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Trader Beware - Forinvest Seem Like Scammers, Liars And Cheats

Discussion in 'Scam Alerts' started by West Coast Pips, Feb 4, 2010.

  1. West Coast Pips

    West Coast Pips Sergeant

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    Hello everyone

    It seems as though everyone is aching to know more about ForInvest from the perspective of a live client. Well I am one and have been for just over a month. I am actually a professional trader and you can see some of my reviews under 'West Coast Pips' in the broker reviews. I have had live accounts with about 20 brokers in the last few years. None are perfect. All I can say for now is I DO NOT RECOMMEND OPENING A LIVE ACCOUNT WITH FORINVEST. I had a pretty large account with them and they are not paying me a huge $21,800. ForInvest are deceitful and have misled me.

    I am in the process of major disputes with this less than reputable broker. I am currently informing the Swiss authorities about this possible SCAM broker. I have contacted FINMA: FINMA - Welcome to FINMA who have told me ForInvest are not even regulated in Switzerland. ForInvest used to have their Swiss contact information on their website. It has been removed for several weeks now. They have a phone contact & address in the US but NO ONE EVER ANSWERS your call. In fact when you dial in there is a message giving you 5 options. I have tried to press all 5 options and none of them register. You can only leave a voice mail and no one ever gets back to you, especially if you have a live account. Because they are not regulated in Switzerland they have their banking in Cyprus. They used to have a Swiss phone number but it was barely in operation. I have kept it on file and now the number goes through to a cell phone. They claim they have a huge net worth and over 300K clients. I can tell you this appears to be a LIE.

    As far as I have ascertained there are only 3 people that work for this company and I say that with honesty. ForInvest look like a small outfit, non-regulated and desperate for your money. On their website it says '24-Hours personalized service, Monday to Friday.' When you have a live account with them and have outstanding issues with their diabolical, unstable and apparently fraudulent MT4 platform they will NOT get back to you.

    Before opening an account with them I had many questions for them by
    email. I would get very prompt replies and even the odd phone call here and there to assure me and give me the information I wanted to hear. My first trade went very well and I made good profit. Subsequently it seems like they started to trade against me.

    Their website contains a lot of unverifiable and misleading information. How they can be 'Broker of the year' is certainly not proven and can only be made up by them. THIS PART BE VERY WARY OF: "NDD/STP Broker, No requote, No reject, No slip." Your first trade can be very true of that. I used SNW and when I made my second trade they would not allow me to close my live trade by market. I was forced to put in a stop loss after trying to close the trade for 4 minutes! I took only half my potential profit as a result. As far as no requotes YOU WILL GET TONS! As far as 'no slips' YOU WILL GET TONS.

    The WORST IS STILL TO COME and I will happily tell you all what other apparently fraudulent action ForInvest has performed with my account. My third trade I used SNW to trade UK CPI last month which was a big positive result. When SNW clicked on buy 20 lots gbp/usd nothing happened until about 45 seconds later. THIS IS BIZARRE...My account showed a massive MINUS, yes -$32,000. I was baffled and panicking. 4 minutes later the -$32,000 disappears and my trade shows up. I STRESS IT SHOWED UP 4 MINUTES LATER. If you spike trade like me you need to be in and out the market in seconds. Not only was I slipped about 30 pips but price retraced heavily against my entry and I was forced to take a loss of over $4000. NOT MY FAULT. Would you be happy with trades showing up 4 minutes later after you executed them?

    Here is the worst part: At the same time I made a buy gbp/usd for 20 lots I also made a trade for 30 lots gbp/usd from another computer. I was given the option to reject this order as I did not see it go through. 7 days later when I decide I want to get the hell out of ForInvest I made a complete withdrawal of my balance. They did not answer me for 4 days. Then I made another request. This time they put in my account 'Trading loss correction -$21,900.' I could not believe it! They only wired me a quarter of my funds which I got in my bank account today. Here is the finale. This morning they have emailed me back to say the -$21,900 is for order 72354 which was my trade for 30 lots gbp/usd 10 days ago! THIS NEVER SHOWED UP ON MY PLATFORM AND NOW THEY TELL ME THEY CLOSED THE TRADE FOR ME WITH A LOSS OF $21,900. What can I say but these guys seem to be manipulators and cheats.

    ONCE AGAIN, I RECOMMEND YOU DO NOT OPEN A LIVE ACCOUNT WITH FORINVEST UNLESS YOU WANT TO LOSE YOUR ENTIRE BALANCE.
     
