Forex Peace Army also known as FPA has grew up to be, one of the biggest Forex and Binary Options online forums. Yet, it took a long way and more than 10 years until, this fascinating project have reached where it is now.
The idea of FPA is to provide a neutral and unbiased environment for traders to share their brokers experiences with others. Moreover FPA, allows traders to public their personal conflicts with a broker in a way that the broker can share his own point of view, allowing FPA to interfere and seek for a solution if possible.
In many cases, even if a broker was found guilty by FPA, if he was able to solve the issues with the client, FPA will mention in the review that the issue was resolved. In other wards, FPA platform does gives brokers a chance to fix their bad behavior.
How did it all Started?
It was the early days of 2005, when Mr. Dmitri Chavkerov, the current owner of FPA, lunched a Forex broker’s reviews site called Free-Forex-Trading-System.com. Dimity was giving his opinion regarding the brokers by grading them according to his personal trading experience.
A year later, Dmitri thought that the initial name was a bit long and unprofessional, and have decided to take his project one step forward by moving all of the content to a new URL, forexbastards.com. On the new website the users were now able to give their own personal point of view and grades regarding Forex brokers. As mention on FPA, one of the reasons for changing the site name to Forex Bastards, was due to many fraud incidents committed by the brokers at those years.
Many brokers were promising high yields and easy profits using deceptive advertising online, and traders without any trading background were tempted to try their luck, a thing which lead in many occasions to heavy losses.
Forex Peace Army was Born
It was towards the end of 2007, when Dimitri have decided to change once again the name of the site, this time it was to the name we all know, Forex Peace Army. The main idea behind it was to help resolving any issues between Forex traders to Forex Brokers, striving to improve the level of service giving by brokers as well as reducing fraudulent activities.
After reviewing more than 3,00o Forex and Binary Options brokers as well as many trading softwares, approximately 10% of them were reveled as scam by FPA and without a doubt, saved many traders funds.
FPA, Are they legit?
As much as we want to believe that forexpeacearmy are 100% legit, there are some sources online accusing them to be a “fraudulent project” that is earning its money by providing false information regarding other companies legitimacy.
Some companies claim that they were victims to fake reviews written by FPA, yet they were not able to do anything about it, as FPA are totally anonymous and it is impossible to track their real addresses or registration data. We do not know if that’s true or not, yet we can understand why some Forex and Binary Options companies are wishing FPA would stop to exist, as by accusing them for being fraudulent brokers, they are damaging their reputation and in some cases even “killing” their business.
On a interview made by Finance Magnates, Romas Jurevicius, Forex Peace Army’s Partner, gave his perspective on the methodology of evaluating Foreign Exchange Brokers, Read More.