Is forexfbi.com a scam site(according to forex peace army)?
Forex peace army says forex fbi is a scam site.Now as ainnocent newbies like me,whom we can trust and where we can go for real mentors?very frustrating
- 8 years agoFavorite Answer
I have been in your shoes before and yes it is very frustrating to have a scam broker as in my case is MF Global, which I cannot get back my capital after they declared bankruptcy in US. This is because they have mixed their company funds together with client funds and therefore now need time to sort out their fundings and the law forbids us to withdraw our own capital from our account.
Therefore with that experience I went around to do my fair share of research and have listed a few criterias on how to select my broker which I have listed them inside my forex blog. For instance,
a. Is the broker being audited by an independent accounting firm? It is a must as we know that to get audited, it is an arduous and expensive process for the broker to go through so that we can be assured that our money is in good hand.
b. Has the broker attained any international certification standard in Information security like ISO 270001? This is important so that we know that our information are well safe guarded by the broker.
c. Does the broker has an independent external company to administer their client's segregated account so that the broker and their client funding will not be mixed together, like in the case of MF Global?
d. Does the broker has a dealing desk to trade against their client? By default, the broker should be a Straight Through Processing broker meaning no dealing desk and thus they do not trade against us.
These are some of the important factors that I think is very important to select any broker. You can refer to my personal forex blog for further information.
- Anonymous4 years ago
I have always suspected he was not a real trader , and never trusted his reviews there is a company he list as a scam on his site i have used them for almost 1 year and they are nothing near a scam more like a 5 star rating which was a red flag he was not trying to help people make an informed decision . he was just pretending to be a trader and sell his wanna be alert service. i read the original FBI police report. and they found this illegal "RENTING" a tiny small 1 bedroom apartment. in a run down part of the city that hardly sounds like a successful forex trader to me ! and further digging i found he has more pending legal action on numerous offenses. this guy is the real deal in scam-con artist! he pulled the blinds or many eyes and tricked countless newbies. telling him he would protect them from scams when he was the main con-artist. very ironic.