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Capital One Forex Ignores/Refuses To Process Withdrawal Requests

Discussion in 'Scam Alerts' started by Tlhapi, Aug 2, 2015.

  1. Tlhapi

    Tlhapi Recruit

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    On 04/06/15 I opened a live forex trading account with Capital One Forex Limited. The account number is 109325. I funded the account with $3 020.00 immediately and capitaloneforex added 100% bonus to my account, which brought the starting trading account balance on my account to $6 040.00.

    The bonus rules appearing on capitaloneforex.com website are as follows:

    “This Bonus will be given to the clients upon deposit, The Bonus Tradable and can support the client positions, The leverage will be up to 1:1000 or as the client wishes, No minimum trade required no restrictions at all no hidden terms, The client can withdraw his deposit and the profits anytime the client wishes. This Bonus is totally different than all the bonuses given by all brokers worldwide, This bonus is not a credit bonus but balance bonus, you can trade with and will support your positions and margin, It is tradeable bonus not credit bonus”

    I traded the account in due course.

    On 17/06/15 I submitted a withdrawal request of $600 to captitaloneforex finance department at withdraw[at]captitaloneforex.com and to my account manager, Makcim Salakhav, at makcim[at]capitaloneforex.com

    Before I submitted the withdrawal request to the email addresses above I began by submitting the request by clicking on the "Quick Withdraw" button on the home page of capitaloneforex.com but after filling the required information on the form and clicking the submit button I got the impression that it was not working and my withdrawal request had not been submitted successfully. That's because after clicking that submit button no message appeared informing that the request had been received. What appeared after I clicked the submit button was something like a ball bumping up and down.

    Not only did Makcim and the finance department failed to acknowledge receipt of my withdrawal request but they have failed to reply to my subsequent emails inquiring about the delay in processing my withdrawal request.

    I opened chats many times to enquire about the delay but none of those chats have born fruits. Instead of helping me, the support agents, including James, David and Elena, sent me from pillar to post, making EMPTY promises after EMPTY promises.

    The first time I wanted to know why my withdrawal request was not being processed it was James who assisted me. That was on 23/06/15. James told me that they had a problem with the withdrawal process and asked me to be patient for two more working days.

    When I asked him exactly what problems they were experiencing with processing clients' withdrawal request he failed to provide me with an answer. I asked him this question because capitaloneforex had many different ways to fund and withdraw form accounts like credit card, wire, skrill, netteller and so on. In my view, it was impossible for all these various withdrawal means to no not work.

    Also: by asking him that question I wanted to see how SERIOUS capitaloneforex was/is about resolving the problem. If by the time I submitted my withdrawal request they already had the withdrawal process problem for two or three full working days that would mean they were not taking steps to address the issue at all. In my view, if they indeed had such a problem (which I don't believe they had since like I said they have various ways to process the request) they should have treated it as a matter of URGENCY. Capitaloneforex cannot reasonably expect its clients to accept their "lousy reason" that they had a problem with withdrawal process.

    When I asked him how long they'd been having a problem with withdrawals his response was...

    “No longer sir its may take another few hour to sort it out.after that your processing is going to ends.”

    Here is my chat transcript with James:

    Start Time: 06/23/2015 21:46:06
    End Time: 06/23/2015 22:04:48
    Operators: James

