How To Spot A Con Man

marketsurfer said:
I worked in NYC for 7 years. There are far more confidence men /scams in fl.

surf
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Do you realize NY makes more money than Fl... More money, more crooks.. Go look it up... Just because you haven't experience it does not mean anything... NY crooks are more savy.. They don't do things in the open..

P.S. You still don't get the big picture... You are too focused on chasing the little fish..
 
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There is been a fair bit of publicity about DCT trading Ltd which is run by Elijah Oyefeso over in UK. They provide binary bet signals and claim to average 80% win rate. They were in Zero hedge, Daily Mail, Daily Star, he was in a program on national TV channel, etc. I had a tweeter chat with one of his traders, here it is.

Me:Hi. Is your win rate really 80%?
DCT: Hey mate, it's approximately 76% over the last few months to be more precise
Me: That's pretty cool. Is Martingaling part of the strategy? Also, how many trades on average per day have to be taken to average that win rate?
DCT: We send around 10 signals a day. With returns of around 76-86% on investmentB
Me: What % of capital at risk per trade to achieve that return?
DCT: We recommend putting 5/10% of capital on each trade. And that return is the profit you receive for each winning trade made. Not the percentage profit overall
Me: What's the overall though?
Main concern is how much can be returned over a sample of say 100 bets
DCT: Well like I said we average 76% on al trades. So out of 100 we would expect 76 to make profit
Me: OK, I misunderstood, I thought that's what you make per trade, not average. If that's the average, then I would like to try it out. I already have an account, is that cool? I am with cmc markets
DCT: We would need youto sign up to a different platform to follow oursignals mate. Is that something you would be willing to do?
Me: why is that?
DCT: I don't believe cmc is a binary options platform unless I'm mistaken?
Me: Yeah, they do offerbinary, 85% payout
DCT: Ah well unfortunately we can't offer our free trial unless our Clients are using a platform we can cross check the details with
Me: Cross check as in?
DCT: We need to crosscheck your sign up to the platform, with the trading signals which we offer. But to do so, you need to signup with one of the platforms which we use. Is that okay man?
Me: So if I open an account with that provider, do I have to make deposit or not necessarily? Can I just watch the signals during the trial period?...

...
... 1 hour later

Me: Hello?
 
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A very good nigerian couple, based in the UK, once told me,
if you want to find out if someone is a con man, and the person has a name in "oloyu something",
just ask straight " Are you nigerian?".
So is this guy Nigerian?
 
smallStops said:
A very good nigerian couple, based in the UK, once told me,
if you want to find out if someone is a con man, and the person has a name in "oloyu something",
just ask straight " Are you nigerian?".
So is this guy Nigerian?
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Yes.
 
romik said:
Yes.
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LOL

well well well : http://www.419eater.com/ and I am sure they'd love to test the guy's "honesty", aka ability of not being caught when defrauding. Actually, it is a good thing that Nigerians are moving from the more seedy type of scams to the cleaner "trading-type scamming". May be we should encourage him, so that more of them can move into this more "legitimate" type of activities. Just so you know, the guy has certainly grossed at least 7 fig, as overseas based Nigerians scammers ( from UK police profilings) never bother working hard a scam for less than 7 fig.
 
Oh I don't doubt he has 7 figures, he didn't achieve it via binary bets though, as claimed. He has over 50k followers. Most signal providers in binaries are ripping off the gullible by either getting a percentage of their deposit with a bucket shop (as that deposit is basically profit to the bucket shop after few binary bets) or if you want you can pay $150 per month for a subscription, it's a 100% win rate for DCT. So dreams do come true, but only for Olyeja ;)
 
I'll have to say Good for him, and I hope his example will make all the scammers out there understand and believe , that scamming outside "trading type scam" is the wrong type of business. Hahahaha!
As far as I understand, all his 50k customers have given an "informed consent" form , to be scammed!! LOL.
 
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