Tuesday, July 17, 2018

Forex Robot World Cup Scam

February 12, 2010 by · Leave a Comment 

On 13th October 2009, a new thread appeared on the popular MQL discussion forum with the subject line, “Beware: Forex Robot World Cup SCAM your right to market your product”. The thread was started by John mc glaughlin who accused that the Forex Robot World Cup is a scam.

Forex Robot World CupIn case you don’t know, the Forex Robot World Cup competition is held to test hundreds of private Forex Expert Advisor software and find out the best performing one. These Forex robots are currently not available for sale. Once the Forex Robot World Cup competition ends, the organizers will release the winning robot in the open market so that other forex traders can buy it.

I have been following the whole Forex Robot World Cup competition carefully to see that if it was genuine. Naturally when I saw this thread which was discussing about Forex Robot World Cup scam I was curious. After reading and following the thread carefully I reached at the conclusion that the title of the “scam thread” was misleading. Here is why…

One of the rules of Forex Robot World Cup states that, the FRWC will have exclusive rights to sell the winning robot for the next 6 months after the completion of the competition and thereafter they will retain the non-inclusive rights to sell the winner robot.

Should the candidate of a submitted Expert Advisor be declared as a winner of any prize category, said candidate (as the acknowledged owner), hereby agrees to unconditionally grant to the FRWC organization, the exclusive rights to market the Expert Advisor as it sees fit and for its own exclusive benefit for a period of Six months from the end of the contest.

According to John the Forex Robot World Cup is a scam because the organizers of the competition are going to make lot more money than the original Forex robot developers even though the FRWC Royal cup winner is going to receive $100,000. I do agree with John on this fact. However I wouldn’t call this as scam. Because FRWC clearly stated the rules even before the competition started. All the traders who are participating in the competition are well aware of this fact. Moreover the actual forex robot developer will still hold the intellectual property rights. FRWC will only have the rights to sell it and earn back the money they are spending on competition and prize money (altogether $150,000).

In short Forex Robot World Cup organizer is acquiring the rights to sell the winning robot by awarding the prize money.

Is Forex Robot World Cup Scam?

Conclusion: For an individual Forex Robot developer if a genuine competition is ready pays you $100K it could be much more profitable than using the robot to trade on his personal account with limited capital. Moreover this is extra money which the otherwise the Forex EA developer wouldn’t seen unless he is capable of marketing the robot by himself. My conclusion is the Forex Robot World Cup is not a scam since they haven’t cheated anyone nor they have entered in any fraudulent practice. It is a genuine competition were all get a chance to get the best robot participated in FRWC.

See the Forex Robot World Cup Results here…

Interesting results of the forex world cup championship.

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