    Transcripts:
    If you do not want to wait, please click here to leave us a message.
    Operator James has joined the chat.
    [01:31:13] James: hello sir
    [01:31:21] Alfred: Hi James
    [01:31:30] James: how may i help you?
    [01:34:39] Alfred: I made a withdrawal request as you know last week Wednesday. You told me it can take two to three days for you to process the request. I also checked your withdrawal poicy on your website and found it indeed takes up to three days for a withdrawal to be processed. Three days have expired today but you have not processed my withdrawal request
    [01:34:45] James: what is your amount and payment method for withdraw please?
    [01:35:42] Alfred: Amount is $600 and payment method is credit card
    [01:36:40] James: i just have forwarded your issue to department they notified me that your request is in processing till now you will be contacted please keep patience for another two working days
    [01:38:18] James: we are having the problems about the withdraw payments sir we will sort it out
    [01:39:27] James: but sometimes its may take too long sir
    [01:40:31] James: Having problems in payment methods even credit card
    [01:40:42] Alfred: Axactly what problems do you have about processing the withdrawals?
    [01:41:39] James: sir please you need to keep patience for maximum of another two working days
    [01:42:37] James: sorry for inconvenience now
    [01:44:09] James: Still we have meet the problems in payments method and we are trying to sort it out now
    [01:44:25] Alfred: Its's fine I can wait for another two days. But I want to know exactly what problems are you experiencing with the withdrawal process. I deserve to know that, don't you think so?
    [01:45:05] James: Hopefully,its sort it out after some hours,
    [01:45:35] James: sir please try to understand you will be contacted
    [01:46:00] James: please keep patience
    [01:48:00] Alfred: How long have you been having this problem regarding the processing of withdrawals?
    [01:48:25] James: No longer sir its may take another few hour to sort it out.after that your processing is going to ends
    [01:48:53] James: you will give a call from us please keep patience
    [01:49:16] Alfred: Thank you James
    [01:49:26] Alfred: Good bye
    [01:49:29] James: Most welcome sir
    [01:49:39] James: Have a good day
    The visitor has left the chat.
    The chat is ended.

    On 24/06/15 I open another chat and found James again. As you can see from the chat transcript below I had opened a chat earlier and James had left that chat without notice. I then opened chat below. Unfortunately, I inadvertently closed the chat in which James left without notice (unfortunate because by not saving that chat I lost clear evidence of contradictions from James in reply to my questions).

    In that chat James had told me to wait for Monday 29/06/15 for my withdrawal request to be processed. No good reason whatsoever as to why I should wait for Monday. Remember in my last chat with him he said “No longer sir its may take another few hour to sort it out.after that your processing is going to ends.”

    In this chat he now goes back to say he had already told me they had some "problem in withdraw system now".

    Here is the chat transcript:

    Start Time: 06/24/2015 18:45:21
    End Time: 06/24/2015 18:53:15
    Operators: James

    Transcripts:
    If you do not want to wait, please click here to leave us a message.
    Operator James has joined the chat.
    [22:30:28] Alfred: James
    [22:30:50] Alfred: Is that how you treat your clients at Capital One Forex?
    [22:30:51] James: You are just wasting my time.
    [22:31:31] Alfred: I'm wasting your time when I want to know why my withdrawal request is not being processed?
    [22:31:38] James: Please wait for Monday i already told you , you will get at monday.
    [22:31:49] James: Why dont you wait sir ?
    [22:33:31] Alfred: I don't want to wait because the time you had to process my withdrawal request in terms of your withdrawal policy has elapsed, and you don't give me a good reason why I should wait for Monday
    [22:34:22] James: I already told you we have some problem in withdraw system now
    [22:34:30] James: and will be fine at monday.
    [22:34:45] James: You can contact your account manager for more info.
    [22:34:53] James: Thanks.
    [22:35:37] Alfred: One moment you say your withdrawal process is not working. The next moment you say it is working. When I point out to you that you're contradicting yourself you say I didn't understand you.
    [22:37:24] Alfred: I've saved all my chats with you from last week when I started submitting the withdrawal request. Anyone can see all my questions and your answers if provide them with our chats
    [22:37:48] James: I already told you we have some problem in withdraw system now and will be fine at monday. You can contact your account manager for more info. Thanks.
    The visitor has left the chat.
    The chat is ended.

    On Monday 29/06/15 I opened another chat and found James again. You will notice every time I open a chat James asks me how much I want to withdraw AND the withdrawal method. Is it possible that he could have forgotten about me? After the kinds of conversations I've had with him so far I doubt he would have forgotten about me. Why does he ask me about the withdrawal method each time I chat to him if ALL their withdrawal means are not working? The only reasonably conclusion I can deduce from this is he's asking me that question because he knows NOT all their withdrawal means are not working. Some, if not all, are working.

