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BFOREX LIMITED: Scam Alert Alert!

Discussion in 'Scam Alerts' started by alvin050, Jun 16, 2010.

  1. alvin050

    alvin050 Private, 1st Class

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    Traders beware!!! BFOREX LIMITED is a big SCAM! I deposited money with them and made profits for 5 months. But when I tried to make my first withdrawal, they froze my 15K account and cancelled my trades.

    They refused to discuss the matter or give any explanations, and simply stated that “you know what you’ve done” and “you’re free to take any action you like”. I guess they think that retail traders like me will simply give up and not bother to pursue them anymore.

    If you read other reviews on Bforex in the Broker Review section, you will see that there are other similar cases - traders who made profits had their accounts frozen and profits cancelled.

    I wonder why this kind of SCAM broker can still survive and have new customers. I will file a complaint with FPA and pursue all necessary actions to get my funds back.
     
  2. Pharaoh

    Pharaoh 1st Lieutenant

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    Did they even have the courtesy to return your initial deposit, or are they grabbing all of your money?

    Before doing anything else, go to their website and get screenshots of all the trading terms and conditions. Otherwise, those might be changed to conveniently outlaw whatever trading method you used.
     
  3. alvin050

    alvin050 Private, 1st Class

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    Hi Pharaoh. They allowed me to withdraw my deposit when I made my first withdrawal. But when I made a subsequent second withdrawal (of profits), that is when they pounced. The same happened to a fellow trader from my country (Singapore) - they returned the deposit but froze the account with the remaining profit.

    Yes, thanks for your advice, I have screen-captured their terms and conditions.

    As adviced by FPA, I will contact their representative L.H. to request for my funds back. I have sent the email and am awaiting her reply. If it is unsatisfactory or not forthcoming, then I will proceed to file the complaint.
     
  4. alvin050

    alvin050 Private, 1st Class

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    Resolved

    Further to my earlier post on 2010-06-16, I'm happy to say that I have successfully resolved the issue with Bforex amicably through mediation. Thank you FPA for your assistance in the mediation!
     
  5. clem699

    clem699 Sergeant

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    Congratulations,it is nice that you where able to resolve your issue within a short time.We are happy that,at least,another successful story is reported.
     
  6. alvin050

    alvin050 Private, 1st Class

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    thanks!

    Thanks clem! Good work by FPA once again!
     
  7. ibham1

    ibham1 Private, 1st Class

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    Nice to hear you got your money back Alvin. Good to see FPA helping the little guy - a refreshing change in this industry. I too have been scammed by Bforex and the resolution of this case has given me renewed hope of getting my money back with the help of FPA.

    Indy
     
  8. Tkodus

    Tkodus Recruit

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    Good to hear this, am new to the system, i was palnong to register with BFOREX, but now am having a change of mind. Thanks
     
  9. bigdolly

    bigdolly Sergeant

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    It is nice to see that FPA can have substancial influence on brokers up to helping to resolve hard cases related with withdrawal..
     
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