But there is also "social trading" where you can mirror the trades of "successful investors".
Enter iFollow.Club, one of these "social trading" sites. They tout an "autopilot" way to make money over 7 days:
So did it work for me?
NOT EVEN CLOSE.
And I say this WITHOUT HAVING MADE A SINGLE TRADE.
You are probably thinking, "WTF?". Read on.
Once you do the free sign-up portion on the website, you start getting e-mails like this one, offering "free cash" when you fund your account with the minimum $250.
I waited and wanted to know more. Eventually I got this e-mail explaining iFollow.Club's social trading structure.
Read it carefully and you will spot all sorts of interesting details:
- It suggests that you will automatically have successful trades by following "top investors". There is no mention that trades could be unsuccessful and lose your money.
- It says you will "Join Canada's #1 Regulated broker". iFollow.Club is in the United States, according to the fine print. Also, if you make the $250 deposit, it starts an account with Interactive Option, which is in Cyprus.
Bigger problems now:
- NO MENTION of iFollow, much less the "100% Bonus".
- NO MENTION of social trading.
- The talk of "tailored trading tuition, signal service, technical and fundamental analysis" could be upsell pitches.