Shark Tips is a forex and crypto signal service that promises an average of 200pips profit every month. This comes with no fees and commissions, which raises questions about how their revenues are derived. The vendors claim to be a team of analysts, tech-geeks and traders with years of experience. They came together and created a company that provides quality signals that value quality over frequency. The signals are suitable for all level of traders including part time traders. The vendors do not give the strategy utilized by this signal indicator. The signals are sent through the Shark-tips App and it contains the direction, expiry time, entry price and asset. All the trader needs is to follow the exact signal and place the trade. The price for monthly subscription is $59 per month. Alternatively, an account can be opened with their recommended broker, which allows the user to enjoy 3 months of signals for free. This offer is worth $177. The important questions are: Can we trust this signal service? Is the Shark Tips service one to trust or not?
Shark Tips: To Trust or Not To Trust?
There are elements of this service which have brought up some serious trust issues. The identified issues are as follows:
- Poor Trading Results
- Anonymous Identity of vendors
- User Testimonials.
- Conflict of interest
1. Poor Trading Results
No evidence of trading forex with their signals is provided by this vendor. It is unacceptable to sell software or signals service to people without proving that such software is actually making money with the signals provided. Forex traders expected vendors to provide verified trading results from a credible source to show that they are not just giving us signals but equally trading forex with their own signals. To this end, we did some digging and found what looks like some trading history from Myfxbook for this software:
As we can see, it can be seen that the results are not very stellar. The account in question was actually blown by inaccurate signals.
2. Lack of Traceable Identity
The vendors claim that this service is the work of forex experts, traders and analysts. No information on the identities of these experts is provided. Traders know many experts from copying their trades through social trading, forex analysis through different websites as well as trainings by experts. But for Shark Tips, there is no information. Many scammers hide behind anonymity to promote and sell substandard signals services. So the team behind Shark Tips has done itself no favours by hiding under the cloak of anonymity.
3. Negative User Testimonials
The true test of any software or signals service is to hear what those who have actually paid money for such products have to say about their user experience. Many users of the Shark Tips signal service have given them low ratings and negative user reviews. Some even called them scammers. Here are some reviews from the traders that subscribed to this signal service:
4. Conflict of Interest
By taking compensation from the “preferred broker” in exchange for directing users to that platform and providing signals in addition, some serious conflicts of interest have arisen. Money is earned by forcing traders to implement signals. This shifts the focus of vendors away from helping traders profit to simply forcing them to trade many times a day.
Conclusion: Shark Tips Cannot Be Trusted
The vendors of the Shark Tips signal service are not genuine. They claim to be experts, traders and experienced analysts; yet, they have never showed us how their service has fared in the real world of trading. Users who still gave them a chance and subscribed to their service were disappointed, leading to the mammoth number of negative reviews. Please, do not trust the Shark Tips signal service as it is obviously the work of a group of scammers.