Two Traders, Two Companies, One Big Scam

Mr. Madruga

Private
Messages
12
Hi, I was being approached by StartForex to open an account and was being told of the benefits and bonus (to me, sounded too good to be true) but thankfully I came to know about it thru ForexPeaceArmy. Hence, I replied the email from StartForex saying that I do not want to open an account with them and asked them to clarify on the situation. Below is their reply:

"Greetings!

I do know about Mr. Madruga, very well know Forex Cheeter not even with EA but trying to hack the company’s spread. A well know computer script programmer.

Read here how he does it EURGBP easy and profitable EA - Forex Trading

Yokebetos case is somehow different but anyway,

We don’t like hackers.

Cheers,
Alvaro Fridenzon"

Btw, his email address is Alvaro@startforex.com.

Hope my contribution helps. Thanks.
Shocked and mad, this is how I feel after read this reply from StartForex...

Well, I was using a service from PRIZMAL-EA on this startforex account. I have installed a software in my VPS, that sends a signal to the mt4 platform.
I believe a known EA like PRIZMAL would not cheat the broker to generate the profit. Do you believe Metaquotes people would allow PRIZMAL-EA to trade on their chapionship, for 3 months this way???

As our friend posted before me, ask them where the hell he found a single post made by me with this cheat stuff. I am scalper, not a cheater.

How do they know I have cheated their accounts if they claim my account were not audited yet?

Lies ans lies, no more then lies. What a terrible situation I am involved in.

Thank you all.
 

Mr. Madruga

Private
Messages
12
I got paid

Hello guys.
On May 28, I have received a wire transfer from startforex. I have received my initial deposit and profits as well. But it was a little account if 1.2k. A friend of mine had all his profits (9k) frozen and he cant even receive his initial deposit back (3k). I sugested him to contact FPA.
Thanks FPA for everything. You guys rulezzzz!!!
 
Partial resolution of this scam case

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 Mr. Madruga had an account with Velocity4x, which is an IB of StartForex. Mr. Madruga was trading independently the Japanese trading group that is still having problems getting money from these companies. Mr. Madruga was trying to do a simple withdrawal and heard nothing for an extended period of time. Finally, he got one note from Velocity4x stating that the withdrawal was sent over to StartForex for processing, then silence.

Our investigator, Gerard, sent additional emails to both Velocity 4x and to Start Forex, but also could get no response. Eventually, there was no choice but to confirm the scam complaints.

StartForex later contacted the FPA, but no progress was made on any negotiations and they quickly stopped replying when pressed about being fair to all of the traders involved When FPA member Eliezer emailed StartForex regarding the issue with Mr. Madruga, a Start Forex employee named Alvaro Fridenzon replied...

I do know about Mr. Madruga, very well know Forex Cheeter not even with EA but trying to hack the company’s spread. A well know computer script programmer.
About a month after this unprovoked insult, Mr. Madruga unexpectedly got his money. We do feel he is still owed an apology for the delays in getting his money and a formal public apology from Alvaro Fridenzon for sending such a statement.

Since the other traders still haven't been paid, Velocity4x and StartForex remain blacklisted by the Forex Peace Army. Even so, we are very pleased to see that at least one part of this scam case has been resolved.


Official scam finding against Velocity4x and StartForex, with partial resolution appended


.
 

clem699

Sergeant
Messages
147
RE:Velocity4x.com/Startforex

I quite agree that any broker that associates with you must be regulated by the country's regulatory body.The fight against FOREX robbers is a big battle and with FPA,we are going to force them out of the market.

I have started telling traders around me to register with you guys so as to join in this fight.The scam alert placed on Velocity4x.com and Startforex should not be lifted until all traders are settled.

WELL DONE WONDERFUL FPA,ADVOCATE OF HELPLESS,DEFENCELESS AND FRUSTRATED TRADERS.
 

yurps

Private
Messages
70
no problems with futures

Meanwhile I am running NinjaTrader bots on a futures account on Currency and Equity Index Futures. Scalping, Swing, and Position trading Automated Strategies, all very profitable. Always get my money instantly, no delay, no excuses, all my money held in a segregated account.

Meanwhile all the forex traders get nothing but problems. The focus of trading should be making money, not having to deal with scams.

The only reason left is that Forex has better leverage. I hope some of you see the light, as soon as you get enough cash to trade futures, leave the scams, give yourself a break.
;)
 

ernest8fingers

Master Sergeant
Messages
488
Amen

Meanwhile I am running NinjaTrader bots on a futures account on Currency and Equity Index Futures. Scalping, Swing, and Position trading Automated Strategies, all very profitable. Always get my money instantly, no delay, no excuses, all my money held in a segregated account.

Meanwhile all the forex traders get nothing but problems. The focus of trading should be making money, not having to deal with scams.

The only reason left is that Forex has better leverage. I hope some of you see the light, as soon as you get enough cash to trade futures, leave the scams, give yourself a break.
;)
This is exactly the conclusion I posted a week ago-Forex is for temporary trader-not the serious investor!
 

PipStar

Sergeant
Messages
223
I'd like to know how someone could "hack into the company's spread" as they claim. Just a BS reason to justify their scam really.
 

Aldragon

Recruit
Messages
5
A couple of facts

I do know Alvaro since we studied together in the US long time ago. Very Decent and honest person, we are still friends. I do know he started working in startforex after all you have mentioned happened. He told me that got a email from Marcos( Mr.Madruga) asking for help and he told him he would do everything in his hand to get his money back. Sounds like it worked. I do know also that the company at that time changed owners, maybe for that reason things got out of hand.
So , before the "judgement day" wait to see what happens , also before associating the word scammer with the real name of an honest man like Alvaro should be more carefully done. Am I correct Mr. Eliezer Lim?
 
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