This website caught my attention while I was searching for forex signals on the web. They claimed to that they would provide signals with 92% accuracy! I was overwhelmed and opened a 5K USD account with FxOpen.
They have repeatedly recommended on their website that common people cannot manage their account well, so better is to hand over their account's user name and password to them and they will manage account for us with the 30% share from the profit.
Since I followed their signals and lost around 1000 USD, I chatted with them on Yahoo messenger. Someone named Joseph Freeman was on the chat, who claimed to be in Jordan (I don't know if that is real information he revealed), was representing forexna.com. He said that it was all because of my poor money management (as I opened bigger lots!), and they recommended that I sould let them operate my account.
He also told me that they were a group of four traders. He made following claims!
1) He said he and his friends previously worked for FXCM as analysists for many years. Then they separated and worked for many other forex brokers and now they have decided to open up their own business in Jordan.
2) He also claimed that he has relations in some agencies from where he use to get information about fundamentals i.e. news (e.g. US or JP job datas, etc) even before their release. In this way they make 100% profit out of the news release!
3) He also claimed that there were time when they were 100% sure where the market would go, so they play higher lots during those times.
This last claim was made after I asked him that how much maximum lots he would trade on my account!
I became fool and I handed over my account's password to them!
They didn't made any written aggrement with me.
No company's address of registration information was given on their website! When I asked from Mr. Joseph that if their company were registered, he replied me yes and sent me some random number and told that this was the registration number!
When I saw my account after handing over my password to them, there were trades of very high lots opened with no stoploss or set!
I became worried and emailed them as they were not present on chat!
After many hours they replied that they were looking over my account and I should not worry!
I warned them again and again, not to open very high lots as this could eat all my account, but they didn't listen to my concern and advised me that I should not worry and not contact them as they were busy!
When I rechecked my account after a few hours, all my balance was gone! only about 148 USD were remaining from a total of 4014 USD! :-(
Now they don't reply to my email.
They had also mentioned on their website that they would guarantee that they would not let a client lose more than 25% of their capital, if a loss would occur! and they had also mentioned that in the past 6 months (I don't remember exact number), their almost 700 clients didn't lose money!
The above two claims have now been removed from their website!
I would recommend all of you to stay away from them! They are scam!
Currently they also ask for donations in return to their free signals! They ask for repeating or fixed monthly donations from 10 USD to 1000 USD!
Their website is full of spelling mistakes and doesn't look like a professional one!
I have been victim of their scam and want to prevent other people from their scam. I have also lodged a complaint in FBI against them so thay they may get caught and cannot start scamming under other name!
Note: I have written the same text in the "Managed Forex Reviews" as well!
They have changed their website and I don't have images of their previous pages!
They also made claims on yahoo chat and their chatting records can be obtained from yahoo!
Results 1 to 5 of 5
09-20-2010, 12:20 AM #1
I am Victim of Forexna.com SCAM Site
09-20-2010, 06:36 PM #2
No written agreement - sounds like no. Contact FxOpen and let them know about this so the brokerage can block them.
Claiming to know the news numbers in advance so they can make safe and successful news trades - sounds like a major scam to me.
If anyone else is tempted to try a company that makes claims like this, have the company prove themselves on a demo for at least one month.
10-18-2010, 03:07 AM #3
11-05-2010, 05:38 AM #4
I have written review on FPA about my worst experience with Forexna.com. I also tried to communicate with Forexna.com through email as well as through Yahoo chat!
He was not answering me but today he answered me when I asked him to compensate me!
He told me that he would compensate me after I will remove that review on FPA!
I told him that I would have written a good review if my account was managed well as promised!
Upon reading this reply, he became outrageous and angery and told me that what I had written was a lie and that review has not affected his business and in fact his business has flourished to 50% more!
I told him that why I would need to write a lie about him as I am neither his competitor nor I have any animosity with him, as I am just a client!
But he closed the chat by saying that he does not need to waste time!
Please guide me how do I proceed to drag him to the court!
11-05-2010, 05:40 AM #5
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