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CommexFx Scam [Contest Cancelled]

Abhishek
Aug 06 2012 at 10:19
12 posts
Recently CommexFX contest got cancelled from myfxbook due to the fact that CommexFX is none other than a scam broker. I recently came across with this Forexpeacearmy useful information about this broker. Everyone must have a look into once. Read it share with everyone and stay miles away with this broker if you don't want to loose your hard earned money. This is the extract from Forexpeacearmy post:

New Name, Same Scammer
Omari and Prime4x Return as CommexFx and CommexTrade


The FPA doesn't like to call for destruction of a company. Everyone here hopes that even the worst forex company will eventually realize that there are more profits to be made from happy customers than from ripping people off. Only in the most extreme cases does the FPA want to see a company eradicated. Prime 4x was one of those cases.

Prime's record is well documented at the FPA. Suddenly withdrawals problems escalated to levels far above normal. Usually, the FPA could convince the company to pay money owed, but for every payment made 2 or 3 new complaints popped up. The amount of time to get a single complaint resolved kept getting longer and longer as the believability of excuses kept going down. Finally, Prime4x stopped paying people and got a scam finding. Despite this, Omari kept making excuses and asked that the Scam Finding be lifted. It would have been lifted if he'd payed traders the money owed. He didn't. There was even a supposed change of leadership at Prime. A new president was allegedly appointed and claimed he would fix things. There was no information about him anywhere online. He fixed nothing. It's obvious that this was just another excuse to delay paying traders.

Because of Omari's delays, one trader in China was unable to withdraw money needed for medical treatment for his mother. Omari was well aware of this. I personally emailed him to make sure he understood the situation. He didn't do anything except keep the money. The trader's mother died. Legally, I'll guess that this makes Omari guilty of some sort of manslaughter. In my personal opinion, he's guilty of cold blooded murder.

There wasn't any choice left. Prime was still getting new clients and was paying no one. The FPA called for Prime4x's destruction. A few days later, the website went offline.


Then the waiting game began. I had a feeling someone as terrible as Omari wouldn't settle for sitting back with all the money he's already taken. He'd probably spend all of it quickly and want more. I kept hearing rumors of one brokerage or another that he was supposed to have bought. There was never any evidence and there weren't any complaints against those brokers.

Finally, I got an email with proof. Omari had a new brokerage in Cyprus. The registration even said that it was formerly Prime4x. The new company was called Commex Fx LTD. It seemed to be associated with CommexFx.eu and CommexTrade.com. Omari had even been emailing former Prime4x clients claiming that everything was fine and they could start trading again. For some reason, he still kept having excuses and delays on withdrawals.

The person who reported it didn't want his name used. He put me in touch with FPA member Wolf who confirmed everything and provided more evidence. I then called on FPA members Pharaoh and F-Man of 4xAngels.com to do some more digging. They came up with even more evidence linking all the companies and websites together.

The Cyprus registration for CommexFx LTD lists ABDEL RAHMAN KHEDR ABDEL RAHMAN EL AMARY as the sole stockholder. Omari seems to have a lot of ways to write his name. When he was at Prime4x, he went by Abdel Rahman El Omari. The address Omari gave to Cysec was 90 El Hegaz Street, Helioupolis Square , Cairo, Egypt.

All of the Commex websites, including CommexTrade.com, .net, org, and .info as well as CommexFx.eu, .com, org, and .info are tied to Prime4x. All at some point used Marketology.us for registration or DNS servers. Prime4x.com and CommexFx.eu are both hosted on the same server as Marketology.

It looks like Omari planned this for a long time. The Comex Fx websites were registered more recently, but the Commex Trade websites were first registered in February of 2011. That's before Prime4x's website went down.

If you were a client of Prime4x or have an account with Commex Trade or Commex Fx, you need to file a complaint with Cysec. Send an email to [email protected] and include all of your account information. Omari is trying to claim that the Commex that's registered in Cyprus isn't the same Commex that has your money. He's said that it's the other Commex and that company is registered in Belize. Send a complaint to [email protected] and let him know what's going on. If either of those organizations would like to contact the FPA, I'll share all the evidence that F-Man and Pharaoh dug up.

