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Broker ceased to exist

4XP


Forex Place Ltd, delivering its brokerage services under the 4XP brand, has terminated its operation due to the revocation of a conformity certificate issued by the Financial Market Relations Regulation Center (FMRRC).

According to the statement posted by the Financial Market Relations Regulation Center in October 2013, the regulatory authority ruled that Forex Place Ltd had been deprived of a license on account of unsatisfactory provision of trading services and improper execution of its commitments.

The ruling was adopted by the executive board at a FMRRC session.

Police raid offices of 5 forex brokers in Israel

In 2016, the Israeli police closed offices of 5 forex brokers that were implicated in a large-scale fraud scheme. Every client suffered an average loss of 210,000 euros. These brokers are: Forex Place (4XP), BForex, Sisma Capital, Tradaxa, and Aston Forex (Aston Invest Ltd.).

The stock market regulator Autorité des Marchés Financiers (AMF) and the Israeli police together started investigating fraudulent activities in the forex and binary options markets in Israel. The investigation was aimed at five companies that are suspected of fraud in the amount of around 105 million euros. Fifty lawsuits with at least 500 victims of the dubious brokers were brought in court.

According to the Israeli mass media at that time, alleged fraudsters included Forex Place (4XP), Sisma Capital (Tradaxa), Bforex, and Aston Forex that are closed now.

What is known about these brokers?

4XP headquartered in Ramat Gan was managed by Benny Abramov, Yair Abramov, and Shimon Choen. They did not give any comments about the investigation. Bforex was based in Mitzpe Ramon and had call centers in Herzliya, while a namesake company was registered in the UK. Its director Tzachi Rosenbaum also made no comments.

According to the French regulator, the brokers were operating without the permit of any legal regulation authority, tricked clients into giving money through online chats and phone, while promising them annual profits of 20%, 30%, and even 88% from derivative trading.

The investigation showed that the brokers’ employees introduced themselves as office managers of companies in London or Paris winning clients over. The brokers’ representatives promised that clients’ funds will be stored in the European banks, such as ING, RBS, or HSBC. Instead of it, the money was instantly moved outside the EU: mainly to Israel, Georgia, or Singapore and to offshore accounts on the Seychelles, the British Virgin Island, and in Belize.

The French media reported that two employees of 4XP had been featured earlier in similar cases. One of them was involved in a hate crime against a Palestinian taxi driver in 2007. Another was arrested in a hotel in Paris in November 2015. The police found 6,000 euros in 50-euro bills. The man claimed he won the money in poker. To secure his release, he had to pay 80,000 euros.

Bforex ran into problems in 2016. According to clients, the broker was not withdrawing money, and the client support was not responding. In April 2017, an announcement appeared on the company’s website about a transfer of Bforex business activities and traders’ accounts to Financika (Sharp trading Ltd.).

Sisma Capital Ltd. stopped operating on May 6, 2014. Later the FSMA regulator warned investors that the company continued working under the names of Broker & Co and Tradaxa. This way, fraudsters concealed themselves as other companies and continued with illegal activities until 2016.

End to binary options in Israel

The Israeli authorities received a lot of complaints and lawsuits from duped foreigners. As a result, the country’s reputation in the global community was harmed.

After multiple investigations, the Israeli bill on securities was amended in order to ban binary options trading for foreigners. The Israel Securities Authority can punish the Israeli brokers that sell binary options to foreign traders. Now such an activity is considered the violation of the money laundering law.

