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2013 Forex Broker Scam of the Year Nominees

Discussion in 'Forex Scams of the Year' started by AsstModerator, Feb 5, 2014.

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Which of these companies should get the 2013 Forex Broker Scam of the Year Award

Poll closed Mar 21, 2014.
  1. HFX.com

    20 vote(s)
    17.5%
  2. Forexoma.com

    31 vote(s)
    27.2%
  3. LiteForex.com

    42 vote(s)
    36.8%
  4. 4XP.com

    59 vote(s)
    51.8%
Multiple votes are allowed.
  1. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    2013 Forex Broker Scam of the Year Nominees
    (in chronological order)​


    These are the 4 forex brokers that got FPA Scam Confirmations in 2013. The nominations for 2013 are closed. Please confine nominations for 2014 to threads in the Scam Alerts Folder. Two brokers have already qualified for the 2014 awards.

    No non-broker forex companies received scam findings from the FPA in 2013, so there will not be a Non-Broker Forex Scam of the Year Award poll for 2013.


    The nominees for the Forex Broker Scam of the Year Award in 2013 are...

    HFX.com

    HFX already had the FPA's attention. There had been incidents of employees leaving fake posts in the forums and reviews pretending to be clients. In Traders Court cases, HFX representatives would not answer direct questions. In at least one instance, misleading information was provided.

    The company also traded on behalf of clients. Promises of large profits were followed by large losses.

    Discussion Thread for FPA Scam Finding against HFX

    FPA Scam Finding Against HFX.com

    FPA Traders Court Case 1

    Original Complaint Thread for Case 1

    FPA Traders Court Case 2

    Original Complaint Thread for Case 2

    FPA Traders Court Case 3

    Original Complaint Thread for Case 3

    FPA Review Page for HFX.com


    Forexoma.com

    Forexoma was a well rated, but unregulated brokerage. Then one day they stopped processing withdrawals and stopped responding to clients. Then the website went down.

    Discussion thread for Forexoma Scam Finding

    FPA Scam Finding Against Forexoma.com

    FPA Traders Court Case 1

    Original Complaint Thread for Case 1

    FPA Traders Court Case 2

    Original Complaint Thread for Case 2

    FPA Traders Court Case 3

    Original Complaint Thread for Case 3

    FPA Traders Court Case 4

    Original Complaint Thread for Case 4

    FPA Review Page for Forexoma.com


    LiteForex.com

    One case was over accusations of bonus abuse. The client gave permission for LF to publish their proof. No evidence to support the confiscation of profits was provided.

    The other two cases involved LiteForex rule 6.8, which allows the company to confiscate profits in excess of a percentage of the account balance. The FPA considers the rule itself to be a license to indiscriminately steal money from traders. The FPA takes a stand that limiting profits from legal trades is unacceptable.

    Rule 6.8 was modified some, but the basic ability of LiteForex to grab money legitimately earned by clients remains.

    Discussion Thread for FPA Scam Finding Against LiteForex

    FPA Scam Finding against LiteForex.com

    FPA Traders Court Case 1

    Original Complaint Thread for Case 1

    FPA Traders Court Case 2

    Original Complaint Thread for Case 2

    FPA Traders Court Case 3 (Resolved)

    Original Complaint Thread for Case 3

    FPA Traders Court Case 4

    Original Complaint Thread for Case 4

    FPA Traders Court Case 5

    Original Complaint Thread for Case 5

    FPA Review Page for LiteForex.com


    4XP.com

    4XP used to be active in the FPA's forums and reviews. In 2013, something went wrong with the company. They had an advertising contract with the FPA. That was suspended when the issues became too numerous. It was then cancelled when the company stopped responding to emails from the FPA.

    Instead, over 2 dozen forums accounts were created to try to promote 4XP, even in non-commercial areas of the forums.

    One client accepted a plan to be paid in installments. He got 1 payment, then all contact was cut off.

    Discussion Thread for FPA Scam Finding Against 4XP

    FPA Scam Finding Against 4XP

    FPA Traders Court Case 1

    Original Complaint Thread for Case 1

    FPA Traders Court Case 2

    Original Complaint Thread for Case 2

    FPA Traders Court Case 3

    Original Complaint Thread for Case 3

    FPA Traders Court Case 4

    Original Complaint Thread for Case 4

    FPA Traders Court Case 5

    Original Complaint Thread for Case 5

    FPA Traders Court Case 6

    Original Complaint Thread for Case 6

    FPA Traders Court Case 7

    Original Complaint Thread for Case 7

    FPA Review Page for 4XP.com



    Voting will remain open for about 6 weeks.

    Again, please keep this thread on-topic for the candidates for the 2013 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...

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

    stevesmain Sergeant

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    Were is the all of the above button?
     
  3. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    I've just deleted 4 off-topic posts. There were 2 each asking about brokers that earned their scam ratings in 2014. This poll is only about companies that got FPA Scam Findings in 2013. You can see the full list of official scam findings with their dates here...

    http://www.forexpeacearmy.com/forex-forum/blacklisted-folder-unresolved-scam-cases/

    I set up this poll so you can vote for any or all of them.
     
  4. Master Yoda

    Master Yoda Captain

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  5. Pharaoh

    Pharaoh Colonel

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    4XP definitely. I also voted for Forexoma. They guy had a well-rated service, then added brokerage ability under the same domain name, which made it look like the broker side of the business had been around longer and had a large, happy client base. Then the company gives no warning and ran off with all the money. Total scumbags.
     
  6. Master Yoda

    Master Yoda Captain

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    Don't forget HFX and their "regulation" proof they sent to clients, which apparently was for other companies :)
     
  7. Master Yoda

    Master Yoda Captain

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  8. Xenxo49

    Xenxo49 Private, 1st Class

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    For homeowners 4XP forex company, (perhaps they are reading this message) ... I want my money .. it's my money ... I want my money ...
     
  9. ilearn2t

    ilearn2t Sergeant Major

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    Hello Everyone

    I must go for LiteForex.com having myself been employed with a senior member of their support staff and a former senior member of their support staff, and knowing the scams they both committed against their clients.

    Good luck
    ilearn2t
     
  10. Pharaoh

    Pharaoh Colonel

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    Care to start a special thread in Scam Alerts exposing some of what you learned?
     

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