Forex Peace Army Scam

Forex Peace Army: Scam or Legit? A Warning for Traders

ByPipadmin

Forex trading offers real opportunities, but it’s also a minefield of scams. One name that often surfaces in this space is Forex Peace Army (FPA), a site claiming to provide unbiased broker reviews. But is it trustworthy? Mounting evidence and firsthand accounts suggest it’s not. Here’s what traders need to know-backed by facts, not rumors-to protect themselves in 2025.

What Is Forex Peace Army?

Forex Peace Army markets itself as a resource for traders, offering broker reviews, forums, and trading tools. Founded by Dmitri Chavkerov, it promises impartial advice. However, allegations of fraud, fake reviews, and shady practices have dogged the site for years. Far from being a neutral watchdog, FPA appears to operate as a profit-driven scheme.

Why does this matter today? As forex trading grows in popularity-with global daily volume exceeding $7.5 trillion in 2024, per the Bank for International Settlements-reliable information is critical. Misleading sites like FPA can cost traders money and trust.

Profile of Dmitri Chavkerov: Background and Allegations

Dmitri Chavkerov, the founder and CEO of Forex Peace Army, is a polarizing figure in the forex trading world. His background and the allegations against him paint a complex picture-one that traders should understand before relying on FPA.

Background

Born in Siberia, Russia, Chavkerov immigrated to the United States as a teenager. He began trading stocks in 2002 and shifted to forex in 2004, eventually launching Forex Peace Army in 2005 (initially as ForexBastards.com) after reportedly being scammed by forex companies himself. The site grew into a prominent platform, claiming over 20 million annual page views and positioning itself as a trader advocacy hub with reviews, scam investigations, and a “traders court.”

Before FPA, Chavkerov dabbled in various ventures. In 1998, he bought and resold closeout merchandise on eBay. In 2000, he partnered with Alexander Drannikov, a Russian construction magnate, to sell porcelain dolls and boxing equipment under the brands DANEA and DAN. Later, in 2003, he collaborated with Glenn Pennock, a Dutch multimillionaire, on an IT startup, and in 2004, he briefly entered real estate with Street Inc. in California. By 2006, he launched ForexDiamonds.com, a short-lived forex education site claiming a 100% return in one year. Chavkerov has since focused on trading his own capital and consulting for high-net-worth clients, alongside running FPA.

He portrays himself as a self-made trader and entrepreneur, often citing his refusal of lucrative fund management offers-like a $500 million deal in 2007-as proof of his independence. However, his credentials as a financial expert remain unverified, and he lacks formal qualifications in the industry.

Allegations

Chavkerov’s reputation is marred by legal troubles and persistent accusations:

  • Legal Issues: In 2007, Chavkerov was linked to a marriage fraud case in the U.S. His then-girlfriend, Yuliya Kalinina, was convicted in 2008 of paying an American, Benjamin Adams, for a sham marriage to secure a green card (Case No. 07-1636M-1). Chavkerov, an ordained minister via a web-based church, officiated the wedding and admitted knowledge of the arrangement in interviews with authorities. While he faced no charges-California law permits ministers to conduct such ceremonies, his involvement raised ethical questions. In 2015, he was arrested in Cyprus on fraud and money laundering charges, released on bail, and the case remains pending as of 2025, with no public resolution.
  • Forex Peace Army Practices: Traders and brokers accuse FPA of extortion, alleging Chavkerov posts negative reviews to pressure companies into paying for their removal. Positive reviews, critics claim, favor brokers paying affiliate commissions. A 2007 Ripoff Report labeled FPA a “pump and dump” scam, a sentiment echoed on forums like ForexFactory. Companies like InstaForex have publicly called FPA a blackmail operation.
  • Failed Ventures and Rebranding: Chavkerov and associate Rob Grespinet (aka Claude Grespinet) have launched multiple forex-related sites-Kingforexsignals.com, Wpips.com, Spartanforexfund.com-that shut down or pivoted amid criticism. For instance, Kingforexsignals.com closed in 2023 after allegations of falsified performance, replaced by Wpips.com, which demands $35,000 for access with no transparent results.
  • Trader Complaints: Some traders report threats from Chavkerov, including a 2007 incident where he allegedly emailed a company with personal data (e.g., a manager’s address and Social Security number), threatening to post it online unless demands were met. Such actions fuel claims of intimidation.

Chavkerov denies these allegations, attributing them to retaliatory “hate sites” created by disgruntled brokers. He insists FPA’s scam labels follow rigorous investigation, including evidence review and jury votes by members. Yet, the lack of transparency in FPA’s processes and Chavkerov’s legal history cast doubt on his credibility.

Takeaway

Chavkerov’s journey from a Russian immigrant to forex influencer is notable, but his past-marked by legal entanglements, unverified success claims, and a trail of failed projects-suggests caution. Traders should weigh his background and the allegations when evaluating FPA’s reliability.

How Forex Peace Army Allegedly Operates

Based on user reports and investigations, FPA’s playbook includes:

  1. Manipulated Reviews: Brokers unaffiliated with FPA face baseless criticism, while paid partners get praise-regardless of quality.
  2. Affiliate Income: Positive reviews often link to brokers paying commissions, skewing recommendations.
  3. Fake Expertise: Free tools and education are subpar, designed to funnel users to affiliated services.

