So far, no one filed a formal complaint against Forex.com. The NFA made them pay back everything, so the issue was already resolved by the time the world found out about it.
I was involved in the Scam Investigation against InstaForex. The FPA got documents from both traders. InstaForex's representative said she had evidence. If the allegations against the traders were real, it would have taken no effort to provide evidence. She promised to provide the evidence and then kept saying that she'd prove they cheated. The FPA tried asking others at InstaForex for evidence and no one provided any.
At the time, InstaForex was an advertiser. They were warned that continued failure to cooperate as they promised would result in the ad contract being suspended. InstaForex's representative kept claiming she'd already proved her case but still never sent anything. I had no choice but to order the contract to be cancelled and to return unused funds.
Resolving this scam finding would be very easy. Several times since it was handed down, I and others here tried to establish a dialog with someone in charge at InstaForex. None of these attempts were successful.
If you can get someone in charge at InstaForex to talk to the FPA, I'll be happy to listen. Tell them to click the "Contact Us" link on any page. If no one from InstaForex contacts the FPA over this, I will have to assume that they want the current situation to remain unchanged.
I read it. There is a problem with Yulia and other person where the amount is around 369 dollar and it did not resolved in FPA. As I can see, IFX don't accept their claim.
You marked IFX scam based on it, right? But see this case:
https://www.forexpeacearmy.com/fore...-folder/3543-instaforex-aras194-resolved.html
It was also an unresolved case but IFX paid the Iranian girl about $8000 dollar which she made only from $100.
This 2 events occurred before you marked IFX as scam officially. Also, IFX paid around $8000 in this case before you marked them as scam.
We are pleased to note that this case has been resolved.
Details and Discissions of Aras194's Case
Official FPA Case Resolution
There still is another case against InstaForex that is still considered to be a Confimed Scam.
Details and Discussion of Yulia and Barunia's Case
https://www.forexpeacearmy.com/fore.../3457-instaforex-new-8000-scam.html#post11478
They could easily paid around 360 also and could resolve the case. Right? Then, why they did not do it and did not move from their position even though when they know they will be labeled as scam in FPA?
For the case you marked IFX as scam, it was a case of deposit bonus. Its actually a problem for which IFX cancelled bonus of many other members and the profit only.
As I know, they didn't cancel any deposit. (however, my knowledge is limited and I am not 100% sure about it (I am 99.99999% sure), If you know such case where Instaforex canceled real deposit also, then please mention)
Where is the problem?
I think IFX doesn't want to mention it because when they reveals it, more and more people will use it and IFX have to cancel more bonus which will make their problem deeper. IFX gives deposit bonus and some traders take the bonus and open trade in opposite direction in 2 accounts with 130% equity. Now, in which account they win, their equity becomes 230%. Means they gained 30% extra which is a confirmed profit.
What is the problem if a member can earn guarranted profit?
No problem.
Then where is the problem? The problem lies because IFX is giving 30% deposit bonus from their own pocket which they expect to cover from the spread. Now, if someone plan to trade to make account 0, then the company will be in loss. That's the reason of cancellation of bonus and profit. They could also cancel deposit but they never do it which proves that they have no intention to cheat people.
Anyway, is it the case of IFX only? Can you say 100% confidently that in FPA, you have no broker with are green and which never cancel profit/bonus to members for such reason? I know a lots of broker who also cancel bonus for similar reason. They all are getting forced to do it to fight with cheaters but still they offer deposit bonus because cheaters are less in numbers and the competition in market is extremely high. They are not marked in FPA as scam.
If iFX don't cancel profit/bonus of those cheaters to save reputation, then they will continue losing money. In one stage the broker will be bankrupted.
Now, you can tell me many forex newbies loss the account in first day and how IFX cover the loss of deposit bonus in that case?
I found in most cases IFX cancel deposit bonus when a members original deposit becomes near 0 if he didn't trade much in his account. In the other hand, when a member do good numbers of trades, IFX don't cancel the deposit bonus when the equity is near 0 and it protect them with additional balance to save account from bankruptcy. So, they are supporting good members and still maintaining a policy to save their company from loss due to 30% deposit bonus.
You can easily see the threat is cheaters who want to misuse the bonus campaign and in that case, IFX cancel the bonus usually and only in extreme case, the profit. Because they never cancel the deposit and you can withdraw it anytime even if you are accused for suspicious activity, its really unfair to call them scam at least when its happening in other brokers also and they are green in FPA.
