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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.
Autor de 4XP: Joao | Data de  2020-10-19
All of my withdrawal attempts at 4XP were unsuccessful. They gave me various reasons from account verification to technical issues. I invested a total of $550 on this broker and none of it ever returned to me. I really wish I never made contact with this broker. I only ended up losing a huge sum of money instead of profiting.
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Autor de 4XP: Oskar | Data de  2020-10-13
Many years have passed already but I still want to share my experience with Forex Place. This broker was one of the most popular brokers back then and it was probably because of their promotional materials. Basically, I opened an account with this broker thinking that I was taking a great opportunity to earn. My trading activities lasted for a little more than a year. When I tried to withdraw my profit, this is when the problem started. The company made various excuses to delay the release of my money. Until in the end, they just closed my account completely.
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Autor de 4XP: Romeo | Data de  2020-10-06
I had an account at 4XP for almost a year. I invested $10,000 on this broker because their offers seemed promising. I also spoke with a representative and he easily earned my trust. The way he spoke was professional and reliable. Unfortunately, it was simply a tactic to attract more clients. My mistake was that I invested all that I have at once. Now, my money is gone and I don't even know if the owners will be arrested.
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Autor de 4XP: Owenz | Data de  2020-09-21
Forex Place was an absolute horrible broker. I invested a hundred dollars with them which is a huge amount for me already. Yet my account manager was still persuading me to deposit more. Almost everyday, he is asking me to top up my account. After a few weeks when I still refused to oblige to his recommendation, my account was suspended. Then I got my access back after a few days but my balance was down by half already.
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Autor de 4XP: Hajar | Data de  2020-09-14
Forex Place was the only broker I know back then that offers Binary Options trading. I really wanted this kind of trading so I opened an account with them. However, I regret it so much because I only ended up losing everything I saved up for. 4XP is a fraud and they were able to easily deceive their clients because their website seemed reputable and their representative were convincing.
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Autor de 4XP: Kai | Data de  2020-09-07
I invested a huge amount at Forex Place. I believed that they would provide me with outstanding services on Binary Options but as it turned out, this broker was only a fraud. It was very hard back then to identify a fraud broker because there were not much reviews available unlike these days. Also, I was not aware that there were fraud companies in this market. I regretted opening an account with them but I started to get over this horrible experience.
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Autor de 4XP: Rose | Data de  2020-08-31
I don't think the owners of Forex Place felt a little bit of guilt. I was with them for almost a year and they made me believe that I was doing great in my trading activities. I was trading binary options and I keep profiting even when I had little experience in trading. Every time I deposit more, the profits also becomes larger so it made me want to keep depositing. In total, I deposited $2600. But then all of it was gone because 4XP was a fraud and they never released our money.
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Autor de 4XP: Areli | Data de  2020-08-25
My experience at Forex Place was lesson for me. It taught me not to easily trust any company especially when it involves money. It opened my eye to the sad reality that there are many fraud brokers in the market and that I should be wary of them. I have already lost $300 on 4XP. I won't let another company manipulate and deceive me again.
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Autor de 4XP: Evi | Data de  2020-08-18
It has been a couple of years already since I traded and lost my money at Forex Place. I believed that I was with a trustworthy broker back then. I thought that it was finally the time for me to make something productive. I put in a huge investment at this broker and my experience did not even last a year. I was having a great time at first but then the platform started to malfunction frequently. I end up losing many trades and when I decided to just take my remaining balance, the broker terminated my account.
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Autor de 4XP: Andika | Data de  2020-08-10
My trading experience at 4XP was brief but it was probably the most terrible experience I had. When I started my trading activities, none of them went according to what I desired. None of my trades went well because the broker's platform was unstable. It often lags or freezes. It was very hard to earn with that kind of platform. I complained but the support team did not do anything about it. In the end, I just lost everything.
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