Justforex usurp 900,000$ from Vietnamese Clients

Sangtruong

Private
Messages
14
An urgent plea from the future of the Forex industry in Vietnam and how Justforex usurped $ 900,000

A year ago, I opened a personal trading account at Justforex to learn about Justforex's mechanism and features. It was pretty reassuring about them (of course, knowing through advertisements, not from an authentic organization like FPA). As a result, I decided to cooperate with them and become their IB partner.

open account.png
I understand it's inconvenient but Justforex block all of my trading accounts and log-in portals. I still have emails from Justforex.

After a year of working with Justforex, I became their master IB, therefore, I guarantee that I fully understand JustForex’s IB mechanism thoroughly.

One day, Justforex suddenly informed my clients that all of their accounts were disabled until they finished a weird investigation without any prior notice or specific reason. Some of my clients are my personal relationships, relatives, and close friends so I have to suffer from harmful mental and physical effects.

The only response we get is:
  • "We suspect that you are engaged in fraudulent activities. We will close your accounts and hold all of your balances to compensate for our losses."​
  • "And that is final decision, this decision can not be changed" - They responded every time my clients need to know why all their money was taken from their account.​
final 1.png
final 2.png
Justforex did not send any representatives to speak up, the only thing they do is to reply emails with the same content.

Imagine that you have to constantly receive calls from customers in just one day, nearly a hundred calls, to ask what happened to their money. I have no choice but to claim that JustForex just defrauded their money.

That's right, I just accused Justforex. Of course, it is my responsibility for proving what I'm saying.

So let's get started.

Notes: I, as Master IB, represent my client’s interests and my reputation and honor in this Forex industry as well. With the consent of the clients, I will, on their behalf, clearly state the cases and the processes Justforex handled in such an unprofessional manner. Some people who are not fluent in English will not participate in this Court (but they agreed and provided all evidence to me), some know English and accompany me in this FPA's Court.

I will summarize the timeline of major events as follows:

18-Feb 2021, Justforex sent a notification to my 70+ clients stating that they have disabled all trading accounts.

19 Feb noti.png

23-Feb 2021, Justforex requested my 70+ clients a self-authentication which we had already finished since we created our trading accounts.

They requested us to hold a piece of paper with some text information on it such as name, current date, Justforex name along with the ID on it.
We are the investors, but now, we are somehow like a criminal holding a name paper before going to jail. It’s definitely an insult.

23 Feb verification require.png

11-Mar 2021, Justforex continued to request one more authentication, but this time, they required all transaction history information from the bank accounts and portals that my clients used for depositing and withdrawing at JustForex.

verification 2.png
(This one is from my client and the time may not be correct as I said because we did not receive those emails in 1 one but in days)

Finally, 17-Mar 2021, Justforex concluded and informed us that we were all cheating on their policy and they would permanently disable our accounts.

Besides, they will retain all of our interest and principal balance to compensate for their losses.​

17 mar final decision.png
To be continued...

 

Sangtruong

Private
Messages
14
An urgent plea from the future of the Forex industry in Vietnam and how JustForex usurped $ 900,000.

Hello, my name is Sang. Currently, I am a master IB for clients in Vietnam. Let me narrate my story about how Justforex defrauded us up to $ 900,000. And I guarantee that we have enough all the evidence and documents to prove this claim.

First of all, I have a short piece of advice for all traders, especially if you are still wondering about choosing your own Forex brokers to start trading business.

I do not proclaim which Broker is the best choice for you to invest your money in, however, I can assure you that JustForex is a 100% scam. They violated many professional ethics at once, which I will show you in the details below.

I am just a naive victim of Justforex. In the very first days, when I learned about JustForex, it was effortless to be blinded and misled by advertising activities over the years - I have to say.

From now on, it is over because today is the day, I will stop this big scam forever by exposing the truth about Justforex's breach of Agreement and their fraud of more than 70 of my clients.

