There are quite a few points that I had to look under for this FxMode review because there’s one thing that I can tell you about this service: there truly is more to them than meets the eye. Unlike the other reviews that may pop-up when you search for “is FxMode a scam” we’re here to dissect and weigh the other details that most reviews haven’t found yet.
I’m sure that the reason why you’re here is that you’ve seen a YouTube ad about FxMode Alerts. With their claim of easy money with their tool and “copy trading” I should say it was truly enticing, but also intriguing.
I was actually shocked with the result of my investigation.
An FxMode Review Summary
Product Name: FxMode
Owners: The founder is exclusively David Vlas
Prices: $295/month or $1,995/year
Overall Rating: 4/100
Offered to: People who want automated trading that reaps profits
Recommended: Not Recommended
What Is FxMode about: FxMode offers a trading bot, community, and strategy planning for passively reaping profits through Forex trading.
Summary: FxMode still has to prove the legitimacy and actual potential of their product since they were only established last year.
What is FxMode About?
FxMode claims that they have a trading bot the people can use to copy trades and can help them gain their initial investment in their FxMode program. Sounds too good to be true right?
In this FxMode review I actually found a few inconsistencies in their claims and the whole shebang, but we’ll dig deeper later in this article.
For now here is a screenshot of their introductory video on their homepage.
When I looked around their website, I found that you can sign-up for what seemed like an onboarding dashboard that they call “FxMode Alerts Lite” for free.
You can do this by clicking the “Want To Learn More?” button under the video on the homepage.
Inside you’ll find 12 tutorial videos about the basics of trading and a few points on how to use their bot. I did not take screenshots of it for copyright reasons but you can access it for yourself.
Basically it looks like an onboarding program for inexperienced traders and those looking into their product.
On the few last videos, they will let you in on their discord server or most likely the community they maintain for FxMode. I did try to get in on the discord server but their captcha that would send a message to my number just did not work.
Reality Behind Trading Bots
Trading bots are called Expert Advisors and are usually used in trading platform and cryptocurrency exchanges. These trading bots are allowed only in some fiat trading avenues, and is mostly allowed in cryptocurrency platforms. While not most of them are illegal EAs are usually used so that traders can be helped with their decision making skills and especially in their peak moments of generating gains and accumulation of losses.
Basically these bots are used to help people recognize good entry and exit points even when they are at a peak emotional state.
Inside their FxMode’s onboarding program, they mentioned that they also use unregulated brokers however they did not mention if their bot can be used in regulated brokers too. But there was more to their mention of some brokers in their website.
Find this out later in the article.
People Behind FxMode
It’s interesting that when you search David Vlas, reviews about FxMode are not just the ones that would pop-up. Well I found that they he is also mentioned in the terms and conditions page of YTRev.
Note that YTRev is no linger active.
David Vlas is a YouTube persona and from what I have found there is an editor of David’s videos that comes up as another name in their old videos. But apparently David Vlas is the exclusive founder and has contracted others to provide customer service.
A Deeper Look Beyond FxMode
So we’ll go about with the method used by John in his Analysts Class review so we can have a better look at connections and things for this FxMode review.
Domain age is basically knowing when a website was created so for this one I included details of YTrev.com too since they basically are connected to the same people. Here’s what I found:
It looks like YTRev was registered two months ahead of FxMode. Nothing suspicious here though since anyone can basically buy domains anytime they want.
As John mentioned, backlinks are a good measure of the authenticity of a business website. So here’s what we found on the two websites:
So far so good with the two websites as they have a good amount of backlinks even as they were just created a year ago. The amount of baclinks that they have is perfectly normal for a young website.
Although you can see from above that one of FxMode’s top anchors is quite off: ”free money”.
Why would they want to rank for that keyword?
But then I tried to investigate further and what I found shocked me.
Beyond FxMode: Inconsistencies and Connections
Here we crosscheck the other FxMode.co reviews and see if we can get a peak of what’s the real deal behind this “trading bot”.
Observations by Selimology
There seems to be a lack of FxMode reviews, I found this YouTube video by Selimology and which gave a good insight of the other things that we’ll discuss later in this article.
- It turns out that he had screenshots of Trustpilot reviews of FxMode before it was “deleted”. A bit suspicious but also can be a reputation management move. We’ll go over this issue as we discuss the online testimonials later in this article.
- He showed cropped sections of the terms and conditions of FxMode but when I checked those clauses were most likely omitted or changed. See below.
- The video also showed that they have changed their old header that “promised 34k passive income” and they have continuously optimized it as it now mentions “Connecting You Directly To Our Top Traders, Passively.”
