RBCForex.ru takes profitable trades, leaves losses for a trader and more

RBCForex.ru takes profitable trades, leaves losses for a trader and more

Have you ever wondered if some brokers really only cancel profitable trades and leave the losing ones? Amin El-Hakim doesn't. He has an account with RBCForex.ru. Like many traders, he didn't read the trading rules very closely and got an email warning about trades that violated the rules of the broker. In this case, the broker had a rule against trades that ran for less than 1 minute.

What should happen in a case like this is cancellation of all the trades that were against the rules. Instead, Amin tells the FPA that most of the profitable trades were deleted and most of the losing trades were left. He emailed back some more documents that the broker requested and lengthened the times of his trades to comply with the RBC's rules.

Later, Amin had one great trade that netted him over $1500 in profit. That trade was open for more than 5 minutes. RBC Forex then altered it to reduce the profit to only $45. Amin emailed to ask why and got no reply. He attempted to withdraw his money from the account and got no reply. He asked the FPA for help. Amin and FPA Investigator Ken emailed RBCForex asking for some explanation. There was no reply.

Failure to return money legitimately owed to a trader is the FPA's first definition of scam. RBCForex.ru would not even return the undisputed money in the account. Under the circumstances, we see no choice but to declare this broker to be a scam.


FPA Scam Finding against RBC Forex

FPA Review Page for RBC Forex
 

drbarney2

Private
Messages
17
Another one bites the Dust!

Thank yo FPA for making us aware of another Scam Broker...

Keep up the GREAT work!
 

FXcourse

Recruit
Messages
1
RBCForex.ru - WHY WHY WHY

I don't understand why in anyone's right mind would they ever trust their money to a Forex firm with RU at the end of the trade name - versus .com... Even if its an extension of a .com in another part of the world as a satellite office - if it smells bad it usually is...
 

Armin R.

Recruit
Messages
8
Bucketshops

As soon as a bucketshop is recognized as such, immediately blacklist it and avoid it at all costs and put the word out on the broker to as many people as possible; as quickly as possible. Tell your friends to pull their accounts and put these guys out of business. No foolin' around!! We need to become much more militant when dealing with corrupt brokers. If they wanna play hardball, we do the same!
My first clue would be to avoid any broker with ".ru" in its address as this means a Russian company and they have no quibbles about dealing in a corrupt and unethical manner with their customers.
Better to stick with tried and true, like FXCM, IBFX, etc.in the US. Companies that have been around for a while and that have a good track record. (relatively speaking)
If going offshore companies like Alpari, etc.
Under no circumstances will I deal with companies in Russia, Malta, Italy, Corsica, Spain, Portugal, etc. You get the idea.
It's tough enough dealing with brokers in America and Britain without going to unregulated jurisdictions where the chances of them stealing your money are much greater. Not that I trust ANY broker completely. They're all bloody crooks to some degree as far as I am concerned.
Forewarned is forearmed! :mad:

Armin
 

Pharaoh

Colonel
Messages
19,722
I don't understand why in anyone's right mind would they ever trust their money to a Forex firm with RU at the end of the trade name - versus .com... Even if its an extension of a .com in another part of the world as a satellite office - if it smells bad it usually is...
Russia is actually trying to get some regulation in. Don't forget that there's at least one major broker that's got FSA and NFA regulated divisions that is still active in Russia (Hint - name starts with "Alp" and ends with "ari"). Russian origins aren't automatically equivalent to scam.

Still, one should be very cautious of any broker without either a very solid reputation and/or solid regulation. Not that you can totally trust well regarded and regulated brokers, but at least those are much less likely to pull something truly extreme like this.

Do your homework and investigate ANY broker before giving them your hard earned money. Just because there's no negative information about them on the web doesn't mean they are good. It could just mean they are new (or have a new name). Ask tough questions and walk away if you don't like the answers.
 

pcindia

Private, 1st Class
Messages
32
we need to take one step more

Let it not be just limited to declaring this broker as a 'scam'. We need to act further and post against him on all the forex forums. In addition, FPA, on behalf of its member should write to regulatory authority and make its proceedings public on all forex forums so that FPA is taken more seriously by these buggers.

Writing on all the popular forums will also generate extra traffic and membership for FPA. This way, we can be really big and a real threat to these scamsters.
 

Seer Raven

Recruit
Messages
6
Malta?

I have heard that it is a good safe place for financial dealings. Anyone else had any rumbles about there?
Is there any forex dealers that are on a bad boy list?
 
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