    As you can see from the chat below, when I asked him it was then Monday afternoon and that he had told me I would get my money first thing in the morning he said I "will be contacted within todays working hours" once my request is done.

    However: not only was my withdrawal request not processed but NO ONE at capitaloneforex contacted me.

    Here is the transcript:

    Start Time: 06/29/2015 14:32:33
    End Time: 06/29/2015 14:37:53
    Operators: James

    Transcripts:
    If you do not want to wait, please click here to leave us a message.
    Operator James has joined the chat.
    [18:17:38] James: Hello Sir
    [18:17:44] James: How can i help you ?
    [18:17:48] Alfred: Hello James
    [18:18:27] Alfred: Last week you promised me that I will get my money first thing in the morning today
    [18:19:03] Alfred: It's afternoon now I haven't got the money yet
    [18:19:32] James: What is your request amount and the payment method ?
    [18:19:46] Alfred: $600
    [18:19:51] Alfred: Credit card
    [18:20:13] James: Your request is in process sir
    [18:20:28] James: You will be contacted within todays working hours sir
    [18:20:31] James: Once your request is done
    [18:21:02] Alfred: Your withdrawal process is working now?
    [18:21:31] James: Department are working on it sir
    [18:22:00] James: They informed me that you will be contacted within todays working hour once the request is done
    [18:22:15] Alfred: Okay
    [18:22:19] Alfred: Thank you
    [18:22:25] Alfred: Bye
    [18:22:44] James: Have a good days sir
    The visitor has left the chat.
    The chat is ended.

    On 30/06/15 I opened another chat and David was the support agent who assisted me. As you can see from the first chat transcript below, David left the chat without notice and then, when I re-opened the chat, pretended the chat ended because I had an internet connection problem.

    You can also see that David promised me that he had sent my message to finance and that I would be contacted within 24 hours. You can also see that he asked me a question the answer to which I had just provided, implying he wasn't even reading my message.

    Here is the chat transcript:

    Start Time: 06/30/2015 13:30:31
    End Time: 06/30/2015 13:40:44
    Operators: David

    Transcripts:
    If you do not want to wait, please click here to leave us a message.
    Operator David has joined the chat.
    [07:30:36] David: hello sir
    [07:30:40] David: how can I help you
    [07:31:01] Alfred: Hi David
    [07:37:27] Alfred: I have been waiting for you to process my withdrawal request since the week before last on Wednesday. I spoke to James several times through this chat. He asked me to be patient thoughout last week and promised me I will get my money first thing Monday morning. However, yesterday (Monday) nothing happpened. I contacted him Yesterday afternoon and he promised me my withdrawal request would be processed before end of business yesterday and that I would be contacted when that happens. Today is Tuesday afternoon (12:36) and I still have not got my money. Neither has anyone from your company contacted me
    [07:37:31] David: when you send a withdraw request and which method sir I will request finance to follow up with your issue and within 24 hours will get update contact us tomorrow and we hope it will be done
    [07:38:40] Alfred: Please read my message above it clearly tells you when I sent my withdrawal request
    [07:38:42] David: yes I check and I send to finance sir
    Operator David has left the chat.
    The chat is ended.

    After David left the chat without notice, I re-opened the chat:

    Start Time: 06/30/2015 13:51:23
    End Time: 06/30/2015 13:56:33
    Operators: David