- The current homepage video also no longer emphasizes the membership fee as shown in Selimology’s video. But here comes the revelation.
- Selimology mentioned that he found some proof of trades that were dated 2019, when the company was actually formed in 2020. Well we found a few proofs of that too. You might not see them in the “Member Results”, their dedicated page for “proof of trades” ; it’s actually in the homepage video which you can see for yourself on 1:53 and 3:03 timestamps.
The FxMode review by Selimology shows FxMode puts their resources not only on their advertising budget but also on managing their brand reputation by continuously optimizing their website, claiming their product pages on review sites and updating their public resources.
But this rings a hard truth I see as a marketer for 4 years now: FxMode is still treading the waters as a new product or could it be could a rebranded product? As a rebranded product, this can justify the reason why they may be using proof of trades from way back 2019.
If they have the budget to focus on advertising and branding, we now wonder if they are also putting enough investment on their product development.
I tried to connect some dots between YTrev and FxMode.
Well honestly, I would be more likely to purchase from YTrev if David Vlas endorses it because it’s his expertise. YouTube has been the ground and source of his fame for up until now. He truly has the authority over teaching people about creating revenue from YouTube. So I can’t really connect the dots between the two ventures, up until I came here upon a YouTube social link on YTrev’s page and it brought me to the DavidVlasBusiness YouTube Channel.
So this must be where he directly endorses his business ventures! I tried looking into one of his videos where he mentioned FxMode and well, I found red flags and negative reviews in the comment section. See for yourself.
So as someone who got more curious than ever, I also tried searching for David Vlasenko Business on Google Search and I accidentally clicked Images and found this:
I’m not sure if he still uses the website hosted on teachable because there were images that don’t load in the homepage. But I found that it’s the same structure as FxMode and YTrev: a program offering coaching, video tutorials, and building up a community.
This then brought me to the idea that maybe he’s expanding his business and trying out different ventures. FxMode could be one of his investments.
Let’s go more into this angle later in this piece. I hope you’re still with me!
What does the FxMode Offer?
FxMode is structured as a membership-bound community that uses an automated trading bot that can help traders in copy trading to easily and passively trade without doing anything. Now that’s the too good to be true part.
As an experienced trader myself, I know that even if you have a bot, it wouldn’t guarantee gains especially if you’re looking into trading forex and crypto trading because they are very volatile and quite unpredictable at times.
Booking a Call
Aside from the membership fees for signal alerts and using the trading bot, FxMode offers a qualifying call for people who can afford to shell out $2,000 for a “strategy session”.
In marketing, we call this lead generation strategy as “qualifying leads”. Now I wonder if there actually were people who have availed these.
On the homepage they claimed that they have 8 years of experience with 85% higher win rate. So did David Vlas start trading when he was 13 years old?
If he actually is in touch with top traders, then why be the front persona of the business? Can’t he name other people?
FxMode Refund Policy
Here’s a snippet of the Refund Policy that we cited earlier:
So FxMode does offer refunds ~as long as it’s either just an initial fee and/or when you don’t accept a private discount.
This means that anyone who wants to try out FxMode should watch out for those initial discounts that may be offered or else you may forfeit a right to your 30-day refund.
How Does FxMode Work?
According to his videos, he copy trades using their FxMode bot and that’s all there is to it! Hopefully they are like e-Toro too who profiles the people that most people are copy trading from because you don’t want to risk your money with high-risk traders.
Can You Make money with FxMode?
I can’t say for sure because most trading bots are illegal (but there are legitimate ones too) and I still have a doubt on the legitimacy of the trading proofs and their online reviews.
FxMode Reviews and Online Testimonials
Is FxMode Legit?
Well the first thing that could help us gauge the legitimacy of services would be the reviews online. I should say that I can’t fully trust the good reviews like the ones below:
I’ll cite my reason in a while. We have mentioned earlier that a Youtube blogger showed screenshots of negative Trustpilot reviews before they were deleted from the account. I found a few of them but I also found a recent negative review as I was writing this (10-29-2021)
I also saw that FxMode never really replied to the negative reviews and they just flagged them down:
Plus it’s a little bit suspicious that they had two months straight of good reviews only:
As an experienced marketer, this looks to me like a reputation management move. It’s very suspicious and this made the reviews shown in the front page seem unreliable.
Video Testimonials From Actual Users
Here’s a video testimonial I found with a former FxMode user:
- They have a budget for ads, means they have actual budget
- Has an onboarding area for curious people and interested ones
- No credible and verifiable proofs
- A new venture
- Still early in development
- Negative reviews are mostly just flagged and not responded to/resolved
- Vague edge over existing trading bots
Is FxMode A Scam?
