We the members of the Scam Investigations Committee of the Forex Peace Army have deliberated on all the evidence available to us and have reached a conclusion. It is our opinion that...
FPA member Amin El-Hakim complained to the FPA on January 8th, 2010 about problems he was having with RBCForex.ru. He had been scalping, which RBC Forex defined as trades under 1 minute. RBC canceled most of the profitable trades and left most of the losing ones alone. Amin stopped scalping. Later, a trading that had $1575 in profit was reduced to $45 in profit.
Amin tried at ask about this and was met with silence. He asked the FPA to assist. FPA Investigator Ken and Amin sent multiple emails to RBC Forex and could get no response at all. Amin is trying to close his account and withdraw all the money that is owed to him. Since there was no response, the FPA must consider Amin El-Hakim's version of events to be complete and correct.
Failure to return money legitimately owed to traders is the FPA's first definition of scam. We also find the uneven enforcement of trading rules between winning and losing trades to be another method to take funds from a trader. Altering a trade made within the rules to remove most of the profit is also taking money owed to a trader. Failure to reply to a withdrawal request strikes us as theft. We consider failure to even talk to a trader about a trade dispute to be unethical.
Under these circumstances, RBC Forex has forced us to declare it to be a scam. We offer RBCForex the opportunity to have this scam finding lifted by meeting these requirements. First, RBCForex must publicly apologize to Amin for failing to talk openly and honestly about this issue. Second, RBC must immediately pay Amin all money owed to him. This means that all trades under 1 minute are to be deleted whether they made or lost money. All trades longer than 5 minutes must be honored. We are willing to listen to RBC's side of the story for any trades longer than 1 minute and less than 5 minutes.
RBCForex.ru is hereby blacklisted by the Forex Peace Army. We urge traders not to do business with this company. For those who already have accounts there, we recommend that you close them as quickly as possible. We urge Amin El-Hakim and anyone else who had issues like this with RBC to file a fraud complaint with the proper authorities.
We wish thank FPA Investigator Ken for his efforts on this case. We extend our regrets to FPA member Amin El-Hakim for his loss of funds.
Discussion Thread for this Scam Finding
FPA Review Page for RBC Forex