FPA Scam Confirmation against BForex.com |
Guilty Date of Post:2010-08-26
Review:2010-10-13 The FPA Scam Investigations Committee has confirmed this complaint.
I would like to respond to the two points you mentioned implying my trades were illegitimate:
1) Your terms and conditions define scalping as the following:
Any transaction closed within 120 seconds from opening time shall be regarded as "Scalping".
I respect your definition of scalping and have honoured this during all my trades placed with all Bforex companies. All my trades have been open for longer than 120 seconds - therefore I was not scalping hence all trades were legitimate and honoured your trading agreement.
2) I appreciate we do not live in a perfect world and system errors do occur. However, Bforex claim to be a professional organisation where technical errors must be kept to an absolute minimum. If you said to me that 1% of my trades were affected by technical errors in the system I would accept this considering humans and computers can and do make mistakes. For you to say all my trades were affected by technical system errors over a six month period is absurd. For every trade I placed with Bforex I received online trade confirmations, which neither I or Bforex ever disputed. Therefore, the trades were agreed on by both parties.
Every email I sent was ignored as I never received a response. I then tried to make contact via the online chat. As soon as I mentioned my name and account number I was immediately disconnected. This occurred on a number of occasions, such behaviour is totally unprofessional. I was therefore left with no alternative but to file a complaint with FPA.
I have not profited by scalping or technical errors. All trades were open for more than 120 seconds. It is impossible for all my trades to be affected by technical system errors.
Forex Peace Army is the no.1 independent, unbiased Forex review website. Your reputation will not be judged by one negative review but by the collecting rating you attain on this website. Unfortunately, your statistic claiming 99% of Bforex's clients are satisfied with your service is not reflected in the reviews.
2010-05-28 Scam Under Investigation
Bforex = SCAM
Bforex will temp you to make large deposits by offering huge bonuses. I used a breakout strategy to make good profits. If you are profitable and ask to withdraw money they will freeze your account. I was told I manipulated their platform - when I queried this I received no response.
I contacted my lawyer who required details of all my trades and the Broker's details. I contacted Bforex for their regulation license details - again - no reply.
Bottom line is if you make profits with Bforex, they will freeze your account once you ask for a withdrawal. You will not only lose your profits but also your deposit. Bforex is not a regulated broker, it is the biggest SCAM broker around.
FXGM and ForexCT are the same company - they will also deny you withdrawing profits, but you might have a chance receiving compensation from FSAASICCYSEC because FXGM and ForexCT are regulated.