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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: Zayne | Fecha de   2020-07-27
Now that Forex Place is really out of business, I feel a little relieved. At least now, there would be no more victims of this broker's fraudulence. I am glad that after being exposed, they were shut down. But of course, I felt frustrated because I was betrayed and I lost the money I worked hard for. I invested a thousand dollars on this broker and it was put to nothing.
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Autor de  4XP: Mincho | Fecha de   2020-07-20
The money that I spent to start an account at ForexPlace will never be returned again. I wish I never knew about the broker. My money would probably have just been sitting on my savings account instead of being deposited to a company that only wanted to take their clients' money. My trading experience at this broker did not even last for a year because they treated me terribly after not agreeing to deposit more fund.
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Autor de  4XP: Aziz | Fecha de   2020-07-16
Now I get why people are so critical when it comes to trading Binary Options. Fraud brokers are really rampant and it is very hard to identify a fraud at first glance. You would only know that you have been dealing with the wrong broker when you have already deposited your money and realized that the company never really intended to release their clients' money.
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Autor de  4XP: Balmo | Fecha de   2020-07-06
It was for the best that ForexPlace was shut down. Certainly, there would no longer be a way for us clients to retrieve our money anymore but at least this broker would also be stopped from having more victims. For now, what I truly desire is for the people bvehind this fraudulent scheme to be rightfully punished. They should not be able to make more schemes that would harm other people.
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Autor de  4XP: Pablo | Fecha de   2020-06-30
I hate ForexPlace. This broker ruined my aspiration to become a successful Forex trader. I made my effort to learn everything that I could about the Forex market and it frustrates me that despite all those efforts, I still ended up with a fraud broker. I feel so ashamed for choosing the wrong broker and entrusting my money on them. I am currently still taking a break from trading and who knows when I'll be back.
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Autor de  4XP: Mayette | Fecha de   2020-06-26
Forex Place is nothing but a group of people who makes money out of other people's investment. I deposited $500 on this broker and they made me believe that I would be able to grow this money in no time. But then, after putting my money in my account, my account manager stopped communicating with me. Then I started to lose my money consecutively. My manager only got back to me to say that I need to replenish my account. I refused and he told me that my account will be closed by the remaining balance will not be returned.
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Autor de  4XP: Munir | Fecha de   2020-06-15
My experience at 4XP was awful. It was my first broker and I still did not know enough to notice that there was something wrong with this broker. I talked with their representative, I was briefed about the company, I was told about the benefits of trading with them, an I easily believed because their offer was not bad. I thought I can have a good start at this broker. Indeed, at first, the experience is pleasant. But it did not last long because months later, the platform started to have a lot of issues and the customer support team was very hard to contact. Until we found out that we were trading for nothing because the company shut down.
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Autor de  4XP: Jonica | Fecha de   2020-06-08
They say that Binary Options is where many frauds are. Didn't believe it until I traded with Forex Place using the Binary Options and the broker turned out to be a fraud. I invested quite a huge amount because they appeared decent and trustworthy. I feel so dumb for believing them at all. Of course, there is nothing that I could do now. It is impossible to retrieve my fund. But I am still hoping for the right punishment for these people.
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Autor de  4XP: Osmar | Fecha de   2020-06-02
I am highly interested in trading Binary Options but there are many negative feedback about it. One example is what Forex Place did to its clients. It is very difficult to look for a reliable broker because most of those offering binary options turn out to be a fraud. I am still thankful that I did not become a victim of this scheme but I feel very sorry to those whose money have been robbed off them.
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Autor de  4XP: Elhawary | Fecha de   2020-05-25
It is great that a fraud broker like Forex Place has finally been taken down. However, the damage that this broker has left to its clients will linger for a long time. In my case, I am honestly still afraid of opening a new trading even though there are some companies that really look trustworthy and even though they have multiple regulations. Just the thought of wasting my money again scares me off. I did not expect to be deceived by 4XP. I'm sure none of us did. But it's really just hard to start trusting again.
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