Forex Broker: ForInvest

[ernest8fingers]

I love it when a thread finally "gets to the truth"-How many more "redflags" does anyone need? This is looking more and more like the middle eastern version of InstafraudX? Spam a bunch of forums with fake reviews and questionable info-some flunkie shows up defending their "company"-and then the real reviews get posted. And to think this whole thing started with the words "HAS ANY ONE HEARD OF?"-lol. This is going to get interesting.

 

[AsstModerator]

Swiss-Advisor had a chance to answer for himself and did not take it. His account is now banned.

One more thing, this for the Administrator of this forum, to move this comments in "Reviews", as I couldn't post there.
I've got all information about that german guy, Mr. Peter W, from
Mr. Scheffer, The "Back Office" Manager.
Mr. w deposited $800 gross by Paypal, then his net deposit $768.5.
His trading was ended with a sum of -$89 (loss), including commission,
he ordered to withdraw all available balance, within 4 minutes the amount was in his Paypal account.
Well, although this trader has claimed some trouble with ForInvest, but he rated 2 stars, THIS HAS TO ANSWER ALL WHAT SOME WERE POSTING HERE OR THERE.

I'm surprised he didn't rate your company as one star.

As a representative of Forinvests, you are permitted to post in the reviews. The rules are that you must identify yourself as a company representative and you must set your post to "no rating".

I see that you skipped answering most of the questions posed here. If you ignore the questions, that will make the real answers obvious.

 

[stevesmain]

2 cents worth

In the interests of keeping an eye open, I came across this company back in December.

The email responding person was very prompt with good information. I kept asking a # of questions. Commissions, spreads, station live and demo stuff.

One thing I took note of was the margins. With many other companys the more you put up the lower the margin you were allowed, for example put up $500 get 400:1 standard lot & put up $100K get 50:1 - you get the picture.
With this group it was opposite, put up $500 get 100:1 & put up $100K get 500:1 margin (while the exact #'s may differ it is the reverse that is of note)
They were going to allow 200:1 for me after consultation with a manager.

The web site had not been configured to accept cc payments yet, which was odd as one would think that if they had been around as long as they say it ought to have already been up & running.

I did a whois search and found the web address had been around for a while.

The next thing to do was play with their demo mt station. It worked as many do in demo sharp and crisp. But what about the live station. I questioned and was told no requotes etc. rapid execution etc. The demo did have some price spike etc. issues.

In January after not logging in for a few days both the demo and the live (unfunded account) were not working. Prompting an email request as to why and a prompt response from Mark, the live unfunded acct was unlocked. Mark even called to see if I had any further questions. We had a discussion and trading and what they did & did not allow. There only concerns were about cheating, seems some in Asia had an EA that locked up prices.
In the new year they have decided to change the margin formula to standard 200:1 to start with requests for better.

Continued monitoring and then found PeteFX of Germany,s post and asked about the issues he raised. In particular the reqoutes and swiss address etc.

Received a reply from them that their executions on average for the last year were 99% under 2 seconds and no comment about the swiss address, just a broad statement about lies.

I had originally noted that on their web site the Swiss address, then Swiss and US, now only US. Would not have hurt to say they are making changes.

Shortly after asking about Pete's issue the live(unfunded account) went invalid. They said there was legislation they had to follow & to this point have not stated which nor where in the customer agreement this is.

Red flags a few!

The biggest one is this. If they have been in this industry as long as they say why are there so many issues. The problems of setting up cc, margins etc. ought to have been worked out long ago.

To me customer service is tops. No matter what, service to your clients and those who may influence your clients and prospective clients is a must. Failure to do so means this is likely how they will treat me one day.

The only other conclusion is they have enough business that they are not needing ours! Next!