  2. ernest8fingers

    ernest8fingers Master Sergeant

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    thank you

    Thanks Andrew - Any seasoned vet trader searching for an honest broker would hopefully come to the FPA for answers - its worked great for me! There are more than a handful of members that can spot funny(fake) posts a mile away! Once you are caught in a web of lies - your image and reputation as a Forex Broker is toast. Very hard (nearly impossible in fact) to repair that kind of damage. I suspect they ARE very small indeed with staffers that are very young. This thread is now a permanent record of their introduction to FPA. They wont be around long if staffers like Mark Z are their norm. Sounds like a classic "deposit ONLY brokerage?".
     
  3. West Coast Pips

    West Coast Pips Sergeant

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    ForInvest - REAL Information from FINMA(Swiss Financial Market SupervisoryAuthority)

    Hi Ernest, thanks for your reply. This is what FINMA sent me about ForInvest when they replied back to my email:

    Following our telephone conversation firstly some general information:

    The supervisory law (Banking Ordinance) concerning foreign exchange dealers has been amended recently to the effect that foreign exchange trading including the acceptance of deposits from the public on a professional basis becomes a privilege of authorized banks only, starting from April 1, 2008. With this amendment of the Banking Ordinance, the exception for forex dealers (foreign exchange trading including the acceptance of deposits from the public did - under certain conditions - not require a bank or securities dealer authorization) was abrogated. Existing forex dealers had a transition period of one year to either obtain a banking license or modify their business model. The following information on our website provides further details on the amendment: SFBC - News, News April 7, 2008.

    In general it can be said that financial intermediaries, which do not offer services which are subject to authorization due to the prescription of the banking act, stock exchange act or the collective investment schemes act are nevertheless subject to the prescriptions of the Anti-Money Laundering Act (AMLA). Financial intermediaries in the non-banking sector that are not affiliated to a self-regulatory organization (SRO) required until end 2008 a license from the Anti-Money Laundering Authority (Federal Department of Finance) and since January 1, 2009 a license from FINMA in order to conduct their activities.

    FORINVEST (Switzerland) S.A. was registered in the trade registry of the canton of Neuchâtel since July 2007 as a company active in investments in the international financial market. By order dated December 9, 2009, the civil court of Boudry district (Neuchâtel) has announced the dissolution of FORINVEST (Switzerland) S.A. The winding up by the court of FORINVEST (Switzerland) S.A. in liquidation is put into execution by the bankruptcy office.

    Please note, that FINMA cannot assist customers in the redemption of an investment. In Switzerland, claims subject to civil law must be clarified in civil proceedings, and the cantonal or federal criminal investigation agencies are responsible for penal matters. Should you choose to pursue the matter, you would have to file a civil action or lodge a complaint with the respective criminal authorities. In either case, we suggest that you seek legal representation to assist you with these proceedings.

    Information regarding FORINVEST GROUP, 27 Centerville Road, Wilmington, USA is not available. You may want to check with the supervisory authorities in the US or the bank you transferred your funds to.

    Kind regards



    Eidgenössische Finanzmarktaufsicht FINMA
    Autorité fédérale de surveillance des marchés financiers FINMA
    Autorità federale di vigilanza sui mercati finanziari FINMA
    Swiss Financial Market Supervisory Authority FINMA

    Einsteinstrasse 2, CH-3003 Berne
    questions@finma.ch
    www.finma.ch
     
  4. West Coast Pips

    West Coast Pips Sergeant

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    ForInvest Trade Log File - SEE WHY YOU SHOULD NOT TRADE WITH THEM

    Hello again

    I thought I would include a log file Mr.Scheffer from the accounts department of ForInvest sent me earlier today:

