October 13, 2010: The FPA Investigations Committee has confirmed a scam complaint against BForex. This broker is now blacklisted by the Forex Peace Army.
We recommend against depositing funds with BForex.com. If you have an account with them, we recommend that you try to withdraw all of your funds immediately.
Website is down. Company seems to be out of business.
|Minimum Trade Size:||Unknown|
|Minimum to Open Live:||$200|
|Address:||16 Pergamou Street 4006 Limassol, Cyprus|
|Contact:||email@example.com, +44 203 514 0458|
|Trading platforms:||WebTrader, MobileTrader (MobileApp)|
|Web Trading:||✅ Yes|
|Mobile Trading:||✅ Yes|
|CFD:||(80+) Gold, Silver, Other Precious Metals, Stocks, Stock Indexes, Oil, Other Commodities|
|Deposit Methods:||Bank Wire (Bank Transfer), VISA, MasterCard, CASHU, Filspay, Neteller, OKPAY, PaySafe Card, Qiwi, RBK Money, Skrill, SOFORT, VoguePay|
|Withdrawal Methods:||Bank Wire (Bank Transfer), VISA, MasterCard, CASHU, Filspay, Neteller, OKPAY, PaySafe Card, Qiwi, RBK Money, Skrill, SOFORT, VoguePay|
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The moral of the story: Don't trust a broker just because of the reputation of its banker. Do your own checks, and read the FPA reviews for goodness sake.
2010-11-28 1Star I opened a Bforex account in Sep 2010. Their PROFIT platform is dreadful, very CPU-intensive. Then in fast markets, I got this error message "There was an error in opening position. The quote has changed. Please try again." Compare this to their claims on their webpage "Fast execution and no slippage, No re-quotes ever!" What a joke!
So I decided to switch over to their MT4 platform. About this time, there was a confirmed SCAM finding against Bforex in FPA, So I decided to play safe and withdraw all my funds. I submitted my withdraw funds request on 13 October 2010, and received my funds on 29 October, after 16 DAYS! Compare that to their claims on their website of "Superfast withdrawals!" If this is superfast, I dare not imagine what is slow!
What is worse is that after I submitted my withdrawal request, I was harrassed by my Account Manager. He kept emailing to ask me why I did not want to trade and make money. Then he emailed this to me:
Bforex [ I WILL NEED YOU TO SPEAK TO ME ON THE PHONE IN ORDER TO PROCESS THE WITHDRAWEL. VERY STRANGE, CANNOT REACH YOU AND DON'T KNOW YOU
PLEASE CONTACT THE DEALLING ROOM tel +41-22-533-1268
AND ASK FOR ME ] Bforex
I did not like the rude tone and accusations. This is what I replied:
Yong [ helo bforex. i am not pleased with this. why you hassle me when i make a withdraw funds? i deposit by bank wire, you transfer back to my same bank. what is the problem??
you are wrong, you have called me before and we spoke on phone once. so has your colleage alejandro called me twice before. so do not say "very strange".
now u want to call me on my phone that i think need to get repaired. anyway it is my spare phone number only and i do not give my main phone number to outsiders. i try to call u on the number you gave me but it does not work. you better check it.
i have sent you all the documents and u already said it was all right in the earlier email. i think u had better return me my funds without any further delay or requests.
that is all i have to say. ] Yong
It is a relief to me that I managed to get my funds back. And further confirmation of the good work FPA has done to highlight all these SCAM brokers. If you want to risk putting your money with SCAM brokers, you have only yourself to blame if things go wrong.
I would like to respond to the two points you mentioned implying my trades were illegitimate:
1) Your terms and conditions define scalping as the following:
Any transaction closed within 120 seconds from opening time shall be regarded as "Scalping".
I respect your definition of scalping and have honoured this during all my trades placed with all Bforex companies. All my trades have been open for longer than 120 seconds - therefore I was not scalping hence all trades were legitimate and honoured your trading agreement.
2) I appreciate we do not live in a perfect world and system errors do occur. However, Bforex claim to be a professional organisation where technical errors must be kept to an absolute minimum. If you said to me that 1% of my trades were affected by technical errors in the system I would accept this considering humans and computers can and do make mistakes. For you to say all my trades were affected by technical system errors over a six month period is absurd. For every trade I placed with Bforex I received online trade confirmations, which neither I or Bforex ever disputed. Therefore, the trades were agreed on by both parties.
Every email I sent was ignored as I never received a response. I then tried to make contact via the online chat. As soon as I mentioned my name and account number I was immediately disconnected. This occurred on a number of occasions, such behaviour is totally unprofessional. I was therefore left with no alternative but to file a complaint with FPA.
I have not profited by scalping or technical errors. All trades were open for more than 120 seconds. It is impossible for all my trades to be affected by technical system errors.
Forex Peace Army is the no.1 independent, unbiased Forex review website. Your reputation will not be judged by one negative review but by the collecting rating you attain on this website. Unfortunately, your statistic claiming 99% of Bforex's clients are satisfied with your service is not reflected in the reviews.
2010-05-28 Scam Under Investigation
Bforex = SCAM
Bforex will temp you to make large deposits by offering huge bonuses. I used a breakout strategy to make good profits. If you are profitable and ask to withdraw money they will freeze your account. I was told I manipulated their platform - when I queried this I received no response.
I contacted my lawyer who required details of all my trades and the Broker's details. I contacted Bforex for their regulation license details - again - no reply.
Bottom line is if you make profits with Bforex, they will freeze your account once you ask for a withdrawal. You will not only lose your profits but also your deposit. Bforex is not a regulated broker, it is the biggest SCAM broker around.
FXGM and ForexCT are the same company - they will also deny you withdrawing profits, but you might have a chance receiving compensation from FSAASICCYSEC because FXGM and ForexCT are regulated.