    Transcripts:
    If you do not want to wait, please click here to leave us a message.
    Operator David has joined the chat.
    [07:51:46] Alfred: David, why do you leave the chat while I'm still talking to you? Without even saying Good bye?
    [07:51:47] David: your account manager will call you now to fix your issue sir
    [07:52:05] David: sir sorry was issue with conection
    [07:52:57] Alfred: I have no problem with my internet connection
    [07:53:34] Alfred: Please read the following message and passs it to my account manager...
    [07:53:42] Alfred: I waited too long already for my money. I can't wait for tomorrow. I want you to process the withdrawal request today. I didn't make a withdrawal request because I wanted the money to just sit in my bank account. I wanted the money in 4 days' time. That's why I requested for it 3 days earlier because I knew in terms of your withdrawal policy I might have to wait for 3 days for the money to be processed. James has told me several times that he sent my message to finance. I don't want to hear that story again again. Why is your finance department not processing my withdrawal request? Why do I have to be taken from pillar to post to get my money? It is not your money that I want. It is my money.
    [07:53:58] David: Ok within 10 minute will receive a call sir
    [07:55:39] Alfred: Please give him this number: +2784 964 8833 which he must use to call me
    [07:56:26] Alfred: Thank you
    The visitor has left the chat.
    The chat is ended.

    As you can see from the chat above, David is promising that my account manager would call me now to fix my issue. After I made it clear that I want my withdrawal request to be processed that day, David promised me that I would receive a call WITHIN 10 MINUTES.

    Not only did I not received a call from my manager or any one from capitaloneforex but my withdrawal request was not processed.

    Later that day, I opened another chat after I spent hours waiting for the call from capitaloneforex. Here is the chat transcript:

    Start Time: 06/30/2015 16:19:57
    End Time: 06/30/2015 16:41:12
    Operators: James

    Transcripts:
    If you do not want to wait, please click here to leave us a message.
    Operator James has joined the chat.
    [20:05:04] James: Hello Alfred
    [20:05:13] Alfred: Hi James
    [20:05:29] James: How can i help you ?
    [20:05:41] Alfred: The same thing
    [20:06:02] Alfred: I didn't get my money yesterday as you promised
    [20:06:45] Alfred: No one called me too as you promised
    [20:07:04] James: What is your withdraw amount and the payment method ?
    [20:07:44] Alfred: You always ask me that question. I gave you the amount and the method so many times already
    [20:07:49] Alfred: $600
    [20:07:55] Alfred: Credit card
    [20:08:05] Alfred: Thats what I told you so many times
    It’s been a while since your last response. Please respond within the next few minutes or this chat will be ended.
    [20:10:25] Alfred: James are you there?
    [20:10:40] James: Ok sir
    [20:10:40] James: I have forwarded all the informations to the department
    [20:10:40] James: You will be contacted soon regarding the issue
    [20:10:40] James: Your request is in process
    [20:11:47] Alfred: I want the money like days ago James. I didn't request to withdraw the money so that I can keep it in my bank account. I need to use that money
    [20:12:46] James: Sorry for the inconveniences sir
    [20:13:47] Alfred: Its two weeks now since I made the withdrawal request. I've waited too long already
    [20:14:15] Alfred: Processing a withdrawal request is a matter of minutes, if not seconds
    [20:15:40] James: Yes sir, It is taking time as we are currently having a problem with skill and some of the other payment method.
    [20:16:19] Alfred: Please put me thorugh to my manager
    [20:16:37] Alfred: I send him a message last week Friday but he didn't come back to me
    [20:17:44] James: Who is your account manager ?
    [20:18:07] Alfred: Mackcim
    [20:18:31] James: Did you mail him ?
    [20:18:38] Alfred: Yes
    It’s been a while since your last response. Please respond within the next few minutes or this chat will be ended.
    [20:21:31] Alfred: Are you still there?
    [20:21:47] James: Yes sir
    [20:22:26] Alfred: Why does he not contact me?
    It’s been a while since your last response. Please respond within the next few minutes or this chat will be ended.
    [20:24:39] James: I recently contacted with Mr Makcim
    [20:25:53] James: He notified me that your request is in process
    It's been quite a long time since your last response. This chat is ended.
    The chat is ended.

    In this chat I'm told the same old story that I would soon be contacted and that my withdrawal process is in progress. But that progress never ends. Yet each time I'm told to be patient.

