Advanced exchange trading - scam?

Guys, the same company did a presentation to me - I can attest to their legitimacy. Too bad that the software is so darn expensive though.

Oh, and the software doesn't predict market movements; it works as follows:
  • You set your entry- and exit points. The software will then send you alerts when your share has reached the exit point - that would then be the recommended point to sell.
  • Also, if your share falls a certain percentage below your entry point, it would send you an alert to sell.
Your trading account would not be with them; you have to open a trading account with FNB - which is the bank that they work through. The brokerage fees goes to FNB, not to this company.

They make money through the software, and through subscription fees for the live feeds.

Much of what you can make, will depend on your input; there is no guarantees.
 
I suggest the company puts this software into demo mode with a demo account and actually prove their claim. If it fails then we put a stop to it.
 
VernD said:
Guys, the same company did a presentation to me - I can attest to their legitimacy. Too bad that the software is so darn expensive though.

Oh, and the software doesn't predict market movements; it works as follows:
  • You set your entry- and exit points. The software will then send you alerts when your share has reached the exit point - that would then be the recommended point to sell.
  • Also, if your share falls a certain percentage below your entry point, it would send you an alert to sell.
Your trading account would not be with them; you have to open a trading account with FNB - which is the bank that they work through. The brokerage fees goes to FNB, not to this company.

They make money through the software, and through subscription fees for the live feeds.

Much of what you can make, will depend on your input; there is no guarantees.
Click to expand...

That doesn't sound like the software "do all your technical and fundamental annalists for you". In fact, it souds fairly simple, the most difficult bit being the live feeds.
 
I need software that can show me all the other similar types of stocks that can be "associated" with the stock that I am watching.

e.g. Telkom stocks on the rise? Quick .. find me other similar stocks .. it should list MTN + VODA + Altech ...

No software I've seen can do that. (Market sector is to big a range)
 
VernD said:
Guys, the same company did a presentation to me - I can attest to their legitimacy. Too bad that the software is so darn expensive though.

Oh, and the software doesn't predict market movements; it works as follows:
  • You set your entry- and exit points. The software will then send you alerts when your share has reached the exit point - that would then be the recommended point to sell.
  • Also, if your share falls a certain percentage below your entry point, it would send you an alert to sell.
Your trading account would not be with them; you have to open a trading account with FNB - which is the bank that they work through. The brokerage fees goes to FNB, not to this company.

They make money through the software, and through subscription fees for the live feeds.

Much of what you can make, will depend on your input; there is no guarantees.
Click to expand...

If you portfolio was so big and you didnt have the time to check the prices often then i could say, maybe this tool could be of use to you, otherwise, come on man, you can track that stuff yourself.
 
Barefoot Billionaire said:
Don't even think about talking to them. Actually, these people may be contravening FAIS - consider reporting them: [email protected] or 012 470 9080.
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How so? They sell a tool to help you make decisions on what stocks to buy and when to sell. The actual buying and selling is your risk like always. There are lots of things that do that. Some are formal, some informal advice from mates, some are courses you can take on trading etc. I don't see any magic in it. Just a thing that connects to data feeds and sends alarms when thresholds are reached. Sounds pretty useful if day trading is your thing.

The money back guarantee appears to be on the price of the software. If you invest without the tool and loose cash it's gone. If you invest with the tool and loose cash it's also gone but you get the price of the tool back. Sounds ok to me.

I'm not a customer / user of theirs by the way.
 
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The money back guarantee appears to be on the price of the software. If you invest without the tool and loose cash it's gone. If you invest with the tool and loose cash it's also gone but you get the price of the tool back.
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thats also how i understood it.

also being in the FW doesn't proove anything, as i'm sure fedentia was also in the FW at sometime, and look what happend to them.
 
Advanced Exchange Trading said:
I would firstly like to explain that we don't give a guarantee on the clients money but we do give a product guarantee, if by using the product and you do not make a 40% return in the six months we give you a fullback money guarantee.Our product is a software program which do all your technical and fundamental annalists for you. Should you require any other information regarding this topic please feel free to contact us on 012 663 9772.

Bianca Harmse
Advanced exchange Trading
[email protected]
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Hi Bianca

Could you maybe let us know what the number of your company's FSB license code is? I'm not able to track Avanced Exchange Trading as a licensed service provider (and therefore allowed to cold call) on the FSB's website.
 
I don't get it? These people are selling a product. Surely anyone can cold call? Whether you sell pet mice or BMW's or trained mice that appeared in BMW ads - is there a law against cold calling?
 
I'm not a FAIS expert, but if anyone calls to sell you information relating financial services (and a case can be made for share information being a financial service, although a very weak case) and claim they are registered with the FSB while they're not, they could get into big trouble.

