CYPHERReviews of cypherpros.com

I researched CypherPros extensively and was prepared to proceed despite concerns about the trading strategy and the fact that important information on their Myfxbook account is private. While the historical results look impressive, Open Trades and Exposure are private, so you cannot see the current floating profit/loss or live exposure. From the historical data I could also see significant position stacking, correlated currency exposure and positions held for extended periods waiting for price reversion. I raised these concerns with Cypher but was prepared to accept that trading risk. My bigger concern became the disconnect between the marketing and the legal contract. The webinar offer was approximately AUD $12,500 for two licences, half payable upfront and half after 30 days, lifetime support and updates, and a 30-day profit guarantee, plus a US$99 monthly fee. That is not what their contract said. The contract allowed Cypher to make unilateral changes without refunding the substantial upfront fee. “Lifetime” was not defined at all, and there was no protection for ongoing service or refund if the product was discontinued or sold. The 30-day profit guarantee was also inconsistent: one agreement said 60 days and the final agreement said 15 days. More importantly, Cypher confirmed the guarantee is assessed on realised account balance rather than equity, meaning floating losses do not count. An account could therefore have thousands in floating losses and still satisfy the guarantee if those losing trades remained open and the realised balance showed even 1 cent of profit. Given that their live Open Trades are private, I consider that guarantee virtually worthless as a measure of actual profitability. I gave Cypher the benefit of the doubt and asked for basic contractual protection for what they were representing. I was not negotiating for a better deal just asking them to stick to what they said. What followed was approximately a month of painstaking back-and-forth and multiple agreements. Eventually their Australian representative acknowledged the delay had arisen on Cypher's side while the paperwork caught up and said: “Customers who hold us to what we say keep us sharp.” That was exactly what I had been trying to do. When I finally received an agreement I was prepared to sign, Cypher then refused to honour the original payment arrangement because of the delay, despite it having also been confirmed to me in writing by Cypher. Instead, I was told I had to pay the entire amount immediately for the two licences. When I pointed out their written confirmation, the response was: “Yes I understand what was initially presented however its void.” That summed up the problem for me. I no longer had confidence that what I was told today would necessarily be what governed the relationship tomorrow. That matters when you are paying thousands upfront and potentially risking tens or hundreds of thousands of dollars in a trading account operated by their software. Their contract also expressly disclaims liability for losses arising from changes they make to the software so trust matters. The agreement requires disputes to go to commercial arbitration in Denver, Colorado which is probably cost prohibitive (for Australians anyway). One final thing prospective purchasers should be aware of when reading the positive reviews: Cypher's contract contains a non-disparagement clause restraining purchasers from making disparaging comments about the company publicly. I find it worrying that a company feels the need to make a restriction like that legally binding. After a month of trying to resolve these issues privately, I chose not to proceed and made no payment. Buyer beware. Read the legal terms carefully and compare them with what you are told in the webinar and marketing before you pay. UPDATE – Since posting this review: • Cypher asked me to remove it because it was damaging their sales. • Cypher then reported it to Trustpilot as defamatory. Trustpilot reviewed the complaint and reinstated the review. • A US representative called to raise my signed contract and told me Cypher holds its clients to their contracts, despite having already confirmed to me in writing: “Contract is void.” • Despite this, I remained prepared to proceed on the original written terms, without seeking any discount, and offered to remove this review while I tested the algorithm. • Cypher declined and now describes the issue as “confusion about a limited time offer.” No time limit was stated in the written offer, and Cypher had previously acknowledged in writing that the delay was on their side while their paperwork caught up. • Cypher has now reported my review again, this time claiming it relates to a different company.