BaronForex.com Review

Follow up to early review / post...
Amazing. After ten (10) months of on-again, off-again (mostly OFF) communications (poor communications!), I did receive my money. Hefty fees were withheld.
Keep up the pressure, stay engaged.

2011-09-19 1Star Opened account 2Q2009
Funded with >$10K USD.
Traded account to >$14K USD
Over the last several months...(a) trading has been disabled, (b) no phones are answered, (c) no messages are returned, (d) chat is inoperative, (e) email messages are not returned and (f) online messages are not returned.
How do you think this will end?

Be very careful with Baron Forex because they are NOT regulated by IFSC any more as stated on http://www.ifsc.gov.bz/notices.html. For your convenience I just post the NOTICE from IFSC here:

~~~~~~~~~~~~~~~~~~~~~~~~~~
Office of the International Financial Services Commission,
Sir Edney Cain Building,
Belmopan,
Belize, C.A.

23 June 2011

WARNING NOTICE AND CEASE AND DESIST ORDER

BFX CAPITAL INC.

It has come to the notice of the International Financial Services Commission of Belize (IFSC) that BFX CAPITAL INC., of 60 Market Square, Belize City, Belize, which is no longer licensed by the International Financial Services Commission of Belize (IFSC) for Trading in Securities is still holding itself out as providing such services on its website www.baronforex.com. This is a serious offence under the laws of Belize.

BFX CAPITAL INC. is therefore directed to cease and desist from carrying on the said activities forthwith.

All persons concerned are asked to take note and exercise extreme caution.

GIAN C. GANDHI
DIRECTOR GENERAL
International Financial Services Commission of Belize

The Baron Forex broker I see is an entire mistake. And now no longer respond to emails. Hey they made ​​a deposit of USD 2000. I spent confirmation of my bank statement. I sent a deposit tracker and they keep saying it did not. Please, if anyone knows where can I report this company, let me know. I want to exhaust all remedies for a company like this stay in the segment. My code is bfxc001359 deposit. I would like to answer this one company here. Otherwise, they should be flagged here as totally inappropriate to trade. 2000 usd is too much money, because money is honest work. I am attaching a copy of my online statement. I have other evidence, such as the tracker that I have sent the company. I wonder what the agency regulates.

We have an institutional account with Barons and have been active traders in Forex for more 8 yrs...We have dealt with many brokers in the past and find Barons to be the most honest and efficient broker we have ever dealt with...We are pleased with the execution..rebates. admin. and especially Peter our account executive..We have incurred trading differences but they were dealt with professionally and promptly and to our mutual satisfaction..The rebates are generous and always paid on time..We recommend Barons to serious investors...

Denis
President
Capital Currency Trading Group Inc...

I just want to warn anyone able to read this before investing any money with Baron Forex that this company is a complete scam. Everything they tell you that they are going to do is a complete and utter lie. Beginning with their brokers such as Aidan Doyle and Eddy Servider and ending with the only person who answers the phone at their office Mr. Moore "the head trader" or should I say "head scammer". Before they got your money they will contact you 5/6 times a day and tell you that once invested you will be updated on regular basis. Once your money is invested, they reneg completely on everthing they said they would do. Trust me, stay away from this company. It is no good.

Hello everyone, I would like to share my terrible experience dealing with this scam broker, and wish no others will fall into the same problem like me in future. Firstly, I have open a account with baronfx on XXXX. The account I choose to open was a MINI account, and on the site, it CLERLY states that minimum requirement for deposit was from $250 to $999USD.(Click on the site and proof it, http://www.baronforex.com/open-account.html) I have choose to open this account through the broker Cashbackforex.com, after I apply and submit everything baronfx required, and I have decide deposit some funds into it, because I have chosen mini account earlier, then I decide put in $600usd into the account. Few days later, I received an email from baronfx states that I need to put min $1000usd to open a account with them. I was piss off when I saw what they reply me, as I told them that everytime when I bank wire the money to their account, I need to pay $35usd for my bank plus another $15 usd for the broker bank to proceed the funds, and most importantly they have state that the mini account requirement were only from $250 to $999, then I have written an email again to explain my situation to them, and they refuse my request, what even worst is they have send me this email;
Hello,

Thank you for your email. Please be advised that our account minimums have increased to $2000 due to us updating our liquidity providers and transitioning to solely working with professional and institutional accounts via direct bank data feeds. As a courtesy, we have lowered the minimum to $1000 for CashBackForex clients. At this point, please deposit an additional $430 or provide us with the correct wire instructions and we will return your initial deposit. I have provided the withdrawal form, see below:
http://www.baronforex.com/pdf/Withdrawal%20Form.pdf
Kindest Regards,
----------------------------
Victor Quiroz
Client Services Manager

www.Baronforex.com
24 hour Service & Support
E-mail: support@baronforex.com
Since I send them the withdraw form, I did not get any reply from their site and I still haven't received my funds back yet, STAY AWAY FROM IT,DON'T WASTE YOUR TIME, IT IS SCAM BROKER, you will be truly regret if you drop into the scam like me!!!!!!