Give all the information you have to the authorities. If you are in Egypt, file a complaint with the police. Try to contact InterPol and see if you can get them interested in the case. Leave Omari with no place to hide. This man needs to be dragged before a judge in Egypt or Cyprus to face charges for his financial crimes. He then needs to be taken to China to answer for his part in the death of a trader's mother.


My thanks to that unidentified FPA member, Wolf, Pharaoh, and F-Man of 4X Angels. Without their help, Omari might have gotten away with this.


-----------------------------------------
Link to the original article
-----------------------------------------

https://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/19589-new-name-same-scammer-omari-prime4x-return-commexfx-commextrade.html

https://www.forexpeacearmy.com/forex-forum/blacklisted-folder-unresolved-scam-cases/19588-commextrade-com-aka-commexfx-eu-aka-prime4x-com-abdel-rahman-el-omari.html
dave90
Aug 06 2012 at 14:58
10 posts
i just register to myfxbook today and i was checking what people are talking about it here ,so this topic really attract me
coz i don't know shall we believe in regulation and authorities or we can believe on online websites that works and earn from Ads
  
i dont know any think about this company but i read all the story and i found only one funny thing the author request traders to send complains ever where to stop this company from doing business etc
so the question is how the authority gave them the regulation if they are scam

i think this should be the question
Abhishek
Aug 06 2012 at 15:04
12 posts
Regulation is must but those fraud company's generally prefer to register themselves in Cyprus / Virgin Islands etc. because these fraud brokers can easily get themselves register there because regulations there are not so strict as compared to US & UK.

If you read it carfully then you will realize that author points to complaint to regulatory authorities only in case of an issue and with this company the biggest issue is they never process any withdrawl request. 😀
James_Bond
Aug 06 2012 at 15:26
556 posts

Abhishek posted:
Regulation is must but those fraud company's generally prefer to register themselves in Cyprus / Virgin Islands etc. because these fraud brokers can easily get themselves register there because regulations there are not so strict as compared to US & UK.

If you read it carfully then you will realize that author points to complaint to regulatory authorities only in case of an issue and with this company the biggest issue is they never process any withdrawal request. 😀

I think the CySec regulatory status is the easiest to be registered with.

I've also went through the articles and don't see even one response of the broker trying to defend themselves, which shows you their true color.
Abhishek
Aug 06 2012 at 16:00
12 posts

I think the CySec regulatory status is the easiest to be registered with.

I've also went through the articles and don't see even one response of the broker trying to defend themselves, which shows you their true color.

Yes, cyprus regulation is almost closer to worst & a good reputed company never go to cyprus to get themseleves registered therewith. If you noticed one important thing then you realize whenever we see any broker scam that broker always found registered in either Cyprus or Virgin Islands
dave90
Aug 06 2012 at 17:48
10 posts
I don't agree with that because many of big names is regulated their
Like fxpro ,Windsor ,alpari and easy forex
Which mean it is not like BVI or Belize ,I agree with you that it seem that they are talking about withdrawal issue or problem but also search over internet and no one complain about commexfx which is the regulated one I don't know about if it is true that prime and commexfx is same company or it is just thoughts of some traders
James_Bond
Aug 07 2012 at 06:25
556 posts

dave90 posted:
I don't agree with that because many of big names is regulated their
Like fxpro ,Windsor ,alpari and easy forex
Which mean it is not like BVI or Belize ,I agree with you that it seem that they are talking about withdrawal issue or problem but also search over internet and no one complain about commexfx which is the regulated one I don't know about if it is true that prime and commexfx is same company or it is just thoughts of some traders

Those firms have a reputation built over years of hard work, unlike Commexfx which is obviously a scam.
James_Bond
Aug 07 2012 at 06:27
556 posts
This is unbelievable - MyFxBook canceled the contest while their representatives are saying that they aren't aware of any issues and business are as usual. This is definitely a scam broker - stay far away.
Abhishek
Aug 07 2012 at 06:44
12 posts

James_Bond posted:
This is unbelievable - MyFxBook canceled the contest while their representatives are saying that they aren't aware of any issues and business are as usual. This is definitely a scam broker - stay far away.