Also, extract from an FSB warning available at http://www.fsb.co.za/ConsumerEdu/internet_alerts.pdf:
"What can the FSB do?
Companies or individuals without a South African Financial Advisory and Intermediary Services (FAIS) licence may be breaking the law if they make recommendations or provide unsubstantiated information on shares and other financial products on the Internet. The FSB will take action against unlicensed FSPs who give advice on the Internet."

Would be interesting to listen to the recording of the telephone call. Telling a prospective client that he can make 25% or his money back, could be very misleading. Which money? The money he invested in his share portfolio? This is what most people will hear when you tell them they will get their money back. (Reading what Advanced Trading posted here, it's obviously only the cost of the software service, but this might not be so obvious to potential clients targeted.)
 
Waaib said:
I don't get it? These people are selling a product. Surely anyone can cold call? Whether you sell pet mice or BMW's or trained mice that appeared in BMW ads - is there a law against cold calling?
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Nope, you're right: no law against it (though I really wish there was). Got two cold calls in the past 24h and they irritate the hell out of me.

But definitely not OK to pretend you have an FSB license during the call - when you don;t.
 
Barefoot - they're not a brokerage firm nor in any way appear to provide any financial services, so therefore don't require a license afaik. They're a data vendor essentially. They pool data and provide the analytical tools to make investment decisions but they don't advise clients nor directly make the trades. Their software aggregates the data and facilitates the trade via a broker of your choice. While their marketing methods and business principles are far from ethical, they don't require a license, however they should still be avoided if you ask me. They have a long and dark history in SA:

First off, any company making bold claims regarding guaranteed returns should always be avoided - in a market that they do not influence (ie they do not move markets), there is absolutely no way for them to make such claims and there is no way for them to guarantee returns either - it is preposterous and consumers are protected by the Consumer Protection Bill and these claims actually border on committing fraud as well. That's just point #1.

Secondly - Advanced Exchange Trading is selling Sharetrackin products which in turn is owned by Investor's Choice which is actually a yacht sales business owned by a notorious Mr Christo Oosthuizen and his partner Mr Piet Volschenk. Interestingly, this company has tried to sue it's own clients merely because they showed dissatisfaction of the Sharetrackin product. This was exposed by Moneyweb a while ago who actually ran a special investigation on this company.

Here are a few excerpts from that article:

A community member, who prefers to stay anonymous out of fear of litigation, says Investor's Choice offered Share Trackin to him four years ago, saying he could try it out before buying it. He claims that the company put about R6 000 on to his credit card, on budget facility. When he complained to the company and ordered it to cancel the transaction, he was threatened with legal action if he did not pay the balance.

Another client has told Moneyweb that Four Rivers Trading Company sold Share Trackin to him in March last year, for an amount of R10 500, which was paid by credit card. An additional monthly amount of R150 has been deducted ever since. No one from the company has yet appeared to install the software.
Click to expand...

http://www.moneyweb.co.za/mw/view/mw/en/page91?oid=138516&sn=Detail

Moneyweb had a lenghty show on this issue and used Sharetrackin as an example of how people are sold software and data that is essentially free if you look for it and also exposing the underhanded, unethical and dare I say, fraudulent activities of this company. The kicker is that in order to trade CFDs you will need a brokerage account and the brokerage account will provide you with everything that Sharetrackin try to sell to you. If you want to trade CFDs then Ideal CFDs is a much better bet.

As I said earlier - if it sounds too good to be true, it probably is...
 
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Thanks, DJK. Can't believe I missed the MoneyWeb coverage - avid reader of their articles like me... But then, there seem to be so many shady businesses around that I'm losing track.
 
Barefoot Billionaire said:
Thanks, DJK. Can't believe I missed the MoneyWeb coverage - avid reader of their articles like me... But then, there seem to be so many shady businesses around that I'm losing track.
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There are unfortunately, and they prey on the ill informed, which is why Moneyweb do a good job exposing them and it's always your best bet to start a thread asking about them either here or on one of the share trading forums. I'd hate to see someone fall for this because it's not a cheap service considering that you can get this data from Thomson Reuters for about R20k or even Bloomberg for a bit more - and those are professional tools intended for day traders active in the market. These guys are trying to sell courses run by themselves (so it's an extended marketing/sales pitch) and I'm not even sure if they have the credentials to be doing so in the first place. Then they try to sell a product which aggregates data which is essentially free and then go on to recommend brokers who will provide you with this data themselves as part of your brokerage fee in the first place. In my opinion (as a CFD trader) companies such as these should be avoided...
 
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