BForex

Category: Forex Broker Reviews http://www.bforex.com/ Average user rating from: 16 user(s) Broker Rating 1.8   Add new review Your name:* Your email address (it will not be published):* Your location: Select location: Afghanistan Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Arctic Ocean Aruba Ashmore and Cartier Islands Atlantic Ocean Australia Austria Azerbaijan Bahamas Bahrain Baker Island Bangladesh Barbados Bassas da India Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Bouvet Island Brazil British Virgin Islands Brunei Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Clipperton Island Cocos Islands Colombia Comoros Cook Islands Coral Sea Islands Costa Rica Cote d'Ivoire Croatia Cuba Cyprus Czech Republic Denmark Democratic Republic of the Congo Djibouti Dominica Dominican Republic East Timor Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europa Island Falkland Islands (Islas Malvinas) Faroe Islands Fiji Finland France French Guiana French Polynesia French Southern and Antarctic Lands Gabon Gambia Gaza Strip Georgia Germany Ghana Gibraltar Glorioso Islands Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Heard Island and McDonald Islands Honduras Hong Kong Howland Island Hungary Iceland India Indian Ocean Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Jan Mayen Japan Jarvis Island Jersey Johnston Atoll Jordan Juan de Nova Island Kazakhstan Kenya Kingman Reef Kiribati Kerguelen Archipelago Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Midway Islands Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar Namibia Nauru Navassa Island Nepal Netherlands Netherlands Antilles New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Korea Northern Mariana Islands Norway Oman Pacific Ocean Pakistan Palau Palmyra Atoll Panama Papua New Guinea Paracel Islands Paraguay Peru Philippines Pitcairn Islands Poland Portugal Puerto Rico Qatar Reunion Republic of the Congo Romania Russia Rwanda Saint Helena Saint Kitts and Nevis Saint Lucia Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Sao Tome and Principe Saudi Arabia Senegal Serbia Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and the South Sandwich Islands South Korea Spain Spratly Islands Sri Lanka Sudan Suriname Svalbard Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Togo Tokelau Tonga Trinidad and Tobago Tromelin Island Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu Uganda Ukraine United Arab Emirates United Kingdom USA Uruguay Uzbekistan Vanuatu Venezuela Viet Nam Virgin Islands Wake Island Wallis and Futuna West Bank Western Sahara Yemen Yugoslavia Zambia Zimbabwe Ratings (the higher the better) Broker Rating Rate it Scam 1 2 3 4 5 Comments:     Please enter the security code. Add new review Reviews Feed February PROMOTION Learn more. FOREX JUSTICE SPOTLIGHT ARTICLE   Read more. Company response Following an investigation into Inderjit's claims in the review above, made by our fraud detection department, an indication of suspected system abuse was found. This abuse falls within the scope of system exploitation and therefore bares the consequence of account termination. Mr. Inderjit Bhambras trading behavior suggested that he was working in a certain pattern. The pattern suggested that most trades made by Mr. Inderjit Bhambra were consequent to a news release of a specific region and the following trade being open on the currency of that specific region. For example: On 19/01/2010 8:30:04 GMT, a trade was opened on GBP/USD following an announcement from the UK. On 22/01/2010 8:30:02 GMT, another trade was opened on GBP/USD following an announcement from the UK. On 26/01/2010 8:30:01 GMT, yet another trade was opened on GBP/USD following an announcement from the UK. The same case is repeated for the AUD/USD pair on 23:30 GMT following an announcement made from Australia, USD/JPY pair on 00:30 GMT following an announcement from Japan and much more. Attached you can find a scan of Mr. Inderjit Bhambra trade report indicating the specific trades. The conclusion of the investigation was that Mr. Inderjit Bhambra was using a latency in the system’s data feed so as to have an advantage over Bforex and to gain unlawful profit. As you may understand, a deliberate attempt to gain profits resulting from system abuse is a risk Bforex is not willing to and shall not accept. Based on the above, Bforex had no choice but to act in accordance with its trading policy and risk management policy to close Mr. Inderjit Bhambras trading account and refuse the unlawful profit made. Last updated: Wednesday, 06 October 2010 User reviews SCAM Saturday, 04 December 2010 Written by Has from Saudi Arabia Im from Australia but currently in KSA I just want to till you do not deposit any money in bforex.com dont make the same mistake I did , I deposit an amount of 4500 and I trade then when I want to withdraw my money I found in their program there is no such a thing called "withdraw" and if you want to withdraw you should contact them to beg them for your money so and because they are just scams (Bforex) they will never give you your money I mean never ever.... they told me many thing that I breach but they surprised that I haven`t actually signed any contract then they ask me to sign a contract with them so they can steal my signature, my passport, and my credit card photo from the back and from front they ask for all these and I still have the conversation