Justforex usurp 900,000$ from Vietnamese Clients

[The Punisher]

I've contacted their support and they told me that it's illegal with them. Could you share the proof that you can use arbitrage with this brokers?

Looks like you haven't familiarized with T&C and involved other people in your tricky strategy.

At minimum, a legitimate broker should refund the deposits made by a client. If the client and/or IB obtained profits through tactics the broker can prove were in violation of their terms and conditions then the broker can refuse to pay those profits. However any profits made that don't violate the terms and conditions belong to the investor. That being said, Just Forex at minimum needs to 1) Refund all deposits made by investors 2) Pay profits that were obtained following the terms and conditions 3) Provide investors proof of when trades were obtained in violation of terms and can refuse to pay those profits.

 

[Sangtruong]

I've contacted their support and they told me that it's illegal with them. Could you share the proof that you can use arbitrage with this brokers?

Looks like you haven't familiarized with T&C and involved other people in your tricky strategy.

Hi @Sirajuddin , thank you very much for your comment. Maybe my wording has misinterpreted what I mean. I want clarification on arbitrage. I understand that arbitrage is a method that requires traders to trade Exotic pairs or uncommon pairs to take advantage of the quoting price speed between brokers to make a profit.

Meanwhile, my client trades the EUR/USD currency pair, the most liquid currency pair globally. That means there is high liquidity, and there will be no delay in the price quote. Therefore, this conclusion of Justforex is unreasonable.

Besides, what I am understanding is that Justforex accuses clients of counter-hedging against each other. And if they are talking about hedging, this is a prevalent thing in the major Forex brokers. You can refer to the following resources:

pepperstone.com/en-au/support/does-pepperstone-allow-hedging/
assets.pepperstone.com/legal/APAC_ROW/Hedging-Counterparties-Policy-2019.pdf

tickmill.com/about/faq/category/trading-conditions

icmarkets.com/global/en/help-resources/help-centre#:~:text=Are%20scalping%20and%20hedging%20allowed,day%20traders%20and%20scalpers%20globally.

 

[Sirajuddin]

At minimum, a legitimate broker should refund the deposits made by a client. If the client and/or IB obtained profits through tactics the broker can prove were in violation of their terms and conditions then the broker can refuse to pay those profits. However any profits made that don't violate the terms and conditions belong to the investor. That being said, Just Forex at minimum needs to 1) Refund all deposits made by investors 2) Pay profits that were obtained following the terms and conditions 3) Provide investors proof of when trades were obtained in violation of terms and can refuse to pay those profits.

I got your point, but if he is an IB, his aim was to receive commission and not to trade personally, no? I haven't seen any statements from @Sangtruong
I understand that IB asks here to clarify about his clients funds, but currently we can see that each client has created their own thread.

In addition, I also asked my clients to provide proof that they are not only trading EUR/USD like Justforex misrepresents. In the attached document below (in individual threads) you can see that the buy/sell direction is also random according to their strategy.

Meanwhile, my client trades the EUR/USD currency pair, the most liquid currency pair globally. That means there is high liquidity, and there will be no delay in the price quote. Therefore, this conclusion of Justforex is unreasonable.

So where is the truth? As well there were no proofs attached by your clients and all the situation makes me think that you don't understand the regular rules. There is a fine line between profitable trading/idea and becoming a fraudster and from your reply it looks like you sold your idea to investors without deep understanding of the marker rules.

Regularly, IBs who are related to trading somehow find investors with money and without knowledge about trading and once they failed with their "successful strategy" and lose investors money they start to blame brokers.

Arbitrage is a kind of hedging, but it's a different thing, illegal. In general it's when you buy in one broker and sell the same instrument in another one.
So I'm sure that your clients were buying EUR/USD in other brokers you mentioned before. And I think it's a matter of time before other brokers catch you on violation T&C.

