More Forex Scams


With the recession getting deeper and deeper , more Forex Scams are surfacing. The latest scams was reported at the FPA Forex Forum.

The definition of Scam by FPA is as follows:

Failure to return money owed to traders is the FPA’s first definition of Scam. Failing to negotiate in good faith is a violation of ethics that the FPA also considers to be Scam. Thus, we officially find that InstaForex is a scam.

The FPA declared InstaForex to be a scam, since InstaForex did not provided any defense for confiscating profits from FPA members, Yulia and Barunia.

A FPA member Aras194 is a very successful, high leverage, high risk trader. She trades with InstaForex. Amazingly, she managed to make a profit of $7950.07 from an opening balance of about $100 in less than one week.

In this case InstaForex cancelled all of her trades. InstaForex representatives claimed the trades were all off market.

However, it should be noted that a Forex Broker does have the legitimate right to cancel trades based on incorrect price feeds.

Then again, having bad price feeds for several days in a row and allowing customers to place trades would be a really bad and unusual thing for a brokerage to do.

The case of Yulia and Barunia against InstaForex is still considered by ther FPA to be a confirmed Scam.

FPA Forex Forum

The Earlier Scam

This is a second scam investigation being run against InstaForex for confiscating profits and withholding withdrawals from FPA members.

The earlier case involves Hahed1 and the cry for help was as follows:

Comerades in arma i salute you all.instaforex have scamed me.I requested for a withdrawals of 500 dollars from trading account no. 68409 on the 13th of march 2009, but uptil now i have not received my money. I complained to instaforex morethan five times through live chatting but they claimed that my money is with my bank. MY bank wrote a letter to their bank hellenic bank cyprus but their bank claimed that they do not have any instructions from instaforex to credit my account.I REQUESTED intaforex to send me a swift copy of the transfer they did but neither my bank and their bank could confirm the validity as well as the genuity of the swift copy.PLEASE come to my rescue.

From:FPA Forex Forum

I salute FPA for acting on behalf of scam victims and sincerely hope that they will continue their good work.

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