FormaxPrime is a forex broker. Formax Prime offers the MetaTrader 4 forex trading top platform. FormaxPrime.co.uk offers over 60 forex currency pairs, gold and silver for your personal investment and trading options.
I traded with Formax for about 3 weeks this fall making some profits on my account. However, at one point I saw all my profits were deleted without any notice from their side. When I contacted them about this, they said I had used abusive trading strategies and that therefore they had deleted all profits and terminated my account. They were even trying to exploit my position as professional client by saying that I may not have protection from the FOS. This is complete nonsense as professional clients have full protection from the FOS.
When I asked for the evidence that made them remove my profits, they said they had frozen my deposit and were considering to hire an external forensic accountant to examine my trades. They would pay this guy from my deposit. Only after I pointed out that they are regulated by the FSA and that they don’t have the right to keep hostage my deposit they returned my deposit. This broker clearly behaves like a bucket shop scam broker and I advise everyone to stay away. I will now continue to file a case against them with the FOS.
I like to share my horrible experience with this broker, day 14 of Octiber i open my platform and see that they delet all my profit since i start with them in 17 of September without send any email nothing. I send email to the complain department to ask what happens to my profits, they send a pdf file saying that my account was identified by their systems and controls with abusive trading. So with that, they simple eat my profit and i can´t do anything because i have the status of a professional client. So they use the excuse of being a professional client that can´t go the UK FOS - this is scaming. Scam broker detected. I will open a FPA case.
Sep 27, 2018,
This is a fraud company, they used the British regulation for publicity, they used the British regulation to induce the Chinese customers to set up the regulation in New Zealand, now they run away with the investors' money, their other two companies are AAAFX and zulutrade, they collude with each other to cheat the investors, hope you will not be cheated by them again.