We are happy they you are one of the few people who are actually researching the Push Money App before you make a deposit. Most people have already lost their money, using a software like the Push Money App.
If you already lost money using a software like this, you can read the typical broker complaints here.
WARNING: You need to understand how they will steal your money, read this.
If you are looking for a real trading software, look at these.
Push Money App Review
Every week there are ten “new” trading system and software released, all promising to make you millions of dollars. Just look at the really long list of trading signals software.
They all have some nice video, with testimonials about people using the product. The problems is that, you cannot believe testimonials, as they are all fake! If you go onto CNBC, Bloomberg or the Financial Times website, you will find no mention of these products for trading.
We started our review of the Push Money App to see if this software has potential. Like many of the other systems, all they want us to do is make a deposit at their preferred broker. Instead, we are more interested in the actual source of the signals, and what control we have to modify the software for our trading needs.
Here is the options they give us to modify:
The only thing we can do it change the amount of money per trade. Since we are only going to be starting with a $250 deposit, we are not interested in a software that makes up trade 10% of our account balance in one trade. That is just back risk management even for a gamble.
So basically it is a blind automated trading robot, in which we have no control. We cannot tell to to stop trading if it loses more than a certain amount of money that day. We cannot see the history of the algorithms trades.
We like to call these robots, random signal generators.
The Push Money App Scam
The way the scam works is like this.
When you sign up for the Push Money App, they automatically assign you a CFD Forex broker. When you make a deposit, the money is going to the broker. Once you have made a deposit, your account is controlled by the robot trading software. The software now has the ability to place trades on your behalf. And what happens when you want the software to stop?
Is the broker that they assigned you a licensed and regulated broker, or some offshore shady scam broker?
You can read the reviews of licensed brokers here.
Where Do People Trade Forex?
Real professional traders always trade with a locally licensed and regulated broker. Each country has their own laws for Forex trading and you can find the most popular brokers here.
What About Automated Trading Robots?
We have researched many trading robots and found 99% of them to be worthless.
Algorithm trading is a complicated concept and it is very difficult to profit from it. You should read the reviews of various trading apps, and see if it is something you are interested in using, see here.