Blue Diamond FX Review: is it a Scam?
Blue Diamond FX is a Forex signal provider that believes trading Forex without guidance is looking for trouble. They tell traders that 95% of traders lose money and if we want to be part of the 5% of traders who make money, we must take advantage of the signals which they provide through their website bluediamondfx.com.
On their Facebook page, they claim that Blue Diamond FX is managed by experienced Forex currency traders who have traded for the last 25 years. This Facebook page has 54 members meaning that the Forex signal service is new or they have not properly marketed the service.
I was also able to trace feedback on the Blue Diamond FX reviews page on Facebook which indicated that only 2 people had provided ratings (with no comments) regarding the quality of the signals which they offer.
I don’t want to rely so much on these star ratings because the feedback is only coming from two people and secondly, I didn’t see any comments by these people. So I will do my best to give my opinion and facts regarding Blue Diamond FX. If you wanted to subscribe, take a moment and read this review.
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Blue Diamond FX review
First of all, there is no information about the traders who run BlueDiamondFX website. The signal provider didn’t bother to introduce themselves to the trading community.
If you claim that you offer premium Forex signals and want traders to join you, you must be ready to present your brand with proper introduction of who you are, how long you have been trading and so on. Otherwise traders will be skeptic since nobody wants to throw their money around just like that in any signal subscription they find on the internet.
Whoever is behind Blue Diamond FX also wants the trading community to believe that they are experts in the currency market and if we are not following an expert, we will not be able to take advantage of the upside and downside movement of a complex market that is the Forex market.
They even present us with statistics of people who make the most money and those who lose money in Forex trading. They claim that banks account for 96% of people who make money trading Forex, followed by professional traders and signal followers at 98%. They attribute 1% to people who are trying to trade on their own.
These stats have not been backed by any external source and so I would like to consider them as mere speculations and a tool for marketing this service.
The team behind BlueDiamondFX are not revealing their trading strategy and this works against them because professional traders like me always want such details for the sake of writing a proper review and even recommending the service if it fits the needs of most traders. So this is a big minus on the service.
Blue Diamond FX signal subscription plans
There are 3 subscription plans and all of them provide signals through BlueDiamondFX’s Telegram channel.
You can pay € 50 per month, € 135 after every 3 months or € 475 per year. These signal plans are similar in features except for the length of time that members will remain subscribed.
Traders should expect at least 5 signals per day which are mostly sent during the London, New York, Sydney And Tokyo Market Hours. This means you must be awake during these hours or be near your computer in order to place the signals.
Their signals come with exact entry, stop loss and 3 take profits. They claim that their success rate is high but no figures were quoted. On top of this, Blue Diamond FX promises 24/7 support.
These guys also want us to know that we can trade with certainty when we follow their signals.
I do not think this service has any reviews or testimonials out there except those which can be found on their own website.
I generally trust reviews when they appear on Forex trading forums instead of when I find them on the vendor’s website. A vendor’s website owns that website and it is easy for them to forge reviews/testimonials.
I will not recommend Blue Diamond FX because even though they claim to offer professional trading signals that place us among the 5% winning traders, they offer no trading performance and are instead telling us past performance is not guarantee of future performance.
You cannot tell me past performance is not a guarantee of future performance when even the market itself is traded based on trends. Trends give us a general idea of how things will turn out a few months later. So past verified performance is actually a big part of maintaining transparency. Blue Diamond FX has failed to invoke trust and if you have used the service before, you should take this opportunity to comment below this review.