MyAlfred Trading Software: A Dangerous Scam Targeting Australian Retirees

An exposé of the MyAlfred trading scam, revealing its predatory tactics, false promises, and the devastating financial losses faced by victims, particularly Australian retirees.

The MyAlfred trading software scam has emerged as a severe threat to unsuspecting investors, particularly targeting vulnerable Australian retirees. This article aims to expose the fraudulent practices of MyAlfred and warn potential victims about its deceptive operations.

The MyAlfred Scam: Unmasked

MyAlfred, accessible through https://myalfred.com.au and https://myalfred.net.au, isn't just another questionable trading platform - it's a sophisticated scam operation designed to systematically drain victims of their life savings. Here's what our investigation has uncovered:

Additional Details

  • Company Name: FOREX EA PTY LTD
  • Websites: https://myalfred.com.au, https://myalfred.net.au
  • Target Market: Primarily Australian investors, with a focus on retirees

Deceptive Claims and Pricing Structure

MyAlfred's core scam revolves around a blatantly false claim: the more you invest, the more you'll earn. Specifically:

  1. They sell "pairs" for forex CFD trading (e.g., EURUSD).
  2. They claim that buying more pairs multiplies your earnings linearly. For example, they assert that 50 pairs will earn you 50 times as much as one pair.
  3. This claim is entirely fabricated and used to justify exorbitant prices ranging from $19,000 to $100,000 for their worthless software.

Targeting Vulnerable Groups

The scam primarily targets Australian retirees and older individuals, exploiting their desire for financial security in retirement.

Aggressive Sales Tactics

  1. Initial contact is made through cold calls.
  2. They've expanded to Facebook ads, using a deceptive middleman domain: autotrader.com.au.
  3. The first sale is just the beginning. Salespeople aggressively push victims to buy repeatedly, often encouraging them to drain their trading accounts to purchase more "software."

Fake Online Presence

All positive online reviews of MyAlfred are bought and fabricated. These false testimonials are designed to lure in more victims.

Red Flags and Warnings

  1. No Financial License: MyAlfred operates without any financial license or regulatory oversight, which is illegal.
  2. Unrealistic Returns: The claim that earnings scale linearly with the number of trading pairs is financially impossible.
  3. Pressure Tactics: Aggressive salespeople pushing for repeated purchases is a clear sign of a scam.
  4. Draining Trading Accounts: Encouraging investors to use trading funds to buy more software is highly unethical and a major red flag.

Real Victim Experiences

Multiple victims, many of them Australian retirees, have reported losing their entire life savings to this scam. The psychological and financial damage is severe and long-lasting.

Protecting Yourself and Others

  1. Spread Awareness: Share this warning, especially with older relatives and friends who might be targeted.
  2. Report the Scam: While there's currently no known official investigation, victims and aware individuals should report MyAlfred to Australian financial regulators and law enforcement.
  3. Social Media Action: Report MyAlfred's Facebook ads to help prevent further victims.
  4. Seek Help: If you've been victimized, comment on the blog post below this article to connect with other victims and find support.

Share Your Experience

Have you or someone you know been approached by MyAlfred or FOREX EA PTY LTD? Your story could be crucial in helping others avoid this scam. We invite you to share your experiences, observations, or any additional information in the comments section below.

Some questions to consider:

  1. How were you initially contacted by MyAlfred?
  2. What specific claims did they make about their trading software?
  3. Did you notice any red flags during your interactions with them?
  4. If you invested, what was your experience with their platform?
  5. Have you attempted to withdraw funds, and if so, what was the result?

Your input, no matter how small, could be invaluable in protecting others from falling victim to this scam. All comments will be moderated to ensure the privacy and safety of contributors.

Conclusion

MyAlfred, operated by FOREX EA PTY LTD, is a dangerous and sophisticated scam that has already devastated numerous lives, particularly those of Australian retirees. Its promises of easy wealth through multi-pair trading are completely fraudulent. The entire operation is designed to steal as much money as possible from vulnerable individuals.

If you or someone you know has been approached by MyAlfred, do not engage with them under any circumstances. Report their activities to the Australian Securities and Investments Commission (ASIC) and other relevant authorities immediately. Remember, legitimate trading never requires such exorbitant upfront costs, nor does it promise guaranteed returns based on simplistic multiplication of trading pairs.

Stay vigilant, protect your savings, and help spread the word to prevent others from falling victim to this insidious scam. Together, we can work to expose MyAlfred and similar fraudulent operations.