New UK Forex scam uncovered – ProphetFX

prophetfx

prophetfx

Today – 22/02/2020 we have found another scam going unchallenged. It has been going since May 2019.

It is on this thread https://www.themoneyshed.co.uk/index.php?threads/best-investment-ever-prophet-trading-automated-money.11068

This is a long one… I suggest you read some of the thread to get a flavour of what is going on.

The Setup

From what I have read/understand;

  • Prophet FX have purchased a Metatrader MT4 Expert Advisor.
  • ProphetFX have hooked up this martingale expert adviser on a fraudulent myfxbook account. (basically a gambling robot that will blow up on a seriously poor trading platform which can be faked).
  • They will have bought it from a developer of Metatrader (MT4) Expert Advisors and are using it to push for investment.
    The Expert Advisor will fail (it already has – they have had to lie, blaming it on a “rogue trade”).
  • ProphetFX are taking £1000- £3000 GBP initial investments from people – this is deposited into new IC Markets broker accounts.
  • “You deposit into your own account and they manage it for you”
  • They then charge a 30% monthly fee on profit and a £15 a month “hosting fee”.
  • “You have to pay the 30% from profits yourself”.
  • “They send you an invoice which you have to pay within 7 days and the withdrawal takes 3-5 days”.
  • If ProphetFX are affiliated with IC Markets they will be getting around $500-$1000 per new customer sign up back from IC Markets or commissions per traded round trip.
    I suggest this is a huge affiliate scam…Forex broker affiliate kickbacks are this huge. The more the new customer pays in, the larger the kickback for ProphetFX.
    ProphetFX could be getting kickbacks per traded round trip – so the more these victims trade (i.e more money in their account), ProphetFX get a commission on top.
  • You have to join a telegram group by asking to be added. This is seriously dodgy.

Reeling victims in

  • A group of young guys have gone into a “make money online” forum called https://themoneyshed.co.uk (the perfect place). All using pseudonyms – they are all part of the scam ring.
    We think users, “afcafc”, “simonthomas”, “maninwhitecoat”, “Blazerlazer” are all part of it. They are likely to be the same person.
    I believe afcafc to be Jack Harwood himself because he chooses his favourite football team and players – if you search online for his he has continuously used these as pseudonyms.
  • The thread is titled “Best investment ever. Prophet trading. Automated money” – that’s not suspicious at all..
  • The same thing occurs here on Black Hat World – “Finally found a way to make money with forex hands free!” https://www.blackhatworld.com/seo/finally-found-a-way-to-make-money-with-forex-hands-free.1118591/ – again totally not suspicious…
  • They have posted fake mt4 mobile screenshots of gains (classic).
Demo MT4 Mobile Screenshot
  • They are citing a winning MT4 Expert Advisor – all Metatrader Terminal (MT4) expert advisors are all garbage.
    Take it from me, I have been developing systems since 2010 in MT4. There are no set & forget expert advisors… They ALL fail.
    If someone has an automated program to make money – they will not be giving it away – I can promise you.
  • There is no use of LTD company name in any of their messages, pretending they don’t know the name and stalling, pretending they ask “whoever is running it” – the answer never comes.
  • Their website is just a page – no SSL certificate. http://prophetfx.com
Dead Website
  • They are using untraceable messages via telegram app.
  • ProphetFX also shows up in telegram group TradeHuntFX.
TradeHuntFX – linked to ProphetFX
Edward Elford of ProphetFX
Edward Elford
  • They are sucking in people on “make money online forums“, Facebook, Instagram, linked in and via fake Trustpilot reviews.
  • They are enticing people to borrow money to invest in this scam. “afcafc” suggesting he has borrowed on loans and credit cards – when all along this is Jack Harwood himself underneath.
  • They are posting hundreds of 5 star fake reviews under their own names on Trustpilot.
  • Review sites are slowly filtering through real testimonials – all negative.
  • They have blamed a rogue trade on the massive thump to the account – nope, this is just the martingale doing what a martingale does.
    (How can an automated expert advisor create a rogue trade? Its supposed to be an automated trading program! This is a totally fabricated story that the victims have swallowed).
  • They have posted fake myxbook results – https://www.myfxbook.com/members/Edward4x/automated-forex-managed-account/3173819
Myfxbook – where do I even begin with this nonsense?
  • Note how the growth shoots up in September? That is totally abnormal – I look at myfxbook stuff every day.
  • Notice the steep drawdown at the end? (Yellow line is the reality line).
  • Notice how the balance and equity tabs are locked? (More dodgy goings on).
  • We also found another prophetFX myfxbook account here https://www.myfxbook.com/en/members/DailyProfits/prophetfx/3363222 under the account “DailyProfits” – it has the same drop at the end in February 2020 as the myfxbook above.