It’s very likely that FxMode doesn’t yet live up to its promises and could be just an unprofitable business venture that David Vlas has got himself in. Most likely it’s a startup venture that lacked planning and has been dedication most of its resources into advertising and reputation management.
With the complexity of actual trading plus the intricacies behind cryptocurrency, it’s very misleading to make it look like you can gain money just by copy trading or using a bot to do that for you. A reminder that I always tell my friends whenever they are looking into stock trading to always remember to only invest an amount that they are ready to lose because all beginner traders are set to experience losses as part of their learning.
To solely rely on a trading bot sounds like a nightmare to me, but maybe if you have quite a load of cash that you can risk into the volatile nature of ForEx and crypto trading, then maybe bots are for you. Plus if you’re willing to risk your trading money on a new product, then why not right?
[5 Hidden Truths] The Answer to “Is FxMode Legit”
- Not all brokers accept trading bots especially if you’re thinking of trading in Forex, EAs though are most commonly used in cryptocurrency exchanges. While it would be easy to change brokers, most of the time, you still need to have a minimum amount that you have to deposit to create an account.
- They did not mention that they are affiliated with some of their mentioned forex brokers in their website, I found three broker sign-up links with affiliate codes mentioned inside their onboarding program. While affiliate marketing is a legitimate way of earning they should mention that in their video content.
- There are much cheaper EA or trading bots out there that also offers free trial of bots before purchasing and they clearly have not discussed or mentioned what’s their edge over others. They just hype the “results” and “member claims” that are not even verifiable.
- There are more established trading bots out there and there are already free copy trading options on some trading platforms (ex: eToro)
- They did not mention the trading style that they use, while below strategies can be used if you’re manually trading, here are some of the trading styles that should be avoided by EAs:
Martingale trading styles (increasing lot size to recover from loss and reach profit)
Grid trading styles (placing multiple pending orders in both “buy” and “sell”
Using huge stop-loss or no stop-loss at all
Holding trades for a very long time
[Final Say] Is FxMode a Scam?
If FxMode continues to focus more on their advertising budget and brand reputation management than their product development, then it would be likely that FxMode will continue to have an image that it is a scam.
While trading has it’s separate risk, I wouldn’t recommend investing or trying out FxMode because of the following:
- It has unverified ownership, reviews, and branding
- Most Forex brokerages do not allow the use of bots, thus there’s a chance that you might change your broker
- It still a long way before it can prove its legitimacy and the potential of their bot, since they were only established last year
- It’s a ripoff for the membership price
Until FxMode has actual and verifiable results of their claim, my verdict in my FxMode review is that it’s a probable scam.
Just to be fully transparent with you, I am not a user of FxMode myself and I do not endorse it in any way.
I have researched the website, testimonials, and information on the Internet to get to the bottom of what FxMode genuinely does. This is because I I know the risks of trading and I know people who have been burnt by programs with overpromises just like this in the past and I want to prevent others from making the same mistakes. If you’d like to learn Ways to Avoid Online Scams then click the highlighted text.
A Badass FxMode Alternative
While it would be nice to have an actual product where you can earn just by a clicking without any experience or knowledge about a venture, it’s also risky and sounds quite suspicious. What you need is something that can help you learn how to earn online in a legitimate way so you can sustain it for a long-time and also so you can expand it in the future.
I actually prefer and recommend affiliate marketing because of these things:
- It’s legal
- You can do it anytime you want
- You can do it anywhere you want (from you laptop, tablet, or phone!)
I actually recommend this signing up on my top recommended program because it’s very comprehensive and detailed, plus there’s actual coaching from John to guide you as you start your affiliate marketing journey. What I like more about it is that it’s free to start! You can have a look around and see how it can help you earn from your laptop and if you want to learn more, imagine just subscribing for only $49 a month!
If you’re thinking that you don’t have enough experience, well check out how John started below.
Ready to make Passive Income Online?
Hi, I’m John. I created a passive income online. And I had no marketing skills or online experience when I started.
Louee Gonzales has been a content specialist for 4+ years now. She has been enjoying writing investigative articles for EFYL. If she’s not writing, she’s either painting or traveling somewhere fun.
She has a degree in Psychology, and quick fact: she can’t read your mind. She has authored articles on the School of Positive Transformation.
FxMode$295/month or $1,995/year
- Financially capable owner/company
- Has an onboarding for interested and curious people
- No credible and verifiable proofs
- A new venture
- Still early in development
- Negative reviews not resolved just flagged
- Vague edge over existing trading bots