Belfor FX defrauded me

knimichael

Recruit
Messages
3
First let me start by apologising for my complaint that is relatively old. I'm new to the FPA, and until now had given up on getting an sort of retribution against Belfor FX. The offense I'm about to relay, happened in January of this year....

I started my account with Belfor FX in December last year. I opened an account with them with a $5,000 deposit, after finding out about them from a website listing them as #1 in a list of top 10 Forex brokers. In less than a month I grew my account to just shy of $18,000 (countless online webinars with trade setups, and I suppose beginners luck accounted for my success on a few key focus pairs).

I woke up on the morning of 22 January to discover my account dropped from $17,900 to negative - $1,411 overnight. I knew I had only one open position overnight, with a protective stop in place, so knew something was wrong. I checked my trade history on my MT4 platform and noticed a few things. Not only was my open trade not even reflective in my history (at this time there were no open trades visible). But very noticibly all my large winning trades (trades with winning values over $1,000) were turned from winners into losers. Winning short positions on GBP AUD and EUR JPY (which I focused on extensively during this period) were turned into losing long positions. I knew right away that either a major system error occurred, or someone was defrauding me from my winnings....and my deposit. Even without my prior knowledge of the trades, it would be easy for anyone investigating the matter to discover these "anomalies". Firstly the trades that were tampered with had all the wrong stop losses. Suddenly these "losing" long positions had stop loss limits above the entry and close positions. Firstly, MT4 would not recognise such an entry, and would block the transaction noting "invalid" on the stop. And most importantly, the margin requirements would stop me out of my trades long before I reach a negative $1,411 balance on my account..

Well, I've been phoning, emailing, online messaging and attempting "live chat" with Belfor for three months after the event, with no luck at all. Even the person who i have been dealing with from the start (Joanne Singer) who assured me at first that it was a system error that would be fixed in 24 hours!! Even she mysteriously started booting me out of live chat every time I caught her online. I even went as far as to report them to the FBI internet fraud division, and the British Financial Services Ombud (who responded that this company is outside of their jurisdiction). I admit the case has gone cold by now. But if I can get the word out on these fraudsters to prevent anybody else from getting defrauded, than it would give me at least a degree of peace. I have email records, names and deposit confirmations to state my case. I see they have mysteriously deleted my account when I tried to log in this morning. But i have kept copies of my trade history from my MT4 platform as well as all the mails and forms I received from them.

Beware of this company. And also beware of any online forum that gives you lists of top brokers. I'm sure some (not all) are paid to put certain names at or near the top of their list. How else could this company that is now classified as a "scam" ever be called #1 forex broker on anyone's list??
 

FxMaster

Lt. Colonel
Messages
9,137
First let me start by apologising for my complaint that is relatively old. I'm new to the FPA, and until now had given up on getting an sort of retribution against Belfor FX. The offense I'm about to relay, happened in January of this year....

I started my account with Belfor FX in December last year. I opened an account with them with a $5,000 deposit, after finding out about them from a website listing them as #1 in a list of top 10 Forex brokers. In less than a month I grew my account to just shy of $18,000 (countless online webinars with trade setups, and I suppose beginners luck accounted for my success on a few key focus pairs).

I woke up on the morning of 22 January to discover my account dropped from $17,900 to negative - $1,411 overnight. I knew I had only one open position overnight, with a protective stop in place, so knew something was wrong. I checked my trade history on my MT4 platform and noticed a few things. Not only was my open trade not even reflective in my history (at this time there were no open trades visible). But very noticibly all my large winning trades (trades with winning values over $1,000) were turned from winners into losers. Winning short positions on GBP AUD and EUR JPY (which I focused on extensively during this period) were turned into losing long positions. I knew right away that either a major system error occurred, or someone was defrauding me from my winnings....and my deposit. Even without my prior knowledge of the trades, it would be easy for anyone investigating the matter to discover these "anomalies". Firstly the trades that were tampered with had all the wrong stop losses. Suddenly these "losing" long positions had stop loss limits above the entry and close positions. Firstly, MT4 would not recognise such an entry, and would block the transaction noting "invalid" on the stop. And most importantly, the margin requirements would stop me out of my trades long before I reach a negative $1,411 balance on my account..

Well, I've been phoning, emailing, online messaging and attempting "live chat" with Belfor for three months after the event, with no luck at all. Even the person who i have been dealing with from the start (Joanne Singer) who assured me at first that it was a system error that would be fixed in 24 hours!! Even she mysteriously started booting me out of live chat every time I caught her online. I even went as far as to report them to the FBI internet fraud division, and the British Financial Services Ombud (who responded that this company is outside of their jurisdiction). I admit the case has gone cold by now. But if I can get the word out on these fraudsters to prevent anybody else from getting defrauded, than it would give me at least a degree of peace. I have email records, names and deposit confirmations to state my case. I see they have mysteriously deleted my account when I tried to log in this morning. But i have kept copies of my trade history from my MT4 platform as well as all the mails and forms I received from them.

Beware of this company. And also beware of any online forum that gives you lists of top brokers. I'm sure some (not all) are paid to put certain names at or near the top of their list. How else could this company that is now classified as a "scam" ever be called #1 forex broker on anyone's list??

BelforFx already marked as a scam Broker base on Trader`s vote and scamming cases. You can read more here http://www.forexpeacearmy.com/forex-reviews/9940/www.belforfx.com

Now, come to the solution of your problem, If you deposited your money via credit card then contact the credit card customer care asap and ask them to file a chargeback OR Contact Rebecca here WinChargeback, she will help you to get back your money.
 
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