Forex4you: What Does the Trader Say about it?

Forex trading, with its complexities and volatility, demands meticulous attention and prudence. Even fully regulated brokers are not risk-free, and poor regulation or lack of adequate safeguards by offshore brokers or underregulated ones makes traders even more susceptible to potential losses or misappropriation of funds. In addition to scams, trading platforms that are legitimate or have some degree of legitimacy are also often reported by users as having problems with withdrawals and account activities, among others.

This article provides a glimpse into forex broker Forex4you by delving into a complaint submitted with BrokersView against the broker by a Vietnamese trader.

Trader Complaint Against Forex4you

The trader from Vietnam complained of unreasonable profit deduction by Forex4you. Once he made a profit in his trading account, the platform did this with emotions, stated the client.

The client also said that if the problem is not solved, he will file a complaint against the platform with Vietnam's Department of Cybersecurity and High-Tech Crime Prevention.

Is there any risk involved in trading with Forex4you?

regulatory status

E-Global Trade & Finance Group, Inc., the operator of Forex4you, is authorized and regulated by the BVI FSC, an offshore regulator in the British Virgin Islands. 

Offshore brokers often operate in jurisdictions with lax regulatory frameworks and lack robust regulatory scrutiny, exposing traders to potential risks of fraud, manipulation, and misconduct. Therefore, Forex4you is subject to relatively weak regulation.

regulator's warning

On August 8, 2017, Bank Negara Malaysia (BNM) included Forex4you in its Financial Consumer Alert update, stating that the broker was neither authorized nor approved under the relevant laws and regulations administered by BNM.

Warnings from regulators should always serve as a red flag in your consideration. BNM's warning suggests that Forex4you had offered possibly illegal financial services in Malaysia.

Other Feedback

The customer who submitted the complaint is not the only one who had his profits canceled at Forex4you. Other clients have also reported similar problems, such as profit deletion, frozen accounts, and closed profitable trades.

On the other hand, quite a few clients gave the broker positive ratings due to seemingly good trading conditions offered.

Bottomline

To summarize, Forex4you is currently subject to a great deal of uncertainty, and traders are advised to remain vigilant.

If you have any questions about Forex4you, please ask us a Question. BrokersView will answer it for free.