Lying that they are FCA Authorised & Regulated

  • They are pretending they are UK FCA regulated by citing IC markets – IC Markets are not FCA authorised/regulated – this is all deception to give the appearance it is authorised/regulated activity they are undertaking and is covered – it isn’t. They are performing unauthorised & unregulated activity.

    Let’s just spell this out.

    – ProphetFX are not authorised or regulated by the UK FCA.

    – ProphetFX / the shills on the forums and review sites are saying they are covered because IC Markets is FCA authorised/regulated – this is total bullshit.
    – It is totally irrelevant what the broker is or isn’t. ProphetFX need that authorisation/regulation and that is what their ‘customers’ (victims) are asking them for.
    ProhphetFX / the shills are simply lying to victims as below.

    – In any event IC Markets are not UK FCA Regulated.
lieswe believe this to be Jack Harwood himself telling people they are authorised & regulated – they are not.

All of these warning signs and people STILL sign up with them and ‘hand over’ £1000- £ 3000 to lose – what is wrong with people?

People are totally blinkered when it comes to get rich quick schemes. There were enough people in the forum telling them it was a scam – one guy in the thread that did tell them its a scam got banned because the actual scammer charmed the forum moderator – this is classic stuff.

In the pursuit of riches these people have blinkers on, being massaged by scammers – its such basic stuff and they still fall for it.

It happens over and over and over again.

Real Trustpilot reviews roll in…

https://uk.trustpilot.com/review/www.prophetfx.com

Trustpilot real review 1
Trustpilot real review 2
Trustpilot real review 3

Prophet Enterprise Limited

https://beta.companieshouse.gov.uk/company/11916269

As for this lot – Prophet FX (Prophet Enterprise Ltd) consisting of;

  • Edward ELFORD,
  • Jack Alexander HARWOOD
  • Connor Patrick O’BRIEN

a common denominator is Jack Alexander HARWOOD.

Some other companies mentioned he has been part of – PROPHET TRADING LTD, CLEVERRY LTD, OPULENCE(UK) LTD, LOGIC LIFESTYLE LTD, PROFETTA PARIS LTD.

Note none of these companies have filed any accounts – they are dissolved each time.
Someone should report to HMRC to investigate this lot for Tax Evasion.

Apparently Opulence(UK) LTD are a binary options company and Jack Harwood worked there according to this post https://www.themoneyshed.co.uk/index.php?threads/best-investment-ever-prophet-trading-automated-money.11068/post-165750
If true, if you look at Opulence Binary Options online its not difficult to see where Jack Harwood got his ideas from.

Binary options are a form of ‘Trading’ – I use quotes as its just more retail level gambling.
Binary Options have been banned in the UK since April 2019 by the FCA – you can read here – https://www.fca.org.uk/news/statements/fca-confirms-permanent-ban-sale-binary-options-retail-consumers

The fact Jack Harwood and his chums are involved with them doesn’t surprise me at all, it just paints a fuller picture.

Opulence Facebook page

– Opulence Facebook page https://www.facebook.com/OpulenceUK/posts/binary-options-trading-the-truth-the-london-economic/354951058218291/

– Opulence website https://www.opulenceuk.com/

And in this post by Leon212 https://www.themoneyshed.co.uk/index.php?threads/best-investment-ever-prophet-trading-automated-money.11068/post-165946
“I know Jack when he worked for Opulence there are a Binary options signal company. All he did for them was get people to sign up and that was it. I know this cuz he got me to sign up to them”

and https://www.themoneyshed.co.uk/index.php?threads/best-investment-ever-prophet-trading-automated-money.11068/post-164383
” He was a salesman for a company called Opulence and I bet he just made commission to get people to sign up I had to put £250 into my account to do the trades and I lost a little then got back to £250 after 2 weeks then stopped trading and took £250 out at the end of the month so I didn’t lose anything. But if I had carried on for the 30 days I would of lost it all as they lost most of there trades.
Jake made out to me he was earning 1000’s a month but was mainly bullshit”


So again, if true, this is where Jack Harwood got this idea from. Its all bullshit and he has marketed ProphetFX by creating fake reviews and pretending to be new entrants to the market in forums and posting insta-rich lifestyles on Instagram sucking people in.
Jack Harwood and chums have not made this money from Forex Trading – they have made it from scamming people.

