RESOLVED Forex-Metal

[Sycamore]

I've been using Forex-Metal for most of 2011. Other than a few small problems, most of which can occur with even the best brokers, their service has been relatively decent until I went to wire more money in to my account on August 9th (after double checking, the wire had actually gone out on Aug. 10th at 13:39. I received an email on Aug. 11th notifying me of the changes). On that day, Forex-Metal had changed their wire instructions because they were having problems with the account they were using to receive and send funds. Unfortunately, I was not informed of this problem and the change in wire instructions. The beneficiary of the wire was actually FX MARKETS PTE LTD. I am not sure of the exact relationship between Forex-metal and FX MARKETS, but I was informed that someone in FX MARKETS had committed fraud and absconded with the money that Forex-Metal had deposited their.

I have been informed by Forex-Metal that the Singapore authorities are investigating this matter. It has been two months and they keep telling me that the matter is still being investigated. Also, it takes about a week for anyone at Forex-Metal to respond to my complaints. This is very frustrating in itself, considering that before all this happened, somebody usually responded to any of my questions within 24-hours.

Anyway, I am very upset and feel that Forex-Metal should make me whole immediately regardless of the investigation. This was not my fault and they should be responsible. The amount of money was only 2,000 USD, but it's the principal behind this thing that really upsets me. At this point, I am not sure of what to do, to just wait or take this to trader's court.

Any suggestions?

 

[Sycamore]

Here are some email responses that I've received from Forex-Metal regarding this ordeal:

 

[Sycamore]

Should I take this issue further and take it to Trader's Court or should I wait a while longer to see if my money turns up? I am not really sure what to do at this point. So, I would greatly appreciate it if somebody at FPA could give me some sound advice.

 

[Pharaoh]

Ask Forex-Metal for the contact information from the investigating officers. If there really is a police investigation, they should be able to provide this contact info. Then you can directly inquire about the chances of getting your money back.

If they refuse, then it's probably time for a Traders Court case as well as making your own contact with the authorities.

 

[Sycamore]

Ask Forex-Metal for the contact information from the investigating officers. If there really is a police investigation, they should be able to provide this contact info. Then you can directly inquire about the chances of getting your money back.

If they refuse, then it's probably time for a Traders Court case as well as making your own contact with the authorities.

Thanks Pharaoh!

I have already sent an email to Forex-Metal asking for the contact information for the investigating officers. Will be most interesting to see the response.

 

[Sycamore]

It's been nearly 24-hours since I emailed Forex-Metal requesting the contact info of the investigators and I have yet to get a response. According to their policy, they respond to emails within 24-hours. Since this incident has happened, it takes multiple emails and days before I can get a response. This is very annoying.

Also, today, I emailed the payments department requesting that my account be funded with the missing 2000 USD, regardless of this investigation. The way I see it, this is not my problem and should not have to wait for the missing funds to be recovered to get my money back. At this point, I highly doubt that they will recover the missing funds, anyway.

 

[Pharaoh]

I'm inclined to agree. If they engaged the services of a 3rd party payments processor, then it's up to them to fix the issue.

Go ahead and contact your bank about how to file your own charges against the acceptor of the payment and against Forex Metal.

 

[Sycamore]

I'm inclined to agree. If they engaged the services of a 3rd party payments processor, then it's up to them to fix the issue.

Go ahead and contact your bank about how to file your own charges against the acceptor of the payment and against Forex Metal.

Will filing charges be difficult considering I live in the United States? I will first contact my bank and see what they say.

Thanks again, Pharaoh....

 

[Sycamore]

I just corresponded with Forex-Metal via chat. I asked them why nobody responds to my emails and, after the representative called the payments department, I was informed that the payments department forwarded the emails to management. So, I guess I am now waiting on a response from management.

 

[Laurie Gold]

I certainly agree this Forex-Metal's problem and not yours. Please keep us updated.