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4XP, What Went Wrong With Your Company?

Discussion in 'Scam Alerts' started by Scam Investigations Committee, Oct 14, 2013.

  1. Scam Investigations Committee

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    4XP
    What went wrong with your company?

    There are 2 usual ways for a broker to earn a scam finding. The first is to slowly mistreat trader after trader until the FPA has no choice but to give a scam finding. This sometimes involved delaying payments, but usually just enough traders get paid to delay a scam finding. Usually the company talks to the FPA and provides many excuses for the problems. The second is to suddenly go out of business. One day everything is normal. A few days later, the trading servers and website go down. 4XP chose a different course.

    Instead of suddenly disappearing, 4XP.com decided to delay and then stop processing withdrawals. The biggest warning sign that things were seriously wrong was when Forex Place began asking some clients to accept withdrawals spread out in smaller payments over a year. Every time the FPA has seen this, it meant that the broker was on the way down. Unlike prior cases where brokers make excuses and delays, the time from first complaints until complete failure to pay anyone was short.

    In 4X Place's case, the time between delays and monthly payments to no payments didn't last long. One of the 7 Guilty verdicts in the FPA Traders Court involved a client who got 1 of 12 promised payments.

    The FPA repeatedly asked 4XP to come into the forums and address the issues. There was a post from a representative in one thread before Traders Court cases were filed. After the first cases were filed, one 4XP.com employee emailed the FPA and said he'd deal with the issue. He then stopped replying to emails.

    There had been a small advertising contract for 4XP at the FPA. Because the problems were serious and getting worse, the FPA suspended 4XP.com's advertising contract. After 4XP failed to reply to emails about Traders Court cases, the contract was canceled.

    The only other communication with the company was indirect. A groups of accounts were created. These accounts had one major item in common. They seemed to want to talk about 4XP, even in areas of the forums where commercial postings were prohibited. Several ended up getting banned for violating FPA anti-spam rules. Most of the rest were banned when one of them got into a discussion thread inside of the Scam Alerts folder and showed information that should only be available to a 4XP.com employee or IB.

    The FPA did not want to declare 4XP.com to be a scam. In the past, the company had a representative in the forums and reviews. That person helped to resolve many client issues. The FPA hoped that this could be the case with the recent wave of complaints, but was disappointed to find out that 4XP no longer seems to care for open and honest discussions to fix problems.

    Regretfully, the FPA has no choice but to declare 4XP to be a scam. We hope the company changes its course soon. If not, we believe it will be out of business very soon.


    FPA Scam Finding Against 4XP.com

    FPA Traders Court Case 1

    Original Complaint Thread for Case 1

    FPA Traders Court Case 2

    Original Complaint Thread for Case 2

    FPA Traders Court Case 3

    Original Complaint Thread for Case 3

    FPA Traders Court Case 4

    Original Complaint Thread for Case 4

    FPA Traders Court Case 5

    Original Complaint Thread for Case 5

    FPA Traders Court Case 6

    Original Complaint Thread for Case 6

    FPA Traders Court Case 7

    Original Complaint Thread for Case 7

    FPA Review Page for 4XP.com
     
  2. hamzanajam

    hamzanajam Private, 1st Class

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    Yes they are scam i am not getting withdrawal of 700 and my friend is losing his 2000 dollars their
     
  3. nickfx

    nickfx Recruit

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    Amazing, site seems off line. Not sure if it's been down for a while?

    thanks for these notifications.
     
  4. fxview

    fxview Recruit

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    CySEC released a warning regard 4XP only the other week. ForexMagnates sources suggested it was due to possible cross promotion alongside other regulated brands, but I wonder if it had been due to complaints regarding the brokerage. It will be interesting to see whether any other regulatory authorities follow suit.
     
  5. madondotjp72

    madondotjp72 Recruit

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    Thank you FPA, you have saved another generation of traders from these scammers.
     
  6. sbr220

    sbr220 Recruit

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    I was going to lodge a complaint but it seems as though whats been lodged is enough,my account is $20,000 i tried to withdraw $5000 all to no avail,is there anyway we can recover our monies an authority to go to they claim monies 100% safe
     
  7. Tamirvic Vu

    Tamirvic Vu Recruit

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    Thank you very much for informing me about this scam broker ! Let's bring this broker into court.
    Sincerely and kind regards,
    Tamirvic Vu
     
  8. Pharaoh

    Pharaoh Colonel

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    The website is up and running right now. What's funny is that they still claim to be regulated by the Russian FMRRC and have a link.

    Check out what's emblazoned across the certificate:

    Forex Place Ltd (4XP) company Certificate of compliance

    I guess 4XP not only steals from clients, but they also are hoping no one notices that even the unofficial broker club that "regulates" them couldn't stomach how bad they've become. Here's the cancellation notice:

    News

    Let's hope some legal authorities catch up with these scammers soon.
     
  9. 4xpipsense

    4xpipsense Private

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    This 4xp had never had good reviews even when I wanted to start live trading.
    I know they are not good.
     
  10. ai007

    ai007 Corporal

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    I agree, FPA is very effective and earns the trust of most of us.
     

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