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2014 Forex Broker Scam of the Year Nominees
(in chronological order)
(in chronological order)
These are the 8 forex brokers that got FPA Scam Confirmations in 2014. The nominations for 2014 are closed. Please confine nominations for 2015 to threads in the Scam Alerts Folder.
The other category for this year is the 2014 Binary Options Broker Scam of the Year. I hope everyone votes in both categories.
The nominees for the Forex Broker Scam of the Year Award in 2014 are...
YouTradeFx.com
YouTradeFx has a long and bad history at the FPA. First, they were linked to the scam brokerage Start Forex. Then an employee paid for a long-running campaign of submitting fake reviews. There were complaints, but they had a representative who fixed most of those. Then they changed representatives. The new representative fixed complaints more and more slowly. He was good at making promises, but fewer and fewer promises were kept. The FPA's forums were hacked to removed the names of some YouTradeFx employees. Those posts have been restored. Large numbers of traders have been unable to get withdrawals processed.
https://www.forexpeacearmy.com/fore...-promises-makes-too-few-payments-clients.html
FPA Scam Finding against YouTradeFx.com
FPA Review Page for YouTradeFx.com
Problems withdrawing money from YouTradeFx? Read and follow the instructions here.
NetoTrade.com
NetoTrade had a history of fake reviews and forums posts. Then they got into problems processing withdrawals and having employees trading client accounts.
https://www.forexpeacearmy.com/fore.../32756-netotrade-s-issues-keep-adding-up.html
FPA Scam Finding against NetoTrade.com
FPA Review Page for NetoTrade.com
CapitalOneForex.com
Capital One Forex is another company which had a habit of leaving fake client reviews for itself. They even displayed a fake FPA ratings widget on the homepage showing a false 5 star rating. Withdrawals were done late or delayed. There were many excuses, but complaints came in faster than the owner could come up with new reasons to not pay his clients. Things got so bad that the New Zealand FSCL cancelled the company's membership. Employees of Capital One Forex blackmailed a number of reviwers into claiming they'd gotten all of their money when only some or none of the money had been received. A new person claimed to be in charge and said he'd get the Scam Finding lifted. A handful of people got some money, but then the excuses and delays were exactly the same.
https://www.forexpeacearmy.com/fore...amir-beool-why-dont-you-pay-your-clients.html
FPA Scam Finding against CapitalOneForex.com
FPA Review Page for CapitalOneForex.com
Problems withdrawing money from CapitalOneForex? Read and follow the instructions here.
EverestMarkets.com
Everest Markets is another broker where the owner was good at playing the delay game. Like the other scammers of this sort, the delays didn't lead to the promised payments, just more and more excuses. Unlike them, his excuses became inconsistent very quickly.
https://www.forexpeacearmy.com/fore...rest-markets-max-fuller-mountain-excuses.html
FPA Scam Finding against EverestMarkets.com
FPA Review Page for EverestMarkets.com
AstonForex.com aka AstonMarkets.com
No one at the FPA had heard of this company. Then a wave of complaints of withdrawal failures came in. No one at Aston Forex replied to FPA inquiries. None of the traders got paid.
https://www.forexpeacearmy.com/fore...aston-forex-too-many-withdrawal-failures.html
FPA Scam Finding against AstonForex.com/AstonMarkets.com
FPA Review Page for AstonForex.com/AstonMarkets.com
FxSystems.com (including 1LotSTP.com, 1PipFix.com, 2PipFixed.com, 4RunnerForex.com, LoyalForex.com, & NFACS.org)
FxSystems bought up 5 small brokers. Things stayed quiet for about 2 years. Then the wirhdrawal complaints came in. FxSystems and associated companies claimed to be regulated in Nevis. When that was revealed to be false, they created their own "regulator" at NFACS.org, complete with text stolen from another regulator's website. No one got paid. All the websites went down.
https://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/37050-fxsystems-center-web-scam.html
FPA Scam Finding against FxSystems.com and associated companies
FPA Review Page for FxSystems.com
Forex-Metal.com
Forex Metal was another quiet broker. Other than keeping Spam Cat's food disk full of spammers, they didn't rate any special notice. Then clients began complaining about no withdrawals and withdrawals done in installments. The installment withdrawals didn't happen on schedule and then stopped. Money is still owed to the traders involved.
https://www.forexpeacearmy.com/fore...x-metal-when-will-you-pay-your-customers.html
FPA Scam Finding against Forex-Metal.com
FPA Review Page for Forex-Metal.com
CityEQ.com
This firm scammed people in several ways. They picked a name similar to an FCA registered company and claimed to be that company. They claimed to be a forex broker. They claimed to be able to manage accounts and make about 25% per month. Then they disappeared with all the money people had deposited.
https://www.forexpeacearmy.com/fore...891-cityeq-com-clone-attack-client-funds.html
FPA Scam Finding against CityEQ.com
FPA Review Page for CityEQ.com
Voting will remain open for about 2 months.
Again, please keep this thread on-topic for the candidates for the 2014 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