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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
.
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
.