The Way Forexpf Deceives It Customers – Be Careful!
How a Fraudulent Company Forexpf Drains Deposits of Its Customers
There are broker organizations, using the services of which, people are actively losing money. This is the so-called forex scam. One of these companies is Forexpf.
Unfair brokers can be divided into the following main groups:
- forex dealers;
There are legal organizations, as well as those that use only criminal schemes such as Forex Trend, PrivateFX and Forexpf. Forex dealers are legal organizations, they usually have several licenses. “Kitchens” are registered in offshore areas, in order to cover their footprints they are in non-profit companies, in fact no one controls them. Fraudsters are organizations that are registered in the second-tier offshore. They are distinguished by aggressive methods of working with clients. They promise investors a large salary, but in reality they are a real financial pyramid, collecting money from people and disappearing without a trace. One of these companies is Forexpf. Next we take a closer look at each of the groups of brokers.
Forex dealers are companies that are the second party to the transaction. For example, a customer wants to buy dollars of EURUSD, Apple or Bitcoin, and get income on the growth of value. Buying is done with the help of a dealer, and no one else. As soon as the cost rises, the client decides to make a sale. The same dealer must make a purchase. The peculiarity of this transaction is that the company loses money in it. If the client earns regularly, the dealer suffers losses, which is absolutely not in the interests of the company. That is why, a representative of forex organizations are beginning to interfere in the work of clients.
There are several methods that dealers interfere with customer trading:
Delay in transactions. The broker can make a delay in a few seconds. In the financial markets, the price changes instantly and, if there is a delay, then you can complete the transaction at an unprofitable cost. As a result, the client loses. If the opening of a transaction takes longer than a second, this means that the broker has placed restrictions on the execution of orders, and the trading conditions on the client’s account have become worse.
Constant slippage when executing orders. In the financial markets, the cost of order execution may differ from the price that the customer saw in the order window. Slippage is the difference between two prices. The dealer has the ability to set individual settings for customers. So you can lose large sums.
Spread expansion. If the client has an average spread higher than 3 pips on EURUSD, then it is worth looking for a broker who has more favorable conditions. On the spread you can save large amounts of money, even with a small deposit.
The dealer may worsen the execution of transactions if the client is constantly making good money, and the company does not withdraw transactions to an international bank, or is legally prohibited to do so.Not necessarily well-known brokers like Forexpf use such methods. But it is advisable to check the company with which the cooperation is conducted in order not to lose your income.
The main goal that the “kitchens” set for themselves is the “discharge” of the client. The methods of such companies are usually radical. Several examples should be considered:
Studs – non-market value, at a certain point in time at a great distance from the previous and next. It is usually explained as a technical failure.
Requotes – the lack of affordable value for a specified amount in the order. They exist only on domestic accounts where contracts are not withdrawn to an international bank.
Slippage – even if the broker withdraws an agreement to an international bank, it does not prevent him from setting a slippage of several points in the terminal.
No communication – at the most disadvantageous moment, there is a disconnection from the server.
Terminal hang – usually occurs when there is increased activity in the market. Organizations in such cases are advised to reinstall the terminal or clean the computer, placing the blame on the client.
People continue to work with “kitchens” today, because they are attracted by the bright signs and various bonuses. Seductive investment products attract because of their profitability. “Kitchens” almost always take out the leftover money. But for all this it is necessary to pay for the fact that there is no regulation and control of the company. Any disagreement with the broker usually ends with a reference to the regulations of the company. Basically, the principle is that if there is some disagreement, then these are customer problems.
The actions of the companies discussed above may not seem so illegal if you pay attention to the work of professional scammers. One of them is Forexpf. Another such company is PrivateFX, which deceived a large number of investors, and went into the shadows. In such situations, it is difficult for people to achieve the truth, as the fraudulent organization usually does not have any relation to the investment received.
Forex scammers usually choose cheap “offshore”, which quickly register a legal entity. The company opens in about a couple of weeks. Such an organization does not need a physical office. In order not to fall for the bait of such companies as, for example, Forexpf, it is necessary to pay attention to the registration documents that should be posted on the organization’s website. If a company is registered offshore, it is worth checking it several times before starting a cooperation.
It is necessary to find information on the registration of a legal entity on the site. For most companies, it is usually located on the main page, at the very bottom. You also need to pay attention to what the company offers. Huge bonuses, large incomes on transactions, and the ability to replenish an account without verification in advance – all this should give rise to the idea that the company is a fraud. Also scammers, like Forexpf, usually create the illusion that the organization works in many countries. For this, the site is usually translated into several languages, and the contacts contain the addresses of offices in many states.
Revenues of fraud companies such as Forexpf, Forex Trend or PrivateFX usually reach hundreds of thousands of dollars. They work according to established schemes, they know how to lure people into their networks. Forexpf has been operating for a long time, has already managed to deceive many investors, but still there are new investors who are ready to invest their money and completely trust the company. Forexpf performs trading to “drain” the deposits of its customers, on which the organization can earn good money.
The scale and forethought of fraudulent schemes are endless. Not all Forex companies operate according to legal principles. One of these organizations is Forexpf, which deceives gullible investors. To avoid becoming a victim of fraudsters, it is necessary to verify all the information about the organizations. You should never believe when easy and simple earnings are offered. This is how fraudsters act, using the difficult financial situation of people and their weaknesses. Be careful!
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