 

[The Punisher]

I got your point, but if he is an IB, his aim was to receive commission and not to trade personally, no? I haven't seen any statements from @Sangtruong
I understand that IB asks here to clarify about his clients funds, but currently we can see that each client has created their own thread.



So where is the truth? As well there were no proofs attached by your clients and all the situation makes me think that you don't understand the regular rules. There is a fine line between profitable trading/idea and becoming a fraudster and from your reply it looks like you sold your idea to investors without deep understanding of the marker rules.

Regularly, IBs who are related to trading somehow find investors with money and without knowledge about trading and once they failed with their "successful strategy" and lose investors money they start to blame brokers.

Arbitrage is a kind of hedging, but it's a different thing, illegal. In general it's when you buy in one broker and sell the same instrument in another one.
So I'm sure that your clients were buying EUR/USD in other brokers you mentioned before. And I think it's a matter of time before other brokers catch you on violation T&C.

The point remains that @JustForexcom should return the principal deposits to all investors. Currently Just Forex shut off everyone's account and they have not been refunded any money. Just Forex, the IB, individual clients etc. can resolve what terms and conditions were not followed and which profits will not be paid but at minimum the principal deposit(s) should be returned immediately.

@Sirajuddin you have not addressed the fact that Just Forex is not registered or regulated by an Securities and Futures Commission. When there is no regulation, a Broker needs to prove with very strong details, documentation and factual evidence that clients did indeed violate terms and conditions. Currently we have statements from both parties about why neither is wrong however the longer Just Forex takes to refund deposits the more it appears that Just Forex is making up their own rules as they go along.

 

[annieiris]

looks like it's all sorted. glad I keep my balances low-ish

 

[JustForexcom]

Dear Valued Community,

Thank you for your questions and we would like to shed more light on them.

As we informed in our first official statement, the unlawful activities and violations of IB and Client Agreements by this group of persons, in particular, were connected with the abusing scheme for generating IB commission. So, as for the initial deposit amount, this information was twisted from the very beginning. The fraudulent scheme was based on constant generation lots that led to IB commission receiving, achieving top awards in "IB Reward Program" and withdrawing deposit bonuses.

The scheme was run by several IB's who had only IB accounts and they were those ones who were transferring funds to other fraudsters who were operating as attracted clients. Those funds were nothing else but only the IB commission, Deposit Bonuses, and Awards. People who claim that they are investors and we took their initial deposits are misrepresenting the facts, because they were receiving those funds exactly from the IBs, who in their turn, received directly from the Company as IB Commission and Awards. We have wallet statements confirming these transfers. As well, statements were received directly from fraudsters, so you can ask fraudsters to provide those wallet statements to the public as undoubted evidence, but not in their favor. In terms of the cooperation with Justforex, they were placing withdrawal requests as well, thus their initial funds invested in this scheme were withdrawn long ago. To sum it up, it was like one person-generated commission and rewards abusing our beneficial terms and distributed the money between other accounts that are now claiming to be their own "principal", but the origin of these funds come from the Company's funds in the form of the paid-up commission.

Regarding the licensing. We clearly state on the official website, Client and IB Agreements that the Company is registered by FSA, but not regulated. The FSA does not license brokerage activities. Our previous IFSC (Belize) license was voluntarily revoked by the Company, and all clients were officially informed regarding this almost two years ago. Once we made it, we also made appropriate changes to our FPA profile to avoid any misunderstanding. The Company always strives to be compliant with current legislation and rules of FSA and never gives any misleading information regarding its regulatory status.

 

[Sangtruong]

Due to the complicated and dangerous situation of the Covid epidemic in Vietnam which is recently lockdown the whole country, I apologize for the late reply.

I don't understand Justforex's explanation of the license they are holding.

Company is registered by FSA, but not regulated. The FSA does not license brokerage activities.

Does that mean Justforex has absolute power over their and Client's activities? Besides, Justforex's IFSC (Belize) license has also been revoked. So that means that the law will not protect Clients, and there will be no one to stand up for them in this case or similar case, right?

