DOLLARHEIST Review: Signals Review
DOLLARHEIST is a Forex signal service provider with more than 20k subscribers in their free Telegram channel. It provides both FREE and VIP signal services. They claim to have an 80% – 90% winning ratio, This is considered a very high success rate in the long run. They also claim to hit 3000+ pips monthly, which is 1000 pips per week. Sounds too good to be true and these figures pretty high and exorbitant which means it’s very important that we take this review seriously. Let’s see if this signals provider can back up their claims.
Overview of DOLLARHEIST
This vendor’s Telegram channel doesn’t contain any detailed information about their services. They don’t have any website yet but we can see from their Telegram Channel, it was created on 30th August 2020, so it’s been only less a year now. This service and the other two services we have reviewed PIPS30 and FMFX are likely from the same owner because both channels were created on the same day! all these VIP channels joining requirements are the same.
- Always post screenshots of big profits.
- It’s more likely, they just bought subscribers from third-party websites.
In the public Telegram channel, they disclose 1 free signal every day.
In this review, we will be providing a full analysis based on some key aspects so that all our readers can understand the potential of this service.
Ultimately we will help to decide either you should use this signal service or not.
How they grow so fast?
There is something very scratchy about this provider’s growth, they don’t even have any website and not a single piece of information about the experts behind the signals, so, how they manage to grow so fast without any verified proof of their work?
– It’s more likely, they just bought subscribers from third-party websites. And no monthly fees strategy also can drive newbies to follow them.
Each signal contains 3 take-profit levels and one stop-loss level. Where TP1 is 15 pips, TP2 is 30 pips and TP3 is 45 pips, and SL is 50-70 pips.
So, if you trade with 0.03 lot, and that hit all the take-profit levels then it would be (15+30+45=90) 90 pips, but if trade hit stop-loss then you would lose (50*3=150 pips) or (70*3=210 pips) 150 – 210 pips.
As we can see Risk-Reward is too poor. Risking amount is double than the reward amount. So, even if you have more win trades, still you can’t make any profit from this service provider strategy.
Insane Money Management Strategy
look at their message, $600 to $1700 equity!
For the sake of argument, we agree that this is a real account screenshot, they have a balance of only $600+, if they maintain the least money management rules, their maximum trade size should be 0.01 to 0.06 lot.
As you can see they are trading with 0.77 lot, this is insane! Real experts never trade like this.
- Only a single trade with a 0.77 lot is enough to blow up this small account.
- This provider trading style doesn’t make any sense.
Attention: As you can see from the above picture they showing the results of a full week. If you look closely you’ll see that they are counting all the Take-Profits (TP1+TP2+TP3), but they counting Stop-Loss only once.
In general, if an order touches the stop loss level then the whole order will close. Since they are providing 3 Take profit levels, therefore if someone trades a minimum 0.03 lot and this order touches the -50 or -70 pips stop-loss level then the total loss will -(50*3) = -150 pips or -(70*3) = -210 pips But as you can see, this vendor counting stop-loss only once.
This is the main fraud trick they use to hide real results and fool newbie traders and sell them useless services.
The trading results are provided by the DOLLARHEIST team are very disappointing. We contact the DOLLARHEIST admin many times but he/she doesn’t cooperate with us. They failed to provide us any verified results, They are posting trading results cropped screenshots, and videos on a public channel. Without any verification, just screenshots and videos do not count, they should not make any promise at all. They have a separate telegram channel for only results history.
Subscription Fee at DOLLARHEIST
- Type: Forex Signals
- Price: Free
- Signal Frequency: 3-5/day (scalping)
- TP & SL: 3 TP & 1 SL
- Target: 4000pips/month (Not Verified)
- Accuracy: 80%+ winning rate (Not Verified)
There are no monthly fees, you just have to open a trading account with their refer ID and deposit a minimum of $25 although they recommend at least $100.
If they are not taking any monthly fee, then how they are making money from this service?
It’s very simple when someone opens an account under your referral, the broker shares a certain portion of their profits, which they earned from that referred customer’s trading fees. so as a trader it doesn’t matter you’re losing or making profits, either way, you are paying the trading fees. So, they don’t need to care about the customer’s profit.
Is it possible to make money from this service?
Their main target is newbie traders with a small balance, doesn’t know much about Financial Markets how it works. To join their VIP service you have to deposit only $25 and a $100 deposit is recommended. The point is $100 is too little to trade signals with 0.03 lot, so they will recommend trading with 0.01 lot. Now, if you trade with 0.01 lot then you can’t catch 3 take profits, even you catch 3 TPs still you can’t make a profit because SL is bigger than TPs.
However, using a signal service with such low equity is nowhere near a standard situation.
Overall DOLLARHEIST has some major drawbacks in transparency, we don’t like its anonymous nature. This is not a potential signal provider at all. If you like their services, we recommend you use their free signals for a couple of weeks in a Demo account before using VIP service.
We will check again this service after 3 months and we will update this review if they made any required improvements, which traders deserve to know.
Thanks for reading the DOLLARHEIST review.
👉 Note: Those of you who want to start trading professionally can take advantage of these trading tools.
- Free Signals
- No monthly fees
- No verified results
- No info about experts
- No verified strategy
- Hide Losses
- Incentives traders by showing big profits
- Insane money management