- Report: #836207
Complaint Review: 4X Made Easy - Plano Texas
Reported By:
Phil S. -
San Jose, California, United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
4X Made Easy
2701 W. Plano Parkway, Suite 500 Plano, 75075 Texas, United States of America
Phone:
1-888-313-0037
Web:
http://www.wizetrade.com/
Categories:
Business Rating:
(0)
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4X Made Easy Wizetrade LLC, GlobalTec Solutions LLC, MB Trading LLC Sold software that doesn't perform as claimed Plano, Texas
4X Made Easy is the name of a now-defunct software package once marketed by GlobalTec Solutions LLC, a.k.a. Wizetrade, which was eventually acquired by a company named MB Trading LLC when the parent company, Dynetech Corporation of Orlando, Florida, went bankrupt in 2009.
4x Made Easy was allegedly developed by GlobalTec founder George Thompson. The principals of Wizetrade/4X Made Easy claimed that using their software and proprietary data feeds it would be possible for a relative novice to trade the FOREX markets and make money. During introductory seminars it appeared to do so, but I, and other customers by accounts available on the Web, were unable to replicate the results on our own. Due to the required proprietary Internet data feed, costing each user $99 per month, the software was of no use unless one subscribed to GlobalTec's service on an ongoing basis. When I first purchased the software in 2004, it was extremely unstable and crashed frequently, with crashes occurring just minutes apart. GlobalTec would issue software updates via the Internet that automatically replaced the version one had installed, but the reliability of the software didn't get significantly better over time. After attempting to use the software for several months and even paying additional money for "Coaching Sessions", I reluctantly came to the conclusion that the software was incapable of delivering the claimed trading results. The smooth curves it presented on the computer screen moving averages were the result of heavy filtering and curve-fitting of raw data, and as a result they were significantly delayed in time from actual market activity. This is a natural, unavoidable outgrowth of the filtering process, and this fact was not disclosed during the sales pitch, nor during subsequent email and telephone contacts with the company.
The scam came in with their so-called 30 day money back warranty. The typical customer would spend several weeks getting the software to run and getting familiar with it, and before he or she could actually attempt simulated or live trades, the grace period for a refund would have expired. In some cases the purchaser would find that the software ran sluggishly or poorly on their existing computer, and upon recommendations from GlobalTec would spend additional time and money purchasing and setting up a new computer in the vain hope that it would make the software run faster and more reliably, while the warranty period clock ticked away. Although I've written off my "investment" in this scheme as a total loss, I'm aware of other individuals who attempted to return the software and get refunds, but had great difficulty doing so, or were unsuccessful in the attempt.
In retrospect, it is clear that Dynetech Corporation and GlobalTec were making money promoting expensive seminars and software services that they fully knew did not work and could not work, and could easily be replaced by free software available from any brokerage when one signed up for a trading or practice account. Although MB Trading apparently acquired the rights to 4X Made Easy, they no longer market it. As of today (2012-02-08), a link to 4X Made Easy still exists on the Wizetrade.com site, but the link is to a company, eToro.com, that doesn't offer 4X Made Easy and doesn't mention the product anywhere on their site. Wizetrade.com still peddles FOREX trading software that appears to be closely modeled on their older Wizetrade stock trading software, but based on the screen shots visible on the site, would be no better than 4X Made Easy.
4x Made Easy was allegedly developed by GlobalTec founder George Thompson. The principals of Wizetrade/4X Made Easy claimed that using their software and proprietary data feeds it would be possible for a relative novice to trade the FOREX markets and make money. During introductory seminars it appeared to do so, but I, and other customers by accounts available on the Web, were unable to replicate the results on our own. Due to the required proprietary Internet data feed, costing each user $99 per month, the software was of no use unless one subscribed to GlobalTec's service on an ongoing basis. When I first purchased the software in 2004, it was extremely unstable and crashed frequently, with crashes occurring just minutes apart. GlobalTec would issue software updates via the Internet that automatically replaced the version one had installed, but the reliability of the software didn't get significantly better over time. After attempting to use the software for several months and even paying additional money for "Coaching Sessions", I reluctantly came to the conclusion that the software was incapable of delivering the claimed trading results. The smooth curves it presented on the computer screen moving averages were the result of heavy filtering and curve-fitting of raw data, and as a result they were significantly delayed in time from actual market activity. This is a natural, unavoidable outgrowth of the filtering process, and this fact was not disclosed during the sales pitch, nor during subsequent email and telephone contacts with the company.
The scam came in with their so-called 30 day money back warranty. The typical customer would spend several weeks getting the software to run and getting familiar with it, and before he or she could actually attempt simulated or live trades, the grace period for a refund would have expired. In some cases the purchaser would find that the software ran sluggishly or poorly on their existing computer, and upon recommendations from GlobalTec would spend additional time and money purchasing and setting up a new computer in the vain hope that it would make the software run faster and more reliably, while the warranty period clock ticked away. Although I've written off my "investment" in this scheme as a total loss, I'm aware of other individuals who attempted to return the software and get refunds, but had great difficulty doing so, or were unsuccessful in the attempt.
In retrospect, it is clear that Dynetech Corporation and GlobalTec were making money promoting expensive seminars and software services that they fully knew did not work and could not work, and could easily be replaced by free software available from any brokerage when one signed up for a trading or practice account. Although MB Trading apparently acquired the rights to 4X Made Easy, they no longer market it. As of today (2012-02-08), a link to 4X Made Easy still exists on the Wizetrade.com site, but the link is to a company, eToro.com, that doesn't offer 4X Made Easy and doesn't mention the product anywhere on their site. Wizetrade.com still peddles FOREX trading software that appears to be closely modeled on their older Wizetrade stock trading software, but based on the screen shots visible on the site, would be no better than 4X Made Easy.
