Alert on trading software

A SURGE in complaints to the Australian Securities and Investments Commission about share trading software has prompted an ASIC surveillance and enforcement program and caused the Commission to issue a consumer alert.

ASIC office of consumer protection director Peter Kell warned of promoters who promised high returns over a short period, did not disclose the potential losses and risks of actively trading shares or futures, or claimed the program would make you a successful trader.

He also warned of those who provided examples of large profits made by investors in the past as a result of using the program, or overseas promoters who promoted trading software for sale.