    At this point I asked my friend Zolise to open a chat a pretend that he wanted to fund an account with capitaloneforex. James assists my friend while at the same time assisting me in the chat above. Below is the chat transcript between James and Zolise, which I joined later:

    Start Time: 06/30/2015 16:36:31
    End Time: 06/30/2015 17:05:12
    Operators: James

    Transcripts:
    If you do not want to wait, please click here to leave us a message.
    Operator James has joined the chat.
    [20:21:46] zolise: hello how are you?
    [20:21:55] James: I am good thanks
    [20:22:00] James: what about you ?
    [20:22:42] zolise: am good thanks i want to fund my account what method should i use?
    [20:23:09] James: Deposits | Capital One Forex Ltd any of these payment method you can choose sir
    [20:24:24] zolise: so is fine to use skrill?
    [20:25:19] James: Yes of course any of the above stated payment method
    [20:25:29] James: How much would you like to fund to your account sir ?
    [20:25:46] zolise: sorry i mean credit card
    [20:26:25] James: Yes of course
    [20:27:42] zolise: James how come it is possible to deposit but impossible to withdraw?
    [20:28:30] zolise: If you have a problem with the withdrawal process you should also have a problem with the deposit process
    [20:28:58] zolise: There is no way withdrawal cannot work but deposits work perfectly
    [20:29:20] James: Which payment method sir ?
    [20:30:05] zolise: Your chatting to Alfred now James I asked my friend to check with you what you would say if he says he wants to fund an account
    [20:30:40] zolise: Its clear now that there is no problem with your system
    [20:31:11] James: Dear sir What i was telling is there is no problem in skrill. You can deposit via skrill if you like to
    [20:32:17] zolise: Why don't you sent my money to skrill then?
    [20:32:43] James: you have to contact to your manager regarding the changing in payment method .
    [20:33:49] zolise: I told you I contacted my manager last week Friday but he didn't come back to me
    [20:35:02] zolise: I was chatting with David earlier today he said my manager will call me in 10 minutes but its over 3 hours now he has not contacted me
    [20:35:46] James: Ok i will talk with Mr David and forward your informations to him
    [20:36:25] James: David last time notify me that you will be contacted once the problem with the payment method resolves
    [20:37:17] James: Finance department is dedicated for the problem solving work
    [20:37:22] James: You will be contacted
    [20:37:30] zolise: I save every chat with you so I have a full record of my chats with you. I can paste it and you will see clearly what David told me
    [20:38:51] zolise: It is also clear from this chat above from your answer that you have no problem with funding accounts through credit card
    [20:40:48] zolise: Take note that if I don't get my money by close of business today and Mackcim doesn't call me I will soon post all my chats with you and David as well as the emails I sent to Mackcim and you finance department
    [20:41:20] James: You will be contacted soon sir
    [20:42:01] zolise: I will post all that information to all the forex trading forums and websites so that all traders know that you cannot be trusted with their money
    [20:43:54] zolise: I will write a long post about the bad treatment I got from you when I wanted to withdraw my money with you and I will create backlinks to all the different forex trading websites so that the information can be easily found all over the web
    [20:46:50] zolise: I've done some research about your company and have found traders who complained about your service (especially when it comes to withdrawals). I will link the review post on my website to all the posts of these people who have bad things to say about your website
    [20:48:03] zolise: This will hit your company so hard financially that you will be out of business now too long from now
    [20:49:52] zolise: No trader who complained about your services has ever done this before and I believe that's you continue to treat traders like fools
    [20:50:08] zolise: I'll not stop there...
    Operator James has left the chat.
    The chat is ended.

    This chat transcript CLEARLY shows that capitaloneforex had no problem with taking deposits into traders' accounts at all material times. James specifically says there is no problem making deposits into accounts with credit card and Skrill. Earlier in my chats with him he had said the problem regarding their withdrawal process included credit cards and Skrill.

    Is it possible for capitaloneforex clients to deposit money into their accounts with credit cards and Skrill at the same time when capitaloneforex claims to be having problems with withdrawing money from these accounts through credit card and Skrill? I don't think so.

