Forex Broker Inc. - Discussion

Hello Everyone,
I am trying to find out and start a conversation with anyone who knows, or uses, the broker "ForexBroker Inc."

Not that I am much for banner ads, but a certain FX site I visit has so many that.... Actually it wasn't even the ad, more the broker's name that got my attention.

Simply titled "Forex Broker Inc." I guess they are getting to the point, or couldn't come up with any thing better.

I just opened an MT4 Demo, WoW it has been sooooo long since I even opened an MT4 Platform let alone actually used it. In any case, I am wondering if anyone has
used, uses or plans to use this broker. Leverage seems to range from 50:1 to 200:1 - Personally I am happy to see they have 50:1.

They have a few different account packages, platforms are a web trader, MT4 and some mobile platform called SIRIX.

They claim to be an ECN but I don't see any of the necessary changes to MT4 made on the demo, or any choice of the liquidity provider (sometimes offered) or a price ladder. Maybe these things come when live? I don't know.... Perhaps I can do another web chat session with them asking, AND-----> IF ANYONE ELSE HAS ANY QUESTIONS (BRIEF) post them and I will find out. Some of my chat will be posted below.

There is an interesting "matching bonus" where your initial deposit is doubled yet cannot be withdrawn mainly they say "just to add margin allowing you to take and or sustain larger trades or stops" loosely quoted. With a TON of baggage, so you can't withdraw it, not so bad right? Arbitrage is Not allowed on accounts USING it, LOL, I'd like trying to fight that one out! They would likely say 1/10ths of a cent is still technically "their's" if it came down to it!!

The do have a bunch of nice CFDs such as Sugar, Wheat, Brent, WTI, Corn, Gold, Silver, DOW, S&P, FTSE, DAX, NSDQ, Coffee, NatGas and a couple more I don't remember off the top of my head.

Not much info on the site if any about the company. They are Based out of Malta, Europe --- Which as beautiful as it is, is a small country Island of the coast of Southern Italy and from what I have read / heard this for instance
as well as financial crimes, "namely fraud and misappropriation" I'm sure tax evasion and ponzi schemes are large too. Making it a perfect place for an unscrupulous broker. wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwBUT I HAVE NO EXPrience with them SO I CANNOT SAY IF OR IF NOT THEY ARE LEGIT OR A "BUCKET SHOP"
JUST COMMENTING ON THE REGION. ALL PUBLIC INFO.


I don't know what else to add to this right now.. Oh Yes, they claim to take US clients, and this would get me out of FiFO and other stupid rules that the US Gov ruined retail FX with, Yet, I this broker right now fits about 95% of the NO NO list of brokers that are not well known and outside the US...'


ALL coments welcome!

Please wait for a site operator to respond.
You are now chatting with 'forexbrokerinc'
forexbrokerinc: Welcome to Forexbrokerinc, how can I help you?
you: Hi - I have some questions
forexbrokerinc: how may I help you?
you: Can you tell me a few things starting with how long you have been a broker for?
forexbrokerinc: since 2012
you: great and where are you based out of?
forexbrokerinc: We are based in Malta, Europe.
you: Are you regulated there? And if so by what entities?
forexbrokerinc: (Noble Services) the operating company of Forexbrokerinc is in the process of acquiring a regulatory environment from the Malta Financial Services Authority a full member of the EU.
you: So as of now no one.
forexbrokerinc: no
you: What is the minimum deposit for the micro account>
forexbrokerinc: for all types of accounts is $5
you: And what is the easiest way to fund an account as well as withdraw funds?
forexbrokerinc: we accept credit/debit cards and bank wire transfers
forexbrokerinc: the fastest way is credit/debit card
you: and upon withdraw? How does one obtain their funds?
forexbrokerinc: the funds will be sent back to the deposit method you chose at the deposit
you: Would you be able to give me an estimate of how many clients "retail" you have currently?
forexbrokerinc: about 3000
you: Thanks, and do you have offices in other countries?
forexbrokerinc: you are welcome, no, but we are growing company and we can have them in the nearest future

Chat session has ended.
You are not currently in a chat session.

