Update 2016:

Liteforex is – just like Instaforex – starting to submit fake comments from company representatives to improve their reputation. We at ForexScams want real trader reviews and experiences and we will not accept any of these fake comments. Stop trying. With this method you make it less likely to get a positive and real user comment approved.

Liteforex is a relatively unknown Forex broker and not as popular as eToro, AvaFX, Oanda or others. But there are enough opinions on the Internet that you can judge whether this broker is a scam or not.

Overall there are a lot of good experiences and only a few negative experiences. This is pretty strange because if there’s so much positive response why don’t you hear more about this broker? The major reason should be that Liteforex is very passive with their marketing unlike eToro, AvaFX, ForexPro or others.

Something that may look strange for traders is the fact that Liteforex is using a .org domain. org domains are pretty much the same as .com or .net but not that popular. Sure, brokerreviews is also working under a .org domain but we’re no FX broker and you can’t deposit money here. We think that Liteforex could invest a couple of thousand dollars to buy the .com domain and look a bit more reliable.

Overall the experiences are positive with a few critics. We suggest that you take a look at the trader experiences yourself.

Liteforex experiences

Very quick and easy to trade. I’m happy with this broker.

I hate the fact that there’s no demo account.

The problem is that Liteforex rarely replies to emails and I don’t like the charts there.

You can recommend this broker. There were no problems with my withdrawals. I can only recommend this broker.

I’m not that happy with this broker. If you need help the support replies very slowly. I’m afraid staying in a position without getting quick support if there are problems.

I just left Liteforex because of the lame support and the fact that withdrawals take too long.

Good broker, the withdrawals arrive at the same day.

The trading conditions were excellent, I think you can trust this broker.

Very good and reliable broker. Never had issues with deposits or withdrawals.

I’m confident that all the negative responses come from competitors. Because Liteforex is very reliable and the withdrawals work fine. I’m trading with them for two years now. I also like the ICQ support there.

A deposit takes 10 minutes and a withdraw 24 hours. Great Metatrader platform.

I experienced a stop loss that was not executed.

Withdraws are taking a bit long with 2 days but overall ok.

I don’t have any issues with Liteforex. The Metatrader platform is great and it only takes a few hours until the money is in my account.

Forex.com is obviously the best Forex domain on the Internet and guarantees a lot of traffic. But that doesn’t mean that Forex.com is automatically a reliable broker. In fact, there are a lot of complaints that something’s wrong there just like FXCM. One major complaint is that trades are automatically closed without the traders knowledge.

This is the easiest and most common way how a Forex scam broker works and how a Retail broker can maximize its profits. A reliable broker does not simply close positions or changes the take profit which causes the position to close earlier and make the trade less profitable. And there are way more experiences with Forex.com that make us worry.

Forex.com seems to close trades without any action of the trader and claim that the trader closed the position by himself. This is something that works great for the broker because you as a trader can’t prove that you did not close a trade. It’s very bad that traders made such experiences with a broker.

Another major complaint is that the trader verification seems to work randomly. Some traders need to send documents that don’t even exist and if they can’t send them they are not verified to withdraw earnings. This is a great way to scam traders because the broker can enjoy his free lunch: If the trader loses he wins and if the trader wants to withdraw profit they deny to do so. Obviously this is not the case with every single trader. But the fact that these cases do exist makes Forex.com look less reliable.

The next complaint has nothing to do with scam but also makes Forex.com look less reliable. They try to make you deposit as hard as they can. They call you several times a week and send daily emails trying to lure you to make a deposit. Obviously this is standard in this industry but not in the way Forex.com does it. It’s just too much and a reliable broker like AvaFX or eToro may send you such emails occassionally but not every day combined with phone calls.

Forex.com is not a proven scam company but it looks not very reliable to say the least.

Experiences with Forex.com

To judge a Forex broker it’s best to take a look at other traders experiences:

I’m trading with them for 3 years and never had issues. Great platform and good spreads. The support is great. They also pay interest in your account. Way better than FXCM.

When news happen and profitable trades would be possible I can’t login and have connection issues all the time.

The broker opened two positions automatically without my notice. They told me that I did not place a stop loss although I did so.

Forex.com has an excellent platform and is very fast with lots of great features. I’m trading with them for years and made a lot of money there. The support is great and the spreads are tight. Forex.com is not a scam.

They don’t let me withdraw because the address does not fit with my account address. The money I deposited a few hours earlier was accepted in no time and now they don’t want me to withdraw.

Oanda is a well known Forex broker that also works as ECN broker. With a few hundred thousand traders you can say that a lot are very happy with them and quite a few are not. The reactions are very mixed which is the case with most of the other brokers. Let’s take a look at the other traders experiences with this broker.

