Early History of the Forex Peace Army
In 2005, Dmitri Chavkerov started a website called Free-Forex-Trading-System.com (Currently Inactive). On this website, Dmitri listed quite a few different forex-related companies that he was involved with. He shared his experience with each of those companies and personally ranked each of them from 1 to 5 stars.
The Middle Ages of the Forex Peace Army
As the website grew, he decided to do something bigger with it, plus the domain name was a little too amateurish. In January of 2006, Dmitri Chavkerov bought the domain ForexBastards.com (Currently Inactive), and moved all of his content from the previous website to this new domain.
The reviews section of the website was upgraded in such a way that readers could submit their own reviews and ratings for all the different forex-related websites listed.
A major reason Dmitri Chavkerov named his website ForexBastards was because of what forex was like at the time. In 2005-2006, forex was more like the Wild Wild West than a place to invest money. Most forex brokers that are big names now and that are regulated were not regulated in 2005-2006. Many brokers committed all kinds of fraud against forex traders to take their money away.
Another common fraud was done by a large percentage of forex education and forex signals websites using deceptive advertising. The most common problem was that these sites would promise something attractive on a sales page and back it up with a refund policy. After a client bought the product and saw that what they received was inferior to what was promised to them, they would try ask for a refund. With many of these forex sites, there would be no refund or even a reply to any of the customer’s emails. These brokers and product sellers are the Forex Bastards out to get your money that Dmitri wanted to expose.
Forex Peace Army Today
Many companies still commit frauds like this now, but the percentage of them is much smaller than it was back in 2005-2006. Forex regulators have improved and Dmitri’s website warns smart currency traders away from many scams.
In November of 2007, instead of just labeling the companies as SCAMs based on undocumented claims by traders, Dmitri decided to begin making scam investigations more consistent. The mission was also expanded to help try to resolve issues between forex traders and forex companies, with the hope that some companies could be improved. That’s when he bought the ForexPeaceArmy.com domain name and rebranded the website to the current name.
If you don’t think Forex Peace Army is effective, look here…
Do you see how many of those companies have little padlocks that mean “Website is closed”? The FPA can’t take credit for all of them. Some were shut down by regulators. Others, Forex Peace Army only found out about after the company closed down. Most of the rest went out of business because traders were warned to not send any money to them.
The Forex Peace Army now lists almost 3500 active forex and financial trading websites. It is the largest and best collection of human-moderated forex reviews anywhere in the world. The Forex Peace Army also has forums, books, and a blog, featuring a large amount of educational material.
The FPA also decided to stop wondering which EAs, Forex Signals, and Forex Managed Accounts Services really worked. With Performance Testing showing unfiltered results directly from the broker, it’s easy to see which forex services live up to their claims of profitability. We aren’t surprised that many failed very badly.
The Future of the Forex Peace Army
The FPA is constantly striving to improve. Screening for reviews has taken huge leaps forward. Performance Testing continues to be improved. Even now, new tools for Forex Peace Army members to use in their trading are under development.
The newest of many upgrades is more data on brokers is being added directly to the broker review pages. Once this data is available for enough brokers, search capabilities will be added. This will help traders find brokers that are compatible with their trading needs.
Protect yourself, your friends, and your family against scam. March with the FPA towards a future where you can find an honest broker and honest products to serve your trading needs.
The best part of this? All Forex Peace Army services are 100% free to members and visitors.