Refco.com Review

Not that it matters much anymore, but I also lost a considerable amount of money with Refco. Only received 10 cents on the dollar from the court, when they finally did release funds.

It has taken a long time for me to rekindle the desire to trade. With the financial turmoil going on now, I decided that I could do just as well with my investments as the so called market managers. Seems they just take you money also, but in a different way. (They call it poor fund performance) I call it poor fund management.

It is a shame that there are so many unethical brokers caught up in greed and ripping people off. What happened to having a bit of integrity. Guess that is why the US is going through a financial meltdown now. Too much greed!

I too was part of the Refco debacle. I've recoverd just over 4K of my 17K that was lost due to their bankruptcy (had I been paying more attention to financial news, I would have never added money to the account). I wrote most of it off as a loss that has carried over from the 2005 tax year.

The US bankruptcy laws, along with the SEC and the FTC, are a joke. There's no justice if you have a cash account that isn't tied to assets. I have not traded forex since because I'm afraid the same thing will happen again. If I could, I'd trade in Canada or the UK as both countries have insolvency guarantees on accounts up to about $1 Million. If only the US were a bit more progressive.

I'm really surprised at the number of ways these companies scam people. They trade against traders when they're already making the pip-spread. Isn't that good enough profit for setting up the banking transactions and passing the risk off to the customers? Never again will I trade a company that has a dealing desk or with a company that takes positions against their customers. That's just ridiculous...it means all the traders with such a company are not affecting the market, which tells me the market is a sham too.

Guess I'll just keep my money in gold. With the political atmosphere over here, its gonna keep going up until they figure out that the New Deal didn't get us out of the depression.

Back in 2004 when I started trading, I traded with Refco as a "Rookie". Support personnel on the chatline was turning over too fast and one day, I dont exactly remember what it was, but I DID have a problem and called them in NY. The party on the phone was an arrogant, rude person and argued when I KNEW I was right ! Since they are not allowed to hang up on a client, I told this guy off big time, and after I got through with him, HUNG UP !
Here comes the punchline:
About 1 hour later, I received an email from Refco that my account had been "terminated" and the account balance was "in the mail". The check did arrive a couple of days later and I cashed it and there were no "afterpains" after it.

About 3 or so days later, I read online that insiders at Refco had "embezzled" huge amounts of money and the company was in bankruptcy. Thanks to the good Lord !!! He took me outta there right in time ! but read on many blogs online how MUCH MONEY some other people had lost with Refco, it went into the millions, money these people will NEVER see again.

I asked for a withdrawal as soon as I heard abt. their problems, and I received a check for $613 which cleared my bank. THEN they stopped payment on the check, and the bank honored their request and took it from my acct.!!!!! Can you believe that?? Trying to argue with the bank was useless, and I had to chalk it up as an expensive cost of fx education!!

Scammmm


I have a lot to say and a lot of evidence and screenshots off their platform.
Since i have been trading with a number of difffernt platforms i can tell you that brokers that use their own platfrom and dont use MT4 it is easy for your broker to access your computer software and slow down your work. and this is what iFOREX did. I put 100$ as a test . luckly i checked their download version which was supposed to be fast according to them.
although it was faster then the java platform yet they had the ability to do what they wanted from the back office and then blame it on my internet speed and my "computer hardware", i have 3.0 duel core II and 2 GB cash memory. the interent speed of upload is 512k or something." I simply don't buy their explanation and found it realy offending. Stay away from this broker. And yes, like previously mentioned they are based out of Israel and that is why i am building a nice case to sue them i will post the update.

and by the way they send me back my 100$ withuot charging me anything so that I shut up.

Lost half of my money when they went backrupt and screwed the little guy. Money was frozen for almost 2 years.

I used Refco for awhile. They seemed pretty mercenary (more interested in my trading frequently than in whether I profited or not), but fortunately I got out before the really bad news.

Refco seemed to be a good company. The traders were generally helpful and the system seemed to work well. Sometimes, the system seemed slower than it ought to be and trades did not get put through as quickly as one would expect. The company's bankrupcy was a shock. No money coming back to customers. Still, the company's founder seems to have done well out of it financially. I would not use them again under the circumstanes. The system was good. Just can't trust them with my money.

Anybody that had money in a Refco account when it got closed, heads up.... you should get something in the mail from the courts this week (5/14) that you need to sign and return promptly to preserve your claim. If it does not arrive, I would call FXCM, and get info from them about the proceedings.

I have US$30,000 with Refco and my lawyer tells me I will be lucky back 20c in the dollar in 5 years. The client funds are mixed up with their own trading and US$525M in fake US Gov. Bonds that there will be years of legal fighting to sort it out and he with the most lawyers will win. In the Refco scam they took principal positions against their clients. Like a Casino they would throw you out if you started to beat the house.