    1 09:30:07 206.71.147.130 '90609': instant buy 20.00 GBPUSD at 1.64210 sl: 0.00000 tp: 0.00000 (1.64490 / 1.64500)
    1 09:30:07 206.71.147.130 '90609': instant buy 30.00 GBPUSD at 1.64210 sl: 0.00000 tp: 0.00000 (1.64490 / 1.64500)
    ---------------------------------------------------------------------------------------------------------------------------------
    0 09:30:07 XX.XX.XXX.XXX 'Dealer11': request from '90609' (buy 20.00 GBPUSD at 1.64500 sl: 0.00000 tp: 0.00000)
    0 09:30:07 XX.XX.XXX.XXX 'Dealer11': request from '90609' (buy 30.00 GBPUSD at 1.64500 sl: 0.00000 tp: 0.00000)
    ---------------------------------------------------------------------------------------------------------------------------------
    1 09:30:28 XX.XX.XXX.XXX '': open order for '90609' buy 20.00 GBPUSD at 1.64500 sl: 0.00000 tp: 0.00000 ( 1.6449 / 1.46500 )
    1 09:30:28 '90609': order #72353, buy 20.00 GBPUSD at 1.64500
    1 09:30:28 XX.XX.XXX.XXX 'Dealer11': open order for '90609' buy 30.00 GBPUSD at 1.64500 sl: 0.00000 tp: 0.00000 ( 1.6449 / 1.46500 )
    1 09:30:28 '90609': order #72354, buy 30.00 GBPUSD at 1.64500
    ----------------------------------------------------------------------------------------------------------------------------------
    0 09:30:29 206.71.147.130 '90609': user rejects his request - order #72354
    ----------------------------------------------------------------------------------------------------------------------------------
    1 09:34:14 206.71.147.130 '90609': modify order #72353, buy 20.00 GBPUSD at 1.64500, sl: 0.00000 tp: 0.00000 -> sl: 1.64250 tp: 0.00000
    0 09:34:14 XX.XX.XXX.XXX 'Dealer11': request from '90609' (modify #72353 buy 20.00 GBPUSD at 1.64500 sl: 1.64250 tp: 0.00000)
    0 09:34:16 XX.XX.XXX.XXX '39': confirm '90609' modify #72353 buy 20.00 GBPUSD at 1.64500 sl: 1.64250 tp: 0.00000
    1 09:34:16 206.71.147.130 '90609': modified #72353, buy 20.00 GBPUSD at 1.64500, sl: 1.64250 tp: 0.00000
    -----------------------------------------------------------------------------------------------------------------------------------
    1 09:35:59 206.71.147.130 '90609': modify order #72353, buy 20.00 GBPUSD at 1.64500, sl: 1.64250 tp: 0.00000 -> sl: 1.64290 tp: 0.00000
    0 09:35:59 XX.XX.XXX.XXX 'Dealer11': request from '90609' (modify #72353 buy 20.00 GBPUSD at 1.64500 sl: 1.64290 tp: 0.00000)
    1 09:36:05 206.71.147.130 '90609': modified #72353, buy 20.00 GBPUSD at 1.64500, sl: 1.64290 tp: 0.00000
    -----------------------------------------------------------------------------------------------------------------------------------
    1 09:36:43 206.71.147.130 '90609': modify order #72353, buy 20.00 GBPUSD at 1.64500, sl: 1.64290 tp: 0.00000 -> sl: 1.64
    0 09:36:44 XX.XX.XXX.XXX 'Dealer11': request from '90609' (modify #72353 buy 20.00 GBPUSD at 1.64500 sl: 1.64370 tp: 0.00000)
    0 09:36:54 92.241.35.105 'Dealer11': reject '90609' modify #72353 buy 20.00 GBPUSD at 1.64500 sl: 1.64370 tp: 0.00000 (1.64460 / 1.64470)
    ------------------------------------------------------------------------------------------------------------------------------------
    1 09:36:59 206.71.147.130 '90609': modify order #72353, buy 20.00 GBPUSD at 1.64500, sl: 1.64290 tp: 0.00000 -> sl: 1.64360 tp: 0.00000
    0 09:36:59 XX.XX.XXX.XXX 'Dealer11': request from '90609' (modify #72353 buy 20.00 GBPUSD at 1.64500 sl: 1.64360 tp: 0.00000)
    0 09:37:06 XX.XX.XXX.XXX 'Dealer11': reject '90609' modify #72353 buy 20.00 GBPUSD at 1.64500 sl: 1.64360 tp: 0.00000 (1.64440 / 1.64450)
    -------------------------------------------------------------------------------------------------------------------------------------
    1 09:42:14 XX.XX.XXX.XXX 'Dealer11': closed order #72353 for '90609' - buy 20.00 GBPUSD at 1.64500, cp: 1.64290, profit: -4200.00 -> buy 20.00
    GBPUSD at 1.64500, cp: 1.64290, profit: -4200.00
    -------------------------------------------------------------------------------------------------------------------------------------
    1 11:01:36 XX.XX.XXX.XXX 'Dealer1': close instant order #72354 buy 30.00 GBPUSD at 1.63770 sl: 0.00000 tp: 0.00000 (1.63770 / 1.63780)
    1 11:01:37 XX.XX.XXX.XXX 'Dealer11': close order #72354 (buy 30.00 GBPUSD at 1.64500) at 1.6377 completed, profit:-21900.00 -> buy 30.00
    GBPUSD at 1.64500, cp: 1.6377, profit: -21900
    ------------------------------------------------------------------------------------------------------------------------------------- END

    One of the trades I was very unhappy about and went against me was 72353. You will see in the log report that this trade was executed 09:30 and the price I was asking for was 1.64210 gbp/usd. Their website says NO SLIPS, NO REQUOTES. Well you will see at 09:30:07 that they entered me into a live position at 1.64500 slipping me 20 pips. This is a quote from their website 'NDD/STP Broker, No requote, No reject, No slip.' So it looks like they are LIARS and cheats.