Oddly enough I asked something about regulation again and we were "disconnected, mysteriously."

Its just a new company. If the broker is honest then there shouldn't be any worries. However, I would still prefer a regulated company. Regarding ECN, if they give you level 2 pricing, it is the first sign of direct inter-bank quotes. Of course, there are other metrics to gauge ECNs ( I think you know it yourself). Regarding ECN, ask their rep about level 2 quotes. Otherwise, seems OK broker initially.

I've been trading on and off with ForexBrokerInc for a couple of years now. No complaints. I've withdrawn a couple of times on wire transfer. Not lightening fast, but I got my money.

Placed on one of there freerolls and got a nice credit to my account. Couldn't withdraw that, but could the profits.

Anyways, I'm happy so far.

Hi XTrade,

I am in the process of testing this broker (Forex Broker Inc). There are a few things I find suspicious about it, but I am willing to give them the benefit of the doubt until they prove me wrong.

One issue came up now as I am writing this, and I am trying to resolve it the best I can. Will keep you posted as I find out more... should anything bad happen, I will absolutely be sure to post it here.

The only way we collectively can have leverage against this broker is by making our claims public... and I save all my documentation/conversations/chats with them for that exact reason.

I will post the answers to other questions I asked in a separate message to them..

Thank you for contacting our Support Team and also us here at the BackOffice, we will do our best to answer all your questions and get you started as soon as possible.

Our payment channels and payment processors vary depending on which payment method you are using to fund your account. regarding your question about having to go through London, the answer is that transactions simply pass through through this channel, it could so happen that your transaction does not even pass through the London processor.

Regarding the VIP status, when you proceed with your first wire deposit your account, currently we 120% VIP Welcome Bonus and a 35% Loyalty Bonus.
In order to be a part of our VIP program, you must fund your account using only the Wire Transfer Depositing method.
After completing the wire please send us the confirmation of the wire transfer transcript which you can obtain from your banking institution.
Here is all the Information you will require to perform a Bank-wire Transfer.

Beneficiary’s/Recipients Name:
Gridley Enterprises S.A. Ltd
Receiving Bank Name:
TBI Bank
Receiving Bank Swift Number:
TBIBBGSF
IBAN Number = Account Number
BG 94 TBIB93101107371501 (online-no spaces needed / paper form-spaces required)
Correspondent bank: ING Belgium NV/SA - Only required if your Bank does not have International presence.
SWIFT: BBRUBEBB

· Receiving Bank Name & Address: TBI Bank
52-54 Dimitar Hadjikocev Str, 1421 Sofia, Bulgaria
· Recipient’s Full Registered Address of Head Office (Gridley Enterpises S.A. Ltd) :
Suite 102, Ground Floor, Blake Building, Corner Eyre and Hudson Streets, Belize City, Belize

Our marketing strategies differ from time to time, currently, yes, we are focusing on the US market but not limiting ourselves to only US clients.
Our company was recently in the process of The website www.forexbrokerinc.com and www.optionsbrokerinc.com are operated by Gridley Enterprises SA., a company incorporated in the Republic of the Marshall Islands. With these changes we are ensuring further the high level of service we have been providing our clients for several years.

The max leverage we offer to our clients is 1:500 with max account balance $20000. if the balance is between 20000- 100000 the leverage is applied is 1:200. 1:100 if the balance is $100,000 - $250.000. 1:50 if the balance is between $250000 - 1000000. Can you please clarify your question regarding the effected deposited amount?

However please note, we are not only based Republic of the Marshall Islands, we are an international company with several locations. Furthermore, our Terms and Conditions are also in the process of being updated to reflect the current standing of our company.
I hope this email helps.
Kind Regards,
BackOffice Team

Mmmm. I personally don't like the set up.

