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BaronForex.com

Discussion in 'Forex Brokers' started by Administrator, Sep 26, 2009.

  1. Administrator

    Administrator Just Administrator :-)

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  2. john olsen

    john olsen Recruit

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    Baron Forex

    I had an account with these people. When I went to close it I had difficulty receiving a statement, if fact I never did receive a closing statement. When going on live chat with them, their numbers, nonsense did not jive with either the info on MT4, nor the final wired amount that hit my bank. Bottom line is $189. was deducted from my closing amt., for what I will never know.

    Things will go ok, just barely ok, but if you don't lose all your money and wish to make a withdrawal or close your account, be prepared for a lot of doubletalk.

    I posted a $50. paid recommendation under broker reviews when I started with them, and would now like to amend that review, and change it to a two star or one star rating.

    It is posted as John F. Western USA on the Baron brokers review page.

    thank you
     
  3. Pharaoh

    Pharaoh Colonel

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    Leave a new review with the new info and rating. Make sure to use the same name and mention that it's a followup. A lot of reviewers leave followups like this. The review mods have some method of amending the old review to the new one, so only the new rating counts.
     
  4. Eljon G

    Eljon G Recruit

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    My money went poof!

    Edit/Added: John had problems withdrawing funds... I'm having problem in depositing funds.

    (I'm posting this here and the review section, I've made a positive review of BFX last week but it is not being published.If it ever gets published, I am downgrading my rating of BFX from 4 stars to 2 stars. This is quite long but I hope this gets posted so everyone can read.)

    Okay...things have just begun to look bad...here is what happened.

    On May 19, 2010 I wire-transfered 400$ (1472 Dirhams) to BFX Capital Inc. account here in Standard Chartered UAE. I used Al-Ansari Exchange. 9 minutes later, I received a text message from Al-Ansari telling me that my beneficiary has already collected the transfer. They gave a reference number.

    I immediately informed them thru their contact page.

    On May 20, I made a follow-up, I asked when can I receive confirmation and my live account info, a live chat rep said within 24 hrs.

    In order to expedite things, I have emailed them my transaction receipt from Al-Ansari.

    Evening that day, I contacted them thru live chat. The live chat rep contacted operations. She said they have not received any bank confirmation yet. But as "courtesy", she said, they will credit my live account.

    7 hours later, I received my live account and password and a credit of 400$. Nice. But the New Accounts Department said they have not received the funds yet. In other words, I deposit money to them, now I owe them money. I replied with the text message I got from Al-Ansari, to hasten things up. I also called Standard Chartered for verification but they won't disclose any info about my beneficiary, BFX.

    Anyway, I started practicing, I went up as high as 459$. But I remembered that the money is "borrowed" so I cannot take it out. I still need official confirmation from BFX.

    I made another follow-up yesterday, May 24. I got a reply. Same story. Operations Department said they haven't received the funds and advised me to contact my "bank". I said I used Al Ansari exchange and they already gave the OK sign. I told BFX to contact their bank.

    Yesterday evening, I contacted Standard Chartered Bank's CustomerCareUnit.UAE@sc.com. I asked for help... if they could make an exception for this one. I simply need confirmation. I just got a reply today:

    "Regretfully we are unable disclose the information regarding your beneficiary, we request you to inform BFX capital to contact us on 600522288, to check regarding the same."

    I already did that.

    I went to Al-Ansari again today, May 25, told them that BFX continue to deny having received the funds I sent 6 days ago. Al- Ansari was very prompt and helpful. They assured me that the funds are already deposited. I ask for a stronger proof. They gave me a fax receipt from Standard Chartered-- of the deposit I made, stamped by SCB.

    As of now, BFX has not replied to my last email. They said, on three occasions, that they have not received the funds, whereas the documents I'm holding says otherwise.

    Clearly, something is wrong.

    The amount, like I've said is relatively small (although I admit it's quite significant for me). Still, that amount is something I am willing to lose... but not this way. Also, this is my first REAL experience in FOREX. I prepared and praticed for this very much, so the amount, although small, has some sentimental value to me.

    On Saturday, I'm going to the bank personally to ask for help. If that proves to be futile, I'll proceed to more proper authorities.

    As of today, I already made 45 trades. I'm at 401$. I never made any trades today and won't do any until matters become clear.
     
    #4 Eljon G, May 25, 2010
    Last edited: May 25, 2010
  5. Eljon G

    Eljon G Recruit

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    Finally...

    May 26, 2010- BFX operations confirmed they've received my funding.

    Don't know if I could still change the rating? I'd like to rate them around 2.5-3 stars now.

    There's still the matter of withdrawing funds.

    I'm going to open an account with SCB, maybe next week. I'll try to withdraw a small amount, that is, if I don't lose all my money in trading!
     
  6. forexpipsgainer

    forexpipsgainer Recruit

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    SCAMMM and THEIFF

    i am scam and stolen by this piece of ****, all they do is lie and change they rules as they named it, firstly, they will induce you to join them and states on their site that you only need as low as $250 to $999 USD to open mini account with them, once you deposit less than $999 just to try out the account but they will reject to give you a live account login number, and said NOW THEY RAISE THE MINIMUM REQUIREMENT TO $2000!!!!!!Hello!!!!can you hear that, from min requirement $250 to $2000!!!! and now the stolen part began, 2 choice for your own, 1st is deposit another fund to meet the $2000, or second, withdraw your money, for me, i choose 2nd option, but, lets say you have deposit $500 to them and now you request for withdraw, in the end when you check your bank account, you will only find $380 in your bank account, OMG, dont tell me $120 for WITHDRAW FEES!!!!!????

    So, to all the forex fellows, i am great to share my terrible experience with this theif broker, but i hope that in future no one will fall into the scam experience like me...
     

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