Hello everyone, I would like to share my terrible experience dealing with this scam broker, and wish no others will fall into the same problem like me in future. Firstly, I have open a account with baronfx on XXXX. The account I choose to open was a MINI account, and on the site, it CLERLY states that minimum requirement for deposit was from $250 to $999USD.(Click on the site and proof it, http://www.baronforex.com/open-account.html) I have choose to open this account through the broker Cashbackforex.com, after I apply and submit everything baronfx required, and I have decide deposit some funds into it, because I have chosen mini account earlier, then I decide put in $600usd into the account. Few days later, I received an email from baronfx states that I need to put min $1000usd to open a account with them. I was piss off when I saw what they reply me, as I told them that everytime when I bank wire the money to their account, I need to pay $35usd for my bank plus another $15 usd for the broker bank to proceed the funds, and most importantly they have state that the mini account requirement were only from $250 to $999, then I have written an email again to explain my situation to them, and they refuse my request, what even worst is they have send me this email;
Hello,

Thank you for your email. Please be advised that our account minimums have increased to $2000 due to us updating our liquidity providers and transitioning to solely working with professional and institutional accounts via direct bank data feeds. As a courtesy, we have lowered the minimum to $1000 for CashBackForex clients. At this point, please deposit an additional $430 or provide us with the correct wire instructions and we will return your initial deposit. I have provided the withdrawal form, see below:
http://www.baronforex.com/pdf/Withdrawal%20Form.pdf
Kindest Regards,
----------------------------
Victor Quiroz
Client Services Manager

www.Baronforex.com
24 hour Service & Support
E-mail: support@baronforex.com
Since I send them the withdraw form, I did not get any reply from their site and I still haven't received my funds back yet, STAY AWAY FROM IT,DON'T WASTE YOUR TIME, IT IS SCAM BROKER, you will be truly regret if you drop into the scam like me!!!!!!

When I withdrew my funds from BFX, I got a shock when I was charged USD102.70 bank wire fees because I normally incur only USD20-30 for wires. When I questioned BFX, this was their reply:

BFX: [We have received your email regarding bank transaction fees, however we only pass along the wire fees that our bank and their intermediaries charge. Additionally, we always credit our active clients for any of these fees. Regrettably, since you have decided to cease trading Forex , we are unable to credit any of these fees to your account.] BFX

This is pure rubbish because I was only credited USD20 when I deposited funds but deducted USD102 when I withdrew funds. The underlying message from BFX is that if you are not our active client, we don't give a s**** about you. Highly unethical and unprofessional behavior.

FYI, the reason why I decided to quit trading at BFX is because of their dreadfully slow platform. Placing orders (during normal, not fast markets) take about 6 seconds to execute, My VPS is in USA and their trading servers are in Canada so it is not latency problem. Unfortunately I have erased the logs where I recorded all the anomalies, but you can open a live account and try it for yourself.

I appreciate that FPA holds my hand going through the difficulties with Crown Forex and Forex Metal.

I do not mark Forex Metal as a scam even I still have 25k with them, but I would like to mark BFX as a scam for the following reasons:

1. The first person from BFX to contact my IB Angela is David Moore, a director of BFX IB department . From the conversation you will see the initial IB agreement between Angela and BFX provided me the summer promotion from which I would get $2,500 bonus of the initial deposit of $26,000 and I could withdraw the bonus if I completed 20 lots in 60 days. In fact, though I have completed 557 lots on 26th of July, I did not get any bonus.