I again noticed a very baseless argument coming from Justforex. They unilaterally concluded that the Client's deposit source came entirely from the IB commission. I believe this nonsense conclusion was made on their own speculation without any bookkeeping or accounting evidence.

Besides, some of my clients just deposited to their trading account, and they never even made a single withdrawal request. You can review the case, Nguyen Thuy Duong. She gave proof she never made a single withdrawal request. So if Justforex indicates that

their initial funds invested in this scheme were withdrawn long ago

, I really don't understand what evidence they are basing on and their conclusion is deliberately a smear campaign.

I want to repeat it. My clients join many brokers and trade many different products. Usually, they are allowed to use PAM funds to invest. This is a legitimate form of investment and in the financial environment in general and Justforex's laws in particular. As for the period when Mr. Sirajuddin said that my client arbitrage, let's review the market's history at that time. This is the period where the EU Pair is growing strongly. Therefore, they use copy trade under the PAM fund, and only buying EU pairs is a crystal clear phenomenon. I will also ask clients to show proof they trade many other products to back this up.

As an IB, I am not aware of and not involved in their trading activities.

I still maintain my opinion that it is indispensable to have a trial between Justforex and me. I will put together the evidence of the Clients. They have provided the FPA community with factual information about the trading activity with solid evidence. On the contrary, Justforex simply makes claims without evidence to mislead public opinion. What I need here is proof, I mean accurate accounting data if they want to conclude that others violated their rules.

Justforex's solution is very roundabout and time-consuming for both sides. Why don't we focus on the initial deposit money of the Clients first and then try to figure out the best solution for this issue?

 

[The Punisher]

Dear Valued Community,

Thank you for your questions and we would like to shed more light on them.

As we informed in our first official statement, the unlawful activities and violations of IB and Client Agreements by this group of persons, in particular, were connected with the abusing scheme for generating IB commission. So, as for the initial deposit amount, this information was twisted from the very beginning. The fraudulent scheme was based on constant generation lots that led to IB commission receiving, achieving top awards in "IB Reward Program" and withdrawing deposit bonuses.

The scheme was run by several IB's who had only IB accounts and they were those ones who were transferring funds to other fraudsters who were operating as attracted clients. Those funds were nothing else but only the IB commission, Deposit Bonuses, and Awards. People who claim that they are investors and we took their initial deposits are misrepresenting the facts, because they were receiving those funds exactly from the IBs, who in their turn, received directly from the Company as IB Commission and Awards. We have wallet statements confirming these transfers. As well, statements were received directly from fraudsters, so you can ask fraudsters to provide those wallet statements to the public as undoubted evidence, but not in their favor. In terms of the cooperation with Justforex, they were placing withdrawal requests as well, thus their initial funds invested in this scheme were withdrawn long ago. To sum it up, it was like one person-generated commission and rewards abusing our beneficial terms and distributed the money between other accounts that are now claiming to be their own "principal", but the origin of these funds come from the Company's funds in the form of the paid-up commission.

Regarding the licensing. We clearly state on the official website, Client and IB Agreements that the Company is registered by FSA, but not regulated. The FSA does not license brokerage activities. Our previous IFSC (Belize) license was voluntarily revoked by the Company, and all clients were officially informed regarding this almost two years ago. Once we made it, we also made appropriate changes to our FPA profile to avoid any misunderstanding. The Company always strives to be compliant with current legislation and rules of FSA and never gives any misleading information regarding its regulatory status.

@JustForexcom Are you going to provide any proof or are we expected to just take your word?

 

[The Punisher]

@JustForexcom Are you going to provide any proof or are we expected to just take your word?

@JustForexcom we are waiting your reply.

 

[el23876]

My account was cleaned from 15000 to 0 yesterday. Deposit + profits since 2019. I'm from Russia. Seems it is scam