Bforex SCAM

[ibham1]

I find many of your personal remarks offensive, such comments are bordering on defamation of character. I am a person of high integrity and am a law abiding citizen.

Bforex began by making wild accusations of scalping and technical system errors to deny me access to my funds. I replied and successfully argued my case. Instead of replying to my post, Bforex have thought up new excuses.

The following section has been copied and pasted from two locations on Bforex’s website

Execution Methodology
Execution Rules

****************************************************
bforex offers traders optimized trading through the ESP (Executable Streaming Price) proficient dealing system.

• The fx trader clicks on the ask (buy) or bid (sell) option to execute their trade instantaneously.

You will begin to notice this as only the quoted price that you clicked on will be executed.

Due to the continuous market liquidity, it is easier to open and close positions. Thus 100% liquidity is ensured, as for every buyer there is also a seller.

At bforex, due to “1 Click Dealing” and no slippage, forex traders enjoy instant execution on market orders. Our top tier online execution system, state of the art trading system, vast forex market resources and our high quality customer service preserves bforex’s position as the leading company in the world of finance.

• During volatile market conditions, spot orders will be executed at the price the trader quoted.

• Even during volatile market conditions, clients receive consistent ask (buy) and bid (sell) prices with fixed spreads

***************************************************


Bforex’s reply totally contradicts what is stated on their website.

No exploitation or abuse of the trading system has taken place, no evidence has been provided to indicate otherwise. I would like to state yet again that I have not violated Bforex’s trading terms.

Please could we stop wasting each others time and put an end to these delaying tactics. Please could you return my profits in full.

 

[PH_UK]

WOW

‏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 was one load of B/S. The guy traded news events, so what? I don't see anything illegal here other than the fact that you have, for your own sake, determined his successfull trades as illegal. I wonder if his unsuccessfull ones are, likewise, illegal and he can have the money back that he lost.

FX trading doesn't disgust me it is the broker who doesn't want to pay what he owes, but has your cash and takes quickly what you owe!:shocked:

 

[Pharaoh]

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.

So, you now say he was trading the news. I note the words "consequent" and "following". This means he's trading an afterspike strategy of some sort. Since when is afterspike trading illegal?

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.

So it's "unlawful" to trade after the news. You'd better round up all the FPA members who do afterspike trading.

Funny, previously, you said he was "scalping". Now you say his method is unlawful. What's next?


I have some simple questions for BForex's rep.

1. Does your brokerage specifically ban after-spike trading? If so, where is that stated in your trading terms?

2. Why did you change your story from scalping to latency?

3. If there is a latency issue with your price feed, why don't you fix it?

4. A broker with deep liquidity that passes orders on to the market should welcome scalpers, since they make many trades and pay a lot of spread. If you really have deep liquidity, why do you define scalping as being anything under 2 minutes?

 

[ibham1]

Bforex website links

The two links I provided for the Bforex website have mysteriously stopped working. The two pages, "Execution Methodology" and "Execution Rules" have been removed from Bforex's website.

The content from these two links formed part of the evidence against Bforex. I have therefore attached the contents in the following two word documents:

View attachment Execution Methodology.doc

View attachment Execution Rules.doc

 

[Scam Investigations Committee]

The FPA Scam Investigations Committee has confirmed Ibham1's Scam Complaint.

The FPA now considers BForex to be a Scam.

Discussion thread for the FPA Scam Finding against the BForex

Official FPA Scam Finding against BForex.com

Review Page for BForex.com

 

[ibham1]

Thank you FPA

I would like to thank Ken and the rest of the FPA Scam Investigations Committee in trying to resolve this matter. Your efforts have been greatly appreciated.

 

[ibham1]

Best FX Broker award ??????????

Just found this video where Bforex have won the World Finance "Best FX Broker 2010" award.

World Finance TV - World Finance TV - Exchange & Brokerage

A few quotes from Bforex in the video:

"Trade your way" is our motto
"Every trader can trade the way he wants to trade"
"Excellent account manager relationship"
"Regulation sifts out all the tin pot companies who have historically given forex a bad name and leaves the excellent operaters like us"
"We would like to become one of the top 5 brokers in the world"

According to my experience you cannot trade your way otherwise you are accused of fraud and system manipulation. I couldn't contact my account manager by email or telephone, and my chat sessions were disconnected.

When Bforex are asked about regulation they falsely give the impression they are regulated. They state Bforex holdings have 17 companies some of which are regulated by CYSEC (FXGM.EU) and ASIC (FOREXCT.COM). But they fail to mention that the company who is receiving the award - Bforex.com - is not regulated.

 

[GrahamB46]

‏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. ....

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.

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.”

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

These people seem to have forgotten why they are in business!

They are in business to allow people to trade in the forex market. If their internal systems are faulty then it is up to them to fix them, but as long as any person is trading within the technical parameters of the system then they (BForex) are making their profit and should sit back and enjoy the ride!

Since when was it illegal to make a profit when the market jumps or dives after a news announcement? There are systems set up to allow just that, and every time the trades are taken the Broker pulls in his fee!

The very reason brokers put in tighter spreads is to draw traders to their market. If, as a result of the smaller spread, a trader can make an acceptable (to him/her) profit on, say, a 10 PIP rise in the market instead of having to look for 20 pips to cover the spread, then good on the trader! But the broker has taken his cut so has no basis for complaint.

But these stupidities aside, the thing I dislike most about the stated TOT is Subsection 8.8, which effectively allows the broker to cancel your account because they screwed up and lost money, or even decided that their shareholders would give them a pay rise if the profit jumped up a notch or two! This is absolutely unacceptable. Such funds must be kept as 'in trust' and be unavaliable to calls from the broker for anything other than the trading fees.

As for Subsection 8.10. that is so loose you could drive a couple of buses through it sideways! Effectively they are defining an illegal trade as anything that gives then a chance to scam their clients!

Totally bloody ridiculous! I will not be going near them.

Thank you FPA for ringing the bell on this abuse!

Regards

GrahamB46

 

[rifearmo]

i also got scammed by mercaforex/bforex, made a deposit, lose some money and wanted to withdraw my money, since 1 month i've been waiting and always the same "money should be there this week" how can i do? if someone from bforex can contact me....rifearmo@hotmail.com or i'll need to make a complaint, my account is not frozen i still can trade..

 

[bforexdemo]

Scammed by bforex

Yes people bforex is a scam, they used every trick in the book.
Idan from Switzerland assured me of no desk dealing scams. Yea right!
Six months later and several thousand dollars scammed from me, they did a (another sucker) song and dance in there office.
I know this for a previous Educator who was working there, tip me off to get out. Him and his partner both got out. This Educator now has his own new electronic plateform where the trading is all good. FG Forex is the best.
remjoe