4x company acted as a broker for ForexBarry Copeland 28 / March / 21 Visitors: 16
4x company acted as a broker for Forex,like many brokers for Poland, being part of the financial group Forex Place Ltd.
Place of registration
Tortola, British Virgin Islands
It actively used ECN and Non Dealing Desk in her work. Today, the company has been deprived of its license and ceased operations, having not paid to traders, for which it received accusations of scam and fraud.
At the beginning of the activity, the broker received diametrically opposite reviews on various points for location and control. On the one hand, the presence of a financial regulator was positively assessed. On the other hand, it was noted that the regulatory organization is Cypriot, and the company is registered in offshore that does not coincide with the geographical location of this regulator. As a result, the Forex broker received quite controversial reviews, by the end of the company’s activity, they were drowned in a mass of accusations that they are scammers.
Trading conditions fit into the standard framework of the package, which is often implemented by brokers for Poland:
• Leverage - up to 1: 400;
• Minimum deposit - $ 100;
• Types of accounts - standard, ecn, binary;
• Spread - from 0.3;
• Type of spread - fixed or floating;
• Commission - yes;
• Trading platform - MetaTrader.
Initially, traders evaluated the proposed conditions as attractive and, at the beginning of their activity, received broker positive reviews. Leverage and the ability to choose an account type were positively assessed. Later, the situation changed, the company began to be accused of cheating and creating the conditions for a trader to drain a deposit. The further, the more began to receive Forex broker reviews of a negative nature, up to openly angry.
Compared to what brokers usually offer for Poland, the broker's client work was rather narrowly focused, and the choice of items in it was not rich:
• support 24 hours a day;
• automatic trading;
• analytical materials.
At first, the support service worked quite quickly, for which the broker earned positive reviews. Later there were complaints about delays, then about delays, which seemed to traders deliberate and caused accusations that the company was a scam. By the time of leaving the market, the Forex broker began to receive reviews almost entirely negative, up to angry. According to traders, the level of service and the quality of support services have become extremely low, and conditions have been created for the trader to drain the deposit. This was one of the reasons the broker lost the license.
Quality and settlement procedure
The set of payment methods was already what brokers for Poland often make up, but at the same time included the most popular of the possible ones:
• Bank transfers;
• Payment cards;
Changing the color of the opinion of traders clearly demonstrates how the quality of service in the company has changed. Initially, the broker received positive reviews, they noted the timeliness and completeness of the transfers. Later reports of delays appeared, followed by complaints of frauds and scam. Shortly before the loss of the license, reports of non-payments became widespread. It was reported that it was impossible to even withdraw the remaining funds after the deposit was drained and the money blocking practiced by the Forex broker - the reviews in their entirety were extremely negative. As a result, there were reports that the broker’s license was revoked and it ceased operations.