Reply To: Calloway Software – legit or scam?

James Barra
Moderator Team

    Hi Paolini_29421,

    While we have not evaluated Calloway Software in full on, I have been looking into the firm today after seeing your question, and I would exercise caution.

    This is for several reasons:

    • Calloway Software is not well known in the industry and lacks a large, verifiable client base. Instead, I found multiple complaints from users who suggested they have been scammed by the company.
    • I’ve found zero evidence that they are regulated by a trusted financial body, such as the FCA in the UK or the SEC in the US. And despite claims on their website that they have “reputable and regulated partner brokers”, I haven’t been able to find out who these partners are so that I can verify that they are indeed regulated.
    • Their marketing includes worrying phrases like “You could make insane profits” and “You can earn up to $500 on the first day”, with limited information about the risks of online trading, especially in the crypto space (which are extremely high).
    • They claim to have been seen on well-known publishers like the Financial Times and CNN, however I can’t find these materials or any mention of them on the websites of these publishers.
    • There is very little information about who owns and manages Calloway Software, which raises concerns about its legitimacy and accountability.

    I would also think twice about choosing a trading firm based on their bonuses, which are not permitted in many tightly regulated jurisdictions, including the UK, Australia and Europe.