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Forinvest Reviews

2009/10 Forinvest Reviews

May 1, 2009 - Apr 30, 2010

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Hello everyone

It seems as though everyone is aching to know more about ForInvest from the perspective of a live client. Well I am one and have been for just over a month. I am actually a professional trader and you can see some of my reviews under 'West Coast Pips' in the broker reviews. I have had live accounts with about 20 brokers in the last few years. None are perfect. All I can say for now is DO NOT OPEN A LIVE ACCOUNT WITH FORINVEST. I had a pretty large account with them and they are not paying me a huge $21,800. ForInvest are deceitful, liars and cheats.

I am in the process of major disputes with this unreputable broker. I am currently informing the Swiss authorities about this SCAM broker. I have contacted FINMA: [url=http://www.finma.ch/e/pages/default.aspx]FINMA - Welcome to FINMA[/url] who have told me ForInvest are not even regulated in Switzerland. ForInvest used to have their Swiss contact information on their website. It has been removed for several weeks now. They have a phone contact & address in the US but NO ONE EVER ANSWERS your call. In fact when you dial in there is a message giving you 5 options. I have tried to press all 5 options and none of them register. You can only leave a voice mail and no one ever gets back to you, especially if you have a live account. Because they are not regulated in Switzerland they have their banking in Cyprus. They used to have a Swiss phone number but it was barely in operation. I have kept it on file and now the number goes through to a cell phone. They claim they have a huge net worth and over 300K clients. I can tell you this is a LIE.

As far as I have ascertained there are only 3 people that work for this company and I say that with honesty. ForInvest are a small outfit, non-regulated and desperate for your money. On their website it says '24-Hours personalized service, Monday to Friday.' When you have a live account with them and have outstanding issues with their diabolical, unstable and fraudulent MT4 platform they will NOT get back to you.

Before opening an account with them I had many questions for them by email. I would get very prompt replies and even the odd phone call here and there to assure me and give me the information I wanted to hear. My first trade went very well and I made good profit. Subsequently they started to trade against me.

Their website contains a lot of fraudulent and misleading information. How they can be 'Broker of the year' is certainly not proven and can only be made up by them. THIS PART BE VERY WARY OF: "NDD/STP Broker, No requote, No reject, No slip." Your first trade can be very true of that. I used SNW and when I made my second trade they would not allow me to close my live trade by market. I was forced to put in a stop loss after trying to close the trade for 4 minutes! I took only half my potential profit as a result. As far as no requotes YOU WILL GET TONS! As far as 'no slips' YOU WILL GET TONS.

The WORST IS STILL TO COME and I will happily tell you all what other fraudulent action ForInvest has performed with my account. My third trade I used SNW to trade UK CPI last month which was a big positive result. When SNW clicked on buy 20 lots gbp/usd nothing happened until about 45 seconds later. THIS IS BIZARRE...My account showed a massive MINUS, yes -$32,000. I was baffled and panicking. 4 minutes later the -$32,000 disappears and my trade shows up. I STRESS IT SHOWED UP 4 MINUTES LATER. If you spike trade like me you need to be in and out the market in seconds. Not only was I slipped about 30 pips but price retraced heavily against my entry and I was forced to take a loss of over $4000. NOT MY FAULT. Would you be happy with trades showing up 4 minutes later after you executed them?

Here is the worst part: At the same time I made a buy gbp/usd for 20 lots I also made a trade for 30 lots gbp/usd from another computer. I was given the option to reject this order as I did not see it go through. 7 days later when I decide I want to get the hell out of ForInvest I made a complete withdrawal of my balance. They did not answer me for 4 days. Then I made another request. This time they put in my account 'Trading loss correction -$21,900.' I could not believe it! They only wired me a quarter of my funds which I got in my bank account today. Here is the finale. This morning they have emailed me back to say the -$21,900 is for order 72354 which was my trade for 30 lots gbp/usd 10 days ago! THIS NEVER SHOWED UP ON MY PLATFORM AND NOW THEY TELL ME THEY CLOSED THE TRADE FOR ME WITH A LOSS OF $21,900. What can I say but these guys are swindlers, manipulators, cheats and thugs.

ONCE AGAIN, DO NOT OPEN A LIVE ACCOUNT WITH FORINVEST UNLESS YOU WANT TO LOSE YOUR ENTIRE BALANCE.

- Reviewed by West Coast Pips, February 5, 2010. Rating = 1/10

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