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Broker ceased to exist

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.
Author of 4XP: Yexel | Date 2018-11-28
I traded Binary Options here at 4XP. At first, things were going well. I was winning my bets so my account manager suggested that I add more to my deposit. I thought, why not? If I have higher capital, then I can put higher bets and earn more. However, after depositing an additional $1000, my trading has gone upside down. All my bets lost. I already felt that they could be manipulating my platform because they became unresponsive and I didn't have a winning trade at all. Which seems a little impossible even for a newbie. I kept on losing my trades for two weeks until everything was gone.
Author of 4XP: Zendro | Date 2018-11-21
4XP is a dishonest good for nothing broker! They are full of thieves and liars who get satisfaction from deceiving other people. Do they even have conscience? I was one of their victims and I lost not only my money but also the time and effort I spent on them. They convinced me that my investment is guaranteed to grow by at least 30% as long as I don't withdraw my funds for a year. I believed them because they were very good at talking and their reasons were logical. So I deposited $500 and started trading. My investment indeed grew a lot. Even more than 30% just after a few months. Then they contacted me and persuaded me to deposit again to increase the rate of my investment growth, Once again, I added $500. But even before the year ended, all of my investment was gone because their platform started to malfunction. Whenever I open a position, the platform crashes. Then when I return, I have already lost so much. It went on for a month and everything was gone. I complained about it to them but they only said that they were sorry it had to happen and that I just have to replenish my account. Of course I didn't anymore because I don't want to lose more. Then I read the articles about their fraudulent schemes and that's when it dawned on me. I was robbed by this terrible broker.
Author of 4XP: Lander | Date 2018-11-16
I was trading Binary Options at 4XP. As we all know, Binary Options works as bets so the losses and profits are fixed that's why I chose it. At first I was doing good trading it. I had a few losses but still wins are more dominant. Then later on when I already gained relatively a lot, I decided to withdraw some of my funds which they declined. At that time, I thought, "Fine, I'll just withdraw next time". So I continued trading. But this time, in every position I open, I always lose. Even when there seems to be a pattern, the direction will suddenly move against me. So I checked my other broker where I do the usual trading and the charts at 4XP is way different from my other broker. That's when I realized that they could be manipulating my platform. I reported it to them but I only received an automated email response. Until now, I couldn't get a hold of them.
Author of 4XP: Ernie | Date 2018-11-08
I will never forget what 4XP did to me. They convinced me to invest in trading and that I will surely earn big profits. I have seen success stories in trading and I blindly accepted their offer. I deposited $1000, traded, earned, but was never able to withdraw. Instead, they tried to convince me to deposit more. I told them I'm still waiting for my wage in my regular job so I can deposit again. But they were persistent saying that I can use my credit card instead if I still don't have the cash. I got annoyed so I ignored them for a while and just continued trading. However, after a few days, a family member had an emergency and we needed money. So I had no choice but to withdraw. However, they kept on rejecting my request. Saying that I had to verify my account again even though I already did that right from the beginning. They made other excuses until they just stopped responding. And I never got any of my funds.
Author of 4XP: Mejoya | Date 2018-10-30
If only I could go back in time, I would have never allowed myself be fooled by this deceitful broker. Forex Place was so convincing. They had testimonials from traders, their website looked very sophisticated and professional and their representatives are just smooth talkers. I don't think there would be anybody who wouldn't be convinced by them. I invested $1000 at this broker because I was very decided that I wanted to have an investment and I wanted to do forex trading. The first few months of my trading was a success. The platform was excellent and I was earning. I usually trade the EUR/USD pair and the direction of the price was always in my favor. In just a few months, my profit was reaching half of my capital, even I couldn't believe it. But then when it reached $500, the platform started acting up. When I open a position, the price movement would suddenly go against me. Then even when I try to close it, it is not executed right away hence I got more losses. This has been a routine until my account was left with nothing. They even had the guts to tell me to replenish my account and continue trading but when I said no, they got mad and removed my account. I'm sure they manipulated it to steal my money.
Author of 4XP: Lukion | Date 2018-10-24
I was convinced by one of their office managers to open an account with 4XP. The one I talked with introduced herself as someone from a company in Paris. I was able to talk with her through call and she sounded very professional and intellectual. The way she spoke was really convincing because she was mentioning some technical financial terms and she was explaining things to me very clearly. So when she got my interest, she took the opportunity and suggested that I deposit $1000 as this is the ideal amount to be able to start profiting. When we were talking, I had a feeling like I was being hypnotized (although I don't know if that's even possible when you're not facing the other person). She has a certain way of speaking that made me just say yes to her suggestions. And since I am really determined to invest in trading, I deposited $1000. I must say that my trading experience was great. And it's true that depositing a big amount helped in my profitability because in just 3 months, I was able to earn more than $500. I decided to withdraw $400 but it never came to me. When I requested a withdrawal, my account was suddenly suspended and they never answered to my emails again.
Author of 4XP: Mendz | Date 2018-10-19
I invested 10,000 USD in Forex Place because I thought that they were a reliable and legitimate broker and that's because that is how they advertise their company. I mean, of course, companies always say good things about themselves but I've read positive reviews on this broker and I've talked to one of their staff. He seemed very trustworthy and he always had answers to all my questions. No hesitations at answering at all and that made me think that he really knows what he's saying. But that was just their way of attracting clients. They were probably trained to speak so well to clients that we get comfortable talking with them and they end up having our trust. But then everything that they said about the regulation, their license, even their citizenship were all lies. I wanted to take my money, even just my deposit, but they are nowhere to be reached. How come people like them who lives off of other people's money exist? I guess the positive reviews I read before were all fake and written by them also.
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