    My trade 72353 did not show up in my account for a full 4 minutes! You will see from the log report that I put in a stop loss 4 minutes later. I wanted to close the trade as soon as it opened at 09:30. So because of ForInvest's manipulation I lost $4,200 on this trade. Between 09:30 and 09:34 my platform showed I was MINUS $32,000!! I was told they had accidentally put some orders into my account from other peoples.' THAT IS UNHEARD OF! Meanwhile I cannot edit or close the trade as it does not show up!

    You will also see order 72354, 30 lots buy gbp/usd. Right after this trade showed 'REQUOTE' on my platform I cancelled it. Log report says ''90609': user rejects his request - order #72354.' Order 72354 NEVER showed up in my trading platform. 72353 did after 4 minutes, but 7234 NEVER did.

    When I made a withdrawal on Jan 29, 2010 they put in my platform 'Trading Loss Correction' -$21,900. You will see on the log report at 11:01:36 that dealer closed order 72354. I NEVER SAW THIS ORDER IN THE FIRST PLACE. 10 days after trying to make this trade, 72354, ForInvest tell me that the order was executed and I lost $21,900. ORDER 72354 NEVER APPEARED IN MY MT4 PLATFORM!! How can I be expected to close this order? Would I honestly let myself lose $21,900??!! THIS SEEMS DECEITFUL AND FRAUDULENT.
    ForInvest have failed to answer this logical and proven documentation.

    They say they are in the process of applying to the FSA for status. They told me they are also applying to have a license with Cysec in Cyprus. These major authorities must be made aware of THE APPARENT CRIMINAL ACTIVITIES OF FORINVEST.

    PLEASE STAY AWAY FROM THIS BROKER.
     
  5. ernest8fingers

    ernest8fingers Master Sergeant

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    speechless

    Hey Mark Z - If your criminal dumb ass wasnt banned from this forum I would love to hear your answer to the above post. We have ALL the information on this POS BucketSh_tBroker we will ever need now! Does any one still think this "brokerage" is worth depositing funds in? If so, I have a bridge for sale too.:hissyfit:
    Nice work BTW WestCoastPips.:)
     
  6. West Coast Pips

    West Coast Pips Sergeant

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    ForInvest Now Refuse to Contact Me

    This is the reply I just got from ForInvest when I approached them about my questions about the log report they sent me:

    admin@forinvests.net
    Dear Sir,
    Thank you for your email.

    Kindly note that, upon Administration orders,
    No more contacts with you regarding this case,
    You would post in those forums, as you did, which
    turned the case to be closed.

    Best Regards

    Sam D.
    ForInvest Group
     
  7. stevesmain

    stevesmain Sergeant

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    just the facts

    Aren't the facts dangerous!

    I was informed the average time for trades was less than 2 seconds. Your log shows that was not the case here. Plus a clear showing of slippage. I guess they do not know their own system.

    Seems they have shot themselves in the foot!

    Your attention to detail is commendable!
     
  8. RahmanSL

    RahmanSL Major

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    West coast pips,

    First, my sympathy for your plight with this scam broker ForInvest.

    Now I have to ask you this question: You said you are a professional trader and so a seasoned trader. I am a Niewbie (+4months on Demo account) but yet I feel something is not right with ForInvest when I first came across them as they sound too good to be true. I started asking for more information on them in various sites and, when literally nobody have even heard of them, that got me more and more curious about them. Then their IT Manager calling himself Mark Z/Swiss Advisor/mjrice4….and God knows what other names…started insulting and getting all worked up over my questions about ForInvest. That was the confirmation I needed that this is indeed a scam company as they did not want others to know too much about them.

    I would advise you to post your comments at 100ForexBrokers site too as ForInvest didn’t like what I posted there and even tried (unsuccessfully) to get be blacklisted.

    All the best wishes!
     
  9. Stony

    Stony Sergeant

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    This case confirms my opinion, that you should stay away from Swiss-bades brokers generally. The lack of strict regulation of forex brokers in Switzerland made all kinds of scam brokers get a swiss address.

    BTW - isn´t advertising "STP / ECN" and "no requotes, no slippage" simultaneously a contradiction in itself? This would be a red flag to me.
     
  10. Sibali

    Sibali Corporal

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    of course they won't contact you. Good things is they informed you that no more contacts.. Most scammers even don't care to do that. Buddy without wasting any time, Take the legal step.
     

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