BForex.com Review

Scam!
1.19 · 55 REVIEWS
Updated: May 26, 2022 ·  · Is this your company?

BForex is a forex broker. B Forex offers the WebTrader and Mobile forex trading platform. BForex.com offers over 40 forex currency pairs, cfds, oil, gold, silver and other metals for your personal investment and trading options.

BForex.com
January 28, 2014: The French AMF has issued a warning about unauthorized forex brokers. BForex.com is on that list. CLICK HERE to verify.

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.

April, 2013:  The BVI FSC has issued a Cease and Desist Order against BForex.  CLICK HERE to verify.

Website is down. Company seems to be out of business.

Broker Details

Minimum Trade Size: Unknown
Maximum Leverage: 200:1
Minimum Deposit: $200
Established: Unknown
Address: 16 Pergamou Street 4006 Limassol, Cyprus
Customer Service: customer.service@bforex.com, +44 203 514 0458
Regional offices:
Regulations:
Prohibited countries: Unknown
Trading platforms: WebTrader, MobileTrader (MobileApp)
Web Trading: ✅ Yes
Mobile Trading: ✅ Yes

Trading Instruments

Currencies: (45+)
Cryptocurrencies:
CFD: (80+) Gold, Silver, Other Precious Metals, Stocks, Stock Indexes, Oil, Other Commodities

Trading Conditions

Managed Accounts & Social Trading

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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Scam!
1.19 · 55 REVIEWS
Forex Peace Army
DO YOU RECOMMEND THIS COMPANY?

Let other traders know if this service is worth checking or should be avoided.

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Traders Reviews

Kevin Davies,
Scotland,
May 31, 2010,
Guest

I depsited $10,000 in January. My account grew to $12,500. I read the reviews here on FPA and got worried. So I logged onto the platform and withdrew $7,500.

The next day I logged into my account - but could not login - It said Account Frozen - contact dealer. I phoned Bforex they said they will contact dealer and look into it. I sent many emails but I get no replies. Whenever I phoned they say they will look into it urgently, but never heard anything.

I have contacted a solicitor who specializes in financial fraud litigation. I have lost all my life savings, but I was stupid - I should have check if they were regulated - which they are not.

If I receive my money back I will update this review - but for now Bforex is a SCAM artist - Stay away !!!!!!!!!!!!!!!!!!!!!!!
 
Mark Andrews,
United Kingdom,
Aug 3, 2010,
Guest

I invested $20K intially with Bforex and I was able to generate over $100K in six months. I asked for a withdraw and the funds arrived in my account within 3 business days. The customer service and support of Bforex has been very impressive and there trading conditions even better. I have 15 years experience in retail fx trading and all I can say about the reveiws below is that if you try to do BROKER ABUSE by scalping or news trading and looking to profit from technicalities in the system - YOU SHOULD NOT GET PAID & STOP BEHAVING LIKE THIEVES. All I can say is that I have traded the market fair and square and I always got paid.

Review Moderation Team Note: 5 Star rating removed. The reviews from FxTrader69, Dubia on 2009-04-24, Carlos Alvarez, Panama on 2009-04-30, Mark Andrews, United Kingdom on 2010-08-03 and Josh, UK on 2010-08-23 all came from the same web proxy.

The FPA was hoping that this was the work of a single review spammer who really liked BForex. Then came the review left by a BForex representative on 2010-08-24 from the exact same location.
 
alvin050,
Singapore,
Aug 3, 2010,
Guest

Further to my earlier post on 2010-06-16, I'm happy to say that I have successfully resolved the issue with Bforex amicably through mediation.

2010-06-16 1 star Pls see my entry in the Scam Alerts folder on Bforex.

I have been trading with Bforex since Jan 2010. I made steady profits and decided to make partial withdrawals in May 2010. Immediately, my account was frozen and I received an email saying that I had breached their terms and conditions, and they would cancel my trades and negate all my profits. I only received one phone call from their representative (Eric). He was extremely rude and boorish and refused to discuss the matter or give any explanations, and simply stated that "you know what you've done" and "you're free to take any action you like"
 
Stefan,
Zurich,
Aug 6, 2010,
Guest

This is directly from FINMA when this company was researched. I recommend extreme caution dealing with this company.

Bforex has no registration of FINMA for an activity in the financial market. Bforex is neither registered in the federal register of commerce nor in the official phone book. The website www.bforex.com is registered in USA, Arizona. The indicated Swiss fax number and Swiss address are not valid.
 
