Watch Your Forex Broker Closely

Forex Brokers Bankrupt

In the financial sector news of Banks and Mortgage Companies that went bankrupt or seeking bankruptcy protection is common during this recession. At the same time and in the same sector Forex Brokers are also facing financial problem. There are Forex Brokers that have folded and others are fighting for survival.

The latest Forex Broker that is under liquidation is Crown Forex, a well established Swiss Forex Broker. FINMA, the Regulating Authority confirmed that investigators and liquidators have been appointed in the case of Crown Forex.

Forex Scams to Solve Financial Problem

Before being investigated by the authorities Crown Forex is said to have scam their clients.

Over a dozen FPA members complained and FPA Investigator Tessa spent a large amount of time communicating with Crown Forex over the issue. After a great deal of effort, some people got all of their money and others got some. Still, a number of account holders got nothing at all.

Source : Forex Peace Army

We consider Crown Forex’s pattern of deception to be unethical. We also find that they violated the FPA’s first definition of scam by failing to return money to traders while they still had the power to do so. We consider the fact that they are being liquidated to be evidence of even worse behavior behind the scenes. In our view, Crown Forex is definitely a scam.

Source : Forex Peace Army

Ever since the recession a good number of Forex Brokers have folded and a few of them are under liquidation. Unfortunately, there is no reliable records and statistics available of Forex scams and Forex Brokers that went bankrupt.

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