Everyone knows that contest has been cancelled except that broker itself. Isn't it ridiculous 😡
Warren Wong (warren87)
Aug 07 2012 at 08:18
13 posts
why we still can trade with use commexfx platform?
dave90
Aug 07 2012 at 08:18
10 posts

James_Bond posted:
This is unbelievable - MyFxBook canceled the contest while their representatives are saying that they aren't aware of any issues and business are as usual. This is definitely a scam broker - stay far away.



So this make my point clear that regulation can't be easy like offshore firms like BVI ,and this is my point that if their is regulation it mean your safer than offshore
dave90
Aug 07 2012 at 09:56
10 posts

warren87 posted:
why we still can trade with use commexfx platform?

Because Myfxbook canceled the contest ,but commexfx still keep it and will give prizes ,I was on their live chat today and they confirm that prizes and contest still on
Warren Wong (warren87)
Aug 07 2012 at 10:01
13 posts

dave90 posted:

warren87 posted:
why we still can trade with use commexfx platform?

Because Myfxbook canceled the contest ,but commexfx still keep it and will give prizes ,I was on their live chat today and they confirm that prizes and contest still on

So we still can trade at commexfx to win the prizes?
Invest4x (4xInvest)
Aug 07 2012 at 12:54
26 posts

warren87 posted:

dave90 posted:

warren87 posted:
why we still can trade with use commexfx platform?

Because Myfxbook canceled the contest ,but commexfx still keep it and will give prizes ,I was on their live chat today and they confirm that prizes and contest still on

So we still can trade at commexfx to win the prizes?

contest was canceled.. and seems that the company is scam, so.. i think everything is already said about this subject.

erm.. btw nice way to collect more than 1000 emails and contact info from traders @ myfxbook o.O
i was about to register when I saw the email that contest was canceled :\
Account Manager and PAMM manager
CommexFX Partners
Commexfx
Aug 07 2012 at 13:33
4 posts
Dear Myfxbook Users

First of All we do apologies about the misunderstand that happened in the last two days about our Sponsoring for August contest ,and commexfx LTD like to explain what happened to make it clear for all parties and remove any concerns you may still have

Myfxbook Admin sent to Commexfx LTD mail on Sunday morning to announce us that they got some mails from some users that they link between our company and other Company which is ranked as Scam /widen up according to that Myfxbook dont need to be involved in any Dilemma/ hassle/misleading/complains, so they decided to Cancel the Contest from their Side .

And according to that Commexfx Decided to Run and continue the Contest As it is with same rules and Prize ,as we already have more 2500Registered Competitors and according to that we do respect Myfxbook decision as we respect all the Registered Competitors so the Contest still ruining from our side and all competitors can check their results on daily base from our Website

Finally commexfx would like to clarify the that their is no Direct or In direct relation with Any other Investment Firms

CommexFx Limited is registered with and regulated by the competent authorities of the Republic of Cyprus (CySEC License Number 152/11).

As a regulated CIF (Cyprus Investment Firm) CommexFx is governed by the regulatory framework of CySEC, the European Economic Area regulations MIFID (Market in Financial Instruments Directive) and a member of the ICF (Investor Compensation Fund).

As per our publically viewable registration page on the CySEC website, https://www.cysec.gov.cy/licence_members_1_en.aspx
CommexFx has previously traded as Prime Forex Limited.

Prime Forex Limited was registered with the competent authorities in the Republic of Cyprus. The company was in the process of applying for CySEC regulatory licensing when certain developments regarding a similarly named company (Prime Forex LLC) were raised.

At that point, a decision was taken to seek a name change for the company in an effort to disassociate ourselves from Prime Forex LLC, with which there was no connection.

