2013 Forex Broker Scam of the Year Winners

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2013 Forex Broker
Scam of the Year Winners

There were 4 forex brokers that earned FPA Scam Findings in 2013. The votes from FPA members have all been counted and it's time to announce 2013's Forex Broker Scam of the Year.

In 4th place, for failing to pay the money owed, wiping out an account while promising to place profitable trades, lying to claim a successful chargeback was a refund from the company, and leaving fake reviews and client posts, HFX.com

In 3rd place, for suddenly cut off all communications with clients, then going offline and taking all the money with it, Forexoma.com

In 2nd place, for confiscation of client funds without evidence and for having terms that allowed them to take money from clients for no reason at all, LiteForex.com


First place is reserved for the worst of the worst. For 2013, this special place in forex history has been earned by a broker that kept delaying processing withdrawals. After awhile, they stopped bothering to respond to clients at all. This company even had a small ad contract with the FPA. The contract was cancelled once the company decided not to bother replying to clients or the FPA for Traders Court cases. Then, someone pretending to be nothing but a happy client created multiple forums accounts to support the company and posted information that would only be available to an employee or an IB.

First place in the 2013 Forex Broker Scam of the Year Awards goes to...

4XP.com
aka 4X Place

Click Here to read more about how 4XP decided to keep money owed to traders.

The good news is that 4XP's website finally went down. This should keep them from getting money from traders who don't bother to do research before opening an account. The FPA is still looking for more information on the people behind 4XP. If you have any information that could help traders find track down their money lost when 4XP closed, please post it here.





Are you tired of only hearing about scam brokers? Take a break from complaints and read and share good broker experiences here.

Need help selecting a broker? Click here to read an article can help you find a broker that meets your trading needs.






Please visit the Open Cases folder of the FPA Traders Court at least once per week. There, you can read, comment, and vote on cases. It only takes a few minutes each week to help support your fellow traders.


Remember, this thread is for discussing the 2013 Forex Broker Scam of the Year winners. Nominees for 2014 are done by using the Scam Alerts Folder and then by filing Traders Court cases. There are 4 FPA Scam Findings against forex brokers so far in 2014. I know of at least 2 more brokers which are heading for a Scam Finding within the next few months.
 

Master Yoda

Captain
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About HFX you forgot also- claiming they got regulation by using other companies' registration numbers :)
 
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