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  1. #1
    alvin050 is offline Private, 1st Class
    Join Date
    Jun 2008
    Posts
    60

    Default BFOREX LIMITED: Scam Alert Alert!

    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. #2
    Pharaoh's Avatar
    Pharaoh is offline Sergeant Major
    Join Date
    Oct 2007
    Location
    Tropical Locations
    Posts
    10,537

    Default

    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. #3
    alvin050 is offline Private, 1st Class
    Join Date
    Jun 2008
    Posts
    60

    Default

    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. #4
    alvin050 is offline Private, 1st Class
    Join Date
    Jun 2008
    Posts
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    Default 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. #5
    clem699 is offline Sergeant
    Join Date
    May 2009
    Location
    Lagos,Nigeria
    Posts
    147

    Default

    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. #6
    alvin050 is offline Private, 1st Class
    Join Date
    Jun 2008
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    60

    Default thanks!

    Quote Originally Posted by clem699 View Post
    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.
    Thanks clem! Good work by FPA once again!

  7. #7
    ibham1 is offline Private, 1st Class
    Join Date
    Aug 2010
    Posts
    53

    Default

    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. #8
    Tkodus is offline Recruit
    Join Date
    Jan 2014
    Posts
    1

    Default

    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. #9
    bigdolly is offline Corporal
    Join Date
    Oct 2013
    Posts
    119

    Default

    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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