FxSystems - The Center of a Web of Scam - Singapore Forex Trading, Singapore Forex Academy, Singapore Forex Association

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FxSystems - The Center of a Web of Scam

Sorry this is late. Things have been very busy at the FPA, so Scam Findings are a little behind. I promise to make up for it with some good news about the fate of these companies.

I thought it was odd when FXSystems.com bought up 1LotSTP.com, 1PipFix.com, 2PipFixed.com, 4RunnerForex.com, and LoyalForex.com. After that, things stayed quiet for about 2 years. Then things started to change

Three FPA Traders Court cases were filed. Each involved traders not getting paid. In one case, the broker threatened to withhold the initial deposit at 1LotSTP if the trader wanted a full investigation of why profits were being withheld. For each case, I emailed FX Systems to invite them to give their side of the issue. They didn't bother to reply to any of my messages. They didn't bother to pay money owed to their clients.

FPA member CharisTh filed the first case and kept digging up more facts for months afterwards.

Some of the things he found included...

FX Systems and its associated brokers claimed to be regulated in Nevis. The Nevis regulators clearly stated that this was not and had never been the case.

FXSystems.com then claimed to be regulated under something calling itself the National Forex Accreditation Coalition Safeguard (NFACS.org). This website had most of its text copied from the English version of Russia's CROFR.ru regulatory website.

All available evidence indicates that the NFACS.org website was created for one main reason. It was set up to give the false appearance that FxSytems and its subsidiary brokers were regulated.

All 3 cases ended with guilty verdicts. Because of this, the FPA has declared FXSytems and all related companies to be scams. Further, since it appears that NFACS was created only to act as a false regulator for the FXSystems group of companies, the FPA considers NFACS to be a scam too.

There is one piece of good news. Since the initial announcement of a pending FPA Scam Finding, FXSystems.com and all known related websites have gone offline.

The FPA recommends against depositing money with FxSytems, or any company related to them. If you had an account with any of these, the FPA recommends you try to contact the authorities immediately. If you become aware of any evidence linking FX Systems to any other broker, please post it in this thread.

I'd like to express my deepest thanks to CharisTh for his excellent efforts at finding more information about Fx Systems. Many people give up after realizing that they'll never see their money again. CharisTh's efforts helped to put this group of companies out of business. If more victims fought back like he did, there would be fewer scam companies out there preying in innocent traders.