I would be fine if they were strictly in the Marshall Islands, given the Republic of Marshall Island's relationship with the United States. However, they are merely incorporated there, which doesn't say anything. I can incorporate in virtually any U.S. territory or state, or a foreign country without having a physical presence there.

However, the receiving bank is in Bulgaria (ugh) and the so-called "Head Office" is in Belize ... .

Moreover, this fact alone steers me away from this broker:

I have been looking at offshore alternatives as well. There's some good info in this thread: http://www.forexfactory.com/showthread.php?t=333465

Specifically relating to ForexBrokerInc, I have been researching them as well however the conversation I had with one of their online rep's yesterday did not leave me feeling very confident about looking at these guys any further. This is mainly because I trade within an LLC and it appears that this broker does not have a process in place to register a corporate account. At least from my discussion below: I'm also looking at FXChoice - based in Belize

You are now chatting with 'Forexbrokerinc'
Forexbrokerinc: Hello, my name is Mark. How may I help you?
you: Hi, I'm a US based trader that currently trades within an LLC Account for my business. Do you allow trading through LLC's?
Forexbrokerinc: yes, we allow business users
you: I cannot find any information on that on your site? If I click on the Open an Account now tab it asks for my info but I don't see where you could enter a company Name. I trade through a company?
Forexbrokerinc: you can enter your company details instead of the regular details
you: I do not see that! It asks for my First and last name...Nowhere can you put in a company name?
Forexbrokerinc: yes, instead of that you can put your company name
you: I do not think you understand what I am asking? I do NOT trade in a personal account. I trade in a business account. If you allowed business trading there should be a way to set up a Corporate Account and I do not see that
Forexbrokerinc: sir, you can fill instead the personal account details your company details
Forexbrokerinc: there is no problem about it
Forexbrokerinc: we allow business trading, the register procedure is the same as for personal accounts
you: Yes there is. My Corporation has one name only and you are asking for First Name and Last Name?
Forexbrokerinc: these are the standard fields
Forexbrokerinc: feel free to write your company details in both of them
you: This does not make sense. Every other Broker has a different process for setting up a Corporate Account versus a Personal Account. It seems you do not. Thank you for your time.
Forexbrokerinc: you are welcome
Forexbrokerinc: Thank you for using the Forexbrokerinc live help service.

I have been trading with Forexbrokerinc.com on and off for about a year now basically to see if I wanted to use them vs my U.S. brokers. Everything was fine until I started to put more money in, making huge profits, and then wanting to with-draw the money. The first request was for $45,000. I immediately got a call from my "account rep" that I had never spoken with in the year I had been with them. She wanted to make sure everything was okay, and was asking why was I withdrawing the money. I told her because it was mine, and I wanted it. I had made another 100k the next month, and asked to withdraw 75k. They said it would be in my account with in 3-5 days, and it came in chucks with the bulk of it hitting my account on the 5th day. After a few days of winning trades that gave me a hefty profit, my account was disabled for "suspicious trading activity". I currently have a short position in the sp500 (short A LOT of contracts at 1978.00) that I can not close because my account is disabled because of "suspicious trading activity". I figure they have been taking positions against me, and I am taking their traders to the cleaners.

** ONE IMPORTANT NOTE **
I was funding my account partially with a credit card, and twice I had to cancel my card because fraudulent charges showed up just after I made a deposit. I was only using this card to make deposits with them, and I didn't use it anywhere else.

As soon as my account is active again, I'm going to pull out all of my money and cancel my trading account. I think it's better to stick with US brokers that are regulated and have to pay taxes on vs taking a chance with an over-seas broker that could potentially cause you a lot of headaches.

Here is a screen shot of my trying to close my SP short and my trade being disabled. I've been trying to close it since it hit 1935.20 and FOREXBROKEINC. has disabled my trade because of "suspicious activity". At this point, I'm losing about 5k per tick...........