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Baron Forex SCAM

Discussion in 'Scam Alerts' started by sarahchen7, Aug 11, 2010.

  1. sarahchen7

    sarahchen7 Recruit

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    I appreciate that FPA holds my hand going through the difficulties with Crown Forex and Forex Metal.

    I do not mark Forex Metal as a scam even I still have 25k with them, but I would like to mark BFX as a scam for the following reasons:

    1. The first person from BFX to contact my IB Angela is David Moore, a director of BFX IB department . From the conversation you will see the initial IB agreement between Angela and BFX provided me the summer promotion from which I would get $2,500 bonus of the initial deposit of $26,000 and I could withdraw the bonus if I completed 20 lots in 60 days. In fact, though I have completed 557 lots on 26th of July, I did not get any bonus.

    2. After initial agreement between Angela and David, David sent his assistant Victor to contact my IB Angela. Victor changed the initial agreement to become 1) I could only withdraw bonus after I completed 1000 lots ( it was only 20 lots previous to this) 2) After I completed first 1000 lots, BFX would give me 1 pip rebate, it would mean BFX credited 10,000 to my account and afterward BFX would bring down the spread of eurusd from 2 pips to 1 pip.
    3. Have you ever heard about such ridiculous 1000 lots trading requirement in order to withdraw any bonus? But because of BFX agreed with my IB that I would get 1 pip rebate after I completed 1000 lots and BFX also agreed with me to have hedging/scalping 1 -2 pips to complete 1000 lots trading requirement . So I deposited $26,000 on 25th of July. BFX pushed me to complete 1000 lots before the end of July in order to receive bonus and rebates, so I traded very hard for two days to complete 557 lots.

    4. I was on my way to complete 1000 lots before the end of July. My IB received an email from BFX, my account was flagged as “churning", BFX asked me signed up a limited power of attorney in order to remove that flag "churning”. I did everything BFX agreed with to fulfill their requirement. BFX made this "churning" as excuse and tried to change IB agreement with Angela again.

    5. The new IB agreement to become like: 1) There was no rebate for me even I completed 1000 lots. 2) I still had to complete 1000 lots in order to withdraw $2,600 bonus 3) IB Angela only could receive 1 pip rebate after I completed 1000 lots and I have to deposit another $24,000 .

    6. BFX ripped off me and Angela with the new IB agreement. FPA always warns me that " Don't put big amount deposit with a new relationship forex com." So, I did not deposit another $24,000 to BFX. I lost confidence with BFX, the only thing I could do was to minimize the lost and to withdraw my funds with $5,656 lost.

    7. BFX did not fulfill any agreement between us. Their personalize agreement for their institutional customer means BFX can change the agreement as they wish and ripping off their customers.

    8. BFX tempted me to deposit more funds and to trade more lots for them. Their behavior is unacceptable, so I have to file complain to FPA and warning traders stay away from them. FPA hates scam and I hate scam too. We will certainly report BFX’s regulator.

    Sarah
     

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