Forex Scams

GFT Forex is a pretty well known Forex Broker that also offers a self developed Forex platform. GFT Forex is a retail broker but sometimes acts like an ECN broker which isn’t good at all.

There’s not a lot to say about GFT Forex. Every trader made his own experience with them and some reviews are good and some claim that GFT Forex is a scam. Well, as long as you can’t prove that it’s a scam you should be very cautious. But some reviews make GFT Forex look not very reliable.

One major complaint is that the GFT Forex software doesn’t work properly. Stop losses are ignored or the chart makes peculiar moves or changes afterwards. This is very strange indeed but no reason to claim that GFT Forex is a scam copmany.

Withdrawals seem to be no problem with this broker. This is positive and makes GFT Forex look more reliable.

But there’s a big problem that concerns many traders. Realised profit or loss can be adjusted afterwards. GFT Forex claims that the reason is that when you make your trade in another currency than your account balance is working with they have to make these adjustments. They are very small with low volatility but high when the volatility is high. Sometimes you will get some positive and sometimes some negative surprises.

You have to be aware of this otherwise you will call this broker a scam instantly.

You can’t prove that these broker is a scam but it doesn’t look that reliable.

Experiences with GFT Forex

GFT Forex is not the smallest forex broker and it’s also not the most reliable one. Let’s take a look at the trader opinions and experiences with this broker:

GFT has a great software, quick execution and a good support.

Automatic trading is ok but not the dealing desk.

FX Pro is without a doubt a big Forex broker that investes a lot of money in marketing and that has a solid presence in the Forex community. They even sponsor a Formula 1 team. FX Pro runs big and aggressive promotions and that’s one of the reasons why they have been growing so fast the last couple of years. But that doesn’t mean that FX Pro is reliable. There are a lot of traders that are not happy with the FX Pro platform and their service.

The biggest and most serious complaint about FX Pro is that they make it hard for you to withdraw your money. You really have to take this seriously because if a broker keeps money in his pockets and won’t let traders withdraw it looks like a scam. Of course, not every trader has problems with withdrawals but not just a few either. If somebody tells you that they manipulate charts then this could be a personal impression that doesn’t have to be true. But withdrawal issues are another story.
But how does FX Pro react when you want to withdraw your earnings? First of all they accept all deposits and don’t make any bigger security checks. But when it comes to withdrawals they want to know everything and receive documents that don’t even exist. For example if you made a deposit 2 years ago and you don’t use this method any more or moved in the meantime then you will have issues with your withdraw. And it’s highly likely they don’t accpet it or you have to fight for your money at least.

However, you can’t prove any scam by FX Pro but we don’t recommend them. Some practices don’t look reliable and just because they invest a lot in marketing doesn’t make them more reliable.

Experiences with FX Pro

Let’s see what other traders think about FX Pro.

I have no doubt that their demo account is different than real money trading. There’s something fishy here. But I have no complaints and my withdrawals have been accepted so far.

I had problems with my credit card deposit. I deposited money but it never reached my account. I had to send lots of documents but without any result. Still can’t find the money in my account and that concerns me.

Great demo account and good support. Can’t say anything about withdrawals so far.

I made some different trades simultaneously from different PCs and there have been major differences. Something is wrong here.

I could not close a position that was very profitable. The trade went in the wrong direction after that and I lost a lot of money. Stay away from this broker.

I experienced major issues with my withdrawal. They just did not accept the documents I sent. They accepted my deposit without thinking about it but didn’t want me to withdraw. Please stay away from them!

I tried to cashout my earnings twice but the money never reached my bank account. They wanted document after document until they found anything wrong (what actually is no biggie) to refuse my withdraw. I gave up.

ACM is also called AC-Markets and it’s a broker that gets some attention. There are always rumors about a merger or trade sale. And it seems that ACM lost its licence and had to be sold in the near past. Also their brand strategy is confusing at best. But this is not that important compared to the other complaints.

Some time ago there was a raid of the police in the ACM offices of Geneve. The result of this raid is not known yet. It seems that ACM doesn’t have to close down operations due to this raid.

There are other incidents and complaints that make this broker at least not reliable. Some former employees and insiders describe what tactics ACM uses to trick on their traders.

ACM has the right to close positions or your entire account for no big reasons. That’s why there are so many complaints right now. All of them have not been successful enough to put ACM out of business. Everybody who got cheated should contact the Police in Swiss immediately. The more complaints there are the easier it is to take down this broker.

