Justforex usurp 900,000$ from Vietnamese Clients

Broker Discussion
1

Hello, my name is Sang. Currently, I am a master IB for clients in Vietnam.
Let me narrate my story about how Justforex defrauded us up to $ 900,000. And I guarantee that we have enough all the evidence and documents to prove this claim.

First of all, I have a short piece of advice for all traders, especially if you are still wondering about choosing your own Forex brokers to start trading business.

I do not proclaim which Broker is the best choice for you to invest your money in, however, I can assure you that JustForex is a 100% scam. They violated many professional ethics at once, which I will show you in the details below.

After a year of working with Justforex, I became their master IB, therefore, I guarantee that I fully understand JustForex’s IB mechanism thoroughly.

One day, Justforex suddenly informed my clients that all of their accounts were disabled until they finished a weird investigation without any prior notice or specific reason.

The only response we get is:

“We suspect that you are engaged in fraudulent activities. We will close your accounts and hold all of your balances to compensate for our losses.”

“And that is final decision, this decision can not be changed” - They responded every time my clients need to know why all their money was taken from their account.

That’s right, I just accused Justforex. Of course, it is my responsibility for proving what I’m saying…

I will summarize the timeline of major events as follows:

18-Feb 2021, Justforex sent a notification to my 70+ clients stating that they have disabled all trading accounts.

23-Feb 2021, Justforex requested my 70+ clients a self-authentication which we had already finished since we created our trading accounts.

They requested us to hold a piece of paper with some text information on it such as name, current date, Justforex name along with the ID on it.

We are the investors, but now, we are somehow like a criminal holding a name paper before going to jail. It’s definitely an insult.

11-Mar 2021, Justforex continued to request one more authentication, but this time, they required all transaction history information from the bank account and portals that my clients used for depositing and withdrawing at JustForex.

17 mar final decision
17 mar final decision1856Ă—544 72.3 KB

Finally, 17-Mar 2021, Justforex concluded that we were all cheating on their policy and informed us that they would permanently disable our accounts.

Besides, they will retain all of our interest and principal balance to compensate for their losses.

By doing the above actions, I found that Justforex violated many fundamental rules in this trading industry.

One of them is: Keep all principal’s Clients.

In their Client Agreement and Introducing Broker agreement that we had committed before cooperating with JustForex, they do not specify any Terms or Provision on how to handle this situation. If the customer violates any conditions, will JustForex take all the customer’s principal or only interest, or withhold both? How long does it take to make a verdict and answer the above problem?

In our case, they took all the money including principal and interest.

Since I built a community, the total amount of money has been quite large, but what about the low-voice traders with $ 200 capital only? Do they implicitly have no right to claim back their money when they are defrauded?

Besides, they keep our money to compensate them for their damages.

OMG, what the h…?! Hey, if they want to compensate for the damages, then an ultimate rule is to prove the damages that they have suffered from and how much damage they are, at least. But no, Justforex only stated that they are damaged, and all our money will be used for compensation.

And even if you can prove the damage, you have to prove the cause - effect relationship between our behaviors and the consequences you get. Also, of course, they do not prove it at all.

We are having a Open Court in ForexPeaceArmy - Please search Google “forexpeacearmy justforex usurp vietnamese clients” for full threads detailed.

Feel free to ask, if you need further information or evidence. I have them all.

I want no-one to be a victim of Justforex - SCAM BROKER anymore and clean-up the scammers for Forex Industry.

2

You guys should be careful with these brokers. Always follow up with their reviews on forums or websites. Once you see warning signs of them going rogue soon, pull out.

2 Likes
3

Thank you for the information.

5

[Quote removed due to policy violation]

Definitely, it’s up to 200 vietnamese victims of Justforex so far.

6

Dear Valued Community,

Please kindly see the official statement of Justforex regarding the situation that has arisen.

The above-mentioned actions are getting round by a small group of persons, whose fraudulent activities have been suspended by our Company.
The essence of the fraud laid in the point that their activities were aimed at the illegal generation of IB commissions. Subsequently, this commission was used to generate new drop user-profiles and boost trade statistics under the guise of regular trading and partner activity. Initially, all their activities are planned with the main purpose of intentional abuse of the Company’s conditions and product, involving the Company in their fraudulent activity, rather than a general trading venue.

Such actions are prohibited, as they completely contradict the principles and standards of the financial, banking, and trading industries in general, and the rules of Justforex, in particular. Through the work of our internal security system, this activity was detected and an investigation procedure was conducted. The relevant notification was sent to all the members of this group once the investigation process was initiated.

According to the Policies and rules of the Company, as well as the Anti-Money Laundering Policy, and the Client Agreement, additional documents were requested for verification processes. We would like to draw your attention to the fact that these procedures are standard throughout for all the financial industry. In situations of this kind, according to the Anti-Money Laundering requirements, the Company undertook additional measures for
personal identification within the frame of Know Your Customer procedures and requested additional documents, which should be provided to the Company.
All these actions are aimed at protecting the interests of the users and preventing cases of involvement in illegal schemes.

According to obtained documents and data from the internal monitoring systems, the Company received incontrovertible evidence of the unlawful activities and numerous violations of IB and Client Agreements by this group of persons, in particular:

  • abusing scheme for generating an IB commission;
  • matching and repeating of IP addresses, device identifiers for login sessions of all profiles;
  • transferring of the commission received to create drop user-profiles;
  • other multiple violations of IB and Client Agreements.

The Company canceled the illegally received IB commission, as well as the trading result obtained from the fraudulent activities.

The Company wants to emphasize that the amount of the initial investment, which was not involved in this activity, was not affected, and all these funds are available for withdrawal.

As a result of the Company’s actions, the largest fraudulent scheme in which users were involved as drops was suspended. Furthermore, this group of persons has disseminated and continues to disseminate knowingly false and misleading information regarding the Company’s terms and conditions.

The Company will always prioritize its anti-fraudulent activities aimed at the defamation of the reputation of the industry.

7

The way Justforex handle their own accusations is to unilaterally terminate the Contract with Justforex’s Clients by:

  • send an simple email accusing them of fraud activities without any evidence to support the accusation.
  • delete trading history
  • delete portal login
  • never response the Clients while keeping all of Client’s money (even the Principle).

What if a Client deposits money to Justforex in the future.
And if anything happens which you just have “doubt” about it and started from your side or your record system then the next thing you do is:

  • delete portal login,
  • delete trading history,
  • delete all information
  • keep all of Clients’ money
  • and never contact them?

How does the Clients trust and use your services?

The conduct of Justforex is completely unprofessional and unilateral slander.
That action is an act of disrespecting the interests of the Clients who used to have faith in you.

And if Clients want to confront with you about what happens, is it a fraud or simply a mistake or anything on Earth could happen? You never answer your Clients who have problems with you.

Then why refund for ~80 Cilents who have 100-300 USD in balance with the same accusation.
And keep money of other ~20 Clients who have 100,000 USD in balance with the same accusation (up to 900k USD balance).
It’s kinda weird.

By the way, you still have not replied the thread “Justforex usurp 900,000$ from Vietnamese Clients” on the Forex Peace Army for a very long time.
You can search the google that keyword in case you forget about it.