Problem LAND-FX / LANDPRIME IS WITHHOLDING CUSTOMER FUNDS, SOMETHING ÌS WRONG WITH THIS BROKER

[SamBatoche]

Hello,

I have an account 12559 with a balance of 27 594.69 EUR with Land-FX, renamed recently LandPrime, for 6 years now.
The quality of service was quite fine, with reasonable bid ask spreads, no slippage, especially on exotics pairs that I tend to look at.
For the last year withdrawals started to be slower and slower, and communication more rare, which started to worry me.

But things got worse in the last 3months.

August 22nd 2023 I request a withdrawal of 5000 USD via TRC20 took 1 month to be paid after 5 emails and 10 WhatsApp messages to "Wena" who is supposed to be my relationship manager at Land Prime.I had to wait until December 8th, 2023, to get paid, but got paid.

December 7th I started here to be very suspicious, withdrawals were very long, Wena was answering rarely, so I decided to withdraw 9000 EUR to my bank account registered with LandPrime,

December 15th I sent a mail to help@land-fx.com and account@land-fx.com to complaint about the delay, and receive an answer the 19th saying:
Dear Client, Sorry for the late process, we would like to inform you that your withdrawal request is expected to be processed next week.

December 29th, still no news, I sent another mail and 10 WhatsApp to Wena.

January 3rd 2024 she answers apologies for the delay you will get paid in the next 2 weeks.
That was the last message I received, she stopped answering my next 7 messages.

January 16th 2024 without any answers, I send again a email asking what can I do to recover my funds, and asked if I had to contact the Financial Ombudsman.

February 19th 2024, so 2 months and 10 days after my request of withdrawing 9000 EUR, I receive that mail :

Dear Client, We would like to inform you that there is an issue with the trading of your accounts, and that the investigation will take approximately two weeks, and this all procedure is processed based on the terms and conditions that you have agreed to open your account.

I started to look at scams comments on FPA and saw that a lot of scam brokers were using this trick when they wanted to justify the fact they retain part or full funds of a customer. I didn’t answer straight away and contacted a lawyer, who told me to try first to talk to the Financial Ombudsman before the next step.

2 days later, February 21st another mail is sent from help@land-fx.com :

This email is to inform you that the compliance department will conduct an investigation concerning your unlawful transaction, in order to proceed with the investigation you should close the trading position before the market starts on the 21st of February, however if the trading is still going on we will forcely liquidate the mentioned matters. We will ensure that the investigation is conducted promptly

I have obviously no clue what unlawful transaction they refer to as it is a pure invention from their side. but it surely looks like a trick to keep my funds with no explanation or justification.

I have had no answers since.

The day after, they forbid access to my MT4 account, and to my client web portal. I have now no more access to any of my funds, trading platform or online cabinet.

I believe the company may be going through financial turmoil so they try to find some cash by illegally taking control of customers funds.

Be very careful of this company, and please if you can help in any way for me to recover my funds I’d be grateful.

 

[FxMaster]

Hello,

I have an account 12559 with a balance of 27 594.69 EUR with Land-FX, renamed recently LandPrime, for 6 years now.
The quality of service was quite fine, with reasonable bid ask spreads, no slippage, especially on exotics pairs that I tend to look at.
For the last year withdrawals started to be slower and slower, and communication more rare, which started to worry me.

But things got worse in the last 3months.

August 22nd 2023 I request a withdrawal of 5000 USD via TRC20 took 1 month to be paid after 5 emails and 10 WhatsApp messages to "Wena" who is supposed to be my relationship manager at Land Prime.I had to wait until December 8th, 2023, to get paid, but got paid.

December 7th I started here to be very suspicious, withdrawals were very long, Wena was answering rarely, so I decided to withdraw 9000 EUR to my bank account registered with LandPrime,

December 15th I sent a mail to help@land-fx.com and account@land-fx.com to complaint about the delay, and receive an answer the 19th saying:
Dear Client, Sorry for the late process, we would like to inform you that your withdrawal request is expected to be processed next week.

December 29th, still no news, I sent another mail and 10 WhatsApp to Wena.

January 3rd 2024 she answers apologies for the delay you will get paid in the next 2 weeks.
That was the last message I received, she stopped answering my next 7 messages.

January 16th 2024 without any answers, I send again a email asking what can I do to recover my funds, and asked if I had to contact the Financial Ombudsman.

February 19th 2024, so 2 months and 10 days after my request of withdrawing 9000 EUR, I receive that mail :

Dear Client, We would like to inform you that there is an issue with the trading of your accounts, and that the investigation will take approximately two weeks, and this all procedure is processed based on the terms and conditions that you have agreed to open your account.

I started to look at scams comments on FPA and saw that a lot of scam brokers were using this trick when they wanted to justify the fact they retain part or full funds of a customer. I didn’t answer straight away and contacted a lawyer, who told me to try first to talk to the Financial Ombudsman before the next step.

2 days later, February 21st another mail is sent from help@land-fx.com :

This email is to inform you that the compliance department will conduct an investigation concerning your unlawful transaction, in order to proceed with the investigation you should close the trading position before the market starts on the 21st of February, however if the trading is still going on we will forcely liquidate the mentioned matters. We will ensure that the investigation is conducted promptly

I have obviously no clue what unlawful transaction they refer to as it is a pure invention from their side. but it surely looks like a trick to keep my funds with no explanation or justification.

I have had no answers since.

The day after, they forbid access to my MT4 account, and to my client web portal. I have now no more access to any of my funds, trading platform or online cabinet.

I believe the company may be going through financial turmoil so they try to find some cash by illegally taking control of customers funds.

Be very careful of this company, and please if you can help in any way for me to recover my funds I’d be grateful.

File complaints with econsumer.gov - Your site for cross-border complaints.

 

[Olivier C.]

Hello the exact same thing is happening to me, I've always had trouble withdrawing but it fully stopped at the end of last year, and now I've received the same email that you did. They currently hold around 50k$ of my funds and I've lost access to mt4 or client portal...it seems they are going bankrupt and are keeping client funds...did their alleged "investigation" lead to anything for you?

 

[SamBatoche]

Hello the exact same thing is happening to me, I've always had trouble withdrawing but it fully stopped at the end of last year, and now I've received the same email that you did. They currently hold around 50k$ of my funds and I've lost access to mt4 or client portal...it seems they are going bankrupt and are keeping client funds...did their alleged "investigation" lead to anything for you?

Hello,
I ve received that mail, with random figures and no explanation whatsoever of how could i trade in fraudulent way! I really hope they will come back to a sain behaviour and stop trying to create excuses to withhold my funds. Let me know on your side what they come with.

Dear Client,

Thank you for your patience.

We would like to inform you that we have looked into your account in the meantime, and we have concluded that you have made unfair tradings using a trading that does not charge dividends which is a fraudulent one and any profits or losses from such unfair trading will be revoked.
The revoked amount by such unfair trading is 33,686.09 EUR and 27,594.69 EUR as the current balance has been completed but there would be 6,091.4 EUR more to be revoked.
Since you have already withdrawn the amount, we would like to inform you that we have the right to claim reimbursement for this amount.

Therefore, we will send a written oath if you agree to the above, and if you sign and reply to the document, we will dismiss the claim for reimbursement.

 

[Olivier C.]

OK thank you, I've not received any answer from them since the "investigation"...do you know what they are referring to with "unfair tradings that does not charge dividends"? I cannot even get them to send me my full historical statements...All of this is very suspicious, do you know how we can involve the ombudsman on this matter?