 

[West Coast Pips]

ForInvest - REAL Information from FINMA(Swiss Financial Market SupervisoryAuthority)

Hi Ernest, thanks for your reply. This is what FINMA sent me about ForInvest when they replied back to my email:

Following our telephone conversation firstly some general information:

The supervisory law (Banking Ordinance) concerning foreign exchange dealers has been amended recently to the effect that foreign exchange trading including the acceptance of deposits from the public on a professional basis becomes a privilege of authorized banks only, starting from April 1, 2008. With this amendment of the Banking Ordinance, the exception for forex dealers (foreign exchange trading including the acceptance of deposits from the public did - under certain conditions - not require a bank or securities dealer authorization) was abrogated. Existing forex dealers had a transition period of one year to either obtain a banking license or modify their business model. The following information on our website provides further details on the amendment: SFBC - News, News April 7, 2008.

In general it can be said that financial intermediaries, which do not offer services which are subject to authorization due to the prescription of the banking act, stock exchange act or the collective investment schemes act are nevertheless subject to the prescriptions of the Anti-Money Laundering Act (AMLA). Financial intermediaries in the non-banking sector that are not affiliated to a self-regulatory organization (SRO) required until end 2008 a license from the Anti-Money Laundering Authority (Federal Department of Finance) and since January 1, 2009 a license from FINMA in order to conduct their activities.

FORINVEST (Switzerland) S.A. was registered in the trade registry of the canton of Neuchâtel since July 2007 as a company active in investments in the international financial market. By order dated December 9, 2009, the civil court of Boudry district (Neuchâtel) has announced the dissolution of FORINVEST (Switzerland) S.A. The winding up by the court of FORINVEST (Switzerland) S.A. in liquidation is put into execution by the bankruptcy office.

Please note, that FINMA cannot assist customers in the redemption of an investment. In Switzerland, claims subject to civil law must be clarified in civil proceedings, and the cantonal or federal criminal investigation agencies are responsible for penal matters. Should you choose to pursue the matter, you would have to file a civil action or lodge a complaint with the respective criminal authorities. In either case, we suggest that you seek legal representation to assist you with these proceedings.

Information regarding FORINVEST GROUP, 27 Centerville Road, Wilmington, USA is not available. You may want to check with the supervisory authorities in the US or the bank you transferred your funds to.

Kind regards



Eidgenössische Finanzmarktaufsicht FINMA
Autorité fédérale de surveillance des marchés financiers FINMA
Autorità federale di vigilanza sui mercati finanziari FINMA
Swiss Financial Market Supervisory Authority FINMA

Einsteinstrasse 2, CH-3003 Berne
questions@finma.ch
www.finma.ch

 

[West Coast Pips]

ForInvest PROBLEM. They do not want to admit they are wrong.

This is some of the dialogue ForInvest and I have been having earlier today. Clearly they do not want to admit they are wrong. Why would they if these apparent scammers want your money. How can I possible edit or close a trade if it does not even appear on my platform? The trade that lost me $21,900 does not even register in my account history. ForInvest basically made a 'hidden trade' for me.

-------Original Message-------

From: ForInvest Group
Date: 04/02/2010 4:11:21 AM
Subject: "Ref. 90609"

Dear Sir,
I think you lost your credibility with such acts.
The way you are acting now won't help you to
explain what is the case, from your side.

If this ammount is not shown on your platfrom, then;
Will the $1649.60 do?
Will the $9340.00 do?
They are similar cases, but when something wrong is happened,
we gonna fix it even for or against the account.

Once again, you have the right to claim as we have the right to defend.

Best Regards

Scheffer
ForInvest Group

-----------------------------------------------------------------------

My reply to Mr.Scheffer:

Mr Schaffer

You have long ago lost your credibility and along with that the reputation of your company. I am making this public knowledge now and it is not going to help ForInvest one bit. You are to blame for that.

I am acting the way I am because you continually fail to see my point of view. My burning issue is with trade 72354, 30 lots gbp/usd. I know I tried to execute this trade. However, I keep telling you I would have closed that trade within seconds or minutes HAD I SEEN IT IN MY MT4 platform.

Do you think it is fair to take someone's money, in my case $21,800 outstanding, because of continual technical problems with your platform? First it was order 66532. I could not market close this when I was up about $11000. Instead I had to settle putting in a stop loss and take $6000 profit. You gave me $1649.60 as compensation though it is not enough.