on my email to prove it. The most CLEAR evidence that they are a BIG scam is when you want to deposit money its so easy but when you want to withdraw you will face the fact that they did not make a withdraw button in their program so you go to beg for your money then they force you to send what ever IDs passports even home contract, driving licenses and whatever paper that they can convince you that it is so important to them. I was lucky I told my bank that I have been scammed and I want my money back and I got my money back in 3 working days thanks to commonwealth bank in Australia. since it is IDs from people around the world they could sell them to intelligence agencies around the world and this is so dirty thing to do. they should not be trusted because they use very anonymous IP while they says that their website and company in Switzerland, it appears to be somewhere els ,if you still not sure check the following links: http://www.ip-adress.com/ip_tracer/bforex.com SCAM Monday, 08 November 2010 Written by Gajodhar from Saudi Arabia The compnay response suggests that it is violative of its rules and abuse of its system if somebody trades at the time of news release. Being new to forex trading I would like to know how does it constitute system abuse and whether it is mentioned in client agreement that the client should not trade at the time of news release. These companies place catchy advertisements and lure newcomers. The regulating authorities should make it mandatory for the forex companies to make it very clear to the customers as to what constitutes "system abuse or exploitation" before opening the account. These flimsy and vague clauses should not be hidden in fine print Gajodhar SCAM Saturday, 06 November 2010 Written by Dave from USA The explanation given by Bforex below on Inderjit's trade makes me believe BFOREX is a scam. Most brokers publish an economic calendar which shows when some economic announcements will be made which can move the market. There are some traders that trade the news and it is a known trading strategy in forex trading. If BForex does not want news trading they should have made that known to traders when they sign up and not after the fact when a profit has been made. SCAM Saturday, 16 October 2010 Written by Inderjit from United Kingdom I find many of your personal remarks offensive, such comments are bordering on defamation of character. I am a person of high integrity and am a law abiding citizen. Bforex began by making wild accusations of scalping and technical system errors to deny me access to my funds. I replied and successfully argued my case. Instead of replying to my post, Bforex have thought up new excuses. The following section has been copied and pasted from two locations on Bforex’s website ************************************************** ** bforex offers traders optimized trading through the ESP (Executable Streaming Price) proficient dealing system. • The fx trader clicks on the ask (buy) or bid (sell) option to execute their trade instantaneously. You will begin to notice this as only the quoted price that you clicked on will be executed. Due to the continuous market liquidity, it is easier to open and close positions. Thus 100% liquidity is ensured, as for every buyer there is also a seller. At bforex, due to “1 Click Dealing” and no slippage, forex traders enjoy instant execution on market orders. Our top tier online execution system, state of the art trading system, vast forex market resources and our high quality customer service preserves bforex’s position as the leading company in the world of finance. • During volatile market conditions, spot orders will be executed at the price the trader quoted. • Even during volatile market conditions, clients receive consistent ask (buy) and bid (sell) prices with fixed spreads ************************************************** * Bforex’s reply totally contradicts what is stated on their website. No exploitation or abuse of the trading system has taken place, no evidence has been provided to indicate otherwise. I would like to state yet again that I have not violated Bforex’s trading terms. Please could we stop wasting each others time and put an end to these delaying tactics. Please could you return my profits in full. Tuesday, 12 October 2010 Written by Alex from Canada I was very surprised to see so many negative reviews posted on this site and on others. 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. Sunday, 03 October 2010 Written by Eyal from Israel As a new trader I've found their trading platform easy to use. I was guided by one of the company's brokers which helped me a lot. SCAM Tuesday, 28 September 2010 Written by Stuart Diamond from Russia This BForex is a scam, I started with $US 1,000 because I never done trading before, and the next day I get a telphone call from one of there brookers saying I should put in a $US10000 as he would give me $US10,0000 credit unknown to me this is dead money which he did not explain, and said not to worry he would advise me and teach me and I would make big profits. So I invested $US100,000 and at first was doing okay the only bad trade was the one this broker advised me on, and he quoted that I had a better feel to the market than he did. I kept trading with little help and at one point was $US225,000 in profit, and then Mr broker came into contact again and was giving