Justforex usurp 900,000$ from Vietnamese Clients

FPA Forums Team

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378
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The FPA invited the Company to update this discussion on Apr 14, 2021 at 4:32 PM
 

The Punisher

Sergeant Major
Messages
656
I see the circus is back in town and JustForex is the main attraction! Below are some details and it looks like the license they had for Belize was REVOKED and they are not registered or licensed. They also do business as IPC Trade Inc and JF Global Limited.

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Shares same IP
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Sangtruong

Recruit
Messages
18
Below are some details and it looks like the license they had for Belize was REVOKED and they are not registered or licensed
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.

Moreover, if this thread goes well on FPA, I'll let whole world know about JF's SCAM.
 

JustForexcom

JustForex Representative
Messages
114
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.
 

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Sangtruong

Recruit
Messages
18
Again, I am extremely disappointed with Justforex's arguments. I want to clarify some irregularities in their statements.

First off all, Justforex is a broker operating under a fake license.
I was also quite surprised when I discovered this. Justforex posted on their website that their license number is 23993 and registered by the Finance Service Authority (FSA), St. Vincent and the Grenadines. However, I bet you can look up their license on any official website. I have also contacted the local law enforcement agency and they have confirmed that Justforex does not have a license anymore. For further reference, please review the evidence given by

The Punisher

. He pointed out the irregularities with the license that Justforex posted on their website. What is the problem here? They simply have fake licenses and these licenses have no legal effect on any organization. The extremely unfortunate result is that there will be no one to vouch for a client like me in cases like this. All Justforex Clients please take note and keep this in mind.



Second, Justforex has seriously violated countless fundamentals of the financial industry.
I want to mention that Justforex deleted all customer data and delayed answering questions from customers. Their action makes it very time-consuming for both sides to collect evidence and compare the information. Thereby, making it difficult for the process of debate and comparison.

Besides, an indisputable principle is that the broker should NEVER keep the client's principal. I have mentioned this over and over again. How much have they actually been harmed by the actions mean to us? Justforex's reason to use Clients’ money to compensate for losses has been used many times. But we need to know how much we're being forced to pay. Justforex needs to clarify this issue. The clients were very good-natured, providing full proof of the deposit flow, but they received Justforex's indifference. In the Justforex argument, the client's deposit and withdrawal flow is not mentioned or verified but they simply attached the pictures provided by my client? And I also don't understand how giving a deposit flow of a customer has anything to do with the problem of “prevent further similar fraud cases with our company and other brokers”. In short, we simply wanted to confront and deal but Justforex refused to do this.


Third, I do not accept Justforex using arbitrage as an excuse to prove a scam method.
Take a look at Justforex's Client Agreement, there is not a single clause regarding the prohibition of trading in the form of PAMM funds, even Justforex allows PAMM funds to operate. So it is normal for Clients to buy or sell a certain currency pair, why does Justforex unilaterally conclude that Clients are arbitrage? In addition, I also asked my clients to provide proof that they are not only trading EUR/USD like Justforex misrepresents. In the attached document below (in individual threads) you can see that the buy/sell direction is also random according to their strategy. If you still doubt the reason why they only buy or sell, then check the conditions of the market at that time, maybe they copied a Master account to enter the order. Therefore, I want to emphasize, Justforex saying that clients use arbitrage to cheat is ridiculous slander.


Finally, Justforex again slandered my clients as “conscientious clients”, which is ridiculous.
There is no need to explain much on this matter. If necessary, I suggest creating a closed group of FPA admin members with Clients who have created threads recently so they can verify their identities.

In conclusion, what Justforex presents is without thought and proof. Therefore, I propose the following solution. If JF does not show evidence because of the issue of “prevent further similar fraud cases with our Сompany and other brokers”, then Justforex please create a closed group and provide the evidence they have to FPA admin members. I will not interfere in this matter and let the FPA decide. And I will never accept my client's alleged arbitrage. Their judgment is really absurd because arbitrage is not an illegal practice in the financial industry. Even many leading Australian exchange brokers such as ICmarkets, Tickmill, Pepperstone... clearly state in their terms that they allow arbitrage.

Here are the things I want to clarify. I hope Justforex will reconsider what they have done and give a better answer.
 

The Punisher

Sergeant Major
Messages
656
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.
Will Just Forex at minimum refund all deposits made by these investors?
 

Sirajuddin

Private, 1st Class
Messages
53
Even many leading Australian exchange brokers such as ICmarkets, Tickmill, Pepperstone... clearly state in their terms that they allow arbitrage.
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?

Looks like you haven't familiarized with T&C and involved other people in your tricky strategy.
 
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