FPA Forums and Reviews Admin
2010 Forex Broker Scam of the Year Nominees
(in chronological order)
(in chronological order)
2010 had a pile of bad brokers. Each one of them deserves special recognition in its own scammy way. Please vote for the ones that you think were the worst. Here are the nominees...
EMPfx.com (E-Money Power)
This broker shut down. The FPA contacted them on behalf of traders who were trying to withdraw their money. EMP said it would take 6 weeks. After 6 weeks, EMP fx didn't respond to any contact attempts.
Article about E-Money Power
Original thread about EMPfx closing
Original complaint against EMPfx.com
FPA Scam Finding against EMP fx
Getting money from this broker was like pulling teeth. FPA Investigator Tessa had to spend weeks on each complaint, only to have more complaints of withdrawal delays come in. Sigma claimed that one trader's account was of a type that prohibited scalping. It turns out that his account was of the type where SigmaForex did allow scalping. These scammers finally promised that they'd finish checking to see what trades were and weren't legal by a certain date, then they cut off all contact with the FPA and didn't send any of the money they owed.
Article about SigmaForex
Original complaint against Sigma Forex
FPA Scam Finding against SigmaForex.com
The broker canceled a bunch of profitable trades as scalping, leaving most of the losing ones. The trader changed to longer term trades, and the broker decided to reduce a $1575 profit down to $45. The trader decided to take what was left of his money out of the account, but couldn't get RBC to send the money. RBC Forex refused to reply to the trader or to the FPA.
Article about RBCForex.ru
FPA Scam Finding against RBC Forex
ForInvests.net (aka ForInvest Group)
This is the company you can thank for the idea of Scam of the Year Awards. They falsely claimed to have won a 2009 Broker of the Year award, but could never tell anyone where they got it from. They also created several fake accounts to try to promote themselves inside the FPA's forums. One person who admitted being a representative publicly admitted preventing a client from being able to close a position that was going against him.
Article about ForInvest Group
Original complaint against ForInvests.net
ForInvests tries to spamvertise itself into the FPA - a comedy of stupidity
FPA Scam Finding against For Invests
ACTCFX.com aka AC Trading Co.
A trader attempted a new withdrawal after getting back his initial deposit. The withdrawal requests kept disappearing from the system. After the trader complained and told the company that he had screenshots of this happening, he reports that a couple of large orders were opened on his account that he couldn't close or modify, in an apparent attempt to wipe out his account. AC Trading company then ignored all contact attempts from him and the FPA.
Article about AC Trading Company
FPA Scam Finding against ACTC FX
They blocked a traders access to his account. When contacted by the FPA, this broker's representative claimed that the trader had been scalping. When records showed that trades did not meet the definition of scalping, the story changed to accusations of other TOS violations. When asked for details about how trades that seemed to follow what BForex advertised was available to clients, this ended with threats of legal action if the FPA put the words BForex and scam together in the FPA's forums. The scam broker BForex also appeared to have used an anonymous proxy to post fake positive reviews for itself.
Article about BForex.com
Original complaint against B Forex
FPA Scam Finding against BForex
OneCorpFx.com aka One Corporation Forex Financial Group
A client attempted to make a withdrawal and was met by delays. OneCorpFx told him that the money was with Boston Technologies and claimed to be suing them to get it back. The trader contacted Boston Technologies and was told that there was no lawsuit. The FPA tried to contact both companies. OneCorpFx (OCFX) didn't bother to respond to either the FPA or their client. Boston Technologies responded and explained that One Corp Fx was just passing the buck.
Later, someone claiming to be the owner of OneCorp emailed the FPA and I exchanged a few emails with him. He now claimed to be preparing a lawsuit and tried to have the scam finding eithe lifted or redirected to be against Boston Technologies. I told him that I would need strong proof to show to the Scam Investigations Committee. He sent an email over the Christmas holidays that contained his "proof" that the fault was all due to the other company. When I didn't reply fast enough for this guy's tastes, he threw a fit and accused the FPA of being a scam. I told him that if he would grow up, I'd be happy to keep discussing it. I also told him that all he proved was that some money was transfered, not which company owed money to the other. I told him I would need more evidence if he wanted to get the scam finding lifted. He never wrote back.
Article about OneCorpFx.com
Original complaint against One Corp Fx
FPA Scam Finding against OneCorpFx
Voting will remain open for about 80 days.