If you look at both Edward Elford and Jack Harwood, their history online is littered with created/dissolved companies – I have never seen so many for a person that young – this is dodge city.

Apparently for these other companies, Jack Harwood has been found to be posting fake reviews on trust pilot.

This is larger than just ProphetFX (Prophet Enterprise Ltd)

The plot thickens as I found this page https://bigsta.net/account/jdsteggar/

Jacob Thomas Maher’s Instagram page

Note how the gang are all there (obrien – a director of Prophet Enterprise Limited, Edward Elford a director of Prophet Enterprise Limited & prophetfx which will be Jack Harwood) – this guy Jacob says he is also part of prophetFX.

If you look up Opulence(UK) Ltd – you find a Jacob Thomas Maher – which is this guy above. https://beta.companieshouse.gov.uk/company/10687026/officersthe circle is complete.

Multiple ProphetFX related Instagram accounts

On themoneyshed.co.uk – apparently Jack Harwood deleted his personal instagram after suspecting forum members found it.
Luckily Instagram aggregation sites have saved these posts of his other accounts…

Instagram is littered with ProphetFX instagram accounts – all fast cars, watches, expensive gifts etc etc – classic Instagrat to lure suckers in.

Here are just some of the instagram accounts this lot are running…

  • prophetfx_
  • prophetfxx
  • reece_pfx
  • jacko_prophetfx
  • rob_prophetfx
  • jack_prophetfx
  • daniel_prophetfx
  • jordan_prophetfx
  • lewis_prophetfx
  • cdm_prophetfx
  • dom_prophetfx
  • edwardelford – now deleted
  • jackhardwoodfx
  • harwood.j19
  • forextrader.fx
  • leighpfx
  • jdsteggar
  • op_jackfx

You can also find this site showing ProphetFX instagram posts – https://bigsta.net/account/prophetfx_/

prophetfx instagram account

You can also find the other director of ProphetFX (Prophet Enterprise Ltd) Edward Elford – https://bigsta.net/account/edwardelford/

Edward Elford’s instagram account – listed director of Prophet Enterprise Limited

Jack Harwood has another account on instagram still online here – https://www.instagram.com/jackharwoodfx/?hl=en

Jack Harwood Instagram

We found other instagram accounts that are linked to ProphetFX like https://picpanzee.com/forextrader.fx – “forextrader.fx” – it’s clear they have multiple accounts and have had multiple cracks at this – you can certainly see they are living the high life from running these scams.

On yet another Instagram account they have “prophetfxx” they are advertising memberships and affiliate deals – this was over a year ago and the entry fee was a lot lower just 12 months ago…

They have simply been ramping this up and seeing how far they can get… https://www.instagram.com/prophetfxx/?hl=en

ProphetFX a year ago – selling signals and education
ProphetFX affiliate deal – this is big business

ProphetFX make so much scamming they Sponsor Motor Racing & Boxing

They are even sponsoring Kart Racing, Motor Racing & Boxing because they have made so much money from this… https://stagram.fun/p/B5x0ZBSB8nu

Sponsoring Jamie Falvey Racing

Where we found other online activity

It looks like Jack Alexander Harwood was banned from ForexFactory.com https://www.forexfactory.com/showthread.php?p=12000428#post12000428 – he has posted a link to a Dubai company on his profile, his victims mention they are always talking about Dubai https://www.dubaifreezonecompany.com/auriondubai/contact.html

Jack Alexander Harwood’s Linkedin Page says he is in Lincoln (LN6 postcode) – old addresses on companies house show this – so at least the FCA and UK Police have something to go on.

All these guys are in Sleaford/Lincoln UK and they are using Shell/Ghost companies whilst using mailing houses as their addresses for their limited companies – other mailhouse addresses they use are in London/Southampton/Lincoln.

Jack Alexander Harwood on Linkedin
Jack Alexander Harwood
Jack Alexander Harwood

I also found an account called leigh.pfx on Twitter – https://twitter.com/LeighPfx – another shill? The prophettrading.co.uk website is defunct/never worked.

Leighpfx Twitter account

I also found a website to be launched via https://www.blackponcho.co.uk/website-design – with the motor racing sponsorship and new website these guys are trying to launch to suck even more people in.

There are at least two Facebook accounts, full of fake reviews and testimonials and the Instagrat Lifestyle;

  • Prophetfx
  • PFXJacob

Update 1 29/02/2020 18:28pm

We have found a website called frontlinefx https://frontlinefx.co.uk its the same people behind it has prophetfx – Jack Harwood and chums.
FrontlineFX Ltd is owned by a Jack Hall & a Robert Wilson.
They have a facebook page, fake google reviews page and the website itself – located in Lincolnshire same as ProphetFX – what a surprise.