It doesn’t look good for ACM and this broker is not reliable. We don’t want to use the word scam because it is not proven yet.

Experiences with ACM

The following quotes give you a sense of what other traders think about this broker:

Before you start trading at ACM you should really think about it first. There’s still an open lawsuit in Geneve against this broker. If you already traded with ACM you may have recognized it: they can close positions or your whole account if they want. This can be found in the trading agreement!

I have a real money account with ACM and I had an open position with a stop loss and take profit. Once I came back to the platform the chart was below stop loss and the position was still not closed. They said that the platform simply works this way (with slippage) and they won’t change it.

This platform is not reliable at all. A position was simply closed without any reason. The support is very bad. You can only call them because they don’t reply to emails.

I’m trading with ACM for two years and I can’t complain so far.

I really like ACM but the fact that they don’t have a banking licence any more makes me wounder.

Why do four judges and 28 policemen invade a corporate office if there are no real reasons for that?

UFX Bank is a pretty big and well known forex broker that got some bad publicity within the last few years. There are several reasons why UFX Bank is not considered to be a reliable forex broker. Right now, there are now lawsuits against UFX Bank or something similar but there are some very serious complaints against UFX Bank.

The Internet offers plenty of opportunities for traders to tell the community what they think about certain forex broker or other offers. This is absolutely ok. But it’s not ok if a company writes positive reviews about itself. That’s what UFX Bank did. They said that it’s the fault of a blackhat SEO company that worked on the search engine optimization of UFX Bank and used these methods. You have to ask yourself: what serious forex broker hires a company like that and gives them even access to sensitive information? How safe can your personal information be with UFX Bank?

Another problem is that it seems UFX Bank is not registered at the NFA. The NFA number that UFX Bank claims to be theirs does not exist in the NFA database. This is not a good sign.

Experiences with UFX Bank

Let’s take a look what real traders have to say about UFX Bank. As it’s proven that UFX Bank did fake some positive reviews, we can’t take positive reviews that don’t find anything negative too seriously.

I wanted to close my UFX Bank account and have been called from different persons in a short period of time. They all wanted me to keep trading and wanted me to make at least one last transaction. They have been so annoying and I was so pissed that I agreed that I’d open one last silver position. The account manager put my whole bankroll at stake and I lost it all. That’s not what I wanted but they were happy now because I lost everything. To me, UFX is nothing but scam.

Withdrawals at UFX bank don’t work. I complained and now they seem to work smoothly.

GCI Financial is not the smallest Forex broker but that doesn’t mean that it’s a reliable one. At all the big forex review sites you only hear bad things about GCI Financial and this is something that concerns a lot of traders. Either these sites call GCI Financial a scam or say that you should be very cautious when dealing with them. We recommend taking a look at our reliable forex broker instead.

You don’t have to say much about GCI Financial because it’s pretty obvious that it’s a scam. Usually, we don’t say that because there are always two sides of the medal and there are always trader that call a broker a scam but in this case it’s pretty obvious.

Sites like the Forexpeacearmy tried to communicate with GCI Financial because there were several traders complaining about them. GCI Financial just stopped to talk to traders that lost money there and also did not get back to Forexpeacearmy any more. This is very sad and already proves that something is wrong there.

The worst complaint is that there are adjustments in your account after closing profitable positions. Some traders lost thousands of dollars due to these adjustments are not happy about it to say the least.

Experiences with GCI Financial

Let’s take a look at the experiences of other traders with GCI Financial. We can say in advance that there are not many positive comments to be found…

I made some big losses because the positions were not executed in time or were closed when I did not want them to close.

I have been an Introducing Broker at GCI Financial for years and now they just closed my account for no reason. They still owe me $ 12,000.

There are strange adjustments that don’t make any sense when I close a position with profits.

I can’t make any withdrawals and they don’t reply to any emails.

Calling GCI Financial not reliable is way too nice. This broker is a total scam and they will take your money step by step. The IFSC won’t do anything about it and I think they belong together somehow. They stole $ 20,000 from me. Don’t even think about opening an account there.

They took my profits from my account for reasons I don’t understand.

The IFSC should regulate GCI Financial but although I complained several times there they seem not to care. Stay away from GCI Financial.

If you make profit they make adjustments and it says “Off Market Traders”. Whatever this means. They don’t reply to your complaints and you can forget your money.

I can’t believe that GCI Financial is still in business. In the year 2003 they took away $ 5,000 from me. They simply closed positions although the Stop Loss was not even touched.