Something that a lot of trader complain about is the fact that Oanda seems to adjust spreads to their advantage. That means that the spreads become unbeatable after news events compared to other brokers. This also increases the spread that is actually showen. So if you except to pay 3 Pips it’s more like 8 Pips when the market moves in two different directions.

Furthermore it’s not rare that the connection to the server is lost and that makes it impossible to trade properly.

All in all you can say that there are a lot of complaints about Oanda but also plenty of traders that are very happy with them. But there’s no doubt that you will experience some issues using this platform.

Experiences with Oanda

The following quotes are taken from major forex review sites and show the experiences other traders made with Oanda.

I don’t see any problems with this broker. The spread is tight and there’s virtually no minimum to open a live account.

I don’t like Oanda at all. There are a lot of important features that are missing.

After news the spread is well over 25 which makes it impossible to trade.

I made more than 10.000 Trades and don’t have any problems. Great broker.

The costumer support is great. There’s no deposit minimum. The software is too simple there are lots of features missing. Technical analysis is very hard to do with these charts.

I deposited 2000 Dollar in my account but the money was never credited.

I’m using Oanda for 2 years now and I’m loving it.

I’m trading with Oanda for more than 2 years and didn’t have any problems so far. The platform isn’t perfect but there are also some positive things to say.

There’s no phone support I’m afraid.

I like the variable lot sizes very much. But I don’t like the fact that there seems to be no automatic margin call.

The delays are incredibly high and cost a lot of money!

Interbank FX is a Forex broker that not everybody trusts. There are popular issues with the execution of trades and with the connection and now this broker has open complaints from the NFA. They already had to pay high fines. This does not make this broker look reliable at all.

The most popular issue is the execution with trades. It’s common that the the platform freezes and you can’t proceed with your trades. You don’t have a chance to close positions and this can be very expensive. Traders experience suspicious slippages and “off quote” messages that make it hard to trade profitably.

To call Interbank FX a scam is not right or at least an unfounded decision. But you have to call Interbank FX at least not as reliable as the most reliable brokers out there.

Experiences with Interbank FX

Let’s take a look at the experiences of (former) Interbank FX traders:

The trading platform delivers wrong information. The spread is way higher as it’s suppsed to be. You will only recognzice when you close your position. This is not very transparent to say the least and I would not recommend trading with Interbank FX.

If you ask the NFA you will see that there are many complaints and they had to pay some big fines in the past. There must be a reason for that. They also try to lure you to make higher trades then you want.

I only have a mini and a demo account but both suck server reliability wise. If you want to keep positions only for a short period of time this could be very expensive for you.

I realized that the position you want to open is delayed that the broker can take advantage of this delay and influence the price to his favor. On top of that there were 3 pips added to my stop loss without my knowledge!

I’m trading for a couple of years now and I think they are ok.

I don’t have any issues with this broker. The withdrawals work smoothly. Same counts for my friend.

I would not call Interbank FX a scam because I know very well how to make money there. Because I did so in the past. But there are leaks that make you think. The stop loss doesn’t work sometimes or will be changed. No way! This simply has to work smoothly! I stopped placing a stop loss but this can’t be the right solution. I assume that the broker makes small adjustments to the prices to avoid that I can close profitable positions or open a possibly profitable position.

You have to be very cautious with this broker. Slippage happens all the time. The software freezes or loses the connection. If I want to open or close a position I get the error message “off quotes”.

GFT Forex is a pretty well known Forex Broker that also offers a self developed Forex platform. GFT Forex is a retail broker but sometimes acts like an ECN broker which isn’t good at all.

There’s not a lot to say about GFT Forex. Every trader made his own experience with them and some reviews are good and some claim that GFT Forex is a scam. Well, as long as you can’t prove that it’s a scam you should be very cautious. But some reviews make GFT Forex look not very reliable.

One major complaint is that the GFT Forex software doesn’t work properly. Stop losses are ignored or the chart makes peculiar moves or changes afterwards. This is very strange indeed but no reason to claim that GFT Forex is a scam copmany.

Withdrawals seem to be no problem with this broker. This is positive and makes GFT Forex look more reliable.

But there’s a big problem that concerns many traders. Realised profit or loss can be adjusted afterwards. GFT Forex claims that the reason is that when you make your trade in another currency than your account balance is working with they have to make these adjustments. They are very small with low volatility but high when the volatility is high. Sometimes you will get some positive and sometimes some negative surprises.

You have to be aware of this otherwise you will call this broker a scam instantly.

You can’t prove that these broker is a scam but it doesn’t look that reliable.

Experiences with GFT Forex

GFT Forex is not the smallest forex broker and it’s also not the most reliable one. Let’s take a look at the trader opinions and experiences with this broker:

GFT has a great software, quick execution and a good support.

I don’t have any issues with them. The support is great. But the loading time is so slow. Please do something about it.

