ECNAlpha.com Review

CAUTION: SCAM!
I'm an Australian investor who now lives and works in Asia. I opened a Managed Account with this company in January 2012 with their recommended Broker: ECN ALPHA. I have previously been corresponding with "Tony" from Acme Hedge. I asked for my account to cease trading and for ECN ALPHA to return my money to my nominated bank account, as I needed the money due to my father had been admitted to hospital. It took Acme Hedge over 1 month to cease trading the account. The closed balance is about $7,500 USD. Since then (over the last 4 weeks) all correspondence/Emails to both Acme Hedge and ECN Alpha have gone unanswered. I even volunteered to fly myself over to their offices to meet with them. "Tony" has told me that both ECN Alpha and Acme Hedge have their offices close to each other and are close personally and professionally. It is obvious they they have "teamed up" and defrauded many investors (myself included) out of many thousands of dollars. I actually work within the Litigation Industry and would be interested in starting a Class Action against these 2 companies and their Directors/Shareholders should enough of their clients (who's money they have also stolen) step forward. It's time we put a stop to these Rogues within the FX industry! Let's make examples of these 2 companies and publicly shame the people responsibility. If there are people, in a similar predicament as I, due to the (in)actions of Acme Hedge and ECN Alpha then please let me know. I'd also be interested in corresponding with the moderators of this Forum Thank you.

Ok. Here's the story. I waited long enough to tell it. This is a 2 phase story where I will talk about the broker in one thread, and the account manager in another. And since I decided to give the account manager till the end of next week to resolve the issue, we will not mention his name in this thread and we will refer to him as X.

Around the beginning of the year 2011, I was looking for a good account manager, and especially someone that would manage an account that's under my supervision, meaning I can withdraw money at any time, not the kind of account managers whom I would have to transfer my funds to. I scoped many forums and the FPA and I landed on a website called X. They had a fine reputation and a good performance on many account monitoring websites including the FPA so I went for it. They required a 10 k deposit and they assured that they will close all positions if losses exceeded 15% of the account equity. From there, things went smooth until a large drawdown was occurring in the account. I contacted them, and they assured that they will refund the account if it was wiped off. At this point, account had around 60% drawdown so there was no real damage control to be exercised. They offered to open and fund an account in my name with a broker called ecnalpha.com, which was a broker they knew, and they offered to scalp the losses back. They did, and funded the account with the 7k they lost and asked me to fund the 3k I had withdrawn from the old account which I did. Then I was contacted by ecnalpha offering to present a bonus for deposits over 15k, which was agreed between X and me to be split in a way that they deposit 2k and I deposit another 3k. So the total deposits are now 9k from X and 6k from me. From there all went well until I decided to withdraw. I applied for a withdrawal of 9k from the account (14/02/2012) and in a couple of days it was processed and I started checking my bank account. After waiting for around a week, I started contacting both X and ecnalpha asking for a swift copy so I could contact my bank and I was promised to receive, and of course, I never did.
Then I saw the case against ecnalpha posted on the FPA and as usual, I went crazy. I knew I got scammed. I contacted X regarding the matter. Their answer was please don't post anything on the FPA. We have a good reputation and we will take care of your withdrawal and it's our responsibility.
Then within a couple of hours, I got an e-mail from a so called John asking for 48 hours to solve the problem. (27/02/2012)
Since I was monitoring the case on the FPA, I noticed that the trader with the problem mentioned that ecnalpha said they were having problems with bank transfers, so I said to myself, why go through the trouble, so I offered to accept my money through various payment providers (moneybookers, webmoney and even western union) and John welcomed the moneybookers idea saying they had a moneybookers account earlier which they will reactivate and send the funds from and since then, it's been stalling and stalling till I decided to check for their e-mails registration in moneybookers which to my surprise, I couldn't find one single e-mail of their e-mail registered with moneybookers. The deadline was for 2 withdrawals. 1st deadline was for Tuesday the 13th of March for the 9k withdrawal and the second was for Thursday the 15th of March for the 10.9k withdrawal. Then I was called later by John asking for more time on which I agreed to extend till the 24th of March and I sent an e-mail to X about the agreement on which he asked for a couple of days till the 27th when everything will be sorted out of course, the 27th is here and nothing.

The FPA investigation team were contacted on 27/03/2012 and Ken was handling the case where the last so-called transfer was made on Friday the 06th of April via online transfer (banks were closed) but till the moment, Ecnalpha wasn’t able to provide a screenshot of the online transfer, nor a swift copy. If they were telling the truth, then the funds are on the way and this case will be deemed resolved before it’s started, but if there was no transfer, this proves more and more how much of a scam are these guys. I believe that 2 months is enough time to solve any problems especially that 15k of the funds were deposited and not profits. I’d like to remind ecnalpha that I will not accept stalling in public. Within 10 days I’ll ask the FPA team to forward this case to vote and send a scam alert to their database. I will also post on friends’ blogs where they have more than 100,000 hits. In addition to that, I’d like to remind ecnalpha that the case results on the FPA will appear between the first three results on google and yahoo and this will not affect the name of this company only but all the brokers in Panama if they decide to change the name of their company as most scam brokers do.

I have been trying to withdraw funds for the past 4 weeks and nothing! There are a SCAM! For the past two days they are not responding to inquiries!
Anyone else having the same problem?

The same problem here: pending withdrawal request since three months, with the CEO claiming to call me back, which he did not for over a month now.
--> Do not put your money on their account!

I have had an account at ECN Alpha since June of 2011. I have been trying to close this account since December 2011, so far without succeeding in withdrawing any funds. John at ECN Alpha has promised to call me today to finally resolve this issue. I will post a followup regarding the developments.
Execution seems to have been good. Communication has been poor. I will give them Average for now, but the outlook is negativ, I am afraid. To be continued...

I have accounts with this broker since March 2011.
All was going well with this broker. Low spreads and low commission until I started making some profit from scalping, which is allowed per their website.

Since September, the spreads have widened and they did nothing even though I've complained a few times.

Now it seems my nightmare is close to materialise. I haven't receive a single dollar from my withdrawal requested since 3 months ago. Their support team has been ignoring my emails. However, their CEO advised that the money will come soon but have missed the latest deadline that he suggested.

I have traded with almost all the top brokers. I don't want to name them here. But none of them allowed me to make consistent profit. They either reject the order or send offquotes of requotes. But with ECN Alpha i haven't face any such issue till date. I have been trading with them since last October, 2010. Withdrawals are normally processed within 3 business days, which is ok for me. But they charge 15 usd as withdrawal fee each time. Overall i would say, relying on new brokers are better than trusting big boys....