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Have you been a victim of a Forex Scam?

Discussion in 'Scam Alerts' started by Administrator, Oct 25, 2007.

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Have you been scammed by anyone in FOREX before?

  1. okeynma

    okeynma Recruit

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    Are Liteforex Scammers

    I am trading with liteforex and i applied for withdrawal for a week now they had not sent my money rather they are telling me that their bank has a technical problem.

    Are they scammers?

    charles
     
  2. Kathy Presley

    Kathy Presley Recruit

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    No, thanks to you army dudes!!! Thank you so much!

    I am so glad that we found this website!! My husband and I had just agreed to pay some $9740 for some Forex trading classes, a whole year of classes guaranteed to make us back our money. It was a shell game that ended up with a company called Vanuity.

    warning signs that we ignored:
    1. expensive contract and only 3 days to cancel
    2. they called us (after we purchased Forex Autopilot) and hooked us, then questioned how good our credit was.
    3. credit card info went to Denmark!
    4. phone numbers were mysterious.

    We found you guys and cancelled on the third day and are now talking with our credit card company to make sure we don't get charged.

    It is really embarrassing for me to relate. Thank you all so much!
     
  3. fxjon

    fxjon Private

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    yes scammed many times

    a broker told me he would work with me and get me on a good trading system but as soon as i signed up and deposited money i never heard from him and he wouodnt return my calls
     
  4. fxjon

    fxjon Private

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    yes scammed by teacher

    i learnt a trading system from a guy and paid a lot of money and was told i would have a lifetime membership of support but as soon as i finished the cource the company was closed down and there was no trace of the guy untill a feww years later i was able to trace him and he was real cranky on the phone that i had found him, but still no friendly service
     
  5. fxjon

    fxjon Private

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    scammed by stop loss

    i was short pound/yen with a stop loss but decided to cancel the stop loss but i was shut out from being able to access my reports to make sure the stop loss went into effect and to copy the info but it registered in my positions manager window and everywhere else. the company said they had no record of the cancellation and stopped me out. i want to report this scam and find out who else has been scammed this way. my proof is that my wife witnessed the event. other than that the company erased all electronic footprints of the event. what can i do????
     
  6. FROMCHRISSTEWART

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    Below reply from Chris Stewart

    After over 5 years since this post was issued, I am still trading FOREX, going on 8 years now. I became an NFA (National Futures Association) licensed Series 3 CTA 2008-2009 ID # 0319555 by passing the FINRA examination and successfully completing a full FBI criminal & financial background check. The NFA is the SEC’s (Securities Exchange Commission) elected regulatory body for FOREX (Foreign Currency Exchange) Money Managers in the United States.

    The sole purpose of a Money Manager (MM) is to control/trade an individual’s account, and the account holder’s purpose is to put up the money, and share the profits, if any, with the MM, per the Terms as set forth and agreed upon by the two parties, and under the careful watch of the Broker the entire time the agreement is in place.

    The account holder(s) opens the account, and is the only person(s) authorized to make deposits and withdrawals in the account, and the MM, if the account is grown through profitable trading, shares in the profit, which is distributed month-end, by the Broker. Both parties receive a statement outlining such activity.

    No 4XFUND member account was 100% lost. Depending upon when a participant started and exited the fund greatly depended upon whether they experienced growth or loss in their account.

    If a person participated for 3 months, and pulled out after 2 months of downturns, and was not in the fund for the following months where the losses were regained and profit achieved, then yes, that participant would have lost money in the fund.

    The fund was marketed as a long term 2+ years minimum investment, yet the decision to leave at any time was left to the account holder based upon their risk tolerance.

    I have worked very hard 18+ hour days, 6pmET – 12pmET the following day, Sunday-Friday, for years, sleeping on the floor, in front of computers, waking to alerts, monitoring trades, and carefully selecting entries & exits as if all accounts I were managing were my own money.

    There are secrets that I would not disclose, as if I did, others might be able to produce similar results, and thus I would lose valuable business information, and no good business person would give away their income. Does Coca-Cola disclose their formula? Of course not, but they talk about it being a very carefully guarded secret. There is nothing wrong with this.

    I also phone mentored (and often in person) each member in the 4XTRAINERS 4XFUND and provided live Netcast trainings 3 times per day, along with investing hours on the phone, sometimes multiple times, with individuals who required conversations to last 120+ minutes, easily. I am still available today, by calling me on the cell attached to my hip, (321) 289-1965 or email at [email protected]

    I still live in the same town, Titusville, FL, almost 35 years now, and am flourishing with a lovely wife, and 4 children (3 girls, 1 boy).

    The message boards had to come down in 2008 as once a person becomes a CTA, the NFA requires that all communications in any public forum (membership approval or not, i.e. Yahoo sites) be shut down as the back and forth between members can leak inaccurate data in regards to RISK (primarily de-emphasizing RISK, and the NFA is clear that FULL, HIGH-RISK DISCLOSURE must be made in ALL CAPS, on the cover page of any document or website, and that requirement was at RISK of complying to NFA guidelines in the message boards, as such RISK DISCLAIMERS can be skipped or missed by new or existing members navigating such boards.

    With talk in late 2009, and laws finally passed in 2010, the CFTC (Commodity Futures Trade Commission) changed the rules on hedging (a strategy where 2 positions in opposite directions are opened in the same account at the same time) for all U.S. Brokers, and thus this was the primary strategy used in the 4XFUND from 2007 – 2009. This ruling also changed the SWAP/interest values, turning profitable daily interest gains into negative daily interest charges.

    When the government passes a law making same account hedging strategies illegal (this was done for the benefit of the brokers, in my opinion), you can be sure that strategy was immediately shut down to become compliant. The remaining participants, many who reluctantly did not want to break ties to the 4XFUND, and who asked me to keep trading for them, were advised by me to pull funds and hold in cash as I did not have another strategy to implement for them at the time. I pulled the plug by refusing to trade for them without an optional strategy I was comfortable with.
     
    #146 FROMCHRISSTEWART, Jan 24, 2012
    Last edited: Jan 25, 2012
  7. Paco Igualada

    Paco Igualada Recruit

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  8. Pharaoh

    Pharaoh 1st Lieutenant

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  9. yideng

    yideng Private, 1st Class

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    Actually I myself had not been scammed, since I read a lot of the reviews, and stay away from those really bad ones. I'd several friends who had some bad experiences in loss of deposit, slippages and poor service.
     
  10. henyo

    henyo Sergeant

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    I guess you could say its thatnks to sites such as forexpeacearmy and others that new traders have the option to research and be sure before choosing their brokers, me personally i haven't been scammed yet but as much as possible I keep track of my brokers feedback to avoid any unwanted turn of events :)
     

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