Last week I received an email from yet another Forex provider but didn’t get around to visiting the company’s website until this morning. Believe it or not, there’s a company out there that is actually promoting Forex as a simplified gambling venue, offering “members” the ability to “bet” on currency trends. Without mentioning the company which, of course, would violate the non-commercial nature of this blog, I thought readers might be interested in a quick overview of the company’s offering.When you arrive at the site, it’s obvious this isn’t a Forex broker, it’s a gambling site. ********** Offers Bets on the Price Changes Based on the FOREX Financial Market
The headline is then followed by the following wagering options:
Time Bets: Trader have to predict changes of market price on a fixed period. (Example: EURUSD at 18.20 will be higher or lower than at 22.30)
Barrier Bets: Traders have to predict if market will rise or fall after one day, two days etc. (Example: USDJPY after two days will be lower than current price)
Intraday Bets: Traders have to predict if market will rise or fall by the end of trading day. (Example: GBPUSD today at midnight will be higher than current price)
Leader Bets: Traders have to predict if currency pair within a currency group will be the leader of the trades within its group by midnight. (Example: USDCHF today at midnight will be the leader of the trades in USD group)
Double Bets: Traders have to predict currency pair changes at two points during current day. (Example: USDCAD at 12.00 will be higher than at 13.00 and lower than at 16.00) A bit like the exacta in horse and dog racing.
Special Offers: From time to time [we] offer bets with higher winning coefficient. Special offer bets are offered with fixed conditions and stakes, which are not changeable.
So How Legitimate Is the Offering?
Here are a few items that appear in the English version of the company's "Terms of Use" disclosure followed briefly by an English translation of the same.
Winning amount calculation is based on pre-installed in software coefficients for each type of bet. Such coefficients can change depending on day, time and situation on the selected financial market.
Translation: We reserve the right to change the rules at any time.
In case of mistakes by personnel, or software errors with accepting of bets (obvious errors in amounts, wrong quotes on different positions, etc.) and other facts, showing that bet was incorrect, site administrator has the right to declare such bet as invalid and return the stake amount to client.
Translation: We reserve the right to change the rules at any time.
********** reserves the right to refuse to accept any type of bet without providing a reason. In conflict situations, with no precedent, final decision is taken by the site administrator.
Translation: We reserve the right to change the rules at any time.
In case of wrongly calculated winnings, due to incorrect quotes or other technical issues, about which clients will be informed by site administrator, such bets must be recalculated accordingly to the proper results. If it is impossible to restore the events and recalculate the bet, amount of stake will be returned to client..
Translation: We reserve the right to change the rules at any time.
If client and site administrator will not find a mutual solution for conflict situation, all moot points and factions regarding such situation must be forwarded to the court of Republic Kalmykia, Russia. All legal expenses are paid by party in fault.
Translation: We know you won't have time or resources to pursue us in court.
Site administrator reserves the right to change these terms and conditions at any moment without prior notice. It is client's responsibility to check these terms and conditions as often as necessary to familiarize with any changes.
Translation: We reserve the right to change the rules at any time.
Closing of funded account with 0 turnover or withdrawal of all funds from account with 0 turnover is subject to a processing fee of 50 USD or 1500 RUR.
Translation: You will pay us now, or pay us later.
********** reserves the right to stop providing it's services to any client at any moment for any reason and without giving a reason.
Translation: We reserve the right to change the rules at any time.
********** established in 2001 in offshore zone is a licensed company for operating of totalizators and gambling services in Internet, offering service of financial betting via Internet on **********.com website.
Translation: My brother Ivan awarded us an off-shore gambling license, so we’re legit.
In the End
These guys make Forex dealing desk brokers, those offering "fixed spreads" on off-exchange Forex trading platforms, look like choir boys.
NOT!
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