Galileo FX: Scam or Real? Is Galileo FX a Scam?
Lately, there is a lot of talk about Galileo FX, which is the reason to write this article.
Some people think that Galileo FX is a scam. The high success rate and solid performance of this trading robot have also made many investors and traders extremely curious regarding its credibility. Is Galileo FX a scam or is it real?
It’s time to see if the hype makes any sense. In this article I’ll provide my analysis and experience.
What is Galileo FX? Is Galileo FX a Scam?
Galileo FX is an automated software designed to help traders make consistent profits in the financial market. The user interface is suited to trade Forex but the software can be used to trade other financial instruments as well, including crypto, gold, commodities, stocks and indexes. Investors can use preset strategies or fine-tune parameters according to their preferences.
Irrespective of how it is used, Galileo FX seeks to automate trade by initiating high probability trades. Developers of Galileo FX also claim accuracy of up to 96.46% based on results verified by third-party live-tracking websites.
Keep in mind that Galileo FX is not a broker. To use the software, traders will need to open an account with a regulated broker. Fortunately, it’s easy to do as Galileo FX works with every broker that supports MT4 and MT5 platforms.
Is Galileo FX Real?
According to Marc Latinoff, a member of the development team, there is a lot of fake software, bots, and scams in the market.
It was vital to offer traders a trading bot they could rely on on without the typical marketing gimmicks used by some of the rivals.
To ensure credibility, users can check the performance of Galileo FX on third-party live-tracking websites. Perhaps, it’s the only sure-proof method to verify trading claims.
For this purpose, the Galileo FX team uses the popular MyFXBook platform. The platform allows developers to evaluate, analyze, share and compare their trading strategies. Accordingly, anyone can verify performance claims.
Existing performance metrics indicate that the software provides comprehensive performance across a range of currency pairs. In fact, you can also use it to trade stocks, futures, and other financial instruments.
Using an independent verification service like MyFxBook also makes sense because it’s the only way to evaluate credibility.
Presently, lots of trading software developers are using gimmicks to show dubious performance that is hard to replicate in real-time. Often, performance charts are made up, which have nothing to do with the real thing.
Another ploy used by software developers is to provide a real-time graph, which doesn’t take into account live drawdowns. Of course, you can show great results using martingale and other strategies but massive drawdowns always blow up accounts in real-time.
Galileo FX doesn’t use any of these dubious performance charts, which indicates that Galileo FX is a perfectly legitimate tool that can help traders carry out consistently successful trades.
Galileo FX Reviews: Real or Fake?
Online reviews have become the go-to tool for many users. While everyone holds different views on the value that these online reviews offer, it’s often the first thing we like to read.
GalileoFX has garnered hundreds of reviews from users — most notably on the popular website, Trustpilot. Users have given it an excellent rating across the board speaking highly of consistent profits they’re able to generate using Galieleo FX.
More than 2,000 users have already voiced their opinion, which is a testament to the system’s credibility.
Customer reviews on another website, Sitejabber, also demonstrate encouraging results.
Besides positive trading results, users love the user-friendly interface, setup instructions, and the ability to get a quick response from the customer service team.
Galileo FX: Negative Reviews
It’s almost impossible to please everyone. According to an article in New York Times, people heed to negative reviews more than positive ones despite the questionable credibility of such complaints. Similarly, research shows that it’s easier to make people think negatively about something by letting them focus on only one or two bad reviews.
This is precisely why you will always find considerable negative reviews of some of the most desirable products.
A case in point is online reviews of some of the most well-known and largest Forex regulated brokers, which continue to attract negative publicity despite regular audits by prominent regulatory authorities including FSA and CFTC.
Due to these and other reasons, it is impossible to get a clear picture without digging deep.
Perhaps, our best bet is to look at the live-tracking results, which can’t be faked.
Galileo FX does just that by collaborating with MyFXBook so that everyone can get a transparent picture.
What Do Real Users Think of Galileo FX?
It is said that a person with a bad review is very likely to leave a comment compared to someone who had a good experience.
We have also heard that people often share their bad experiences with ten others.
Therefore, it makes sense that we can’t stop anyone from sharing their bad experience.
On the contrary, someone who can get a consistent income using AI robots such as Galileo FX will seldom share their success story.
Let’s say that it’s kind of an egoistic nature of human beings not to share their profits.
A careful look at various negative online reviews reveals that most reviews are “revenge-driven” or critical of trade settings in Galileo FX.
Since some traders are not able to fine-tune settings according to their goals, the system never works for them.
It’s important to note that automated software comes with a massive range of functions.
Tweaking these functions and changing them often is likely not going to offer the required results.
Fortunately, Galileo FX provides settings that have worked in the past: https://galileofx.com/settings
Simply start with the provided settings. Use those settings as a starting point. For many users, those settings are already profitable, so possibly you won’t need to come up with your own settings.
If something worked for a specific currency pair, it may not work for crypto.
Similarly, changing the stop loss setting for a specific pair will likely have different results on the other currency pair due to variations in the daily range.
Should You Buy Galileo FX?
Based on the real-time performance analysis and positive reviews, the product is credible.
I have been personally using Galileo FX Pro for a few months and I’m satisfied with the results.
If most online reviews are fake, then there is reason to believe that negative reviews are also fake.
Under the circumstance, the best thing to do is to look at the real-time performance of trading software and not believe in everything that you read.