The opinion of the review`s author is private and not obligated to reflect the position of the resource. If you have any remarks and suggestions on new articles please contact us via this form.
লেখক 4XP: Hilde | তারিখ  2021-04-09
If Forex Place did not stop their operations, I am sure that they will be able to attract more clients. The employees from this broker are manipulative. They are well-trained at persuading their prospects to open an account with them. They offer lucrative deals which are hard to resist and they will make us believe that we are going to earn pretty well.
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লেখক 4XP: Yoruko | তারিখ  2021-03-23
I invested $500 on 4XP in the hopes of growing my money. The broker promised great trading results and I believed them. I was gullible and now, I have learned that no broker could not guarantee returns. To my fellow traders, if a broker promises you anything, be very careful because it might only be a scheme to attract you and convince you to open an account with them.
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লেখক 4XP: Nibal | তারিখ  2021-03-15
My account manager at Forex Place manipulated me to deposit more funds in my account. In total, I was able to shell out $6000. It was chopped into multiple deposits that is why I did not feel the burden. But now, I see how big the amount is. It only stopped when I tried to withdraw the profits. Because after doing so, they terminated my account immediately.
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লেখক 4XP: Lanz | তারিখ  2021-04-01
That's terrible! My account manager also tried to encourage me to deposit more money into my account. Thankfully, I repeatedly refused because I honestly don't have money to invest anymore. However, because of that, my account was terminated earlier than the others and all my money was gone.
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লেখক 4XP: Robin | তারিখ  2021-03-05
Right now, I already found a broker that I could fully trust and is proven reliable. But before I got here, it was difficult. It was too hard for me to trust any company again because of Forex Place. This broker deceived and ruined me. For a time, I thought that there is no company that I could trust anymore. I lost $6000 on this broker and none of it was ever returned to me.
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লেখক 4XP: Jhoyve | তারিখ  2021-02-22
The issue about Forex Place has been known by almost everyone now. It also served as a lesson to other people who wishes to enter Forex trading. It is very hard to identify a scam broker because they appear just like the real ones and they fabricate the content of their website to become believable. 4XP is just like that. They deceived their clients and lied to them just take the money that they would deposit.
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লেখক 4XP: Jenie | তারিখ  2021-02-08
Forex Place was my broker for over a year. I traded with them not knowing that the charts and my own portfolio was manipulated. All those time, I believed that I had great trading skills for earning well and that the broker had great trading services. It was only when I tried to withdraw my money that my experience suddenly shifted. Suddenly, my trading activities all lost and my funds were gone little by little. Until everything was just gone.
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লেখক 4XP: Yosephine | তারিখ  2021-02-01
I wanted to trade Binary Options that is why I opened an account at Forex Place. This was the only broker back then offering this trading type and that had great conditions. I invested $5000 right away and not even a month has passed but they already closed my account without returning my money.
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লেখক 4XP: Suzanna | তারিখ  2021-01-26
I lost $10,000 because of Forex Place. My account manager made me replenish my account many times which I believed would greatly help in my profit rate. They manipulated my portfolio to make it look like depositing more money really increases the profits. When I asked for the withdrawal of the profits, they first asked calmly to postpone it and let it grow more. But when I insisted, they suspended my account. That was the last time I had access to it.
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লেখক 4XP: Simon | তারিখ  2021-01-21
ForexPlace never had any intention to release their clients' money. I did not see any sign of fraudulence before because they seemed very trustworthy. And as I saw it, many were starting their trading journey with this broker as well. With that, I did not hesitate to open an account as well. Had a great start, but when I tried to withdraw my money, my account was instantly terminated.
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লেখক 4XP: Analiza | তারিখ  2021-02-17
They were great pretenders. It was honestly a waste because their employees seemed to be knowledgeable enough on the industry. It is sad that they misplaced this knowledge by choosing to deceive people. I still can't believe until now that I completely lost all my investment on this broker.
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লেখক 4XP: Mirjana | তারিখ  2021-01-06
I had a great experience at Forex Place at the beginning of journey. This lasted for a few months and I was so impressed by how well I was doing in my trading activities. Now, after profiting a good amount, I decided to withdraw it. This is when the problem started. The broker did not want to release my money. At first, they were making excuses such as technical issues. But later on, they just never responded to me again and before I know it, I can no longer access my account.
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