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In January of 2006, Dmitri Chavkerov bought a domain forexbastards. The reviews section of the website was upgraded in such a way that readers could submit their own reviews and ratings for all the different forex-related websites listed. Most forex brokers that are big names now and that are regulated were not regulated in 2005-2006. Many brokers committed all kinds of fraud against forex traders to take their money away. Another common fraud was done by a large percentage of forex education and forex signals websites using deceptive advertising. The most common problem was that these sites would promise something attractive on a sales page and back it up with a refund policy.
In November of 2007, instead of just labeling the companies as SCAMs based on undocumented claims by traders, Dmitri decided to begin making scam investigations more consistent. The mission was also expanded to help try to resolve issues between forex traders and forex companies, with the hope that some companies could be improved. The FPA can’t take credit for all of them. Some were shut down by regulators. Others, Forex Peace Army only found out about after the company closed down. Most of the rest went out of business because traders were warned to keep from sending money to them.
Forex Peace Army now lists over 3000 forex websites. It is the largest and best collection of human-moderated forex reviews anywhere in the world. Forex Peace Army also has forums, featuring a large amount of educational material. The FPA also decided to stop wondering which EAs, Forex Signals, and Forex Managed Accounts Services really worked.
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