Josh,
UK,
Aug 23, 2010,
Guest

well, i received a heart attack when i saw this link
i have been trading with these folks for 7 month now and withdrew 3 times in that period of time.
received and still receiving a very good service, in the last month very good signals as well that assisted me to make more money

keep it going!

Review Moderation Team Note: 5 Star rating removed. The reviews from FxTrader69, Dubia on 2009-04-24, Carlos Alvarez, Panama on 2009-04-30, Mark Andrews, United Kingdom on 2010-08-03 and Josh, UK on 2010-08-23 all came from the same web proxy.

The FPA was hoping that this was the work of a single review spammer who really liked BForex. Then came the review left by a BForex representative on 2010-08-24 from the exact same location.
 
bforex rep,
UK,
Aug 24, 2010,
Guest

Dear FPA readers,

The most important facet of the retail trading business is honesty, transparency and the provision of optimal trading conditions, these are factors that the foundations of the bforex group were built upon. So to see these complaints being posted on FPA is a major concern to us. Therefore we would like to make a few things clear to all traders that may read these reviews and seek to legitimize these claims.

Any trader that enters the market in order to TRADE - that means profit from the real market trend and natural volatility, will ALWAYS receive their profits, as they were generated in a fair manner. However, sadly this is not the case for the reviews that you see above as profits were NOT achieved in a legitimate way. That means:

1) They seek to "scalp" the trading system, which means to trade "inside the spread" of the quoted currency pair - thereby effectively abusing the brokers "fixed spread system". Bforex provides traders with a fixed spread system so that it can guarantee limit and stop orders under all market conditions. This spread does not widen even in the most volatile circumstances providing the trader with a better opportunity to enter the market at a fair price. In any case bforex does mention in its trading agreement that it does not allow "SCALPING" as a trading strategy.

2) The profits were generated from a technical error in the system such as an erroneous quote or "bad price tick" - which can occur on any financial trading system today.


99% of Forex Traders come to trade the real market and catch onto a profitable trend. These traders have enjoyed and will continue to enjoy the wide range of tools and promotional benefits that bforex can offer as an award- winning global broker. Most importantly they are ALWAYS guaranteed to have their profits returned.

For the other 1% of traders there that are looking to profit through "technical errors" or through "SCALPING", we make our position clear through our trading agreement.

In response to the particular case of Inderjit - after intensive investigation, we have concluded that the profits generated from your account were done in a an abusive manner. We would welcome direct contact with you to demonstrate what we mean as abusive.

Thank you

Review Moderation Team Note: The reviews from FxTrader69, Dubia on 2009-04-24, Carlos Alvarez, Panama on 2009-04-30, Mark Andrews, United Kingdom on 2010-08-03 and Josh, UK on 2010-08-23 all came from the same web proxy.

The FPA was hoping that this was the work of a single review spammer who really liked BForex. Then came this review left by a BForex representative on 2010-08-24 from the exact same location.
 
UK,
Aug 26, 2010,
Registered user

Issue escalated to Traders Court FPA Scam Confirmation against BForex.com | GUILTY
2010-10-13 The FPA Scam Investigations Committee has confirmed this complaint.

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.

More. Community discussion of this issue >>

 
Alex,
Canada,
Oct 11, 2010,
Guest

I was very surprised to see so many negative reviews posted. I have been trading with Bforex for about 4 months now. I was put onto the platform after graduating from a Forex training school in Toronto. So far i have had good results using the platform. I am new to Forex trading, but i have no complaints about the platform to date. I have used both Profit and MT4 they offer. It took about 1 week to receive my first withdraw of profit after having traded on a trading credit i received. It was directly wired to my Bank account. i had to submit all the compliance documentation they requested before they would wire the funds, but i think this is standard on all platforms. I will re-post if my experience with them changes.
 
Has,
Australia but currently in KSA ,
Dec 4, 2010,
Guest

I have been scammed from Bforex , I started to trade with 4500 and they promise to give me a 10% of what I deposit after that I started trading but when I ask to withdraw my money they said you have no right to do that and you have to sign a contract, then they said if you want your money now you should sign the trading contract and when I just ask for my capital or my starting fund the 4500$ they said okay just sign the trading contract to give you your money back even that I do not want to trade with them anymore and I just want the money that I deposit but I was lucky that I ask my bank in Australia that I have been scammed and I want my money back and I got my money back in 3 working days thats why Australia is special I love Australia.
 
Yong,
Singapore,
Mar 25, 2011,
Guest

Bforex holds its client funds at DBS Singapore, a rock solid Singapore bank strictly regulated by the country's Monetary Authority.
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.