A year ago, I opened a personal trading account at Justforex to learn about Justforex's mechanism and features. It was pretty reassuring about them (of course, knowing through advertisements, not from an authentic organization like FPA). As a result, I decided to cooperate with them and become their IB partner.

open account.png

After a year of working with Justforex, I became their master IB, therefore, I guarantee that I fully understand JustForex’s IB mechanism thoroughly..

One day, Justforex suddenly informed my clients that all of their accounts were disabled until they finished a weird investigation without any prior notice or specific reason. Some of my clients are my personal relationships, relatives, and close friends so I have to suffer from harmful mental and physical effects.

The only response we get is:

"We suspect that you are engaged in fraudulent activities. We will close your accounts and hold all of your balances to compensate for our losses."
"And that is final decision, this decision can not be changed" - They responded every time my clients need to know why all their money was taken from their account.

final 1.png

final 2.png

Imagine that you have to constantly receive calls from customers in just one day, nearly a hundred calls, to ask what happened to their money. I have no choice but to claim that JustForex just defrauded their money.

That's right, I just accused Justforex. Of course, it is my responsibility for proving what I'm saying..

So let's get started.

Notes: I, as Master IB, represent my client’s interests and my reputation and honor in this Forex industry as well. With the consent of the client, I will, on their behalf, clearly state the cases and the processes Justforex handled in such an unprofessional manner. Some people who are not fluent in English will not participate in this Court (but they agreed and provided all evidence to me), some know English and accompany me in this Court.

I will summarize the timeline of major events as follows:

18-Feb 2021, Justforex sent a notification to my 70+ clients stating that they have disabled all trading accounts.

19 Feb noti.png

23-Feb 2021, Justforex requested my 70+ clients a self-authentication which we had already finished since we created our trading accounts.

They requested us to hold a piece of paper with some text information on it such as name, current date, Justforex name along with the ID on it.

We are the investors, but now, we are somehow like a criminal holding a name paper before going to jail. It’s definitely an insult.

23 Feb verification require.png

11-Mar 2021, Justforex continued to request one more authentication, but this time, they required all transaction history information from the bank account and portals that my clients used for depositing and withdrawing at JustForex.

verification 2.png

Finally, 17-Mar 2021, Justforex concluded that we were all cheating on their policy and informed us that they would permanently disable our accounts.

Besides, they will retain all of our interest and principal balance to compensate for their losses.

17 mar final decision.png

By doing the above actions, I found that Justforex violated many fundamental principles in this trading industry:

1. Keep all principal

In their Client Agreement and Introducing Broker agreement that we had committed before cooperating with JustForex, they do not specify any Terms or Provision on how to handle this situation. If the customer violates any conditions, will JustForex take all the customer's principal or only interest, or withhold both? How long does it take to make a verdict and answer the above problem?

In our case, they took all the money including principal and interest.

Since I built a community, the total amount of money has been quite large, but what about the low-voice traders with $ 200 capital only? Do they implicitly have no right to claim back their money when they are defrauded?

2. They hold all of our money with a single answer: "We need to investigate".

Imagine if you were on the street and your car was stopped by a traffic officer. What was the first thing that you would do? Of course, you have the right to ask about your faults first, and the offices can check your paper stuff later - an extremely standard rule.

Then why are they making us wait for them to "investigate" in an inaccessible state to any information from them? We were wholly blind and had no idea what they were doing. Investigating is their business; trading is our business.

3. They keep our money to compensate them for their damages

OMG, what the heck?! Hey, if they want to compensate for the damages, then an ultimate rule is to prove the damages that they have suffered from and how much damage they are, at least. But no, Justforex only stated that they are damaged, and all our money will be used for compensation.

And even if you can prove the damage, you have to prove the cause - effect relationship between our behaviors and the consequences you get. Also, of course, they do not prove it at all.

4. Some of my clients trade for a living and they are shocked to hear the news that their trading account is disabled. That means they have just lost their primary income. After a couple days of worrying about their principals on fire, they finally received the decision that their entire principal was flying.

