GUILTY Case# 2012-041 | ibham1 vs www.bmfn.com

[Pharaoh]

Sounds like they've got multiple companies. I recommend complaining to ALL regulators who may have anything to do with them.

 

[claretblue]

Companies can say all they want about THEIR terms and conditions, but as a consumer, there should also be another notice placed alongside such T & C's - "these terms and conditions do not affect your statutory rights"

 

[Galina_K]

Another scammer.
Guilty.

Do not open an account with those scammers.
Withdraw your money if you have an account.

 

[Joh]

yeah we can politely call this a scam but in my eyes this is pure theft -stay away from this lot and i dito Galina words -
withdraw your funds pronto.

 

[redmelon1]

another again and again.... scammer's.... guilty!! too be careful when you open account.

 

[nics04]

As there is no reply from the broker I firmly believe the broker is "guilty"

 

[Amin EL-HAKIM]

Well it's clear that the trades are news trades which most brokers have problem with. But my position is clear. If a broker has a problem with news trading, they should mention that clearly in their TOS. By the way, this term of deleting and modifying trades is unbelievable. I mean whenever they wish, a broker can use the "technical issue" excuse and delete any trade bothering him.

 

[ibham1]

Thanks to everyone with your advice and support. If a broker clearly mentions that scalping\news trading is not welcome then you shouldn't attempt such trades. In some cases a broker may say we don't like your style of trading, please take your business elsewhere - I don't have any problem with this type of broker either as long as they return all your funds including profits.

What nobody likes are the underhand tactics used by the likes of BMFN. If you consistently lose money they will quite happily take your deposits. However, if you make money and have the audacity to withdraw your profits, they will throw the generic clause at you stating "account closed - trading delayed\inaccurate prices due to system failure". They will not provide any evidence to prove their allegations. It thanks to FPA we small time traders are made aware of such brokers.