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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.

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作者 of 4XP: Abraham | 日期 of  2019-04-11
I am unquestionably glad that their operations have been halted. But a part of me is still feeling unsettled. I have this fear that if I try Forex trading again, I might encounter another fraudulent broker just like 4XP. I've invested my money, time and effort, like other traders did and I feel down that all of my hardworks resulted to nothing. I remember the anxiety I felt while waiting for my fund to be sent to me then ending with not being sent at all. It has become hard for me to trust again because of what I've experienced with this fraud.
作者 of 4XP: Pong | 日期 of  2019-04-03
It has been more than a year since I last made contact with 4XP. But after bumping into this article and remembering what 4XP did to me, I can't help but be furious again. I have lost more than $5000 on this broker. That excludes the losses from my trades (which were probably manipulated as well). Anyway, it was as how the other brokers said. Multiple rejections or delaying of withdrawal requests. Then once you sense that something is wrong, they go ahead and terminate your account. I had that exact experience. I don't know what is happening to them now but they should be punished.
作者 of 4XP: Taka | 日期 of  2019-03-26
When negative reports about 4XP started to surface, I got worried and decided to withdraw my fund. After sending a request, I immediately received a confirmation that the request will be processed shortly. My withdrawal option is through my bank card so I can easily check if the money has already been transferred. The money in my account is a little under $3000. I waited for the transfer but after a week they told me that it will be delayed due to the volume of requests. I let it slide and waited again but another two weeks has already passed and I still received nothing. I kept asking for an update but they didn't answer to me anymore. I just thought at that time that the reports are true and I forced myself to accept that I won't be getting anything from my fund anymore.
作者 of 4XP: Kanayo | 日期 of  2019-03-12
On a forum I joined in, other traders said that 4XP offers the best binary options trading environment. They said many good things about this broker and naturally, I was convinced. To be fair, it is true that they really have excellent trading environment. They have stable platforms that are available on different types and they have a competitively tight spreads. But I never imagined that they would take away my fund. Everything was going smoothly until I couldn't access my account anymore. I tried reaching out to them but they never responded.
作者 of 4XP: Dexxi | 日期 of  2019-03-18
Those forum members probably didn't know yet what was happening with 4XP or that this broker had malicious intent. Because like them, I used to be very impressed with this broker. Like you said, they have remarkable platform that will surely get your order executed real-time. They also have analysts who provide trading recommendations. I used to rely on those a lot and they truly helped me earn. However, this broker won't release any fund. I requested for a withdrawal of $200 (such a small amount compared to how much they probably make) but they rejected it. At first, they said I still had account verification issues. I showed them all the necessary documents then requested again. They rejected it again, this time saying that a high volume of requests is coming and I should just try again in a few days. I requested a few more times only to be rejected. And on the last time, I got mad already. The next day, I could no longer access my account.
作者 of 4XP: Harin | 日期 of  2019-03-04
My whole trading experience at 4XP was a nightmare. Throughout the 4 months that I was with them, I got nothing but stress. They claimed to have outstanding services but when I started trading with them, the platform system was very faulty. They kept denying the issue but I already lost so much just because the platform lags or crashes. I think this is their way of stealing from us. Because I was very frustrated, I decided to stop trading for a while and just take a break. I had roughly 400 dollars in my account at that time. But when I came back two weeks later, only $50 was left in my account. They said that they charged me inactivity fee. It was only for two weeks and they took almost all of my fund. I didn't even know there was such thing as inactivity fee.
作者 of 4XP: Amelita | 日期 of  2019-02-27
2015 was my worst year because this is the year that I became a victim of a fraudulent broker and that is 4XP. Years have already passed but I still feel the rage from being betrayed and deceived. It was my first broker and I entrusted my investment to them. The money I put in there was a fruit of my hardwork. The platform wasn't excellent to begin with but it was tolerable and hardly affects my regular tradings. I profited little by little. I didn't withdraw for a year because I want my investment to keep growing. But then even before I was able to request for a withdrawal, my account became inaccessible. Even their customer support couldn't be reached. Then the news about the scam broke out and we traders were left in the air.
作者 of 4XP: Mervi | 日期 of  2019-02-21
On top of not paying us traders our funds, 4XP also have a very poor customer support team. First of all, they are unresponsive. They are not prompt in replying in the live chat and when they do, they are very unprofessional. Especially when I'm reporting about the issues in the platform (which they obviously manipulated), they twist it and make it look like my fault (outdated device, slow internet connection). I only realized that this was a red flag when I closed my account and they didn't give me my fund.
作者 of 4XP: Meltaz | 日期 of  2019-02-13
I started trading at 4XP with only basic knowledge. Of course I used a demo account first before going to live to prepare myself at least. Incredibly, trading with a live account went very smoothly. Almost too good to be true. But since I've been receiving assistance from their experts and I've read positive feedback about them, I just continued. I am almost doubling my capital so I decided to withdraw half of the profit. The representative told me that it is on queue and will be transferred in 3 days but a week has passed and I received nothing. I contacted them and they said it was cancelled due to an error. So I requested again. But this time, I did not receive any response. I followed it up and still nothing. A month after that, I suddenly lost access to my account.
作者 of 4XP: Kahlila | 日期 of  2019-02-04
4XP promised me a good trading experience. They promised the best trading conditions which I never had. My capital was $8000. Initially, it was only $2000 but they asked me to add more a few times which I end up agreeing to. But only because they promised good returns and better trading experience. Frustratingly, it had no effect at all in my trades. I kept losing my trades and the customer support doesn't offer any relevant help. All they say is I should replenish my account and try again. Even their lesson materials are not helpful at all. I gave up and decided to withdraw my fund and this time, they never answered to me. Never got my money and never heard from them again.
作者 of 4XP: Maksim | 日期 of  2019-01-30
I had more than $10,000 in my account when 4XP showed their true intention. I asked for a withdrawal of $3000 to which they promptly responded and said that it is on queue for processing. A week has passed and I still received nothing. They said that it was already being processed. Another week has passed and still nothing. They started making excuses like and error occurred and they had to re-process, and a problem with my bank. Later on, they no longer respond to me. When I asked for the withdrawal of all my remaining balance, they immediately closed my account. I never heard from them after that.
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