[Damir]

First of all thanks for this warning and I am really sorry for Edforex. My personal advice to FX traders is to investigate their brokers BEFORE opening a live account with them. By investigating I mean obtaining black on white answers to the following questions:

1. Is the broker a public company?
2. Is the broker regulated?
3. What is the broker's market cap?

If the first two answers are affirmative and the third answer is >= 50M, then there is really not much to worry about, right? I mean, giving money to an offshore company (Virgin Islands, Cyprus, Malta, Isle of Man, Cayman Islands, ..) is almost 100% risk. Even UK companies, many of them are offshore. And, yes, ask for their incorporation act. It shouldn't be a secret, and if it is, then there's something really fishy about it. There is no way whatsoever that any jurisdiction on this Earth could get your money back if an offshore company be it a broker or a bank decides to scam you, so if it is offshore then you better make sure it's got a long tradition and a good track record.

Another thing, guys, please take a good look at scam and scam alike brokers' web sites. They all look the same. They all have a very similar structure and say pretty much same things about "Why choose us". Do they enlist their top managers? No. Do they say anything about their most successful inhouse traders? No. I wouldn't be surprised if many of them were operated by the same group of people.

Last but not least, since there is really a great deal of retail FX traders using MT4, how about FPA suggesting MetaQuotes Corp to deny further use/licensing of MT4 platform to all proven scammers? I believe this decision alone would help shut down most of them.

My 2 pips worth,

Damir