Problem Prime4x does not credit wire since 3 weeks

[Prime4x User]

I opened a new account@ Prime4x, a Cyprus based forex broker, 8 weeks ago.The account opening and 1st funding of the acct. via wire ran without any problem. But the 2nd wire of 500 euros is not credited to my acct. since more than 3 weeks. I let my bank do some investigation and after one week, I got the message that my wire was defenitely received by Prime4x bank. The wire information I used the 2nd time was exactly the same like the first one.
I send at least 5 emails to Prime4x and did serveral complaints via live chats all without any positive result. Seems that Prime4x either has a bad working backoffice or problems with their bank. I can only say that the efforts Prime4x is showing to resolve the issues are at the lowest level and have nothing to do with good customer support and professional behavior. I will investigate legal steps as well to get my money back if the issue is not resolved in the next 10 days.

11-12-09
Hi Pharaoh, thx for your hints. Today, I finally got the wire credited to my acct. after sending Prime4x an email that clearly says, that I view the case as a FRAUD act and will engage the german police when not solved immediately. I'm very disappointed about Prime4x. No response on my email, no excuses. Sorry Prime4x, you deserve less than one star in the broker rating.

 

[Pharaoh]

Ask your bank how to file a wire fraud charge if Prime doesn't figure out where your money is soon. Someone there should know exactly how to do it.

 

[Tim Needham]

Prime4x

2009/12/11
I sent a wire 2 weeks ago the accountant won't even reply to my emails after sending them the TT copy of the wire I sent a copy to the Bank and they didn't even read it. The customer service dept keeps changing their story saying that they will get right back to me and that's been going on for a week. Like you they got and posted my first wire but it took a week they said they needed additional ID verification. That after I had already sent it to them. They say they will soon accept credit card deposits directly so maybe that will resolve the bank issues. I just wish that there was a more cut and dried rating system for brokers here that could be sorted by reliability and quality. It's interesting that they don't allow EA's but they do allow Zulutrade signals that may be EA based. I guess since Zulutrade doesn't permit trades in less than 15 seconds it gets around their pip hunting ban. But when you think about it all of us are hunting pips what's the big deal if someone does it on a really short term? Tim Needham Winston-Salem, NC

 

[BenMcDui]

Prime4X: lost my money?

I sent a wire transfer more than two weeks ago. No matter what I do, like sending e-mails, chatting, threatening their bank, the money does not appear on my account balance. A friend of mine is trying to withdraw some of her earnings, and the money was deducted from her account, but still after more than three weeks has not arrived on her bank account.

By now, I have notified their bank (Hellenic Bank of Cyprus) by e-mail that they are in violation of European Law (DIRECTIVE 2007/64/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 13 November 2007) but they do not respond. I will send them a letter of the same nature soon. Numerous e-mails to Prime4X's accounting department are all responded to with words like "we will contact our bank to find out. As soon as we have the money, you will see it on your account" ("don't call us...."). I have asked my bank to start an investigation with Hellenic Bank; they have agreed to do so. I have asked the National Bank how and where I can file an official (European) compalint against Hellenic Bank; no response yet. A possible step I consider is to report the money as stolen to the Police and open a criminal case against hellenic Bank and/or Prime4X. They are not done with me yet; I will post any progress here.

 

[BenMcDui]

Re: Prime4X: lost my money?

Here is the update I promised:

Hellenic Bank did not respond to the inquiry I sent through their web site, not even with a comfirmation of reception.
Central Bank of Cyprus, exactly so.
Does Cyprus actually exist?

The Dutch Central Bank ("De Nederlandsche Bank") referred me to the Central Bank of Cyprus.

After studying the European Banking Directive a bit closer:
* I posed a number of questions to the Dutch Central Bank with respect to the formal side of this issue, like how the complaints procedure works;
* I requested my bank to send me proof of the actual transmission, as they are obliged to do according to the Directive.

On the site of Hellenic Bank I found a complaints form which I filled and sent in. Surprisingly, there was a response within 24h. Unfortunately, the question they posed was utterly unclear so I had to ask for a clarification. Any how, Cyprus seems to exist at least.

The money hasn't arrived yet!

To be continued....

 

[joe adams]

Prime Forex

Kindly Mr BenMcDui
give me your account Number and amount that you wired and still missing
and i will slove this Problem in less than 24 H

Regards

 

[BenMcDui]

@ Joe Adams

Dear mr Adams,

thanks for your offer. My account number is 74775, the amount is EUR 2,000.

Hope to hear from you soon!

By the way, just inspected the account, no money arrived yet.

The Central Bank of Cyprus wrote: "File your complaint with Hellenic Bank".
Hellenic Bank finally gave their "quotation": "go to your own bank". Fine, this limits the playing field, thanks for responding any how.
So I asked the Central Bank about the official, independent complaints procedure.
I reminded the Dutch Central Bank once again of the outstanding questions.

 

[BenMcDui]

Joe Adams kept his promise

Hot news!

Joe Adams (see his earlier post) kept his promise. He traced my money and it now shows on my balance plus a 20% bonus. Hats off for Joe to which I already expressed my appreciation through an e-mail reply.

As Joe explained, somehow the comments with my transmission (name, account number) didn't come through. My investigation on the banking side of this hasn't ended yet; let them explain what happenend and where, why and how information got lost.

Remains the delinquency of the "regular" staff of Prime4x who have refused repeatedly to concern themselves about a desparate customer.

Why the $%&#* does one have to go through all this agony to get his own money deposited somewhere?

To be continued, but now I firstly will concentrate on trading.