    From the above chat, it became clear to me that James was lying, misleading and misinforming me all the time. Why? Because they don't want me to withdraw my money from the account. In other words, I didn't fund my live account so that I could trade and make profits for myself but I funded it so that capitaloneforex can take not only my deposit but also the profits I make in this account. That's in addition to the transaction fees/spread they get from each trade I open (of course they are entitled to the spread).

    Does the owner of capitaloneforex think he can continue, year after year, to steal/defraud traders of their hard-earned money, not only all their deposits into his company but also all the profits they work hard to make, without any negative consequences befalling him?

    On the same day, 30/05/15, I sent Makcim and the finance department an email requesting them again to process my withdrawal request. Neither of them replied to my email, not to mention they also failed to process my withdrawal request.

    On 01/07/15 I opened a chat again and found James. You can see from the chat transcript below that I was unable to log into my account that day. Ever since I first logged into my account immediately after I opened it, I never needed to enter the username and password because I had saved them. I just opened my MT4 and I would be automatically logged into the account.

    I began suspecting capitaloneforex had closed/deleted my account as I have read about traders who claimed capitaloneforex had closed/deleted their accounts. After chatting to James, I had to uninstall and re-install MT4 for my account to work again.

    You can see from the chat transcript below that James tells me that they had discussed a lot about my withdrawal request in their meeting that day and that the problem regarding my withdrawal would be solved till Monday 06/07/15, and that my request would be completed in the following week ending 17/07/15. However: neither my account manager nor the finance department contacted me to tell me about the decision they took at that meeting.

    Moreover: James gives me no reason WHATSOEVER as to why I should wait until 17/07/15 for my withdrawal request to be completed. It appeared to me that the issue was no longer that the withdrawal process is not working. It would be extremely unreasonable and ridiculous for James to continue to tell me they had a problem with the withdrawal process after such a long time since I submitted my withdrawal request. As such, there is now NO reason at all for me to wait. I just have to wait until 17/07/15

    You will also see from the chat transcript that I wanted James to tell me who Makcim reports to as I'm not happy with him as my account manager. I don't want to have an account manager who doesn't reply to my communication with him and doesn't care at all about the problems I'm encountering with my account.

    You can clearly see that James was refusing to give me the name of the person to whom Makcim reports to as well as their telephone number so that I can talk to this person. He eventually gave me the name, Lilly, and her email address.

    I have more information/transcripts to share but this thread is too long already, I think. If you want to see all my communication and further transcripts, including the screenshots and detailed statements of my account, the actual emails I sent to Makcim, Lilly, the accounts/finance department as well as to the support department of capitaloneforex please visit Capital One Forex Scam | Capital One Forex Reviews | Scam Forex Broker

    I created that blog to share my experiences with this scam forex broker and to help other traders avoid opening live accounts with it. The blog is well optimised for the search engines and not long it should be on the front page of Google for any one who types the words "capitaloneforex" in the search field.

    I wish to conclude this thread by saying on 16 July 2015 I sent an email to Lilly, Makcim, accounts/finance department as well as the support department of capitaloneforex in which I submitted a withdrawal request of ALL the money in my trading account number 109325 which is currently $4 537.60.

    Just like all my previous withdrawal requests and emails not one person at capitaloneforex has replied to that email to this day 02/08/15.
     

    Attached Files:

  2. Pharaoh

    Pharaoh Colonel

    Joined:
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    Messages:
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    if you deposited by credit card, call or visit your issuing bank immediately. Ask to speak to someone in the fraud department. Explain that deposit, trading, and withdrawal are the services a broker offers. Explain that you have the money (plus profits) in your account and cannot withdraw. Ask if it's possible to do a chargeback on your deposits.

    If you deposited by bank wire, contact your bank and the receiving bank and ask about how to file wire fraud charges.

    More info for you is here:

    http://www.forexpeacearmy.com/forex...-funds-general-information-about-company.html

    I have heard that Giambrone Law (forex@giambronelaw.com) is interested in this company. Be aware that they do charge up-front fees.

    Good luck extracting your money from these scammers.
     

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