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Archive for March, 2011

Sports arbitrage betting software by FAP Turbo gang

March 31st, 2011

I guess you’ve already been spammed by all your favorite spammers about this a few days ago. The FAP Turbo guys have built and just began to sell a software that finds arbitrage’s in sport betting (called arbs in the online community). Contrary to what these guys are stating on their website this isn’t anything new. There’s been quite a few fully automated solutions for years online, some good, some not so good. There’s even been free arbs posted on several forums. I know because I ventured into this field for a small foray about five years ago.

I’m doing this post part as a way to verify that the arb scene is real. The bookies really do give setups, very briefly, that guarantee profits if all possible outcomes are covered with just the right bet. Every bookie sets his own odds of course, and bases this on his information about the game/event. Sometimes this is evidently very hard. What a arbitrage better really is doing is taking advantage of a imperfect market.

But the other reason for the post is really to warn you that this isn’t free easy money, certainly not forever. You see the bookies really don’t like arbitrage betters, they even see them as the enemy. If you start betting the arbs found by the software (or by some other service, or by yourself) you will very likely in just a couple of weeks be hindered from making large bets (it was a long time ago, but lets say $100 or so as maximum).  Especially if you bet $318.23 or $422.98. No-one but arbitrage betters do that.

The arbs don’t stay out there for long either, so you will want to sit at the computer waiting for possibilities to come, which is fine if there is plenty, but the ones found by the software will potentially be played by thousands of people(they state that only 1000 copies will be sold, but who knows). Every one of those bets will possibly change the odds, against you. So you better be quick in and seal the odds needed, on all outcomes. The worst you can do is to get in on one of them and not the other, then you’ve just guaranteed a loss instead of a win :)

Also, if you start signing up to all the bookies needed, do check if there are promotions to take advantage of. They can have some deposit bonuses or perhaps there is some friendly affiliate to give you a kick-back (like boogster.com and others).

Personally this actually got me a little interested in getting started with some arbitrage betting again. After the debacle with JadeFX I’m a bit turned off by Forex trading, perhaps this could work like a time out. If I go for it, I’ll let you know of course. It’s $149 to start and then $20 monthly. Since it’s a ClickBank product I think there should be no problem to get a refund within 60 days if it doesn’t work.

Check out the incredibly lousy website.

JadeFX (non)communication

March 8th, 2011

So it’s been a few days now and I must say that I’m not much wiser. There is a lot of speculation online regarding this incident, but sadly very little information have come out of JadeFX and absolutely none from the CFTC.  The latter is quite surprising, and also makes me wonder if they really are involved or not. It seems they often put up a press release when they are investigating brokers, but none have been put up for JadeFX.

The alternative is of course a very scary and frustrating one, and that is that JadeFX is another case of Madoff. It has been discovered that in the fine print parts of the client agreement it is stated that under Belize law clients funds are not protected in case of bankruptcy, in direct conflict with the information about this in the FAQ that was posted on the website. There it was clearly stated that clients funds was kept on segregated accounts and could not be touched.

It would be extremely interesting to know who ordered the cutting of the price feed. If it was done by the CFTC I would think they’d put out information about it. I must say that I’m not very hopeful of getting my money out, it might just be a defensive mechanism, but the thing is that it all is extremely strange. The Website is now completely down, and it is of course an active choice by someone at JadeFX, it would have been simpler just not to touch it. For some reason they don’t want us to be able to read the information that was out there. Also the platform is shut down since Saturday, so the only channel that JadeFX have been communication through is now down. And yesterday they also shut down my VPS, again an active act. They’re in complete shutdown mode.

Hopefully there’s more information soon… In the meantime I’m thinking about my options with other brokers, but the thing really is that I don’t have energy for that right now. I’m going on a mini-vacation tomorrow (skiing) for a few days, I will try to completely stop thinking about this for that time.

Here is screen dumps of all the communication I’ve received from JadeFX since this began, so anyone interested can form their own opinion.

Read more…

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CFTC shuts down JadeFX

March 5th, 2011

In a move of complete and utter disregard for peoples’ belongings the CFTC have shut down the trading operations of JadeFX and freezes the companys’ accounts. The allegation is that they are breaking the CFTC’s regulations. The interesting thing of course is that JadeFX is a Belize registered company and that they have no American customers (they all we’re kicked out last year when the CFTC started their crusade against home forex traders). I am very frustrated with this, I have a nice sum of money in there that I can’t access now. I am not an American, I should not be affected by their crap.

Apparently the CTFC argues that they have jurisdiction because the liquidity provider that JadeFX is using is Citi, but why the hell doesn’t they just send Citi a cease and desist letter and JadeFX can find another partner to trade with.

So basically I’m counting on the CFTC to penalize JadeFX for their “wrong doings” and I’m not counting on getting any of my money out. Thank you CTFC for protecting me as a trader and taking all my money. Thank you protectors of the Free World.

I’ve sent this to the CFTC. I don’t expect a reply:

“Dear Sir(s).

I would like a explanation why you are interfering with my right as a world citizen to trade with currencies on a fair market as provided by JadeFX out of Belize (not a US state FYI). I am a Swedish (Sweden is also not a US state) citizen. Please inform me on what grounds you are stopping my broker JadeFX from dealing with me? Whom are you trying to protect here?

JadeFX is saying that they will not process any withdraws while this process is in action, so I can’t get my money out. Also it is of course likely that they will be forced into bankruptcy if you don’t stop interfering with their business, and then I’m sure I won’t get any money. So if you were trying to protect me from losing money on trading Forex you instead just made me loose 100% (instead of gaining 143% like I did during 2010). Thank you very much.

BR Johan Axelsson
Customer at Jade FX, not an American citizen under your jurisdiction.”

The Jade FX website is down, but we have been getting some updates in emails within the MT4 platform. It doesn’t look good.

Author: admin Tags: ,