Ya, as I know they fake their license so far. If they don't send representative to speak up this case. I'll let the whole Vietnamese financial market know about this case; even I have to put more advertisement on this.Below are some details and it looks like the license they had for Belize was REVOKED and they are not registered or licensed
Will Just Forex at minimum refund all deposits made by these investors?Dear Valued ForexPeaceArmy Community,
We see the numerous requests for the provision of additional clarification regarding the violation of the Justforex Agreements.
The group of fraudsters that created multiple threads on ForexPeaceArmy Forum was mostly focused on generating IB commission and achieving top reward from "IB Reward Program" of Justforex. Under usual and normal conditions, this program aims to stimulate partners to invite new active traders. But the group of fraudsters has substituted and sophisticated the initial aim of the program for its benefit.
To receive a monthly top reward based on the requirement, they have to attract new clients and increase the trading activity of the existing ones. Focusing on just two goals forced them to create a lot of drop profiles. Each drop profile has been used to open orders only in one direction to complete the "Total Traded Volume" requirement. You can see this from their statements attached in threads (Please refer to the attachment to this post. All the materials were gathered from the threads created by the mentioned group and were shared by them on FPA website).
Once the IB Reward Program requirements are met and the reward is credited to the account along with the generated IB commission, they withdraw the funds, transfer them to other new drop profiles, and make a deposit using the transferred earlier funds. Therefore, during the investigation process, we requested to provide us with statements and other details that gave us undoubted evidence that confirms the presence and the use of the scheme to continuously generate IB commission and gaining rewards from "IB Reward Program".
This scam strategy of continuous generation of IB commission and rewards was carried out by IBs that created numerous drop profiles. Some of them have appeared on the FPA forum and are claiming that they are real customers that were scammed by Justforex - this is not true. To increase public attention to their case, this group of fraudsters created multiple threads on the forum using their drop profiles without having individual or genuine experience.
This thread describes the same situation we have already commented on in our initial official statement. Although, we suppose that similar threads may appear because of the access to the huge amount of drop accounts, this group can create multiple threads with loud headlines to twist the situation in their favor in order to discredit the Company.
Unfortunately, according to the security standards accepted in the financial industry and our internal rules, investigation details cannot be revealed to the blocked fraudsters and general public despite their multiple requests with the aim to prevent further similar fraud cases with our Сompany and other brokers. Currently, this group is mainly focused on gaining information and asks to reveal additional details of the investigation to understand where the mistake was made and what compromised their plans, not to find a solution towards their issue. These fraudsters knew what they did and what items were exactly violated because of their illegal actions. The Company performed actions strongly in accordance with the Company's policies that are provided in Clients Agreement, IB Agreement, and Terms and Conditions for IB Reward Program and Deposit Bonus Rules. All these documents are freely available on our website.
Along with that, what also you can see in the attachment is a clear evidence of using the “Arbitrage” strategy that is strongly forbidden throughout the industry and in all brokerage companies as this violates the rules and principles of the foreign exchange market. "Arbitrage" strategy is used to keep their total balance on the same level by selling and buying the same instrument in different brokers. They confirmed that they are trading with various brokers. This strategy allowed them to generate IB commission and rewards for activity and not to lose funds by any market movements.
They were generating lots required to transfer the bonus to the trading account along with generating IB commission. You can see from their statements that only Sell orders using EUR/USD pair were placed. So their balance was safe, and IB commission along with the deposit bonuses were consistently credited to their accounts.
Please note that this situation unfolded only around the IBs mentioned above and their drop profiles and didn’t cause any harm to conscientious clients that keep trading and keep enjoying our beneficial Justforex trading conditions and IB Program.
Please kindly note that all the information and clarifications that can be shared publicly were given above. Therefore, you can consider this response as an official statement and the final clarification.
I've contacted their support and they told me that it's illegal with them. Could you share the proof that you can use arbitrage with this brokers?Even many leading Australian exchange brokers such as ICmarkets, Tickmill, Pepperstone... clearly state in their terms that they allow arbitrage.