Attention, GFT charges a fee if you’re inactive and won’t let you know. This is not a nice tactic.

Very bad costumer service, no doubt about that!

I really like the GFT software, the indicators are great.

There’s something wrong with the charts that GFT shows. Sometimes the prices bounce around without making it visible to the trader. It looks like the software shows other data then it works with. This is only to the advantage of GFT. The excuses you hear from the support are ridicolous and don’t make any sense.

Stay away from this broker, the software is not reliable! I compared the GFT indicators with those of other forex platforms and surprisingly, certain indicators show the exact opposite at GFT. As if GFT wants to make a trade look like a sure thing while it is not! Also I traded simultaneously at two different platforms. While I made constant profit on the other platform, I lost money with GFT although I made the same trades.

The worst thing is that the costumer support doesn’t take you seriously. They just ignore your complaints and don’t care if I’m happy with them or not.

The usability of the software is really bad. I always lose connection.

One day the whole system broke down. If you had open trades in this case you could have lost a fortune. Refunding is something GFT seems not to be aware of! They don’t care about platform issues at all.

Automatic trading is ok but not the dealing desk.

FX Pro is without a doubt a big Forex broker that investes a lot of money in marketing and that has a solid presence in the Forex community. They even sponsor a Formula 1 team. FX Pro runs big and aggressive promotions and that’s one of the reasons why they have been growing so fast the last couple of years. But that doesn’t mean that FX Pro is reliable. There are a lot of traders that are not happy with the FX Pro platform and their service.

The biggest and most serious complaint about FX Pro is that they make it hard for you to withdraw your money. You really have to take this seriously because if a broker keeps money in his pockets and won’t let traders withdraw it looks like a scam. Of course, not every trader has problems with withdrawals but not just a few either. If somebody tells you that they manipulate charts then this could be a personal impression that doesn’t have to be true. But withdrawal issues are another story.
But how does FX Pro react when you want to withdraw your earnings? First of all they accept all deposits and don’t make any bigger security checks. But when it comes to withdrawals they want to know everything and receive documents that don’t even exist. For example if you made a deposit 2 years ago and you don’t use this method any more or moved in the meantime then you will have issues with your withdraw. And it’s highly likely they don’t accpet it or you have to fight for your money at least.

However, you can’t prove any scam by FX Pro but we don’t recommend them. Some practices don’t look reliable and just because they invest a lot in marketing doesn’t make them more reliable.

Experiences with FX Pro

Let’s see what other traders think about FX Pro.

I have no doubt that their demo account is different than real money trading. There’s something fishy here. But I have no complaints and my withdrawals have been accepted so far.

I had problems with my credit card deposit. I deposited money but it never reached my account. I had to send lots of documents but without any result. Still can’t find the money in my account and that concerns me.

Great demo account and good support. Can’t say anything about withdrawals so far.

I made some different trades simultaneously from different PCs and there have been major differences. Something is wrong here.

I could not close a position that was very profitable. The trade went in the wrong direction after that and I lost a lot of money. Stay away from this broker.

I experienced major issues with my withdrawal. They just did not accept the documents I sent. They accepted my deposit without thinking about it but didn’t want me to withdraw. Please stay away from them!

I tried to cashout my earnings twice but the money never reached my bank account. They wanted document after document until they found anything wrong (what actually is no biggie) to refuse my withdraw. I gave up.

ACM is also called AC-Markets and it’s a broker that gets some attention. There are always rumors about a merger or trade sale. And it seems that ACM lost its licence and had to be sold in the near past. Also their brand strategy is confusing at best. But this is not that important compared to the other complaints.

Some time ago there was a raid of the police in the ACM offices of Geneve. The result of this raid is not known yet. It seems that ACM doesn’t have to close down operations due to this raid.

There are other incidents and complaints that make this broker at least not reliable. Some former employees and insiders describe what tactics ACM uses to trick on their traders.

ACM has the right to close positions or your entire account for no big reasons. That’s why there are so many complaints right now. All of them have not been successful enough to put ACM out of business. Everybody who got cheated should contact the Police in Swiss immediately. The more complaints there are the easier it is to take down this broker.

It doesn’t look good for ACM and this broker is not reliable. We don’t want to use the word scam because it is not proven yet.

Experiences with ACM

The following quotes give you a sense of what other traders think about this broker:

Before you start trading at ACM you should really think about it first. There’s still an open lawsuit in Geneve against this broker. If you already traded with ACM you may have recognized it: they can close positions or your whole account if they want. This can be found in the trading agreement!

I have a real money account with ACM and I had an open position with a stop loss and take profit. Once I came back to the platform the chart was below stop loss and the position was still not closed. They said that the platform simply works this way (with slippage) and they won’t change it.

This platform is not reliable at all. A position was simply closed without any reason. The support is very bad. You can only call them because they don’t reply to emails.

