Good to see you still love FXOpen so much as to give all your attention to the broker.

I would like to add that the guy called "MaXeY" who started the "fxopen scam scum" thread at FF is yet to find a broker that will accept his cheating off quotes script. Check his other posts. There are a bunch of other brokers he is calling scam scum at the moment.

As for the Erlan thing, there has been an independant investigation into it. It was resolved in FXOpen's favour. See the result at
http://www.forexpeacearmy.com/forex-...-resolved.html

"Erlan", who we know is not one person, but a bunch of people working for Poltek/Masterforex/Beaverhead Financial etc, has failed to contact FXOpen about his issue. Indeed, when FPA acted as a mediator to get him to contact FXOpen, his reaction was not to make a phone call, but to go on yet another forum rampage. He was banned 3 times in one day using multiple accounts to spam Talkgold forum with his anti fxopen propaganda straight after the FPA got involved.

What does this all mean for FXOpen clients? Nothing. The company is going from strength to strength and is constantly improving it's services. Poltek on the other hand appear to be floundering and are not paying withdrawals to people. PoltekFx.com Is a big Scam!!

If you want to talk about FXOpen some more, why not pop into our head office for a chat? Perhaps some of your misconceptions can be cleared up.

__________________
1/2 pip spread rebates and a free forex signals blog including OzFX based swing, only at RebateFX.com

Just a few questions, jafar00:

Where is your company located?
Why don't you publish a physical address on your site?
Is FXOpen a legally registered company at all?
If it is registered somewhere, is it legal there to not publish a physical address?

Well, in my country you not only have to publish your physical address, you also have to publish the sales tax identification number on your site! Oh, and a name wouldn't be too bad either...

We have the main admin in Cairo, Egypt at 14 Gezira Al Wosta, Zamalek. There are IB offices around the world and some have the address listed on their IB page such as the French office located at

68 bis boulevard Péreire
75017 Paris
France

FXOpen - Forex, mini & micro forex broker, online forex trading, forex exchange

Yes. FXOpen - Certificate of Incorporation

Physical addresses are published for you to see.

Different laws all over the world. When FXOpen opens offices in different parts of the world, the company complies with all local laws. For example, we have plans for USA, Swiss, and Dubai offices in not too distant future and to comply with their laws will of course register with the relevant authorities (NFA, SBC, Dubai Stocks and Commodities licence ... etc...)

__________________
1/2 pip spread rebates and a free forex signals blog including OzFX based swing, only at RebateFX.com

Love the Picture! The guy is a Gordron Gekko Wannabe!

The NFA has just blown the lid off I Trade FX’s finances. I Trade FX has had a wild financial history going from $6,500,000 in adjusted net capital in March of 2007 to $-3,000,000 in April of 2007 then up to an astonishing $34,000,000 by December of that same year. Last month the firm took a huge net capital drop down to $16,000,000. Who knows what it will be next month. But judging from this just released NFA BCC action against the firm we are beginning to get an inkling why the firm’s numbers are all over the place:

BASIC Case Summary

First the NFA reveals this juicy little tidbit about I Trade FX’s customer base:

For a firm that saw its net capital grow from a little over $1,000,000 in 2007 to $34,000,000 by the end of the year that is a TINY customer base. Only 3,000 accounts? Only NINE accounts with equity of over 50k? The firm is barely doing any business. So how did their capital figure grow to such a huge amount?

Answer per the NFA: David Smith

Who is David Smith? Well he is famous in Jamaica for starting a couple currency trading clubs (Olint Corporation & TCI FX Traders) that racked up huge profits. Only problem for Mr. Smith was that he neglected to register with Jamaican authorities and in 2006 they swooped in and raided his place of business seizing everything in sight. The raid was upheld by the Jamaican Supreme Court last year. The Government has yet to charge Smith with any crime and in the meantime he has shuffled on over to the Turks and Caicos Islands to await the outcome of the investigation: David Smith on the business of currencies trading - JAMAICAOBSERVER.COM

But while he was awaiting his fate in Turks and Caicos he continued to operate his Olint and TCI accounts at I Trade FX. And this is what has so concerned the NFA.

In 2007. when NFA got wind of the Cease and Desist order against Smith they asked I Trade FX to turn over Smith’s bank records since he was a principal in the firm. I Trade FX could not get Smith to comply and so they dumped him as a principal. But the NFA didn’t let the matter die there. They began digging through Smith’s trading activity at I Trade FX (particularly his Olint and TCI accounts). Examples of Smith’s activity cited by NFA included:

Several more examples like this are cited in the NFA report including this one:

What the NFA is charging I Trade FX with is failure to notify NFA of suspicious activities, not money laundering itself. But it does raise very troubling question about the people I Trade FX is associating with.