5. Loss due to exchange rate differences

Most of our customers trust the e-wallet service of Neteller. Although the currency of their account is US Dollars, they were forced to withdraw in Euro. A loss due to a difference in exchange rate caused 5-10% of the property for nothing.

6. Active orders cause a 50% drawdown balance due to the disabled trading account.

My trading account of my client as Mr. Pham Dinh *** endures a 50% drawdown on his balance because the account has been disabled with no prior notification.

Let’s suppose that this “investigation” was just an unexpected mistake from Justforex and if this investigation ended with no claim, then Justforex could cause a big trouble to their own clients. It’s an unprofessional way to treat clients from Justforex.

----

The funny thing is: On 17-Mar 2021, Justforex made their final decision with the list of articles without providing any proof as follows:

“2.1.5 Where a client has been referred in any of the cases mentioned in clause 2.1.4 or should there appear any similarities in the Partner’s details and those of the Client, such person shall not be accepted by the Company and not recorded in the Client Referral List.

2.1.6 The Partner’s IP address and that of the Client may match and be accepted by the Company in exceptional cases, at Company's absolute discretion, and upon consideration of the Partner's written request with explanations sent to partners@justforex.com.

2.1.8 The Partner shall not:

  • enter into any pecuniary relationships with clients (shall not accept any client money, bank cards, etc.), as operations with client money may only be transacted by the Company, except where the Company has expressly allowed the Partner, as an additional service, to arrange for Client’s account to be put in funds; in which case the service shall be provided solely by the Partner and the Company shall not be responsible for any acts done or omitted to be done by the Partner in offering such a service.
  • assume any obligations on behalf of the Company or make any obligations becoming binding on the Company;
  • guarantee or promise or declare any payment under any contract and/or agreement entered into by the Company;
  • use the design or any components of the Company's website without prior consent of the Company;
  • register and use any trademarks or domains that contain the Company’s name or brand name;
  • act or name himself as the Company fund manager to conduct trading on behalf of the attracted client.

2.1.9 The Partner shall not use any of the following methods when promoting Company's services:

  • advertise on websites having indecent content;
  • use false or distorting information with regard to services offered by the Company, or hide
  • risks that potential clients may subject the Company to;
  • use any material or texts, published on the Company's website, on the Partner’s website, but
  • use such materials that have been expressly permitted for the purpose
  • any type of advertisement similar to or constituting spam.

3.8 The Client is obliged to provide true and correct personal information and shall be responsible for the consequences caused by their unreliability and/or invalidity in accordance with this Agreement and attachments thereto.

3.9 The Company reserves the right to refuse to open and/or maintain Client accounts at any time if the Client is suspected to have provided false information about his identity or any other information requested by the Company or does not provide any information on the Company’s request.

3.10 In case the same IP-address and/or same deviсe is used to log into the Back Offices ofe is used to log into the Back Offices of different persons and/or trading transactions are performed on trading accounts of different persons, the Company reserves the right to suspend all Client’s transactions and request the Client:

  • to go through additional verification;
  • to explain the reason why the said IP-address and/or deviсe is used to log into the Back Offices ofe has been used by several persons.

5.1.9 The circumstances referred to in clause 5.1.8 are not exhaustive. The Company can declare a non-trading operation suspicious on the basis of the analysis of Client’s activities.

5.1.10 Should the Company deem Client’s non-trading operations suspicious, the Company shall:

  • not execute such non-trading operations;
  • put a withdrawal limit on the Client’s Account in such a way as the Company will consider appropriate in the circumstances;
  • return the funds deposited to the Client’s Account to the account from which the deposit arrived;
  • terminate the Client Agreement.

5.1.11 The actions specified in clause 5.1.10 are not exhaustive. In cases where the situation cannot be resolved by any of the ways mentioned in the said clause, a further course of actions shall be decided upon by the Company subject to the law applicable to this Agreement.

