FPA Forums and Reviews Admin
2012 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 2012. The nominations for 2012 are closed. Please confine nominations for 2013 to threads in the Scam Alerts Folder.
CommexTrade.com aka CommexFx.eu aka Prime4x.com and Abdel Rahman El Omari
Omari has shown the world that at least some regulators don't care about a broker's history. He was one of the people in charge of the Prime4x fiasco, where the company stopped processing withdrawals and Omari went into overdrive making up excuses and lies. Omari personally ignored messages from me to pay money owed to a trader who desperately needed the cash to pay for medical expenses for his mother. She died. Omari went on to rename Prime4x to CommexFx. Evidently, Cysec didn't care how much missing money there was or how many people may have suffered and died due to Omari when they granted him a license for CommexFx.
I also guess Omari was disappointed to only get second place in the Broker Scam of the Year awards in 2011.
Discussion Thread for FPA Scam Finding against Omari and Commex Fx
List of client complaints against Prime 4x. Report Prime4x successful and unsuccessful withdrawals here.
Original warning message sent about Prime4x.com
FPA Review Page for Prime4x
FPA Scam Finding against CommexTrade.com aka CommexFx.eu aka Prime4x.com and Abdel Rahman El Omari
PFGBest.com / PFGForex.com
The FPA can't claim any credit on this one. It went from "what's going on?" to regulator action almost instantly. The NFA asked PFG to give them direct contact with their bank where all the client money was. It turns out that the PO Box address the NFA had really belonged to the CEO of PFG, not the bank. In the end, somewhere around $200 million seems to have gone missing.
FPA Article on PFG Incident
FPA Review Page for PFGForex.com
This one started out as a single FPA Traders Court case against Forex-Age. They insisted that a trader owed an apology before a withdrawal could be processed. This was confirmed to the FPA by Forex-Age. The FPA's position is that apologies are irrelevant to a traders right to money owed.
After the Traders Court Guilty verdict, the victim decided he really wanted his money back and apologized anyway. Forex-Age decided to keep his money.
This meant that the broker admitted owing money, placed terms to get it, and then went back on those terms. Based on this, the FPA declared Forex Age to be a scam.
Discussion Thread for FPA Scam Finding against Forex-Age.com
Nasser2020's Original Complaint Against Forex-Age
FPA Traders Court Verdict Against Forex Age
FPA Review Page for Forex-Age.com
FPA Scam Finding against Forex-Age.com
Problems with this company date back to 2009. There was an incident involving fake reviews being submitted for UFX from inside their offices in Israel. A company employee tried to blame a blackhat SEO company that UFX hired. Questions regarding whether or not the blackhat company really had access to company servers or any client data were never resolved.
In 2011 and 2012, there were 3 FPA Traders Court verdicts against UFX. The first trader reported that when he tried to withdraw money, his account manager at UFX pressured him into making one last deal, which wiped out his account in less than a minute. This type of manipulation by UFX employees has been reported so many times, that it was later nicknamed the UFX Kiss of Death. The second trader reported that he was unable to withdraw funds. The third trader reported being unable to withdraw funds and unauthorized charges against his credit card by UFX markets. He also reported trades being opened without his permission.
After the scam finding, I was contacted by several people working for UFX. The first two were not very helpful. The last one really did resolve some issues, but seemed unable believe that UFX Markets has some inherent flaws in their policies that lead to many of the reported problems.
UFX Kiss of Death complaints and other issues with UFX have continued to be reported by clients.
Discussion Thread for FPA Scam Finding against UFXMarkets/UFXBank
FPA Traders Court Case 1
FPA Traders Court Case 2
FPA Traders Court Case 3
FPA Review Page for UFXMarkets.com/UFXBank.com
FPA Scam Finding against UFX Markets/UFX Bank
Voting will remain open for about 45 days.
Please keep this thread on-topic for the candidates for the 2012 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...