What is forex4money?
Forex4money is a company based out of Malta. Its profile on GoGetFunding reveals that forex4money charges a 1% fee on funds. The source of this fund appears to be unlicensed forex brokers and a financial deposit system that is linked to the Malta Financial Services Authority.
This is the full list of the regulatory reports on forex4money we’ve found so far:
• December 23, 2014 – ForexRobo has ordered Forex4money to immediately stop trading, due to numerous complaints.
• January 15, 2015 – MaltaOnline reports that Forex4money is a scam company.
• April 20, 2015 – AvaTrade.com users were also hit by scam.
• July 10, 2015 – forex4money also suffers from numerous scam attacks on its email system.
After trying to explain to a Forex4money agent that we are a bitcoin trading service and are not happy with their commissions, the broker told us that he wanted to hear everything we have to say about their customer service. The broker told us he is not willing to take back our $120 deposit and instead stated we are the problem.
“[X] confirmed that he has been an entrepreneur for a long time and knew that other customers had complained about your company and do not want to deal with you. [X] stated that he was a member of the best business, he had been in the industry for long and [X] said you and he will not be getting along as he will be having his family and children and wife being harassed by your people.
Why should you be wary of forex4money?
1. Underpaid and unpaid traders
2. Market manipulation, markups and lopsided trades
3. Suspicious purchases and withdrawals
4. Steep fees
5. Unclear refund policy
6. Bad customer service and bad settlement times
7. Misleading information
8. Insufficient Bitcoin functionality
9. Multiple charges for the same order or multiple trades
10. Insufficient security and safeguards
Above are just a few of the many complaints we have received.
Co-founder of Forex4money Chirs Comer
Forex4Money does not have any significant income stream and is in dire need of capital. In addition, it does not have a minimum account requirement and no money deposits are required. A few customers even made a clear case that if Forex4Money goes down, the entire world will be affected.
It is never a good idea to spend large amounts of bitcoin on a small single transaction in fiat currencies. We recommend Bitcoin exchange rates in $B that are less than $50.
Bitcoin has hit one million USD in terms of supply with Bitcoin exchanges becoming more and more popular, and demand for bitcoins also increasing. With more people making payments in bitcoins and more users setting up wallets, there is a greater chance that there is an attempted attack on the system. As such, we recommend using exchange rates in bitcoin/fiat currency exchange where there is lower risk of an attack on the system. A trader should check the bittrex exchange or cold storage wallets before spending large amounts of bitcoin.