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2013 Forex Broker Scam of the Year Nominees
(in chronological order)
(in chronological order)
These are the 4 forex brokers that got FPA Scam Confirmations in 2013. The nominations for 2013 are closed. Please confine nominations for 2014 to threads in the Scam Alerts Folder. Two brokers have already qualified for the 2014 awards.
No non-broker forex companies received scam findings from the FPA in 2013, so there will not be a Non-Broker Forex Scam of the Year Award poll for 2013.
The nominees for the Forex Broker Scam of the Year Award in 2013 are...
HFX.com
HFX already had the FPA's attention. There had been incidents of employees leaving fake posts in the forums and reviews pretending to be clients. In Traders Court cases, HFX representatives would not answer direct questions. In at least one instance, misleading information was provided.
The company also traded on behalf of clients. Promises of large profits were followed by large losses.
Discussion Thread for FPA Scam Finding against HFX
FPA Scam Finding Against HFX.com
FPA Traders Court Case 1
Original Complaint Thread for Case 1
FPA Traders Court Case 2
Original Complaint Thread for Case 2
FPA Traders Court Case 3
Original Complaint Thread for Case 3
FPA Review Page for HFX.com
Forexoma.com
Forexoma was a well rated, but unregulated brokerage. Then one day they stopped processing withdrawals and stopped responding to clients. Then the website went down.
Discussion thread for Forexoma Scam Finding
FPA Scam Finding Against Forexoma.com
FPA Traders Court Case 1
Original Complaint Thread for Case 1
FPA Traders Court Case 2
Original Complaint Thread for Case 2
FPA Traders Court Case 3
Original Complaint Thread for Case 3
FPA Traders Court Case 4
Original Complaint Thread for Case 4
FPA Review Page for Forexoma.com
LiteForex.com
One case was over accusations of bonus abuse. The client gave permission for LF to publish their proof. No evidence to support the confiscation of profits was provided.
The other two cases involved LiteForex rule 6.8, which allows the company to confiscate profits in excess of a percentage of the account balance. The FPA considers the rule itself to be a license to indiscriminately steal money from traders. The FPA takes a stand that limiting profits from legal trades is unacceptable.
Rule 6.8 was modified some, but the basic ability of LiteForex to grab money legitimately earned by clients remains.
Discussion Thread for FPA Scam Finding Against LiteForex
FPA Scam Finding against LiteForex.com
FPA Traders Court Case 1
Original Complaint Thread for Case 1
FPA Traders Court Case 2
Original Complaint Thread for Case 2
FPA Traders Court Case 3 (Resolved)
Original Complaint Thread for Case 3
FPA Traders Court Case 4
Original Complaint Thread for Case 4
FPA Traders Court Case 5
Original Complaint Thread for Case 5
FPA Review Page for LiteForex.com
4XP.com
4XP used to be active in the FPA's forums and reviews. In 2013, something went wrong with the company. They had an advertising contract with the FPA. That was suspended when the issues became too numerous. It was then cancelled when the company stopped responding to emails from the FPA.
Instead, over 2 dozen forums accounts were created to try to promote 4XP, even in non-commercial areas of the forums.
One client accepted a plan to be paid in installments. He got 1 payment, then all contact was cut off.
Discussion Thread for FPA Scam Finding Against 4XP
FPA Scam Finding Against 4XP
FPA Traders Court Case 1
Original Complaint Thread for Case 1
FPA Traders Court Case 2
Original Complaint Thread for Case 2
FPA Traders Court Case 3
Original Complaint Thread for Case 3
FPA Traders Court Case 4
Original Complaint Thread for Case 4
FPA Traders Court Case 5
Original Complaint Thread for Case 5
FPA Traders Court Case 6
Original Complaint Thread for Case 6
FPA Traders Court Case 7
Original Complaint Thread for Case 7
FPA Review Page for 4XP.com
Voting will remain open for about 6 weeks.
Again, please keep this thread on-topic for the candidates for the 2013 award. If you have an issue with any other company, please put it in the Scam Alerts Folder.
Worried about finding a broker that won't scam you? Read this...
https://www.forexpeacearmy.com/forex-forum/forex-basics-boot-camp/2333-how-select-forex-broker.html