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Forex broker inc is a scam broker they are stealing my profits traders beware

Discussion in 'Scam Alerts' started by Felix Olivares, Nov 23, 2012.

  1. Felix Olivares

    Felix Olivares Private

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    View attachment Statement_ 16283841 - antonio olivares.pdf MY DISPUTE WITH FOREX BROKERS INC.

    Forex Broker Inc | Forex Trading | CFD Trading

    On or about Oct 17th 2012 I received a promotional email from forex brokers inc. offering me a no deposit 100 dollar bonus to trade my account. I was very excited for this opportunity and decided to share this offer with 10 of my family members, they each opened an account and forex brokers inc deposited 100 dollars on each of their accounts. I am the most experienced trader so my relatives all decided to let me help them trade their accounts. We all agreed to use the same password and the same computer to make it easier for me to place orders on their behalf through the forex brokers MT4 terminal installed in my computer. On or about Nov 20th Forex Broker Inc. closed all open positions and disabled my account and all my relatives accounts. Between my account and all my relatives accounts we made a net profit of about 5435 USD not included are all the deposited bonuses from Forex Broker Inc. I called them on Nov 20th to find out why all of our accounts were disabled and they stated I was not allowed to share the 100 USD no deposited promotion with my relatives. They did agree to allow for all profits to be returned to all of the account holders minus the 100 USD bonus that was originally credited to each account. On Nov 21st 2012 my son send a withdraw request for his net profit of 819.32 USD keep in mind Forex Broker inc removes and takes back the 100 USD credit bonus once a withdrawal is requested. To my horror they called me the next day and told me they will not send my son his profits. The said they will keep all my son’s profits, all commissions they made on hundreds of transactions and they will take back the original 100 USD credit bonus. They said they will do this to all my relatives accounts which in total is over 5500 in profits and thousands of dollars they made in commissions from all combined transactions. I feel like my relatives and I are being robbed of all of our profits. I am asking for your help in this nightmare.
     
    #1 Felix Olivares, Nov 23, 2012
    Last edited: Nov 24, 2012
  2. Felix Olivares

    Felix Olivares Private

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    http://www.forexbrokerinc.com/ is a scam

    Forex broker inc is a scam broker they are stealing my profits traders beware
    MY DISPUTE WITH FOREX BROKERS INC.

    On or about Oct 17th 2012 I received a promotional email from forex brokers inc. offering me a no deposit 100 dollar bonus to trade my account. I was very excited for this opportunity and decided to share this offer with 10 of my family members, they each opened an account and forex brokers inc deposited 100 dollars on each of their accounts. I am the most experienced trader so my relatives all decided to let me help them trade their accounts. We all agreed to use the same password and the same computer to make it easier for me to place orders on their behalf through the forex brokers MT4 terminal installed in my computer. On or about Nov 20th Forex Broker Inc. closed all open positions and disabled my account and all my relatives accounts. Between my account and all my relatives accounts we made a net profit of about 5435 USD not included are all the deposited bonuses from Forex Broker Inc. I called them on Nov 20th to find out why all of our accounts were disabled and they stated I was not allowed to share the 100 USD no deposited promotion with my relatives. They did agree to allow for all profits to be returned to all of the account holders minus the 100 USD bonus that was originally credited to each account. On Nov 21st 2012 my son send a withdraw request for his net profit of 819.32 USD keep in mind Forex Broker inc removes and takes back the 100 USD credit bonus once a withdrawal is requested. To my horror they called me the next day and told me they will not send my son his profits. The said they will keep all my son’s profits, all commissions they made on hundreds of transactions and they will take back the original 100 USD credit bonus. They said they will do this to all my relatives accounts which in total is over 5500 in profits and thousands of dollars they made in commissions from all combined transactions. I feel like my relatives and I are being robbed of all of our profits. I am asking for your help in this nightmare. I attached my son's P&L report.
    Share
     

    Attached Files:

  3. BigT1

    BigT1 Sergeant Major

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    Hello Felix,
    Please post a specific link to your exact broker, so we can investigate based on some facts; not just your hear-say.
    This site (FPA) requires some discipline.
    You took bonus funds from a broker; this always exposes you to extraordianry requiements.
    Did you really think there was free money being handed out at the train station?
    .
    Provide us with some serious information, if you expect us to provide some serious help.
    .
    Anthony Ingrassia, CTA
    NFA ID#: 0278164
     
  4. Felix Olivares

    Felix Olivares Private

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    http://www.forexbrokerinc.com/

    Forex Broker Inc | Forex Trading | CFD Trading

    Attachment of profit and loss statement
     

    Attached Files:

  5. athenafx

    athenafx AthenaFx Representative

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    Even a very novice trader should understand that there is no trading at all with Forexbrokerinc.com .

