I've been browsing through the FRWC website recently (search in google, I don't want to get banned
) and I'm really surprised people fall for their con.
Before you start throwing things at me, please let me explain.
First of all, I wanted to know who's behind the website but to no avail. It appears they're the same guys who run fapturbo - I've checked the whois information, they're both registered under the same proxy registrations. I know it's not much but what are the odds? If that is not enough, checking the server's ip's, it's clearly they're both hosted in the same datacenter.
Secondly, their terms for the contest are ridiculous; you know the saying: 'always read the fine print!'? Well, it's definitely important in this case. Some of their terms are:
- Should the entrant of a submitted EA be announced as a winner of any prize category, said entrant (as the acknowledged owner), hereby agrees to unconditionally grant to the FRWC organization sole, exclusive rights to market the EA as it sees fit and for its own exclusive benefit for a period of 6 (six) months from the end of the competition - this is deemed to be 14 days from the end of the live trading phase.
- At the end of the 6 month exclusivity period, the FRWC organization shall acquire the non-exclusive rights to market the EA for its own benefit in perpetuity. With the commencement of the non-exclusive period, the owner shall thereafter be free to do with the EA as they wish (sell it, market it, license it), save that the owner may not sell or dispose of any rights to the EA if such sale or disposal would infringe, in any way, upon the rights previously granted to the FRWC organization - for example, the entrant of a winning EA could provide marketing rights to a third party on condition that such provision would not restrict the FRWC organization from continuing to commercialize the EA.
- Any improvements to a winning EA at any time after entry into the competition shall be included within the scope of the marketing rights granted to the FRWC organization.
Now in plain English:
- If you're EA wins, you have no rights over it for 6 months.
- You cannot sell your own EA as it is FRWC's property.
- Any improvements you make should be given for free to FRWC.
They do promise to give away $150,000, but where can I see they really pay it? As far as I know they could be 'paying' to one of their own employees so actually they don't spend a cent. The invoice shown in the end of the video of the winner just looks like they printed it and doesn't prove anything.
Another thing is how do you know they're really running the EA's? They might be hiding the real results to themselves. I think they should have a third party verification to ensure their interests.
And how do they have FXCM and Boston Technologies as sponsors? what do they exactly have to gain that's worth giving away $150,000? This is another reason which raises a red flag.
I know I have too much of free time on my hands, but I took it to another level and tried to google all of their so called 'winners' - to my surprise they're not existing or they don't look anything close to the images shown on FRWC's website.
Has anyone spoken with FXCM to see what they have to say about it?