2012 Forex Broker Scam of the Year Nominees

[AsstModerator]

2012 Forex Broker Scam of the Year Nominees
(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


Forex-Age.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


UFXMarkets.com/UFXBank.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...

https://www.forexpeacearmy.com/forex-forum/forex-basics-boot-camp/2333-how-select-forex-broker.html

 

[joby]

I had a same case with UFX markets but still not solved. I had send few letters to the customer service but no response. So i know UFX markets absolutly scam company. If some one can help me please contact my email .. jobymp2000@yahoo.co.uk

 

[AsstModerator]

I've already had to pull several posts.

The ONLY nominees for 2012 are those that the FPA declared to be scams in 2012. If you are having a problem with a broker that's not in the list, that's what the Scam Alerts Folder is for.

I can think of 5 brokers off the top of my head that have a very good chance of being in the 2013 Broker Scam of the Year poll. Three of of them have at least 2 active threads on page 1 inside of Scam Alerts. Keep your threads there up to date with details. Save this thread for highlighting the 4 very special companies that got themselves nominated.

 

[WinFX]

All these cases show the importance to select a broker very carefully, especially when it is a small, little known bucket shop. Quite a few regulated big brokers already have excellent spreads, secured funds and easy ways of withdrawal.

 

[elkhorn]

So many great choices. PFGB has already receved a lot of attention, Commex is known - leaves Age and UFX- won't you please let me vote for both - oh well I give free advertising to UFX. For future suggest we select "the top ____" 10, 5, or 3.

 

[Master Yoda]

I choose UFX, it's a regulated firm who has been already penalized by the Cysec lately:
CySec Announces a Settlement with Reliantco (UFX Markets) | Forex Magnates

 

[Connecting]

Similar to that scene from "Animal House"
Whos the worst fraternity on campus?

Hard to say they're all outstanding in their own way

The truly miserable aspect of this group is only 4 out of the total number of many scam artists this year

 

[Connecting]

I'm backing PFG - but not with money -based on the size of the fraud I wonder is Bernie Madoff working there?
BTW My selection is not any complement to the other three

 

[Master Yoda]

I'm backing PFG - but not with money -based on the size of the fraud I wonder is Bernie Madoff working there?
BTW My selection is not any complement to the other three

Bernie Madoff is not working there but I am sure they have photos of him nailed to the walls, he is their spiritual mentor and guru

 

[Joh]

All of them are a sickening bunch of slimey sleezy scam artists they make me want to puke - they are all guilty.

Great Job FPA Thank you for fighting them on our behalf strongly and courageously around the world - Thank you also for making it known to all of us that these scum bags are out there and hopefully protect some of us. You are the best.