Bforex SCAM

[BrokerMe]

BForex

Can somebody resume me This mattter about BForex?

 

[Pharaoh]

Can somebody resume me This mattter about BForex?

What more do you want to know? BForex didn't pay what was owed to a client and got a scam finding.

 

[Matthew Agbo]

bforex is a scam period.

 

[majesticexplorer]

This is ridiculous of bforex to mention that mr Inderjeet opened trae following announcement made by UK and other countries.....wake up thats called studying the market...even if he did it should be absolutely fine to do that as he is investing his money....if I have to open trades i would probably study the market and after analysis I would open trade....just because Mr Inderjeet is good at what he does, you should not treat him as a threat that he would make hell lotta money out of you....

I was suppose to open account two weeks ago and when I received calls from your agents none of them informed me about scalping, I would've never known.
Initially I wouldve done the same....also they only told me that your first five transactions are protected.....and they did not ask me if I have ny accounts with bforex associated companies......
you have no argument but to unfreeze Mr Inderjeet's account and let him trade..
or if you feel he is the wolf of wall street then atleast give him his money and then terminate his accounts stating you see him as a threat and would no longer allow him to trade with bforex......

 

[veri5]

I cannot believe such company is still there, where they get clients? any restrictions in trading is history, there are normal brokers to trade with, although you never know of new ones...

 

[jonathan1453]

‏Dear Readers,

Following recent correspondence between Forex Peace Army (FPA) and Bforex regarding the subject matter, we would like to clarify the reasons for terminating the account of Mr. Inderjit Bhambra.

In the online retail foreign exchange world, brokers are extremely vulnerable to many types of client system exploitations. Such exploitations are of considerable risk and therefore treated accordingly. The fight against these system exploitations requires vigilant risk management policies and immediate action- taking due to the volatility of the market and the possible outcome of such exploitation.

The case of the subject matter certainly falls within the scope of system exploitation and therefore bares the consequence of account termination.
Following an investigation made by our fraud detection department, an indication of suspected system abuse was found.

Mr. Inderjit Bhambra’s trading behavior suggested that he was working in a certain pattern. The pattern suggested that most trades made by Mr. Inderjit Bhambra were consequent to a news release of a specific region and the following trade being open on the currency of that specific region.

For example:

On 19/01/2010 8:30:04 GMT, a trade was opened on GBP/USD following an announcement from the UK. On 22/01/2010 8:30:02 GMT, another trade was opened on GBP/USD following an announcement from the UK. On 26/01/2010 8:30:01 GMT, yet another trade was opened on GBP/USD following an announcement from the UK.

The same case is repeated for the AUD/USD pair on 23:30 GMT following an announcement made from Australia, USD/JPY pair on 00:30 GMT following an announcement from Japan and much more. Attached you can find a scan of Mr. Inderjit Bhambra trade report indicating the specific trades.

The conclusion of the investigation was that Mr. Inderjit Bhambra was using a latency in the system’s data feed so as to have an advantage over Bforex and to gain unlawful profit.

As you may understand, a deliberate attempt to gain profits resulting from system abuse is a risk Bforex is not willing to and shall not accept.

Section 8 and subsections 8.8 and 8.10 to the Bforex trading agreement state:

Section 8 -“Without prior notice to, or receipt of further authority from the Client, BForex shall have the right to close out all or any part of any position or account of Client, upon or at any time after the occurrence of any of the following events:”

Subsection 8.8. - “BForex considers it necessary for its own protection;”

Subsection 8.10 - “Client who engages in what is deemed, illegitimate, unlawful, unethical system abuse, system arbitrage, or any other trade that may be deemed at one point or another as a violation of trading standards be it based on the amount of time the transaction was opened or by virtue of the fact that the trade was opened inadvertently at an incorrect price, time, or instrument.”

Based on the above, Bforex had no choice but to act in accordance with its trading policy and risk management policy to close Mr. Inderjit Bhambra’s trading account and refuse the unlawful profit made.

Nothing in the foregoing shall derogate from any claim and/or right and/or remedy to which Bforex is entitled under any law and/or agreement, and Bforex fully reserve all its rights.

We hope that this is clear to Mr. Inderjit and other traders who would seek to make profit unlawfully.

That is pure nonsense and stupidity. Forex trading is not confined to a definite strategy nor indicators. A trader can use ANY strategy and/or indicator(s) he/she deems fit. Trading on the news is a widely used strategy.
So are you telling clients to gamble instead of trading?
Pure bhull****.