Executive Forex: Reviews, Complaints, Customer Claims

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comprehensive training conflict of interest educational package johannesburg money marketer broker monthly fee retail traders tax implication trading account training course

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Newest Executive Forex reviews & complaints

Carryn Clark of US

Nov 11, 2016 2:22 am EST

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Executive Forex Forex scam / fraud

Executive Forex / Randburg Jhb
1. charge you R17700 to open a trading account for you - this you can do for free with any trader included in your R17700 offer you a training course... - this you only get if you in Johannesburg... they don't have infrastructure anywhere else in SA to offer the full comprehensive training needed to be a successful trader... When they "sell" you their educational package... which let me recap is "1 hour training and to open a trading account" (the training material they send you is equal to what you get free of the internet too) So not sure what you paying for.
2. When they send you salesman to convince to sign up... they tell you that you are trading forex... And anyone can do it... BULL... first lie is they don't tell you that 95% retail traders fail, second lie, they say you trading forex but you not trading forex, they sign you up with a Money Marketer broker... quick summary of a Money Marketer... "Market Maker (MM), also called a Dealing Desk (DD): MM is an artificial type of broker because it doesn’t reflect the market directly, but simply quotes prices which are similar to what the market displays. Any order you enter is processed internally and never goes out to the market. Pros: Quick execution (typically no re-quotes) Cons: Every dollar you gain goes out of the broker’s pocket and every dollar you lose ends up in its pocket = major conflict of interest. (Scary!) Third lie, they don't tell you that one of the "owners" Jonathon of Executive Forex is the broker who then contracts to an international MM, through Metratrader 4 (major conflict of interest again) but win win for him, lose lose for you! Fourth lie, tell you there is no tax implication if you withdraw winnings... well there is you need to declare it like everything else... my guess is Executive Forex know you never going cash out so they just get that out the way. Fifth lie, they charge you a monthly fee of R299 for continuous software updates... and signals... - the signals & market info you get for free on forexfactory.com and investing.com and they don't give you any software (Metratrader 4 is not theirs)...So as you can see this company is a SCAM. I am living proof of losing +- R60 000.00 since May 2016, I have had communication with regarding the above and they have just shrugged it off. I have learnt big lessons and have learnt loads about the trading markets MM & STP brokers, how the markets are manipulated and many more so the above is not just hearsay, it is hard truths. BE AWARE

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Executive Forex response

Mar 23, 2018 2:43 am EDT

Executive Forex Company contacts

Phone numbers

+27 86 113 6739

+27 11 476 5344

Address

47 Monkor Road, Randpark Ridge, Johannesburg, ZA

Website

executiveforex.com

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Please be advised that the terms used in the above text are in no way linked to Executive Forex. It would appear that the complainant may have dealt with a different broker besides Executive Forex and thus may have confused the terms. Our service is above board and of the highest standard. With a client base of almost 14 000 clients Executive Forex has been in business for over 15 years and throughout this period has thrived to maintain customer satisfaction of the highest standard. We work hand in hand with some of the most reputable forex brokers who are fully registered with the Financial Services Board in South Africa and hence it would be virtually impossible to scam any client as that would put us and our brokers in a difficult position with the FSB. In spite of the above post we still remain committed to assisting the complainant in any way possible as we have previously done. We encourage her to contact our offices in order for us to resolve her query.

Is Executive Forex legit?

Executive Forex earns 88% level of Trustworthiness

SAFETY NOTICE: ComplaintsBoard has determined that Executive Forex has an exceptional credibility, near-perfect reputation level of trust, with a legitimacy rating that is more or less around 88%.

We found clear and detailed contact information for Executive Forex. The company provides a physical address, 2 phone numbers, and email, as well as social media account. This demonstrates a commitment to customer service and transparency, which is a positive sign for building trust with customers.

By resolving 100% of 1 negative reviews, Executive Forex is demonstrating its dedication to customer satisfaction and effectively addressing customer issues. While there may still be some practical problems that need to be addressed, such as long wait times or unhelpful responses.

Executiveforex.com has a valid SSL certificate, which indicates that the website is secure and trustworthy. Look for the padlock icon in the browser and the "https" prefix in the URL to confirm that the website is using SSL.

Our scan shows Executive Forex website is free from malware and phishing activities, which are types of online threats that can include viruses, worms, Trojan horses, ransomware, and other malicious code, as social engineering tactics used to trick users into sharing their personal information.

Executiveforex.com has been deemed safe to visit, as it is protected by a cloud-based cybersecurity solution that uses the Domain Name System (DNS) to help protect networks from online threats.

However ComplaintsBoard has detected that:

Executive Forex protects their ownership data, a common and legal practice. However, from our perspective, this lack of transparency can impede trust and accountability, which are essential for establishing a credible and respected business entity.
The website belonging to Executive Forex has a low number of visitors, which could be a red flag for users. However, it's important to conduct additional research to fully evaluate the website's legitimacy and trustworthiness.
We have identified high risk financial services or content on Executive Forex's website. It is recommended that you use trusted sources and do your due diligence before engaging with any offers or services.

Our Verdict: Executive Forex is a recommended company with a strong reputation for trustworthiness and reliability. While there may be occasional issues, overall they have a good track record and can be considered a legitimate and trustworthy company.