Tarek X,
As a new member you are automatically given great girth in early posts that include some errors or confusion.
Thank you for owning up to your mistakes. I trust FXCM will give consideration toward accepting your admission of error, as well.
.
In the future, please contribute what you can to all posts whenever you have keen insights or information that will benefit the greater good.
Meanwhile, you still need to demonstate a single reason to consider your support for your preferred broker: InstaForex.
You are 1/3 - way to achieving some modicum of respectability. Can you manage the next two legs??
.
Fellow member,
AI
Thanks for your nice reply. I also hope FXCM will consider it. I am very shy for making such a big mistake.
ACP and AMF update the list of unauthorised websites offering forex investments
The Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel (ACP) issued a press
release on 7 July 2011 warning the public about offers to invest in the foreign exchange (forex1) market.
The release listed a number of websites and entities that were not authorised to supply these products in
France.
The ACP and the AMF have updated the list by:
- adding websites and entities identified recently as offering forex products illegally in France
- removing websites and entities that now comply with French law, either because they have ceased
operations in France or because their investment proposals are now made by intermediaries
authorised to supply investment services in France.
The updated list is:
-
www.bforex.com / BFOREX Limited
-
www.gcitrading.com / GCI Financial Limited
-
www.nordfx.com/fr / Nord Group Investments Inc.
-
Currency trading, Principle protected investment, FXcast.com, Finance.mu / Surplus Finance SA
-
Forex | Online Forex Trading | Currency Trading | Forex Broker InstaForex Companies Group
-
Finanzas Forex / Evolution Market Group Inc.
-
Forex Trading Online, Online Forex Trading, Forex Trading System / International Youtrade Investments MA Ltd
-
IkkoTrader - Simple binary options & Forex *trading / Ikko Investments Ltd
-
AJBrowderCapital - Premier site de trading en ligne / IP International Service
The AMF and the ACP wish to remind individual investors of the specific risks relating to products offered
to them on the forex market (
http://www.amf-france.org/documents/general/10072_1.pdf).
Before you enter into a commitment, make sure that the intermediary offering or recommending the
investment products or services is registered on a list of providers authorised to provide investment
services in France (
https://www.regafi.fr).
If the intermediary is not on the list, the AMF and the ACP strongly advise you to ignore its offers, since it is
in breach of applicable legislation and is not required to comply with basic rules on investor protection,
reliable disclosure and complaint handling.
In brief, no different then FPA's version
"If the intermediary(instaforex) is not on the Authorised list, the AMF and the ACP strongly advise you to ignore its offers, since it is
in breach of applicable legislation and is not required to comply with basic rules on investor protection,
reliable disclosure and complaint handling."
Question is who will go to France and open a case to support InstaForex
HUmm, I can see the name of Instaforex there.
But can you see the name of Alpari bro in the same list provided by you? alpari-fr.com, which now redirects to alpari-forex.com, a part of Alpari group.
What is similarity between Alpari and IFX? They both are very big broker and have high reputation.
Will you suggest people not to trade with Alpari? In USA, Alpari has even NFA regulation.
Please check out FPA review of Alpari USA (I couldn't find alpari-forex.com in FPA list so I just mentioned alpari in us. They belongs to same company/brand):
Alpari-US | Alpari-US.com reviews and ratings by Forex Peace Army
You will find no complain against them. Guilty - 0
I am actually not interested to compare Instaforex with any broker. The only reason is when you blame IFX for one reason, then for same reason, you should blame all other brokers too which is not happening here. Because broker business is extremely competitive. You can easily realize it if you just look at CFTC. USA based brokers are losing business and because they were not doing well, CFTC ruled that non USA based brokers will not be allowed to attract/accept USA clients. What a joke! USA based brokers can do business worldwide, then can attract client in another countries, but for their own country, no other brokers are allowed to do business. Isn't it a double standard? If someone complain, IFX is marked here as scam so that its biggest competitors get advantage, can it be true? Medium sized or small brokers are not a threat to big competitors, so they were not affected like IFX. I am just saying about a possibility, I am not complaining.
For this reason, I am saying FPA can review their decision again. Because the decision they took long before (almost 4 years, things have changed a lot in mean time) and if they review it now again, I am sure IFX will not have the scam label anymore.
I am very confident about it. I hope FPA team will consider it.
