NORTH PORT, Fla., Aug. 23, 2013 /PRNewswire/ -- While brokers in most financial markets, such as stocks, futures, and commodities are required to be regulated, due to the global scale of forex market, many forex brokers do not have such requirement.
"Most newbies that enter the field of forex have no idea of the appallingly large number of instances of fraud that the forex industry suffers from. I personally started trading forex in 2004, and the dishonesty in the industry shocked me," says Dmitri Chavkerov, the CEO of ForexPeaceArmy.com, Internet's most reliable website for global forex trading reviews.
"Someone needed to do something, so in 2005, I created a very small website, where I shared opinions and gave ratings to all forex companies I personally dealt with. Shortly after advertising this website, I started receiving emails from people, asking me to post their reviews. I obliged, and the site started growing quickly. Eventually I offered my site visitors to give me their email address, so that I could share with them my trading views. At that time, all other forex signal providers charged money for their services, so my website became first in the world to provide free forex trading signals to people. Since 2005, that once small website changed its name twice, and is now known to the world as Forex Peace Army," says Dmitri Chavkerov.
It's been 8 years, since Chavkerov founded Forex Peace Army, but according to him, there is still much fraud happening in the forex industry on regular basis.
"Forex Peace Army has a section, which lists forex scams. Before a company is labeled as scam, we first of all gather and verify evidence from victims. We then contact the company many times, allowing them to respond to the evidence provided, and possibly resolve the issue. At the end, if our investigator is convinced beyond any doubt that the company is scamming people, we email our large list of subscribers, offer them to review all available information, and ask them to vote and comment on whether, in their view, the company is guilty or not. Only after seeing that the vote from our members is mostly unanimous against the company, do we label the company as scam, and openly share investigation details, comments, and votes," says Dmitri Chavkerov.
According to Chavkerov, currently there are 64 companies labeled as scam on Forex Peace Army, and at least 6 more are under investigation.
"Given such strict requirements for a scam finding, only really evil companies make it into this section. Many of them are forex brokers that accept customers' deposits, but refuse to honor withdrawals. In other words, they just steal your money," says Dmitri Chavkerov.
According to Dmitri Chavkerov, Forex Peace Army is respected by Google, so when someone does research about a forex company, Forex Peace Army comes up in top results, so many people are warned about a scam, before becoming its victim, and due to lack of business, the website eventually is shut down by its operators. Some fraudulent operations, however, get angry and fight back by creating hate-websites with false negative publicity about Dmitri Chavkerov personally and Forex Peace Army.
"I suppose, it comes with the territory of what we do, and it's not difficult to understand why many scam artists do such thing," he says.
"When a potential client stumbles upon a scam finding against a company on Forex Peace Army, they sometimes confront them, so if the fraudster created false websites and posts about us, they respond to the potential victim with comments such as that Forex Peace Army blackmailed them for money, and because they refused to pay, we fabricated negative information about them, and as proof, the fraudster refers the potential victim to links with false negative information about us, which often times they themselves or their friends created," says Dmitri Chavkerov.
"Of course, scammers don't get very far with such tactics, because most of the time their potential victims know that Forex Peace Army is the biggest and most reputable forex reviews website in the world. They see biggest names in forex display their banners on Forex Peace Army. They also see that we operate out of United States, so it's not difficult for these potential victims to understand that if we ever blackmailed anyone or were involved in any other type of illegal activity, we would not come up on top of Google results and would've been shut down a long time ago, so they simply refuse to give scammers their money," he says.
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SOURCE Forex Peace Army