A few days ago I was pleasantly surprised by an article on a website written by a fellow EA reviewer at www.bestforexea.com. The article was nothing but a small joke about the new FCT rulings and how this will apply to people who sell things online. Of course, as such a topic is extremely important I also had to dedicate a post to informing everyone who comes to my website about the new rulings of the FCT and how they will apply to the domain of online sellers. In particular, how this will apply to the current way in which business is done in the automated trading, EA selling sector.
For those of you who do not know, the FCT or Federal Trade Commission, is the entity in charge of regulating trade, including promotion and advertising in the United States Of America. The FCT is in charge of stating the rules and parameters that sellers must follow when they want to sell products to customers, on TV, the internet, etc. Up until now, the FCT had some pretty soft criteria regarding the regulations that advertisers had to follow in order to promote products. Pretty much all the scamming and coning that was going on was up to a certain point legal. However, I believe that in the light of the many class action law suites against scam products sold both on infomercials and online, the FCT finally realized that it had to take a stand for the customer and not for the scammers out there.
What did they do ? I almost cried when I read the new rulings ! From now on, advertisers are not allowed to do a series of things. First of all, the testimonials they use MUST be testimonials coming from real people whose real picture must be shown and who must have had an uncompensated and real experience with the product. This means that EA sellers will no longer be able to show us all those fake and meaningless testimonials using flick photos and made up texts. They will also NOT be able to show us those videos with actors or all those other crappy tactics they use to shove their products down our wallets.
Another extremely important aspect is that claims must be based on research or customer experience and most importantly, the claims MUST reflect the experience of the average consumer and not a single customer who achieved a certain set of results. Expert Advisor sellers will NOT be able to make those bold and absurd claims, they will have to make claims which are in line with the average customer experience, something which will most likely put 99% out of their business.
The only sad aspect of this rulings is that they pertain only to US products and products sold to US customers. People in other regions of the world still need to have their countries legislation back them up. However I am extremely happy that this EA sellers will start to have to show people reality and not the hype and fiction they have been so fond of up until now. Today the truth caught a break, and it was good.
If you want to learn more about my unbiased points of view, my criteria for EA evaluation and how profitable results in the forex market CAN be achieve with realistic profit and risk targets please consider buying my ebook on automated trading or subscribing to my weekly newsletter to receive updates and check the live and demo accounts I am running with several expert advisors. I hope you enjoyed the article !
For those of you who do not know, the FCT or Federal Trade Commission, is the entity in charge of regulating trade, including promotion and advertising in the United States Of America. The FCT is in charge of stating the rules and parameters that sellers must follow when they want to sell products to customers, on TV, the internet, etc. Up until now, the FCT had some pretty soft criteria regarding the regulations that advertisers had to follow in order to promote products. Pretty much all the scamming and coning that was going on was up to a certain point legal. However, I believe that in the light of the many class action law suites against scam products sold both on infomercials and online, the FCT finally realized that it had to take a stand for the customer and not for the scammers out there.
What did they do ? I almost cried when I read the new rulings ! From now on, advertisers are not allowed to do a series of things. First of all, the testimonials they use MUST be testimonials coming from real people whose real picture must be shown and who must have had an uncompensated and real experience with the product. This means that EA sellers will no longer be able to show us all those fake and meaningless testimonials using flick photos and made up texts. They will also NOT be able to show us those videos with actors or all those other crappy tactics they use to shove their products down our wallets.
Another extremely important aspect is that claims must be based on research or customer experience and most importantly, the claims MUST reflect the experience of the average consumer and not a single customer who achieved a certain set of results. Expert Advisor sellers will NOT be able to make those bold and absurd claims, they will have to make claims which are in line with the average customer experience, something which will most likely put 99% out of their business.
The only sad aspect of this rulings is that they pertain only to US products and products sold to US customers. People in other regions of the world still need to have their countries legislation back them up. However I am extremely happy that this EA sellers will start to have to show people reality and not the hype and fiction they have been so fond of up until now. Today the truth caught a break, and it was good.
If you want to learn more about my unbiased points of view, my criteria for EA evaluation and how profitable results in the forex market CAN be achieve with realistic profit and risk targets please consider buying my ebook on automated trading or subscribing to my weekly newsletter to receive updates and check the live and demo accounts I am running with several expert advisors. I hope you enjoyed the article !
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