Then there was the issue of my account showing -$32,000. Then there was the issue of order 72353 not showing up in my account for 4 minutes. Check your log report to see I began entering stop losses 4 minutes into the trade when it appeared on my platform finally.

Now I have the biggest problem where you say order 72354 executed and I lost $21,900. PLEASE BE DECENT with me.....Do you not think I would have closed that trade much quicker had I seen it in my account?? Please be fair. This is what I am trying to resolve. Look at my account history. Do you see an order 72354 on Jan 19, 2010? I don't and it is not fair to hide this trade for me and say I lost $21,900.

 

[West Coast Pips]

Hi Stevesmain

Please read my recent reviews in the forums and Scam Alert Folder about ForInvest. ForInvest will communicate with you in a very good fashion BEFORE you have an account with them. Once you have a live account with them and start to make money, my experience is that then you are in trouble. They will manipulate your trades, they will not allow you to close open positions by market. Contrary to what they say on their website about being a non-dealing desk, STP, no slips, no requotes and no rejections; it is all FALSE in my experience.

I was able to make one decent trade with them. My subsequent trades all had problems with their very unstable and apparently fraudulent MT4 platform. I would be happy to share more details if you would like. BUT PLEASE, DO NOT PUT MONEY INTO A FORINVEST LIVE ACCOUNT. I am not making this up at all; I just want to warn fellow traders of the serious problems they can get into with this evidently fraudulent company.

 

[stevesmain]

To West Coast.

Thanks for the caution. Though I have no intention of pursuing an account with these folks, unless all gets sorted out.

Your post with the info from FINMA was significant. They either had to update to the new rules or move. All they had to do was come clean and state they chose to move due to regulatory interference & explain what it was.

You may have experienced one of the major flaws with MT4. Trades can get hung up and even if one cancels a trade the system may not accept the cancellation and still process the trade. If a company does not have the station set for rapid execution at all times then trading can be treacherous during busy market times with MT4, it bogs down at those times.

I know of another company that was honest and said that there live station was in fact slower than their demo. Straight up information like that was welcome, then one can make a informed decision.

Thanks for posting to let us know!

 

[RahmanSL]

Hi Guys at FPA,

Sorry I was away on business and could not get back to this site…

Holala…I see ForInvest worms are crawling out of the wood works once again. And I see their IT Manager from Africa, Mark Z, as usual, posting under his many names such as KingSO, and Swiss Advisor…same old bad English, style, uncouth, foul mouth…same old person.
So, KingSo/Swiss Advisor/Mark Z…even if I have 1000 brokers, what’s that to you?? Your two bits company ForInvest does not rank in any of mine..Take a lesson and see how legitimate forex brokers answers queries and questions about their company. All you guys at ForInvest stinks!

To all those FPA, time to move this scam ForInvest into the scam section and let’s stop wasting our precious time with them. Just warn others to stay away form this scam broker which will die a quick natural death anywhere.

 

[MarkZ]

Hi there,
Hi Mr. Andrew G -West Coast pips,
Its bee great what you did here, as you has your face off,
then your manipulation acts will be revealed NOW!

First of all, I want to thank our colleague brokers who help us
to explore this case, both two brokers having their ADs here.
identified by this Forum as "Brokers of Honor".
Amazingly, Mr. Andrew was kicked out by those two decent brokers.