They mention ProphetFX and link back to the same myfxbook page for the expert advisor.

WHY WE TRADE UNDER PROPHETFX:
prophetfx is a well established company ,they have been trading for many years with great results and as a company we feel our customers deserve the best on the market so by doing so, we will link your trading account through there master account, Their system works so well and flawlessly with the lowest risk on the market worldwide with some of the best ROI available we feel you deserve not just the backing from Frontlinefx but also Prophetfx as well, together we are better as one
TRADING VIA THE MASTER ACCOUNT:
We will link your trading account to the master account via a tradecopier,
This means that your account is automated, your trading account will mirror-trade the master account completely, so you can sit back and relax knowing your investments are in good hands.
WHAT IS AN EA SYSTEM :
A Forex Expert Advisor (EA) is a program capable of performing any action following the instructions of a programmer/trader, without direct intervention.
All tasks are performed automatically without the distraction of human emotion, which is why the advisors are called experts, or mechanical trading systems.
PERFORMANCE OF THE EA:
The EA is a highly specialist compound positioning, hedging and trading algorithm.
Its development to finished product took over 12 months of programming and over 14 months of testing in live market conditions. The programming was conducted using 99.98% accurate modelling data, eliminating the risk of manipulation.
The EA was tested over 19 years of modelling data to ensure that it could operate in all average market conditions and extremes. The EA is designed to be low risk, with minimal drawdown. It targets 15-20% monthly ROI, but it is capable of higher returns (as recorded in our live data feed).
The EA is highly optimised and has a full-time programmer ensuring that the data is operating as per its parameters. The Forex market is a very fluid and ever-changing environment. Our level of optimisation is essential for the EA to operate as it should, while maintaining consistent results.
LIVE PERFORMANCE DATA:
For live performance of growth of real trades made via the EA system this is a link of real documented results verified on Myfxbook – Click here for more.
this document cannot be amended nor can it be tampered with, this is real live data from the master account.
HOW THE EA TRADES STRATEGICALLY:
The EA places trades on pre-defined currency pairs.
It has several parameters that are required to be met before it will place a trade.
These include:
VOLUME AND LIQUIDITY MARKET TREND INSTITUTIONAL SUPPORT AND RESISTANCE LEVELS
The most advanced aspect of the EA is its ability to compound position and hedge a negative position to close out in profit. This ensures that drawdown is not recorded as a loss on the account, but only holding a negative position.
These positions will always close out in profit as the EA algorithm will calculate new positions at key levels, which have a higher leverage. This allows a profitable outcome when the market retraces.
If, for example, a ‘buy’ position has an extreme ‘selling’ market against it, the EA will calculate the existing hedge risk and open a new hedge in the opposite direction. This will ultimately close out in profit.
RISK MANAGMENT:
The EA has several risk parameters programmed within the algorithm to ensure that risk is managed. It does not over-trade, or expose the account to extreme risk.
Average daily drawdown is between 1-5%. A more extreme hedge could see drawdown rise to 10%, and in an extreme event could rise to 20-30%. A full hedge would occur at approximately 40% drawdown.
The main point to remember is that the system will manage drawdown and closes the positions out in profit, so the account will not suffer a loss.
The EA will actively secure profitable positions by moving a SL (stop loss) into a risk-free position once the trade is into profit. This ensures that profits is regularly taken and reduces the risk. In some cases it will be a smaller profit that is taken, however this maintains a consistent way of securing profit.
The EA is designed for long-term investment and therefore risk is low. It uses small lot sizes and protects the account at all times. The EA has programs to cover extreme event, which are rare, but if they were to occur the system has been programmed with the ability to cope.
Daily profits are generally between 0.5-2% to ensure that profits are taken quickly and effectively. If a hedge occurs, this will increase drawdown. However, risk is still low and even at 5-10% it is not dangerous to the recommended minimum account.
FCA SECURE & PROTECTED:
We will set you up with our recommended broker IC Markets which is FCA regulated for your security needs.
We also offer a secure VPS hosting system which will connect your trading account to our master account.

Update 2 01/03/2020 14:39pm

We have just found out Jack Harwood’s dad is a former Met Police Detective. (He is now a pest detective).
We have tweeted him this article and are waiting for a response.

