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BForex

Discussion in 'Scam Alerts' started by amin1358, Sep 28, 2012.

  1. amin1358

    amin1358 Recruit

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    Dear traders,

    BForex is a big scam.

    I would like to say two things regarding Bforex which are indicators of scam:

    1) BForex told me that we will devote a professional after activating your live account. Yes, it was correct . they assigned a trader to me but whatever he told me regarding opening a certain position was completely wrong so that I lost some money within the first 2 days of my trading whereas at the beginning the trader told me you will be happy if you work with me because I'm very professional and you will never loose...

    But, unfortunately, it was a big lie.

    For example, he told me open a BUY position at this price but I saw the market went in a different direction and I made a lost.

    It was just an example but all the positions he told me regarding opening a BUY or SELL position were wrong and actually I lost...

    2) Before making a deposit , one of the staff told me make a deposit via credit card but I emphasized that I would like to withdraw my money via bank transfer so can I withdraw my money via bank transfer if I make a deposit via credit card?
    He replied me, yes you can withdraw via just one click and the money will transfer to your account automatically.
    However, after making deposit, they told me you can withdraw only via credit card because you made a deposit via credit card and we are obligated to transfer money to the clients only as the same way as they deposited...So, it was another indicator of a scam company.

    So, we can conclude that Bforex is a big scam ...

    I strongly recommend that don't invest in Forex market through this scam company...
     
  2. BigT1

    BigT1 Sergeant Major

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    Hello amin1358,
    .
    Now that the horse is gone, you seek to lock the barn.
    Had you checked here before opening with them, you would have found this:
    BForex.com reviews and ratings by Forex Peace Army
    .
    Not sure what can be done now, except notify your credit card company and ask them to reverse you payments to them.
    Anthony Ingrassia, CTA
     
    camcai likes this.
  3. univeralfunds

    univeralfunds Private

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    Noted and watching
     
  4. BigT1

    BigT1 Sergeant Major

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    amin1358 (& univeralfunds??),
    Please understand, I am so very sorry for your personal situation.
    Take heart; by coming forward and reporting your distasteful experience, you have undoubtedly saved dozens more from a similar fate.
    For that you deserve congratualtions and gratitude. A hearty welcome, and thanks for your contribution.
    .
    Please considering filing a report with IC3 here:
    Internet Crime Complaint Center (IC3) | Home
    .
    There is nothing like getting a visit from the FBI to stiffen the criminal spine.
    AI
     
    #4 BigT1, Sep 29, 2012
    Last edited: Sep 29, 2012
  5. amin1358

    amin1358 Recruit

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    Drear BigT1, Thank you for your reply.
    I contacted my credit card company but they told me we cannot do anything..............

    Sure, I will make a report against Bforex now...........
     
  6. FXCobra

    FXCobra Banned for uncivilized conduct

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    My humble advice for Amin and others who are willing to invest in the markets.

    Never Ever believe any broker that says you can gain lot of profits monthly by trading the market and the broker will assign an account manager to help you.
    Those are all false promises. The manager himself needs someone to help him or he was not a broker account manager but trading at his office or home, earning his living from it.

    If you are waiting for an account manager to help you, do not open a live account. Continue on a demo as much as you like till you know how to trade.

    Search into BForex agreement and rules to see if it mentions anything of same payment method for deposit and withdrawal.

    Do not invest money with an unregulated broker like BForex.
     
  7. Pharaoh

    Pharaoh Colonel

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    Talk to your credit card company again and make sure to speak to someone in the fraud department. They can determine if there's any chance of doing a chargeback or not.

    I'll also agree with FXCobra - don't trust your broker to do your trading. There are too many stories here of broker's wiping out client accounts.
     
    camcai likes this.
  8. BigT1

    BigT1 Sergeant Major

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    It has been asserted here (to paraphrase): . . . Never Ever trust a firm that assures profits, offers to provide an account manager . . . etc, etc."
    .
    I submit that nothing could be further from the truth.
    If that were so, how would the rich remain rich, and typically become richer??
    Do you really think the rich are smarter than the rest of us?
    Don't believe it for a minute. The wealthy generally need (and pay for) the MOST help and the BEST help.
    Do you really think that real wealth only comes from inhererted wealth? Total nonsense!
    .
    Most new wealth is generated from intellect, education, drive, and entrepenurship. This is often misunderstood as "Luck".
    The Roman philosopher Seneca who lived at the time of Christ is renowned for having stating: "Luck is what happens when preparation meets opportunity".
    .
    However, once wealth is acquired; the "Nouveau Riche" are the very first to turn to professionals in finance for the preservation and growth of their accomplishments.
    There are many good firms and good financial professionals employed by clients (wealthy or not), who are dedicated to the practice of making money grow surely, and safely.
    The problem comes from the fringe; like in forex, where starry-eyed novices gullibly gobble up the worst chum thrown to sea, are eaten, and thereby pay the rich their expected due.
    .
    If you want to make serious money, even if you must start small; you need to be patient, and work with RESPONSIBLE money managers.
    Avoid Third World crooks and "Wonder Boys" with claims too good to believe.
    Learn the "Rule of 72" and employ it.
    Rule of 72 - Wikipedia, the free encyclopedia
    .
    Preservation of capital is more important than the growth of capital.
    In the realm of Stock Investing, most of the returns the markets ever have to offer come from the reinvestment of dividends, not speculating on raw capital gains.
    In forex, fearlessness in the face of extreme volatility is your only companion; this is impossible for most traders to handle unaided.
    In the forex markets in particular, only serious professional earners ever make money over the long-haul.
    .
    Albert Einstein once said: "The definition of insanity is doing the same thing over and over again, and expecting a different result".
    Why not recognize your actions for what they are, and consider changing your behavior?
    .
    Anthony Ingrassia, CTA
    NFA ID#: 0278164
     
    #8 BigT1, Oct 1, 2012
    Last edited: Oct 2, 2012
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  9. FXCobra

    FXCobra Banned for uncivilized conduct

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    Just a remark here, there are many brokers who offer clients its technical and fundamental analysis on a daily basis, some just provide one of both.
    Some provide signals trading like short eurousd at this price, pt and sl..etc

    We have no problem with those brokers, this is an additional kind of service a broker gives for free(some are good and you might profit, some are bad and might loose you money), the importance in it that you can take it(use it) or leave it.
    But brokers who cheat you(like BForex) into the belief that market trading is easy, will make your account ringing profits:rolleyes: and its account manager is your safety to start are all Scam Brokers:mad:
     
  10. Pharaoh

    Pharaoh Colonel

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    The advice I give is specific to the forex market. Many (most?) forex brokers trade against clients.

    Many classical stockbrokers (including some of my relatives) were really account managers in a brokerage house. A large firm under SEC and CFTC monitoring trading on a regulated exchange can still do bad things, but it's fairly easy to sue them and/or complain to the regulators if they do anything truly over the top. Since the money is traded on a regulated exchange, there is no incentive for the account manager to lose the funds to bad trades.

    If I had a big pile of cash to invest, I would consider letting an account manager at a large NON-forex brokerage manage some of my funds while trading stocks and bonds on regulated exchanges.

    Forex is a totally different animal. Even at a regulated forex brokerage in the USA, UK, Australia, etc., I'd never just turn the keys to my account over to a brokerage employee and say "make me some money". Do do this with an under-regulated or totally unregulated offshore bucketshop is fiscal suicide.
     

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