eForex.com the scam broker

[alohafx]

I opened an account with eFOREX about two month ago via CashBackForex.com, and deposited about $5000. I'm a swing trader so I kept some positions from 9/14 until they close my account for ridiculous reason. All those positions were making money right now if they didn't force me to close them on 10/22 with losing about $1000.

Suddenly a month later I start trading with them, eFOREX the SCAM BROKER sent me an email, "eFOREX Account Deactivation Notice" and it said " Your Client Agreement and application with eFOREX, Inc. (EFX) will be deactivated due to missing identification on the account. Please note your account shall be deactivated starting at 12:00 pm Eastern Daylight Time on Friday October 22, 2010 and the account balance will be returned in the same manner as the funds were received. Transaction fees may apply. Please note if you have open positions on your trading platform, you must close the positions before 12:00 pm Eastern Daylight Time on Friday October 22, 2010; otherwise, eFOREX is not responsible for loss incurred due to deactivation. "

The reason they kick me out is missing identification on the account. What a HELL!! They didn't even ask me to re-submit my another ID! And it should be done before they approve to open the account? I didn't scalp neither anything wrong. What a NICE business they are doing. They got about 20% of my assets for the reason they lost my ID!! And of course that money include their profit!

I understand they have a rights to cut off any honest customers by any reason, but this is NOT right business manners in any world, even anybody, any traders in the world will think this is a fraud case.

I don't have time nor money to go to Panama to see them, so only I can do is spread this fact they did, and prevent this happened for all other their current and future customers.

 

[Johnny2pips]

I have an account with Eforex as well. Your post seems very obscure and panic driven. Main thing is, can you withdraw your money? They seem to want to give your money back. They even gave you the time and all. I think that you have been naughty by the sound of things and all.
Geeze man, you gave me a big fright until I reread your post 3 times and all and came to the conclusion that I have not been naughty so my money is still secure, I think.

 

[zippa]

what johnny doesn't realize, and what you have to know about eforex is this

they're the old itradefx people - at least the martinez part. they moved offshore to avoid the nfa, just after they got heavily fined by the nfa. they're also under investigation in the david smith - olint prosecution. he's been extradited to orlando in the united states, where many of the martinezes live when they're not in panama. most of the employees at eforex are new hires in panama, but their senior management is made up of martinezes, martinez family friends, and people they had in senior roles at itradefx.

they're tied to market traders institute, another martinez outfit.

they will absolutely close out your account if you're making money in certain ways. they close accounts all the time for scalping, or they'll give you a worse pricing feed. they'll delay your feed if they don't like your trading. they'll put you on manual approvals, which you won't see on your end, but will delay your trading.

they claim to be administered by panama authorities, but that can be exposed for the lie that it is. they have a panama business license, but there is no forex licence in panama. they figure though that most people aren't about to call the panama banking authorities, so its an easy mistruth to believe. if you question them about it, you'll get the song and dance about them working with the government to make a forex licence. if you believe that, i have a nice bridge to sell you.

in short, your money is not safe there. they probably won't rob you, but you'll get bad pricing feeds if you start making money using any type of system other than random luck. they'll be more than happy to take your money though as you lose.

and if you talk to their employees, you'll realize how little they know about the markets. they probably got the standard mti education about chart patterns, and then learned the platform on their own. in any case, they're not evil or malicious, they're just undertrained and not encouraged to learn much outside of what they know.

go with oanda or fxcm, you'll be better off.