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Review of the fraudulent broker 4XP - reviews of the illegal activities of the project, exposing the sharaga
Company 4XP is an Israeli forex dealer founded in 2009, which ceased operations in 2013. This project was focused on providing services in the field of trading on the Forex currency market. However, despite the apparent legitimacy, fraud on the part of the company is actively discussed on the RuNet, which raises serious concerns among potential and current clients.
|Year of foundation
|Regulation and jurisdiction
British Virgin Islands
- Russian-language interface
- Loyalty requirements for the first deposit
- The office has failed
- Fraud with quotes
- Lack of promised payments
|Types of accounts
Standard, ECN, Micro
Floating (from 0.3), fixed (from 1)
Currencies, metals, indices
|Minimum trade size
Bank cards, e-wallets
What is known about the 4XP broker
The project was founded in 2009. The company was legally registered in the British Virgin Islands (BVI). The choice of an offshore zone is not accidental, since local legislation makes it possible to hide information about the authorized capital and founders of the organization from clients. Such jurisdictions are in demand among scammers.
The company operated under an FSC BVI license, but the document was revoked.4XP also claimed to be regulated by the FCA UK, CySEC and other regulators, but these claims turned out to be false. No information was provided about specific company executives, indicating their preference to remain anonymous. This is a clear sign of fraud.
Dubious benefits and fake statistics:
- opening of regional offices in various countries – the specific number is not specified, office addresses are also hidden;
- multilingual customer support – the exact number of languages is not specified;
- The number of active trading accounts is not specified, but given the company’s reputation, these statistics are misleading for beginners.
The 4xp.com website is currently down and its domain is redirecting to another website. There have been numerous complaints on the RuNet from customers who have lost significant amounts of money. Therefore, cooperation with the sharaga in question is impossible.
Terms of trading with broker 4XP
The broker offered its clients trading on the popular MetaTrader 4 (MT4) platform, which is one of the most famous and widely used platforms in the world of forex trading. The terminal is famous for its reliability, an impressive set of analysis tools and the ability to use automated trading systems. However, the platform itself is worthless if the counterparty independently manages the quotes. This is exactly what the scammers fromForex Place, they refused the services of liquidity providers.
Main characteristics and trading conditions:
- deposit currency: euros (EUR) and US dollars (USD) were mainly used.
- account types: mini and ECN accounts were available, including Advanced Account Execution (no requotes and commissions, order execution time from 0.4 to 0.8 seconds) and ECN Classic (no requotes, leverage 1:150);
- risk-free accounts: services were provided for a long period (up to one month), with a refund in case of losses;
- bonuses: bonuses are provided for each deposit, reaching 25%;
- payment systems: withdrawal and acceptance of payments through Neteller, Webmoney and Mastercard;
- trading with advisors: available;
- minimum lot: 0.01;
- spreads: Floating spreads start from 0.3 points, fixed spreads from 1 point
- minimum deposit: 100 US dollars;
- leverage: Up to 1:300;
- trading instruments: 46 currency pairs, 2 metals, 13 indices;
- analytics: provided in English.
Trading conditions are unremarkable when compared with competitors4XP official website is devoid of important content, the founders of the scam gave preference
4XP Broker Exposed
Despite its promises of high-quality forex trading services, the broker has found itself the subject of numerous complaints and accusations of fraud. These shortcomings in investor service revealed serious problems in the company’s operations.
One of the key areas of concern was the lack of transparency and credibility in the provision of licensing and regulatory information.4XP claimed to have licenses from leading regulators such as FCA UK and CySEC, but these statements turned out to be lies. In fact, the only license the broker held (from FSC BVI) was revoked. This highlights the company’s dishonesty in matters of legality and regulation of its activities.
Numerous customer reviews indicated serious problems with withdrawals. Investors have complained about the cashout process being delayed and, in some cases, disappearing completely. Such actions are a classic sign of fraudulent activity in the provision of brokerage services.
Cases of aggressive marketing and extortion of money from customers have been recorded. This indicates that4XP used unscrupulous methods to attract and retain clients, which is another red flag in the practices of Forex brokers.
In 2013, the broker was recognized as the Forex scam of the year, which confirms the scale of the company’s fraudulent activities. After a series of lawsuits and investigations, the counterparty’s activities ceased, but many clients were never able to get their funds back.
Rebranding 4XP and a scheme to scam newcomers out of money
The scammers relaunched the SCAM project several times, trying to fight off the trail of accusations of fraud and constant scandals. However, their attempts were unsuccessful. Despite the choice of a new name, the administration always gave preference to kitchen activities, using quote manipulation to reset user trading accounts4XP investments this platform makes no sense.
Sharaga worked according to the most primitive scheme:
- Using aggressive marketing, scammers attracted the attention of the target audience, promising stable earnings without financial risks.
- The scammers drew fake profitability in the trader’s personal account, simultaneously offering to increase the amount of investment capital. Allegedly, this allowed him to reach a new level of earnings.
- When the client expressed a desire to cash out part of the funds, he was constantly asked to re-verify and pay a fictitious commission.
- Some users were accused of violating the terms of the client agreement, without specifying which clause was not observed.
- The cooperation ended with the trading account being blocked and the funds completely written off.
Scammers did not allow users to withdraw even small amounts. Their goal is to take absolutely all the money to the last penny. The considered operating algorithm shows the true essence 4XP personal account It’s not worth opening here, because cooperation is doomed to failure.
Telephone scammers actively use the 4XP brand and history of this company to continue to scam gullible newcomers. However, this company has never been considered a bastion of reliability. The origins of the project were the most common scammers, who created the appearance of successful trading. In reality, they simply appropriated other people’s money.
Analysis of reviews about the broker 4XP (Forex Place)
Customer reviews paint a vivid picture of systematic problems and fraudulent behavior on the part of the company. The main complaints relate to difficulties with withdrawing funds, sudden blocking of accounts and lack of support from a fake counterparty.
Many customers have experienced serious delays when attempting to withdraw funds. These delays were often accompanied by a lack of information or support from company managers. In the case of ipl, the manager in charge of her account suddenly disappeared, and the company demanded new withdrawal requests, which ultimately led to the account being blocked and the loss of $6,200.
IronLady1985 and Maxim describe situations where their accounts were blocked without warning or explanation. This indicates serious failures on the part of the broker in the areas of customer service and transparency. Maxim mentions that his attempts to contact support went unanswered, which further reinforces the impression of the company’s dishonesty.
Reviews from edgar10200 and Dan403 highlight the scale of financial losses suffered by customers. Edgar10200 mentions that the average losses of traders amounted to more than 100 thousand euros, and Dan403 reports losing $2000 and accumulating debts due to the actions of the broker.
Users are distrustful of 4XP reviews confirm that the risks of trading on the platform in question are too high. The administration is absolutely not interested in clients making money. Comments from practicing traders clearly show that no one was able to withdraw money.
SCAM became a logical point in the history of the project. Users only lost money due to fault 4XP review complaints from traders clearly demonstrated what the organization was like. The illegal intermediary hid behind an offshore jurisdiction and also falsified licenses from reputable regulators. Earning money in such conditions is impossible.
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The company’s rating and reputation largely depend on whether its clients are satisfied. The reviews about 4XP are not the most flattering, and therefore you should take a close look at them before deciding to cooperate with this platform.
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