We applied to the competent authorities of the Republic of Cyprus and Prime Forex Limited was renamed into CommexFx Limited.

CommexFx Limited is regulated by CySEC

CommexFx Limited is governed by the regulatory framework of MIFID

CommexFx Limited is a member of the Investor Compensation Fund

The regulations CommexFx Limited operates under require constant supervision by our regulators and compliance with our regulatory framework in all aspects of our operations. CommexFx Limited operates under strict regulation concerning the protection of client funds, segregated client accounts, strict anti-money laundering policies, complete accountability with our regulators and even what we are permitted to say in any and all corporate communications.

The regulatory framework CommexFx Limited operates under is in the public record and open to scrutiny by any and all members of the public.

Why anybody would prefer to accept forum threads at face value, rather than directing their questions directly to our regulator on record is a question we are unfortunately not in a position to answer as we are not in a position to express an opinion regarding any possible motives for this.

CommexFx Limited is licensed by the Cyprus Securities and Exchange Commission (CySEC). Our registration and regulation are both in the public record and any and all concerns may be directed directly to our regulators. Contact details may be found on the CySEC website:

https://www.cysec.gov.cy/


also our Offices,phones and mails are always available to answer your Questions and Concerns


Christos Avgoustinos

General Manager

Website :www.commexfx.com
Tel :0035725028910
Sales :0035725028912
Fax :0035725028914
Address :249, 28th October Str., Lophitis Business Centre,2nd Floor, Limassol 3035, Cyprus
 
Regulated by the Cyprus Securities and Exchange Commission (CySEC) - License Number 153/11



 
Invest4x (4xInvest)
Aug 07 2012 at 13:36
26 posts
ok that clears out things
thank you for the update

Account Manager and PAMM manager
Abhishek
Aug 07 2012 at 14:25
12 posts
@Commexfx: Can you share with us the link from where everyone can check the status of the contest?
CommexFX Partners
Commexfx
Aug 07 2012 at 15:03
4 posts
Dear Abhishek

if Myfxbook request that or Accept it
100 Percent i will share it here ,we respect the rules


Christos Avgoustinos

General Manager

Website :www.commexfx.com
Tel :0035725028910
Sales :0035725028912
Fax :0035725028914
Address :249, 28th October Str., Lophitis Business Centre,2nd Floor, Limassol 3035, Cyprus
 
Regulated by the Cyprus Securities and Exchange Commission (CySEC) - License Number 153/11
Abhishek
Aug 07 2012 at 15:27
12 posts

Commexfx posted:
Dear Abhishek

if Myfxbook request that or Accept it
100 Percent i will share it here ,we respect the rules


Christos Avgoustinos

General Manager

Website :www.commexfx.com
Tel :0035725028910
Sales :0035725028912
Fax :0035725028914
Address :249, 28th October Str., Lophitis Business Centre,2nd Floor, Limassol 3035, Cyprus
 
Regulated by the Cyprus Securities and Exchange Commission (CySEC) - License Number 153/11

Thanks for the reply. From the very first day i have heard so many negative things about Commexfx that it's very hard to believe on any of your sayings. Anyways, just now i started playing the contest. We will see what's gonna happen in future. I have got the contest page link. May be you are not allowed to share that but i can share with other fellow traders.

https://www.commexfx.com/contest.php

Thanks for your updates.
CommexFX Partners
Commexfx
Aug 07 2012 at 16:27
4 posts
Dear Abhishek

Thanks for this postive thinking ,test by yourself and your reviews and feedback is highly apprecaited

I will follow this contest till the end and I will be here always for any question or concern or complain regading www.commexfx.com and its contest

Christos Avgoustinos

General Manager


Website:www.commexfx.com
Tel:0035725028910
Sales:0035725028912
Fax:0035725028914
Address:249, 28th October Str., Lophitis Business Centre,2nd Floor, Limassol 3035, Cyprus
 

Regulated by the Cyprus Securities and Exchange Commission (CySEC) - License Number 153/11
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