. The vendors always reiterated the phrase “if you don’t make money, we don’t make money.”

This innovation seems interesting, but the key questions are: Can we trust this system?

Fx Viper: To Trust or Not to Trust?

There are reasons not to trust this system. These reasons are:

  • Vendor Anonymity

  • Trading Style

  • Service Unavailability

  1. Vendor Anonymity

The vendors of the Fx Viper chose to be anonymous. There are wide speculations that Jeff who created the managed account, live in Toronto, Canada. But, there is no official statement and this speculation cannot be proved. ThinkHuge Ltd provided no office addresses and no phone numbers. Trusting anonymous vendors with hard earned money is difficult especially when it involves trading forex on a trader’s behalf. Knowing how volatile the market is, what happens when the account suffers a huge loss? This is a problem as there is no one to hold responsible and no office address to trace. Anonymous vendors have no reputation to protect. It is also one of the antics commonly utilized by the numerous scammers that abound in the forex trading community.

  1. Poor Trading Result

The trading results of this EA pulled from Myfxbook show very poor trading results:

This snapshot shows an account that has been decimated by the poor trading performance of this EA. This speaks volumes for itself. These losses were exacerbated by use of high leverage of up to 1:1000. How can an EA use such ridiculously high leverage and expect the account to survive adverse times?

  1. No User Reviews

Generally, there are no user reviews for this system. No user has come up to say that profits were made from trades carried out by FX Viper. Instead, there are allegations from all corners that the accounts suffered huge losses and that has led to a serious crisis. This is possible because subscribed investors can monitor the investment in a “read only” mode.

  1. Service Unavailability

Currently, the service is unavailable. There are no reasons provided as to why the service was stopped. Rumour has it that the managed accounts lost a lot of money.

Conclusion: FX Viper Cannot be Trusted

The FX Viper is a failed product. At first, it appeared to be a perfect investment and a good solution suitable for struggling traders. But, every trader knows that the market is unpredictable and such investments should have guarantee or a form of insurance. Investing with anonymous vendors is unthinkable as there are no guarantees whatsoever. No user came up with good reviews concerning this product. Please, do not trust the FX Viper. Thankfully, it is no longer available till further notice. This will no doubt save a lot of traders from losing their hard earned money to this scam product.

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