    You may consider this offshore company as a kind of casino.

    Their terms and conditions could be seen as a model of contract that noone should ever accept

    There is a long list of dangerous or illegal practises in their T&C

    Basically, they can do whatever they want

    Hereafter is a short example.
    and this one

    Felix's attempt using multiple accounts will go nowhere in my opinion.
     
  6. FXCobra

    FXCobra Banned for uncivilized conduct

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    It amazes & makes me more sure that the company is Scam, every time a broker waits for its clients to trade the bonus account for some month and when withdrawal request appears, the broker find there's some break of rule or that the client had been trading all of his and relatives accounts at same time, so the profits and bonus must not be given.
    First, why do those scam brokers wait that long to tell the client, he cheated the bonus rules?? other than it's a scam broker waiting to see if the client made profit we give him the blow with terms and conditions, if not then client is a looser and our picture is bright by giving him a bonus gift and he's who lost the chance, both ways the broker wins!!
    Second, why give bonuses to relatives, brothers & sisters if you do not allow that!?!?

    I do not believe in brokers good intentions who disallow or remove the profits from account if I trade the account of my friend with satisfactory and approval of the latter, or even if its a relative or brother, sister, Mom or Dad accounts.
    The broker can act to disallow access to account only if the account holder ask for that, other than that is non of the broker business.
     
  7. FXCobra

    FXCobra Banned for uncivilized conduct

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    Your case Felix says you are dealing with a fully scam unregulated broker named forexbrokerinc.

    This is a live chat with the scam broker:

    Please wait for a site operator to respond.
    You are now chatting with 'forexbrokerinc'
    forexbrokerinc: Welcome to Forexbrokerinc, how can I help you?
    you: Hi,
    you: can you provide me with Forexbrokerinc regulation info?
    forexbrokerinc: (Noble Services) the operating company of Forexbrokerinc is in process of pending the necessary documentation to acquire regulatory status
    you: with what regulatory body?
    forexbrokerinc: Can I help you with anything else?
    you: with what regulatory body?
    forexbrokerinc: please read above
    you: Who is Noble services
    you: ?!?!
    forexbrokerinc: (Noble Services) is the operating company of Forexbrokerinc
    you: Okay, what regulatory body are you trying to register for??
    you: CFTC, Bafin, NFA??
    you: You are replying as if you are talking about some known regulatory body, happy about!!
    you: Any regulatory body name?
    forexbrokerinc: My apologies, please can you wait a few moments.
    you: Okay
    forexbrokerinc: Can you kindly provide me with your telephone number or email address so I can ask one of our Account Managers to contact you as soon as possible.
    you: to tell me about your broker registration needs phone number and account manager
    you: you do not have a registration to work legally, that is clear
    you: you say you are going to be regulated but you do not mention with what regulatory body, you give no names!?!
    forexbrokerinc: one moment sir
    forexbrokerinc: Sir i can help you only so far, in order for me to proceed as the questions that you are asking require an account manager, as my position of employment her is for simple issues, such as problems with the platform or directing you as to were to go on our website
    forexbrokerinc: can i have your name and telephone number?
    forexbrokerinc: Can I help you with anything else?
    forexbrokerinc: As we operate a queing system in live chat, and as you are no longer respond
    forexbrokerinc: to request of your name and telephone i have asked you to provide a telephone number in order to have an account manager to attempt to provide the information that you require
    forexbrokerinc: I am sorry sir, it is with the greatest regret that I shall have to terminate the chat session in order to help the next client waiting in the chat queue
    Chat session has been terminated by the site operator
    ---------------------------

    As you can see from the chat, the broker is unregulated and it can't name the regulatory body it's willing to get registered at.

    Just a mark that after the "one moment sir" in the middle of chat, forgot about the chat because was working on something important, after sometime realized coincidentally OH there was a broker and chat running:rolleyes:, it was too late:D
    Anyway, boring stupid scam brokers are disgusting to keep a chat with.