5.3.22 In case the Client performs a withdrawal request without any trading activity from the last

deposit made or if any other form of abuse is found the Company reserves the right to charge the Client the equivalent amount of any deposit fees incurred, or 3% of the total withdrawal amount. The Client will be notified via email about processed withdrawal request and applied charges.

12.2 If an Event of Default occurs the Company may, at its absolute discretion, at any time and without prior Written Notice, take one or more of the following actions:

(a) The Company has the right to temporarily block the Account(s) of the Client and/or Accounts of another Client which the Company considers to be involved in suspicious activity until the

Company can determine if an Event of Default has occurred. In case of investigation of Events

of Default the Company may request the Client to provide various documents and the Client is under an obligation to provide such;

(b) The Company has the right to combine any Client Accounts of the Client(s), to consolidate the Balances in such Client(s) Accounts and to set-off those Balances with obligations of the Client(s) towards the Company;

(c) The Company has the right to close the Client Account(s);

(d) The Company has the right to convert any currency;

(e) The Company has the right to close out the Client’s Open Positions at current Quotes and to review and unwind the result of any trading and non-trading operations on the Client's Account(s);

(f) Terminate this Agreement without notice to the Client.

11.1 The Company shall have the right at any time to terminate or suspend and later terminate the Agreement in any of the following circumstances:

  • if the Client is in breach of any of the terms and conditions of the Agreement and/or attachments thereto;
  • where termination of the Agreement is required by a court order;
  • where Client’s accounts have not been used for designated purposes (e.g., for the purpose
  • of currency conversion);
  • where the Client is believed to be carrying criminal or suspicious operations (e.g. money laundering);
  • in order to protect the interests of the Company, other Clients of the Company and/or any other related third parties, services providers, affiliated companies, in cases where Сall/Stop Out levels is published on the Company’s officialompany deems necessary to terminate the further cooperation with a Client;
  • where the Client is found guilty in spreading the false information to devalue the Company’s brand, threatening Company’s employees and/or abusive behaviour.”

If you have not read it carefully, let me briefly analyze it as follows:

1. They claim against me about the same IP with clients or similar methods (2.1.6). Besides, they assume that my clients have the same IP, however, they did not give any specific records on their server system. It's completely slander.

2. They do not allow us to advertise against the above provisions (2.1.9). Of course, we did not violate anything at all but received no proof from Justforex.

3. They request to give accurate information. And all information that we provided is 100% true, however, they do not disprove it, nor agree or answer anything. They just ignore them.

4. They stipulate that if in suspicious circumstances, Justforex has the right to force us to withdraw money back to the portal on which we have deposited (5.1.10). Some of my clients only deposited via Neteller from the very first day and now JustForex forced them to withdraw via the bank, which caused a 5-10% loss (caused by exchange rate) on a claim that they never can prove.

5. They are just "suspicious" about whether we were exploiting their deposit/withdrawal policy, laundering money or not. And boom, period! There is no further explanation for the "suspicion" of fraud activities, and the final decision has been made!

With the consent of the clients, I will, on their behalf, clearly state their claims:

1. Justforex must prove their allegation with clear evidence or documents.

2. If Justforex claims their compensation, we request Justforex to prove their damages and the cause-effect relationship between that damages and Justforex’s claim against us.

3. If Justforex fails to prove any of the claims above. We request Justforex to return the amount of money that Justforex still retain from each of clients.

4. If Justforex fails to do so, we will send a report with fully detailed attachments including images; screenshots; email responses; trading history (before and after Justforex erases them all)... to Vietnamese, Malaysia, Indonesia presses, Forex forums, social media, trading communities.

If I can draw your attention, feel free to ask and I will fully explain as well as providing evidences

To be continued...
 

JustForexcom

JustForex Representative
Messages
81
Dear Valued Community,


Please kindly see the official statement of Justforex regarding the situation that has arisen.

