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Problem Death of a Broker – RIP AlmaForex?

I am having an issue with a company
We had our worries when AlmaForex took months to pay a trader money they owed him. They claimed it was for AML purposes. They had no problem refunding his initial balance, but held on to his profits for months. We were about to issue a scam finding, but they finally did pay. We thought this was the end of any immediate problems with Alma. It looks like we were wrong.

On August 3rd, there were multiple complaints from traders saying that Alma Forex's price feed had stopped. Initially, the FPA assumed this was a temporary technical issue, so other than sending an inquiry to AlmaForex, no action was taken. Complaints continued to come in and there was no response from AlmaForex, so a warning was added to Alma's review page.

This problem continued, so another inquiry was sent to all the email addresses the FPA could find for AlmaForex. No reply has been received yet. The price feed on Alma's homepage still shows prices from August 3rd.

Under the circumstances, we have to conclude that AlmaForex has probably shut down permanently. We would contact their regulator to ask, but AlmaForex's representative repeatedly avoided the question of exactly who regulated them during the prior incident.

It is possible that AlmaForex will comes back online with a great reason for all of this. Maybe their email and MT4 servers were destroyed in a freak accident. Maybe Alma Forex stole all the money people had in their accounts. Maybe AlmaForex went out of business. At this point, we have no way to tell.

The FPA recommends extreme caution dealing with any company that does not list any regulator on its website and that refuses to disclose the name of any regulator or company registration when asked. A company like that can take your money and walk away any time they like and there is very little you can do about it if they do.

If anyone had money with AlmaForex or has any more information about what happened to this broker, please post it here or in the appropriate thread below.


Click here to report any successful contacts with AlmaForex in this thread

Previous report of AlmaForex using AML rules to withhold money owed to a trader


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Almost 3 weeks. Time to give up the search efforts and declare them to be dead. Stick a fork in this one, it's done!

I wonder how much cash they looted from client accounts? Any wagers on whether they already have a new brokerage set up to lure in more innocent victims?
 
Their website is still working -- which doesn't mean a thing.

This would have made me suspicious from the beginning:

Fixed 1 pip spread for 6 pairs, Minimum deposit - No restrictions, Scalping is allowed

There is no way this is possible in reality. But beginners don't know that.
 
Most likely a Ponzi scam.

A Ponzi promises returns on investments (usually large and unrealistic returns) and finances those based on new money coming in rather than really investing the money. Social Security in the USA is the world's largest example of this.
;)

Alma was a brokerage that let people do their own trading, so wasn't promising automatic profits and wasn't a Ponzi. More likely, their slippage and excuses for not repaying profits in a timely fashion were catching up with them and they decided to grab all the money on the table before traders closed down their accounts.
 
let me think what best can be done to end it for once and all.

We need to have a body to continuously check the liquidity of these brokers.
 
We would contact their regulator to ask, but AlmaForex's representative repeatedly avoided the question of exactly who regulated them during the prior incident.

According to About us | Forex. Online Trading with Alma Forex they have just a Seychelles business registration that covers only anti money laundering, but has no financial regulation as such.

We need to have a body to continuously check the liquidity of these brokers.

It's call a regulator ;) Anyway, since we are not talking about an ECN, liquidity is not even an issue.
 
I wonder how much cash they looted from client accounts? Any wagers on whether they already have a new brokerage set up to lure in more innocent victims?

My thoughts exactly. Probably laying out the plans, quietly creating the disguise and gearing up for a new run. Ever notice how bank robbers and other pro thieves NEVER stop until they get caught?!
These maverick, renegade FX brokers are no different.
 
Almaforex

They are regulated by Seychelles Investment Authority. At least that is what they claim in their website. I've tried for days to get hold of them but nobody answers the phone and no way to have my money back. I'll pursue all the way possible to have these fraudsters behind the bars.


From their website:

Company info

Alma Forex is registered in the Republic of Seychelles on the basis of the International Business Companies Act, 1994 (Act 24 of 1994). The company registration number is 053400.
Alma Forex incorporated business activity complies with Seychelles legislation and conforms to its regulations and internationally accepted supervisory and regulatory standards. Investing in offshore helps to keep your private and business affairs away from public eyes and secure your assets against possible future claim in your home country.


Alma Forex collaborates with well known companies and banks including HSBC, Credit Suisse, Deutsche Bank, GAIN Capital and others.
 
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