Copy Signals Review: Spy FX

Today I’m looking at a Forex copy signal service that wants to help traders that don’t have enough time or knowledge to trade for themselves, still take advantage of the markets, Spy FX. The developers of this service believe that the Forex markets offer traders the opportunity to generate life-changing returns on a daily basis, and they have a simple copy signal platform that can provide traders with direct access.

It is unknown who the developers of this system are, or where they are located. To get in touch with support, traders can email via the contact form, or message through Facebook, Telegram or Viber. As is frequently the case, I want to know much more about the developers of this software, and what type of trading history they’ve had in the Forex marketplace.

Spy FX Review

In seeing that many traders have suffered in the Forex marketplace, the developers of Spy FX created their service in an effort to help the less fortunate. They’ve seen reports that claim “over 96% of new traders abandon their accounts within 12 months,” and they want to have a profound impact on that number by letting traders link directly to their master account. This means that this isn’t a traditional Forex signal service like PipPhenes or Pips Alert, but more of a managed account service that takes advantage of fully automated trading.

The developers give us insight into their strategy, and feel that by focusing on 3 currency pairs at a time, that they can rely on specific market fluctuations and trends that lead to consistent profits. They claim to utilize “a trading system known as Dollar Cost Average, which minimizes risks by ensuring that we do not trade with any single anticipated risks.” This description is a little convoluted to me, and doesn’t make a whole lot of sense, as Dollar cost averaging doesn’t exactly have a role in the Forex marketplace. If you look on investopedia, DCA is defined as “an investment technique of buying a fixed dollar amount of a particular investment on a regular schedule, regardless of the share price.” What this has to do with Forex trading, I’m really unsure, and this isn’t made clear by the Spy FX team.

Breakdown

• Type: Forex Signals
• Price: Service Fees ($2000 deposit)
• Strategy: Dollar Cost Averaging
• Timeframe: All Timeframes
• Pairs: EURUSD, EURGBP

Much like other aspects of this service, the pricing structure is different than other more traditional signal services. In order to gain access to the master account that provides the signals, traders are required to deposit a minimum of $2000 with PaxForex, and then send a request to support@paxforex.com to connect to their account at 177640.

There don’t seem to be any up front service fees, or payment structures, just a fee that is totally dependent on the successes and failures of the master account. There is no information clarifying or detailing the specifics of these fees, so I certainly recommend contacting the Spy FX support group to find this information out, before signing up.

Spy FX Features

There are 7 features that the Spy FX development team want to bring to the attention of potential clients. All trades are updated in real time, service fees depends on profit, no VPS is required, access to verified Myfxbook results, low entry deposit, unlimited MT4 access and no catches or upsell’s.

These are all very important elements, and the one that interests me the most is the seamless access to verified Myfxbook results. So with that being said, let’s transition into the trading results section of the review.

Trading Results

In the features section of this review, I mentioned that the Spy FX vendor promises us access to verified Myfxbook results. Yet, in going through the entire webpage and everything that they have to offer, I’ve been unable to find this trading account, or any trading account at all for that matter.

The developers provide us with 3 statistics, which claim that they have a winning percentage of 69%, which is made up of a short position winning percentage of 68%, and the long position winning percentage of 70%. There is also an equity chart, which shows that the strategy has increased the trading account over 90% in the course of around 8 months time. This chart runs from September 1st, 2017 to May 1st, 2018, which means they are about 2 months behind on their trading results as I’m writing this review. It’s also worth noting, that none of these results can be verified, because they are just images and claims unverified by statement sharing services.

Review Update

Since our last review of Spy FX not much has changed.

They still advertise themselves as the best Forex robot, but it’s clear that they are not providing a robot. This is some sort of copy trading service, that requires traders to deposit with the PaxForex broker.

Traders are required to deposit $2000 minimum, but they recommend at least $10,000 to get started. Which means that this is certainly a very expensive proposition. Considering they don’t have any verified trading results either, it’s almost impossible to want to invest such a large chunk of change.

Conclusion

My initial impressions of the Spy FX service were very positive, as the website came across as well put together, with adequate strategic information and a direct approach and helping traders. However, the more time I spent on the website, the more questions I have about the service itself. I want a better explanation about their trading strategy, information about who they are, and access to the Myfxbook account that they claim to have. Providing access to the Myfxbook account would clear up the majority of my concerns, so I hope that the developers do their best to add this to the website as soon as possible.

If you have anything you would like to add to this review, please leave your questions and remarks below the article now.