The above-mentioned actions are getting round by a small group of persons, whose fraudulent activities have been suspended by our Company.
The essence of the fraud laid in the point that their activities were aimed at the illegal generation of IB commissions. Subsequently, this commission was used to generate new drop user-profiles and boost trade statistics under the guise of regular trading and partner activity. Initially, all their activities are planned with the main purpose of intentional abuse of the Company's conditions and product, involving the Company in their fraudulent activity, rather than a general trading venue.

Such actions are prohibited, as they completely contradict the principles and standards of the financial, banking, and trading industries in general, and the rules of Justforex, in particular. Through the work of our internal security system, this activity was detected and an investigation procedure was conducted. The relevant notification was sent to all the members of this group once the investigation process was initiated.

According to the Policies and rules of the Company, as well as the Anti-Money Laundering Policy, and the Client Agreement, additional documents were requested for verification processes. We would like to draw your attention to the fact that these procedures are standard throughout for all the financial industry. In situations of this kind, according to the Anti-Money Laundering requirements, the Company undertook additional measures for
personal identification within the frame of Know Your Customer procedures and requested additional documents, which should be provided to the Company.
All these actions are aimed at protecting the interests of the users and preventing cases of involvement in illegal schemes.

According to obtained documents and data from the internal monitoring systems, the Company received incontrovertible evidence of the unlawful activities and numerous violations of IB and Client Agreements by this group of persons, in particular:

- abusing scheme for generating an IB commission;
- matching and repeating of IP addresses, device identifiers for login sessions of all profiles;
- transferring of the commission received to create drop user-profiles;
- other multiple violations of IB and Client Agreements.

The Company canceled the illegally received IB commission, as well as the trading result obtained from the fraudulent activities.

The Company wants to emphasize that the amount of the initial investment, which was not involved in this activity, was not affected, and all these funds are available for withdrawal.

As a result of the Company's actions, the largest fraudulent scheme in which users were involved as drops was suspended. Furthermore, this group of persons has disseminated and continues to disseminate knowingly false and misleading information regarding the Company's terms and conditions.

The Company will always prioritize its anti-fraudulent activities aimed at the defamation of the reputation of the industry.
 

4evermaat

2nd Lieutenant
Messages
2,116

RahmanSL

Major
Messages
2,773
" - matching and repeating of IP addresses, device identifiers for login sessions of all profiles;"

Yes, through the years, I have come across & seen many cases like that where individuals created multiple trading accounts from the same IP address(es) to receive commissions as an IB.
Most of these individuals claimed that the other trading accounts belong to their brother/sister/mother/father/cousins/friends/(no pets yet) who use the same IP address to open their trading account.

I can see the Broker's point in not allowing multiple trading accounts using the same IP address because that opens the door to many possible abuses.
 

RahmanSL

Major
Messages
2,773

Sangtruong

"From now on, it is over because today is the day, I will stop this big scam forever by exposing the truth about Justforex's breach of Agreement and their fraud of more than 70 of my clients."

JustForex Representative:

"The above-mentioned actions are getting round by a small group of persons, whose fraudulent activities have been suspended by our Company."

More than 70 clients is not a small group.
Can JustForex show proof that all of these "small group" of 70 clients (or ex-clients) were registered & traded from the same IP address(es)?
 

4evermaat

2nd Lieutenant
Messages
2,116

Sangtruong

"From now on, it is over because today is the day, I will stop this big scam forever by exposing the truth about Justforex's breach of Agreement and their fraud of more than 70 of my clients."

JustForex Representative:

"The above-mentioned actions are getting round by a small group of persons, whose fraudulent activities have been suspended by our Company."

More than 70 clients is not a small group.
Can JustForex show proof that all of these "small group" of 70 clients (or ex-clients) were registered & traded from the same IP address(es)?

Even if it was true that he is a fake or disqualified IB, what does this have to do with the fiduciary responsibility to their clients? The deposited equity +profits =losses should be withdrawable immediately and processed within 1 business day.

Holding clients deposits is a no-no.
 
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