    You can forget Felix about any profits to withdraw from forexbrokerinc scam. Thank God you didn't deposit real money with it and we thank you for highlighting on this scam broker and preventing investors from depositing their hard gained money into scam companies like this forexbrokerinc:mad:
     
    Francis Aneke likes this.
  8. Pharaoh

    Pharaoh Colonel

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    Despite the apparent lack of regulation and some TOS that are highly worrisome, you probably violated 2 separate agreements that are common.

    1. Virtually all brokers have bonus rules banning immediate family members from participating in bonus programs.

    2. Trading another person's account, even that of a family member, almost always requires an LPOA to be filed.

    I'm personally surprised that they initially said that profits could be kept under these circumstances.
     
  9. ForexBrokerInc

    ForexBrokerInc ForexBrokerInc Representative

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    Dear trader,

    With regards to your complaints, please take a note that ForexBrokerInc.com has official terms and conditions for the "NO DEPOSIT BONUS" promotion, which state as follow:

    Bonus Terms and Conditions

    10. Participation of “Intermediaries/Related Parties” in the “free no deposit bonus” scheme is prohibited. If the registration data of a participant in the “free no deposit bonus” scheme corresponds with the registration information of another participant in the “free no deposit bonus” scheme, Forexbrokerinc.com reserves the right to regard this matching as a reason for immediate disqualification. For the purposes hereof, the term “Intermediary(ies)/Related Party(ies)”, when used in these Terms & Conditions, unless the context otherwise requires, shall mean to include any person or entity bearing a relationship with any participant in the “free no deposit bonus” scheme , including, without limitation:

    (a). family members, such as brothers, sisters, spouses, lineal descendants and collateral descendants;
    (b). any person or entity, whom any participant in the “free no deposit bonus” scheme, directly or indirectly through one or more intermediaries, controls, or whom, directly or indirectly, through one or more intermediaries, is controlled by, or is under common control with any participant in the “free no deposit bonus” scheme; for purposes of this definition, the term “control” (including, with correlative meaning, the terms “controlled by” and “under common control with”), as used with respect to any participant in the “free no deposit bonus” scheme, shall mean the possession, directly or indirectly through one or more intermediaries, of the power to direct or cause the direction of management policies of such person or entity, whether through ownership of voting securities or otherwise.”

    You can review the entire document here: Bonus Terms and Conditions

    On November 20th Forex Broker Inc. has closed all your open positions and disabled your account, and all your relatives’ accounts, due to the fact that you have violated the Terms and Conditions of the “NO DEPOSIT BONUS”.
     
  10. ForexBrokerInc

    ForexBrokerInc ForexBrokerInc Representative

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    NO DEPOSiT BONUS Terms and conditions of Forexbrokerinc

    Dear trader,

    With regards to your complaints, please take a note that ForexBrokerInc.com has official terms and conditions for the "NO DEPOSIT BONUS" promotion, which state as follow:

    Bonus Terms and Conditions

    10. Participation of “Intermediaries/Related Parties” in the “free no deposit bonus” scheme is prohibited. If the registration data of a participant in the “free no deposit bonus” scheme corresponds with the registration information of another participant in the “free no deposit bonus” scheme, Forexbrokerinc.com reserves the right to regard this matching as a reason for immediate disqualification. For the purposes hereof, the term “Intermediary(ies)/Related Party(ies)”, when used in these Terms & Conditions, unless the context otherwise requires, shall mean to include any person or entity bearing a relationship with any participant in the “free no deposit bonus” scheme , including, without limitation:

    (a). family members, such as brothers, sisters, spouses, lineal descendants and collateral descendants;
    (b). any person or entity, whom any participant in the “free no deposit bonus” scheme, directly or indirectly through one or more intermediaries, controls, or whom, directly or indirectly, through one or more intermediaries, is controlled by, or is under common control with any participant in the “free no deposit bonus” scheme; for purposes of this definition, the term “control” (including, with correlative meaning, the terms “controlled by” and “under common control with”), as used with respect to any participant in the “free no deposit bonus” scheme, shall mean the possession, directly or indirectly through one or more intermediaries, of the power to direct or cause the direction of management policies of such person or entity, whether through ownership of voting securities or otherwise.”

    You can review the entire document here: Bonus Terms and Conditions

    On November 20th Forex Broker Inc. has closed all your open positions and disabled your account, and all your relatives’ accounts, due to the fact that you have violated the Terms and Conditions of the “NO DEPOSIT BONUS”.
     

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