No Rating
Date of Post:2011-03-25
Review:Bforex holds its client funds at DBS Singapore, a rock solid Singapore bank strictly regulated by the country's Monetary Authority.
The moral of the story: Don't trust a broker just because of the reputation of its banker. Do your own checks, and read the FPA reviews for goodness sake.
2010-11-28 1Star I opened a Bforex account in Sep 2010. Their PROFIT platform is dreadful, very CPU-intensive. Then in fast markets, I got this error message "There was an error in opening position. The quote has changed. Please try again." Compare this to their claims on their webpage "Fast execution and no slippage, No re-quotes ever!" What a joke!
So I decided to switch over to their MT4 platform. About this time, there was a confirmed SCAM finding against Bforex in FPA, So I decided to play safe and withdraw all my funds. I submitted my withdraw funds request on 13 October 2010, and received my funds on 29 October, after 16 DAYS! Compare that to their claims on their website of "Superfast withdrawals!" If this is superfast, I dare not imagine what is slow!
What is worse is that after I submitted my withdrawal request, I was harrassed by my Account Manager. He kept emailing to ask me why I did not want to trade and make money. Then he emailed this to me:
Bforex [ I WILL NEED YOU TO SPEAK TO ME ON THE PHONE IN ORDER TO PROCESS THE WITHDRAWEL. VERY STRANGE, CANNOT REACH YOU AND DON'T KNOW YOU
PLEASE CONTACT THE DEALLING ROOM tel +41-22-533-1268
AND ASK FOR ME ] Bforex
I did not like the rude tone and accusations. This is what I replied:
Yong [ helo bforex. i am not pleased with this. why you hassle me when i make a withdraw funds? i deposit by bank wire, you transfer back to my same bank. what is the problem??
you are wrong, you have called me before and we spoke on phone once. so has your colleage alejandro called me twice before. so do not say "very strange".
now u want to call me on my phone that i think need to get repaired. anyway it is my spare phone number only and i do not give my main phone number to outsiders. i try to call u on the number you gave me but it does not work. you better check it.
i have sent you all the documents and u already said it was all right in the earlier email. i think u had better return me my funds without any further delay or requests.
that is all i have to say. ] Yong
It is a relief to me that I managed to get my funds back. And further confirmation of the good work FPA has done to highlight all these SCAM brokers. If you want to risk putting your money with SCAM brokers, you have only yourself to blame if things go wrong.