2. After initial agreement between Angela and David, David sent his assistant Victor to contact my IB Angela. Victor changed the initial agreement to become 1) I could only withdraw bonus after I completed 1000 lots ( it was only 20 lots previous to this) 2) After I completed first 1000 lots, BFX would give me 1 pip rebate, it would mean BFX credited 10,000 to my account and afterward BFX would bring down the spread of eurusd from 2 pips to 1 pip.
3. Have you ever heard about such ridiculous 1000 lots trading requirement in order to withdraw any bonus? But because of BFX agreed with my IB that I would get 1 pip rebate after I completed 1000 lots and BFX also agreed with me to have hedging/scalping 1 -2 pips to complete 1000 lots trading requirement . So I deposited $26,000 on 25th of July. BFX pushed me to complete 1000 lots before the end of July in order to receive bonus and rebates, so I traded very hard for two days to complete 557 lots.

4. I was on my way to complete 1000 lots before the end of July. My IB received an email from BFX, my account was flagged as "churning", BFX asked me signed up a limited power of attorney in order to remove that flag "churning". I did everything BFX agreed with to fulfill their requirement. BFX made this "churning" as excuse and tried to change IB agreement with Angela again.

5. The new IB agreement to become like: 1) There was no rebate for me even I completed 1000 lots. 2) I still had to complete 1000 lots in order to withdraw $2,600 bonus 3) IB Angela only could receive 1 pip rebate after I completed 1000 lots and I have to deposit another $24,000 .

6. BFX ripped off me and Angela with the new IB agreement. FPA always warns me that " Don't put big amount deposit with a new relationship forex company." So, I did not deposit another $24,000 to BFX. I lost confidence with BFX, the only thing I could do was to minimize the loss and to withdraw my funds with $5,656 lost.

7. BFX did not fulfill any agreement between us. Their personalize agreement for their institutional customer means BFX can change the agreement as they wish and ripping off their customers.

8. BFX tempted me to deposit more funds and to trade more lots for them. Their behavior is unacceptable, so I have to file complain to FPA and warning traders stay away from them. FPA hates scam and I hate scam too. We will certainly report BFX's regulator.

Dear Forex Peace Army: The fact of the matter beside that Angela Wang has now attempted to blackmail Baron Forex
(3. Please send the commission to me immediately; otherwise I am going to report you as a scam company to your regulator.)

Is this:
Angela Wang had come to Baron Forex requesting to be an Introducing broker with the prospects of introducing several clients, exceeding $100,000.00 and monthly volume of over 1000 standard lots, she then had signed an agreement and introduced one client, Sarah Chen, whom Baron Forex believed would be self trading her account the client deposited $26,000 and was given a 10% deposit bonus with the following volume requirements* (*1000 standard contracts within 75 days of receiving credit).

The account began trading on 7/25/10 at 22:42(WET)* by 7/26/10 at 15:14(WET) the account had incurred $8,491.00 in losses and traded 557.10 lots. The hyperactive "Churning" trading of this account put the account under compliance surveillance which determined that the I.P address was that of Angela Wang and not the client, her IB agreement was immediately revoked pending further review by Baron Forex compliance Department. Who requested a signed LPOA from the client immediately. This was received by Baron Forex on 7/27/10.

We worked diligently to reinstate a new IB agreement with Mrs. Wang that would make sense for all parties involved once she made us aware that she was not planning on introducing more than one client. After six attempts to come to a suitable agreement with Mrs. Wang regarding a reinstatement
of her IB status she declined a final agreement offer. The client
submitted a withdrawal request for the remaining balance of $17,324.00. As a courtesy Baron Forex credited the forfeited IB commission of $2,785.00 to the client for a total of $20,109.00 being returned to Mrs. Chen.

We feel that this is solely a matter of a disgruntled IB that had
unrealistic expectations and limited knowledge of the retail Forex
business, who was trying to profit from one account by overtrading and not by having the fiduciary interests of their client at heart.

In our opinion the actions of Baron Forex and It's employees does not constitute a "scam" or "fraud" as alleged, and only a concern for the fair treatment of our clients. Since the client herself (Sarah Chen) has not complained we feel this matter has been resolved and requires no further comment.

*Western European time


Kindest Regards,
Baron Forex Management Team