I’m trading with ACM for two years and I can’t complain so far.

I really like ACM but the fact that they don’t have a banking licence any more makes me wounder.

 

Why do four judges and 28 policemen invade a corporate office if there are no real reasons for that?

UFX Bank is a pretty big and well known forex broker that got some bad publicity within the last few years. There are several reasons why UFX Bank is not considered to be a reliable forex broker. Right now, there are no lawsuits against UFX Bank or something similar but there are some very serious complaints against UFX Bank.

However, the sheer amount of complaints here at ForexScams is a very good indicator that something is wrong. Their sales team seems to be aggressive and tries to exploit traders weaknesses and greed to extract as much money out of them as possible. At the moment there are about 200 complaints here alone and every comment we approve hurts. It hurts to hear that people lose money through UFX. Most of the time it’s not $50 or $100 but some serious 5 or even 6 figure amounts. We are really sorry to hear that and I always ask myself: “Why can’t we warn in advance? What needs to be done to avoid it?”. And here we ask all of our readers: Please share this page to your community. Whoever may be interested in CFD trading can be another victim losing live savings. The more we can warn about it the better. Thanks in advance.

The Internet offers plenty of opportunities for traders to tell the community what they think about certain forex broker or other offers. This is absolutely ok. But it’s not ok if a company writes positive reviews about itself. That’s what UFX Bank did. They said that it’s the fault of a blackhat SEO company that worked on the search engine optimization of UFX Bank and used these methods. You have to ask yourself: what serious forex broker hires a company like that and gives them even access to sensitive information? How safe can your personal information be with UFX Bank?

Another problem is that it seems UFX Bank is not registered at the NFA. The NFA number that UFX Bank claims to be theirs does not exist in the NFA database. This is not a good sign.

Experiences with UFX Bank

Let’s take a look what real traders have to say about UFX Bank. As it’s proven that UFX Bank did fake some positive reviews, we can’t take positive reviews that don’t find anything negative too seriously.

I wanted to close my UFX Bank account and have been called from different persons in a short period of time. They all wanted me to keep trading and wanted me to make at least one last transaction. They have been so annoying and I was so pissed that I agreed that I’d open one last silver position. The account manager put my whole bankroll at stake and I lost it all. That’s not what I wanted but they were happy now because I lost everything. To me, UFX is nothing but scam.

My account manager always told me to open positions that are way too risky. I believed him and now all my money is gone. I think abouting suing them.

I have problems with my withdrawal. Maybe it’s due to the fact that I asked them to close my account simultaneously. UFX does not want to lose costumers and they try to keep you as badly as they can. This says it all about this broker.

UFX is a scam. Don’t use them and trade with a broker that is regulated by the NFA.

Withdrawals at UFX bank don’t work. I complained and now they seem to work smoothly.

GCI Financial is not the smallest Forex broker but that doesn’t mean that it’s a reliable one. At all the big forex review sites you only hear bad things about GCI Financial and this is something that concerns a lot of traders. Either these sites call GCI Financial a scam or say that you should be very cautious when dealing with them. We recommend taking a look at our reliable forex broker instead.

You don’t have to say much about GCI Financial because it’s pretty obvious that it’s a scam. Usually, we don’t say that because there are always two sides of the medal and there are always trader that call a broker a scam but in this case it’s pretty obvious.

Sites like the Forexpeacearmy tried to communicate with GCI Financial because there were several traders complaining about them. GCI Financial just stopped to talk to traders that lost money there and also did not get back to Forexpeacearmy any more. This is very sad and already proves that something is wrong there.

The worst complaint is that there are adjustments in your account after closing profitable positions. Some traders lost thousands of dollars due to these adjustments are not happy about it to say the least.

Experiences with GCI Financial

Let’s take a look at the experiences of other traders with GCI Financial. We can say in advance that there are not many positive comments to be found…

I made some big losses because the positions were not executed in time or were closed when I did not want them to close.

I have been an Introducing Broker at GCI Financial for years and now they just closed my account for no reason. They still owe me $ 12,000.

There are strange adjustments that don’t make any sense when I close a position with profits.

I can’t make any withdrawals and they don’t reply to any emails.

Calling GCI Financial not reliable is way too nice. This broker is a total scam and they will take your money step by step. The IFSC won’t do anything about it and I think they belong together somehow. They stole $ 20,000 from me. Don’t even think about opening an account there.

They took my profits from my account for reasons I don’t understand.

The IFSC should regulate GCI Financial but although I complained several times there they seem not to care. Stay away from GCI Financial.

If you make profit they make adjustments and it says “Off Market Traders”. Whatever this means. They don’t reply to your complaints and you can forget your money.

I can’t believe that GCI Financial is still in business. In the year 2003 they took away $ 5,000 from me. They simply closed positions although the Stop Loss was not even touched.