A 2012 Ripoff Report entry called FPA a “pump and dump” scheme, a claim echoed by traders on forums like ForexFactory. This isn’t new-FPA’s pattern spans over a decade.

Is Forex Peace Army Legit?

No. The evidence-legal troubles, consistent accusations, and opaque operations-points to a scam. Traders seeking broker reviews deserve better than a site with a vested interest in misleading them.

Links To Forex Peace Army Opinions And Reviews

How to Spot and Avoid Forex Scams

Scams like FPA thrive on inexperience. Protect yourself with these steps:

  • Research Independently: Use regulated sources like the CFTC (U.S.) or FCA (UK) to verify brokers. Cross-check reviews on neutral platforms like Trustpilot.
  • Question Guarantees: Legitimate brokers don’t promise instant riches. Be skeptical of overhyped claims.
  • Guard Your Data: Never share financial details with unverified entities.
  • Avoid Offshore Risks: Sending money to unregulated offshore accounts, as some FPA affiliates request, is a gamble. Stick to federally regulated managers if you’re in the U.S.

If you suspect a scam, report it to your local regulator-like the SEC or FINRA in the U.S.-immediately.

What’s New in 2025?

Chavkerov and Grespinet’s ventures, Wpips.com and Spartanforexfund.com, followed the closure of Kingforexsignals.com around 2007. Wpips used a deposit-based system (not a $35,000 fee), while Spartanforexfund targeted $10 million investments. Critics question their legitimacy, pointing to past allegations of fraud, though hard evidence is inconclusive. Their shift in models over years might suggest adaptation to scrutiny, a common tactic in forex scams, but no new sites from them have been noted recently. Caution remains essential in this space.

New Warning for Traders

Recent developments indicate significant changes in operational tactics:

  • Platform Shifts:
    Under mounting scrutiny, the operators behind Forex Peace Army and related sites have discontinued their previous platform (KFS) and launched a new site—Wpips.com. This new venture reportedly requires an upfront investment of at least $35,000 from traders.
  • Restricted Transparency:
    Due to criticism over previously manipulated performance reports, the new site now states, “Our performance is private information and will only be shared with qualified clients.”

Alert: Traders should exercise extreme caution when approached by platforms demanding large initial investments without clear, verifiable performance data.

Major Update: New Fundraising Scheme

Further development involves the launch of Spartanforexfund.com, again linked to Dmitri Chavkerov and associates:

  • High Capital Demands:
    The platform reportedly requires control over investment funds up to $10,000,000, with instructions to transfer these funds to an offshore account.
  • Caution for U.S. Traders:
    U.S. citizens are strongly advised not to send money to offshore bank accounts or relinquish control of their funds to entities without proper federal regulation. There are many federally regulated money managers available who provide greater transparency and security.

Timeline and Official Updates

Documented Developments and Legal Updates

  • Government Complaints and Press Releases:
    • Official criminal complaint documents (e.g., Case NO 07-1636M-1) outline allegations against Chavkerov and his associates.
    • Press releases from agencies such as ICE and coverage from major news outlets (CNN, Los Angeles Times) have reported on related fraudulent schemes.
  • Key Dates and Public Statements:
    • 11/5/07: An email threat was issued by Chavkerov, which included personal details of a critic.
    • 11/6/07: A new site, Forexscammer.com, was announced to challenge misleading claims and manipulated reviews.
    • 12/11/07: The official U.S. government complaint against Chavkerov and his associate was made public, including documentation of fraud-related allegations.
    • 12/12/07 and 12/26/07: Additional statements and links were provided online that highlighted discrepancies and reiterated warnings regarding connections to other fraudulent platforms.
  • Update on Legal Proceedings:
    • February 5, 2008: AP reported that Yuliya Mikhailovna Kalinina, associated with Chavkerov, was convicted of marriage fraud. During the proceedings, evidence suggested that Chavkerov admitted to his role in the fraudulent activities. This update further emphasizes the ongoing legal scrutiny and regulatory concerns surrounding these operations.
  1. Official Criminal Complaint Documents (PDF) –Case NO 07-1636M-1
  2. ICE – Press Release- Busted in Marina Del Rey, CA for Marriage Fraud
  3. CNN VIDEO – CNN Story On Just How Foolish They Were
  4. L.A Times Story – About Dmitri and Yuliya’s Fraudulent Scheme
  5. Forex Peace Army – Ripoffreport.com – Claude Robert Grespinet “Pump and Dump Scammer”

The Bottom Line

Forex Peace Army isn’t a resource; it’s a risk. Dmitri Chavkerov’s track record-legal issues, failed sites, and trader complaints undermines any claim to credibility. For reliable broker insights, lean on regulated authorities and independent communities, not FPA’s tainted lens.

Need Help? Start with the NFA’s BASIC database or ask seasoned traders on platforms like BabyPips. Your money deserves better.

As a professional in the financial industry with over 18 years of experience, the author holds significant expertise in Forex trading. He has acquired a Bachelor's degree in Finance from the University of Florida and holds a certification as a technical analyst. The author has worked with several renowned Forex clients such as IC Markets, Oanda, and CBOE Holdings, enhancing his proficiency and insight in the field.