me advise and not the correct advise, and it went all wrong and in short I lost the lot. My point is this broker conned me as a begineer why did he not say start at $US10,000 and see how we get on see if you will understand the Forex system, this guy should be fired as all he is is a crook, and Bforex should be closed down as a crimanal company stealing from the general public. I will try forex again but not with this company and I advice anybody else if they are thinking of trading forex do not go with BForex I have now learned that there is more genuine Forex companies than these rouges of BForex. SCAM Friday, 28 May 2010 Written by Inderjit from United Kingdom 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. Wednesday, 12 May 2010 Written by Lea from United Kingdom I have the reversed experience with bforex. I think that there platform is usful and friendly for a begnning forex trader. Although I'm only a beginner I've managed to double my money by the help of their forex experts. SCAM Tuesday, 30 March 2010 Written by Anil Kumar from India Is a real SCAM with capital letters. They keep making you invest more money and when you want to withdraw it , they will give you an excuse to invest more. Carlos Alvarez , have you seen back the money you invested? Or it is just in a paper they send you. IS secure in your bank? I doubt it. I have been investigating , they are not in Swizerland , but in Barcelona. A cheap website done by "go daddy" in 2001. The name has been changing since then. A proper company won't do that. Another point, Cyprus. Everybody knows that Cyprus is full of offshore banking. They just open companies to anyone who pays money and give somebody's else name instead of yours. That says a lot. Why they do not want to give their own names? Suspicious. In Cyprus they won't ask where the money is coming from as long as is good for the economy of the country. Good luck everyone to recover your money from this scamers. I am investigating and I will get my money back from the person who is running that business in Barcelona SCAM Wednesday, 30 December 2009 Written by Ken from Canada The most dishonest and fraudulent plattform. You will never see your profit returns and if they promise you will recieve much return of profit excuses rather than your money. BEWARE >>>>>>>>>SCAM IS WRITTEN RIGHTAFTER BFOREX> SOMEONE SHOULD REPORT THEM TO THE FSC ABOUT FRAUDULENT BUSINESS PRACTICE Wednesday, 21 October 2009 Written by sher from India I came across bforex on the net. Ive spoken to reps there but im looking for some first hand experience as a customer. Anyone there who could help me? Im looking for specific info about withdrawls - whether the money is transferred back to the account in time. I did come across one comment which said the person from mexico worked with them for 8months but never got his money back!!!!! do you guys think its a genuine case? Your response will be highly appreciated Thursday, 24 September 2009 Written by Bogdan from Romania Honestly a have a good feedback from Bforex Romania. You can close your position anytime you want and their stoploss and take profit is bulletproof. I call my forex consultant almost every time I open a position for suggestions ( I'm a noob in this) and every time I learn a little more. I glad I work with them. Tuesday, 08 September 2009 Written by stefan Vissers from Netherlands Antilles Hi There, I started trading bforex around 4 months ago and have been enjoying it pretty much. Their platform is ok and after speaking with them i understood they will have another platform soon which they promissed to be better... As it concerns their client service i found them better than many other companies. I traded Iforex also and if you wish to know whats bad.....try them.... Anyway, i have good experiences with them....good guys... Thursday, 30 April 2009 Written by Carlos Alavarez from Panama Hi, I signed up to Bforex through a $500 bonus promotion which they had offered about a month ago. I opened an account and started trading. I was able to quadruple my money, within a week. However, when i tried to withdraw i was not able to. Upon speaking with a rep at Bforex, he explained the the terms and conditions of the promotion, and i deposited $5000. I was able to withdraw my profits made from the bonus. I have continued to trade with them, and must say that my experience completely differs from yours. I have been trading futures for the last few years and only recently moved into forex. As far as online brokers go, I am very satisfied with them and their platform. Customer service is relatively good. Their only downfall is their charting software which is adequate for my needs. However they have assured me that they are going to have new charting software within a month or so. Since I am traveling a lot I enjoy the ability to log on and trade from anywhere without having to lug my laptop around in case some news comes out while i am having coffee or out with friends. SCAM Thursday, 02 April 2009 Written by Dana C from Romania They know how to promise things and that's it, I start using them recently- meaning a month and i know now that I can't close my positions when I want, no one to talk to, call their no -no answer, when somebody answers has no f..g idea what is going on in the market, ALL what they promise is a scam, hope to see my money back-what is left and go with other broker.