Andy Harwood’s Instagram (Jack Harwood’s father)

Update 3 02/03/2020 10:53am

ProphetFX are in overdrive trying to close down the bad reviews coming in about them. They are active on Google Maps, Instagram, Facebook, Linkedin, Reddit and major forums – you name the web medium – they are active on it.
There are dozens of shills and affiliates working for ProphetFX – this is a big operation.

Here are some real reviews the ProphetFX team are trying to bury by creating hundreds and hundreds of fake reviews…

Update 03/03/2020 14:38pm

Prophetfx have taken to creating a fake Trustpilot page about us thus proving they are gaming Trustpilot.

https://uk.trustpilot.com/review/forexcrypt.com

Update 05/03/2020 13:32pm

Prophetfx.com has all this BS information on it

Update 07/03/2020 13:12pm

The website Shareprophets.com is running this article from August 2019 on ProphetFX – its paywalled… “Forex service ProphetFX which is drowning in red flags”

Update 14/03/2020 09:00am

If you want an admission of guilt from Jack Harwood – it is this. In his stupidity he posted this on the Channgel 4 TV Facebook page for a story on Daniel Legg Team FX.

Image

Jack Harwood knows exactly what Daniel Legg of TeamFX is doing because he is doing it himself

Update 05/04/2020 00:11am

On Friday, I got a random email from a ‘Reece Harley’ telling me, “to take the ProphetFX post down”, this led to me reading Reece’s Trustpilot review…

Look what it says below – “the EA system”..

So there you have it everyone… ProphetFX is exactly the same scam as Gurvin Singh & Celestial/Auto Forex Trading like I said it was.

All martingale EA’s to create pretty Myxbook charts which are bullshit.

All three gave a “rogue trade” excuse for their respective blowouts at the start of the year – why?

Because they are all running Martingale EA’s.

I told you so.

Reece Harley and his fake review on Trustpilot

And when you search for Reece – you find he is a Prophet FX shill…

Found this online – an instagram post

UPDATE 12/04/2020 – 12:59pm

If you were in any doubt ProphetFX are using a Martingale EA look what their old telegram group said… These guys are not very clever are they?


UPDATE 17/05/2020 – 21:23

Today I have published this… Please read. It is uncontestable evidence this lot (ProphetFX/TradehuntFX/FrontlineFX are scammers.


Reporting to FCA

I have read people have put thousands in to this lot ProphetFX/Prophet Enterprise.
Jack Alexander Harwood certainly knows how to build and game trustpilot / review sites…

One thing is for sure – he isn’t making a vast fortune from trading Forex – he’s making it from this scam.

Someone needs to report ProphetFX/Prophet Enterprise Limited to the FCA.

As usual for each time this happens we have taken a backup of each of the websites/webpages, links, photos, posts and screenshots and stored them securely so the UK FCA/UK Police can have them.

What to do if you have invested money

  1. Change your password on your IC Markets account immediately – you can do this within Metatrader 4 (MT4) or contact IC Markets to do this. https://www.icmarkets.com/sc/en/company/contact-us
  2. Cut all contact with this lot.
  3. Do not pay this lot any more fees/subs/money.
  4. Contact IC Markets and tell them you have been scammed. https://www.icmarkets.com/sc/en/company/contact-us
  5. Log a case to the UK Financial Conduct Authority (FCA) https://www.fca.org.uk/consumers/report-scam-unauthorised-firm
  6. Document & screenshot everything – keep a record of names, company names, telegram group names, phone numbers, email addresses, invoice addresses, paypal account ID’s – anything they have used in their dealings with you, so you can give it to the UK Financial Conduct Authority (FCA) and Action Fraud (UK Police) https://www.actionfraud.police.uk/
  7. If you have any further information which needs to be posted here please contact me below in confidence.

Be Scam Aware

If it sounds to good to be true – IT IS.

99.999% of people in retail trading lose. The only people making money in Forex & Crypto are the brokers/market makers/publishers/advertisers/gurus/educators etc.

Do you genuinely believe someone that can print money in the financial markets is going to share it with you? Are you really that stupid?

You are investing of thousands of pounds with 20 years olds who know absolutely nothing about Forex trading – they know all about Instragram, forums, fake reviews and scamming you though.

The average return for fund managers is 2-7% PER YEAR – anyone advertising anything above this is chatting absolute rubbish and is highly likely to be a scam.
ProphetFX are pretending you will make 22% a month…

Look at the picture here – are you really falling for this?

prophetfx
prophetfx

Scams/Scammers are rife in Forex & Crypto – I see it every single day – what is it going to take to educate people and for the UK FCA, Action Fraud and brokers to be on top of this?