100% Signal Loss Rate - Requesting Refund
It is with great regret that I had to write this negative review as I had really high hopes for ProfitFarmers (PF) after reading the positive reviews here and watching all their instructional and testimonial videos. However, after 2.5 weeks of trading using their service, I am £500 down from a £4k investment. Not a single trade (I made 8) made money - not what I was expecting from a signalling/semi-auto trading service costing £200+ per month. In a nutshell, here is my honest experience:
PROS:
- Very well presented platform.
- Excellent instructional videos.
- Your money is handled by a third-party (Binance), so itâs platform-independent and safe.
- Itâs very easy to open and close trades.
- Advanced traders can edit open orders to tweak profits/manage losses better. I was not interested in this as Iâm not experienced in crypto trading and wanted a managed platform.
CONS:
- You will be inundated with new emails and browser notifications (new signals, close trades etc). Turning these notifications off in the software did nothing for me - I couldnât stop the influx, which was very stressful.
- You get emails telling you stop close a trade early - so much for the automated service! I didnât want this, I wanted the software to manage all open trades for me, as promised. PF does eventually close the trade automatically, but only after youâve been stressed out by these emails and browser pop-ups.
- My final trade with PF hit a stop loss of 29%!!!!!! This is reckless and unprofessional. The instructional videos said stop losses are automatically added at around 2-5%. Obviously theyâre not, so you need to manage this. I didnât want to, thatâs why I was paying PF to do it, which they failed to do. So ultimately I lost confidence in this company.
- Okay, this is the most important. The quality of the signals/trades is POOR. I used the service for about 2.5 weeks. ALL 8 trades I placed lost me money. Thatâs right. Not one trade made any money at all. So, with a starting account of £4.5K, Iâm now down to £3.9K and have decided to pull the plug. FYI, every trade I made I used a £500 margin. At the very least/realistically I was expecting 2-5% profit per trade (ignoring their blown-up profits hype), with a few losses, but a 100% failure rate is terrible. So much for my semi-passive income stream!
I have asked PF for a refund, as per their 30-day refund policy. However, Iâm not holding my breath, as I expect some generic reply about how their monthly signals have achievedâŠâŠ blah, blah blahâŠ.. However, trust me when I say that all my trades lost money.
I will reply to this review when I get a reply from PF about my refund. In the meantime, I have cancelled my subscription and am at least making money on my Bitcoin investment in Binance (which you need to buy along with USDT to use PF).
UPDATE - 8th March 2021
As promised, I said I would update my review when/if I heard back from PF regarding a refund. Thankfully, I have been fully refunded.
The company was also keen to hear some more of my feedback, so here goes:
1. New users needn't worry about PF being a scam site. This is a well presented service that is relatively easy to use (once you understand the Binance relationship) and exceptionally well supported via email and live chat.
2. However, the company was surprised that I was a beginner to crypto trading and as a result suggested that the platform wasn't really suited to me. However, I am a day trader and trade stocks and futures daily, so I was hoping that a service labelled as such would be relatively easy to get my head around:
"Your Crypto Trading Co-Pilot from Entry to Exit with 0 Commission. ProfitFarmerâs suggests, plans, and executes profitable trading plans semi-automatically, so you can actually make profits WITHOUT needing decades of experience. No stress. No late night alarms. No human error.''
The issue, as I have already mentioned, it that the service didn't make me any profits in 2.5 weeks, and was stressful due to software glitches and huge stop losses being hit.
IN CONCLUSION - I do believe that PF are a small, hard-working team that are not trying to be dishonest in any way. My experience just wasn't as expected, that's all. I didn't want all the stressful 'close-early' emails and was expecting 'some' profit from £4k worth of trades over 2 weeks. They need to improve the signals and tighten up the software bugs.
2021幎2æ28æ¥
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