I Trade FX responded in a radio interview in which they directly contradicted some of the NFA’s charges (Smith was only a minority shareholder according to I Trade FX.) But in one eye popping segment of the interview David Smith and I Trade are busted by the interviewer on the question of “why wouldn’t David Smith give the NFA his bank records?” I Trade FX claimed Smith’s lawyers felt NFA had no jurisdiction to ask for Smith’s bank records and so Smith declined. Ten minutes later David Smith gets on the phone and states the NFA never asked him for his bank records and that I Trade gave NFA that response because Mr. Smith needed more time to put his records in order. Smith quickly back tracks when he gets called out on his original answer and in general gave a less than stellar performance. This radio interview was just conducted at nationwidenewsnetwork.com and is a must listen:
dsm interview_provider investforlife

This is big news in Jamaica even if most people in the United States have no idea who David Smith and I Trade FX are. At the end of the interview the interviewer asks David Smith why customers of Olint aren’t getting paid their monthly returns. Smith has no answer and after an agonizingly long pause throws out that his “brokers” won’t give him the funds and he doesn’t know why. The credibility of David Smith crumbles by the hour and his constant references to himself in the third person in this interview only damage him further.

It may be that we have only touched the tip of the iceberg with this story so stay tuned as this investigation moves forward.

Google “David Smith” and “forex” and you come up with hundreds of results. The man is the George Soros of Jamaica and reading through some of the material on him either you love him or you hate him.

On the Internet you can find plenty of testimonials from customers who back up his claims that his trading club “Olin” was routinely getting 10% monthly returns. But I give you this blog post from “All Messed Up – My Life” to give you a front row seat at a David Smith love fest: All Messed Up - My life, My work, My Jamaica

Such is the effect that Smith has on his followers. Indeed, below this blog post there are over 100 comments, many of them like this:

So what got Olinter so riled up? Well, many of the people commenting claimed that Smith is merely operating a Ponzi scheme. In fact, the International Monetary Fund recommended that Jamaica close all its unregulated investment schemes due to the concern many bankers have about ponzi schemes in Jamaica.
Close unregulated investment schemes, warns IMF - JAMAICAOBSERVER.COM

This article that came out last week in the Jamaica Observer states there are 35 such known schemes in operation on the island today and that their collapse could wreak havoc on the island reminiscent of the Albanian Ponzi Scheme revolution of 1997:
1997 rebellion in Albania - Wikipedia, the free encyclopedia

In fact, one major investment scheme has already been exposed in Jamaica, Cash Plus.
Cash Plus drama ...Carlos Hill and co-accused charged with fraud - JAMAICAOBSERVER.COM

Only time will tell if David Smith’s Olint is a Ponzi scheme too. And if it is it could have far reaching consequences well outside the happy confines of Jamaica.

Hello Savior !

Thank you for your great work !
It's really quitefull to know there is a Sherlok Holmes in our dark sharks's world.
BTW, do you have any info about SpotTrader http://www.spot-trader.com/, he seems to be an IB of PFGBest Futures Broker, FOREX, Options, Alternative Investments - PFGBEST.com or TrendFX http://www.trendfx.org/eng/company/about/ ?

Ciao

Thanks Michel. I have not heard of these two companies before. Forex is a big world

The NFA has come out and clarified that it is not investigating any of the transactions in question by Olint or TCI. They are merely citing I Trade FX for not filing any anti-money laundering notices in regards to the transactions in question. Jamaican media is all over this one: Radiojamaica.com... today's news... today | Nfa, Itrade, Complaint, Activity, Should | Olint and TCI not apart of US investigation - The US securities watchdog company, "National F...

David Smith is rumored to have over $1 billion in assets under management. As such he has money squirreled away all over the world. I Trade FX is just one of many brokers Smith has cash at. It is rumored that he has money at all the big FX brokers in the U.S. The folks over at investforlife.wordpress.com have been doing a great job covering the Olint story and today they printed an email from an anonymous source to Oanda asking them if they have any David Smith accounts and if so have they frozen them: Olint, is it the broker’s fault? « Real Investments For Life

Naturally, Oanda cannot comment on private customer information. But they state in their email responses that regulators can request customer accounts be frozen. Smith is stating that is why he can’t give customers their money back. Olint customers are worried that Smith is playing the slippery eel and that he is using that as an excuse for non-payment.

My hunch is that regulators are swarming all over David Smith’s accounts right now and he most likely is telling the truth. But that being said will there be enough money in all his accounts to pay back his customers? That remains to be seen…