Well, I think its good that you post your "trading log" of that case here,
so it shows clearly your manipulation acts.
Any "Independent Expert", or any "Broker", who deals with MT4, not of some "cute boys" here!
will know exactly, that its all about ugly cheating you did.
------------------------------------------------------------------------------------------------------------------------------------------
0 09:30:07 XX.XX.XXX.XXX '39': request from '90609' (buy 20.00 GBPUSD at 1.64500 sl: 0.00000 tp: 0.00000)
0 09:30:07 XX.XX.XXX.XXX '39': request from '90609' (buy 30.00 GBPUSD at 1.64500 sl: 0.00000 tp: 0.00000)
-------------------------------------------------------------------------------------------------------------------------------------------
1 09:30:28 XX.XX.XXX.XXX '39': open order for '90609' buy 20.00 GBPUSD at 1.64500 sl: 0.00000 tp: 0.00000 ( 1.6449 / 1.46500 )
1 09:30:28 '90609': order #72353, buy 20.00 GBPUSD at 1.64500
1 09:30:28 XX.XX.XXX.XXX '39': open order for '90609' buy 30.00 GBPUSD at 1.64500 sl: 0.00000 tp: 0.00000 ( 1.6449 / 1.46500 )
1 09:30:28 '90609': order #72354, buy 30.00 GBPUSD at 1.64500
---------------------------------------------------------------------------------------------------------------------------------------------
Simply; there were two orders requested, quoted, and confirmed #72353=>20 lots, #72354=> 30 lots.
In this case, for any MT4 expert, there is no possibility, at all, for the trader, to reject or to refuse the deal.
But as the market was moving rapidly at that time, and as it goes against his orders, the 2nd order #72354,
with unknown reason,"at that time", was not shown in his account 90609.

The order# 72354 was stuck in our system, showing it was executed for AC 90609, but it never existed
in the account... within few minutes only,the market was away of 60-70 points against order#7254.

our IT Division started his own investigations, and with assistance of other decent brokers, that Mr. Andrew
was dealing with, we had the full picture of such dirty acts!!

Its all of that "Hacking Robot" with a third party data feed, manipulating the Real Data Feed,
Freezing them.. more over; can manipulate of number of lots in favor of the account, or can delete
the orders, milli seconds before they are into the trader's account... sure, if they weren't in his favor,
AND HERE WE GO!
------------------------------------------------------------------------------------------------------------------------------------------
0 09:30:29 206.71.147.130 '90609': user rejects his request - order #72354
------------------------------------------------------------------------------------------------------------------------------------------
How come, to reject an order that has an 'ID' which is #72354, for MT4 experts, its well known that once the deal has
an 'ID', then it was requested, quoted, confirmed and shown in the trader's account.
But its not the case with Mr. Andrew, of course of his magic dirty robot.

We, as a decent broker, wasn't to reflect this order to our client's account directly on spot, as it was losing.
We thought it was some mistake by us, by the system, so we decided to check and double check, till we have the fact
that its ONLY ABOUT DIRTY ACTS.

one more thing, Mr. Andrw, was very selective while posting some emails, while he kept other emails in his darkness,
thinking could hide the truth.
You won't screw us dear sir, we won't be extorted to your acts.
Further More, All posts under your name, and your genuine email," just before changing it to "West coast", is in our
"Legal Division", and our Corporate Attorney will sue you within few days in Vancover, BC.

We won't be extorted of your Posts, this is what he keeps sending us:

"I have a suggestion, if you pay me back..., since the trade never showed up on my platform and I had no control over
that trade, I will either retract my statements or make comments on forex forums that you met my concerns"

See here, he didnt say I didnt make the order, he is assuming that order never shown in his account, "what a genius"
besides if you are saying something against us, how come for some amount of money you gonna say the opposite,
do you respect others while misleading them??!!!
WHO IS THE CHEATER NOW!!!!

P.S. Just by Now, we have got the confirmation from your bank
that you have received the Wire Transfer sent by ForInvest Group
to your Banking Account.. I will leave the amount size to you,
if you like to post it here also!!

Thank you all.

O. Scheffer
BO Manager

ForInvest Group

 

[Pharaoh]

Hi Mark!

And I thought you were refusing to come back to the forums.

As long as you are here, please tell us where you won that "2009 Broker of the Year" award that your fans and website brag about.

Also, still no explanation of the PayPal issues and misinformation.


Any company that really won such an award would brag about it and already have posted links to the source. If you ignore the question again, I'll take that as 100% proof that your company lied about it. Any company having a legitimate PayPal issue would be ready to provide an explanation. You won't.