Hi,
I am writing my recent experience about Paxforex broker. I read about them in a forum. They advertised that they were offering about 100% bonus to all the new customers. As I am new to trading, I thought I could use the bonus as an extra cushion, just in case I lose my deposit. I got in touch with the support via chat and asked them as to how the bonus stuff works? They directed me to the website link and they said that they have all the clauses pertaining to the bonus there - https://www.paxforex.com/account/forex_deposit_bonus_conditions_upto_100p
After going through them I was a bit unclear with their clause 6 and 7. So I got in touch with the support guys again via chat. I told them that I am a bit unclear about their bonus clause that they have mentioned in 6 and 7 and asked them to make it simpler for me. I thought I would rather ask, what particularly I am confused about and told them – I have a few direct questions and I hope to get answers to that. I asked these
1> Is the welcome bonus, a tradable amount? I mean, can I use it for trading in case if I lose the deposit?
Support staff – “yes the amount we add to your account is tradable and can be used during margin calls.
2> I am not sure about the bonus conditions that you have on your site. What if I don’t fulfill the volume requirement and wish to withdraw at some point later(because I knew that I will never be able to meet even 10% of their requirement and I did not want to be in some mess later on).
Support staff – “It’s fine, if you can’t meet the requirement. We just take the bonus back and you can take the remaining back into your account.”
Now what does the above statement confirm. It confirms that if I want to withdraw my money later and I have not yet met their volume rule, then the company would take ONLY my bonus back and I CAN take my profits and the deposit back. Right? Now there might be some of you who might understand the rules and conditions, but I could not. And hence I contacted the company support team to clarify my doubts!! I suppose I was not wrong in doing that.
Just before the deposit, due to some technical reasons associated with Moneybookers, I asked them if they would consider my request of making the deposit via MB but for all the future withdrawals I would be using only Liberty reserve. I requested this option because MB have some outgoing and incoming transaction limits. The customer support responded back via email saying - Yes we can do that. After confirming the bonus condition and the LR option I went ahead and deposited 300 USD and got 100% bonus on that.
Now, after about 2 months when I tried withdrawing the amount via LR, they came back saying that they cannot entertain the request and I should use the same option which I had used originally for the deposit. I would not have had any issues with that if I had bigger limit in my MB account. And that was the whole reason I had confirmed with their support staff, that they would allow me to use LR option later on. I reminded them that their staff had already confirmed that this would be possible. It took several to and fro emails between me and them, and finally they came up with another major issue.
The company is holding my profits back!!
__________________________________
When I placed a request for the withdrawal they said that they would take the entire bonus back, if I withdrew anything before completing the volume requirement. I totally understand if they want their money back!! But they are asking me to even fore-go my profits??? After many years of struggling with forex and after 2 months of trading with Paxforex, I managed to make about 1283 $ which includes my deposit of about 280USD in that. In fact it was one my friend who had helped me with 1 or 2 confirmed setups and he had told me that these trades will surely work. I am not a big trader who earns BIG $ every month. I don’t want to mention much, but I have certain loans and other commitments that I have to take care of. This was the whole reason I even bailed out of my positive trades(trades were open for 3 days or so) so that I can withdraw my money. They started explaining that traders normally lose their bonus and hence they have a rule in place which says that I cannot withdraw profits until I complete 60 lots requirement. 60 lots!!! I cant even imagine of achieving that in another 1 year!!
I would be wrong if I had asked for the bonus which the company owns. I am NOT asking for their bonus. Let them take their bonus back and give my money which I have earned by trading!!
I have confirmed this at least twice before I deposited the amount, and they had clearly said that they would ONLY CANCEL my bonus and I CAN take the rest from my account. Am I missing something here? Just to confirm this I again contacted paxforex and asked them the same thing. The company representative clearly said that I can take everything except the bonus amount which they have added to my account. Please see the chat log that I saved after the conversation.
Language: English
Full Name: Cheth
Your Question:
Staff: Paul E
________________________________________
05:23 There are currently 1 chat request(s) before you in the chat queue.
05:23 Your Question:
05:23 Please wait, an operator will be with you shortly.
05:23 You are now chatting with Paul E (Operator) - English
05:23 Paul E: Thanks for coming into live chat. Please feel free to ask me any questions you need; note that I am chatting with several other customers as well, so my responses may be delayed. I will be with you as soon as possible.
05:24 Cheth: Hi Paul...I had sent a request for withdrawal....could u please let me know the status
05:26 Paul E: Hello. When did you do it,sir?
05:27 Cheth: yesterday
05:27 Paul E: write to accounting@paxforex.com please
05:33 Cheth: can u please tell me how much I can withdraw
05:34 Paul E: what account do you have?
05:34 Cheth: 81981
05:35 Paul E: account type?
05:36 Cheth: standard
05:36 Cheth: it is a standard account
05:37 Paul E: sir, you can take all from that account
05:38 Cheth: and that would be?
05:38 Paul E: i can't tell you, sir, i have no access to your account
05:40 Cheth: if I have not completed my volume requirement? Can I still take everything?
05:40 Paul E: yes, but without bonus
05:41 Cheth: thanks
________________________________________
Support Center: PaxForex - Powered by Kayako Engage Help Desk Software
I even tried calling them up to see if I can sort this out. But they started explaining that the conditions are mentioned at their site and I cannot really go about asking representatives for clarification. I said the first time, I spoke to their company people, they had a totally different statement to what they are saying now and hence I am trying to clarify it. Is it wrong to clarify? The person said that probably the person whom I had spoken 2 months earlier was new to the firm. Do I have to ask the representative if he really knows what he is talking everytime I talk to them? The support team represent the company. So anything they say or do is as good as the company is saying that to me… Well what do you say about another confirmation that I got from their support staff, just today? How can they give wrong information to their customers and stop them from taking their own hard earned money….It seems like the company is making profits by snatching away the profits from their customers!!
I would request anybody reading this, to guide me as to how I could handle this….I have all the email and chat correspondences saved which I had with the company guys. It shows how the staff don’t stick to their own words. This shows the credibility of Paxforex ….I am sure after reading this anybody out there would think twice before they deposit their money in paxforex….
I am writing my recent experience about Paxforex broker. I read about them in a forum. They advertised that they were offering about 100% bonus to all the new customers. As I am new to trading, I thought I could use the bonus as an extra cushion, just in case I lose my deposit. I got in touch with the support via chat and asked them as to how the bonus stuff works? They directed me to the website link and they said that they have all the clauses pertaining to the bonus there - https://www.paxforex.com/account/forex_deposit_bonus_conditions_upto_100p
After going through them I was a bit unclear with their clause 6 and 7. So I got in touch with the support guys again via chat. I told them that I am a bit unclear about their bonus clause that they have mentioned in 6 and 7 and asked them to make it simpler for me. I thought I would rather ask, what particularly I am confused about and told them – I have a few direct questions and I hope to get answers to that. I asked these
1> Is the welcome bonus, a tradable amount? I mean, can I use it for trading in case if I lose the deposit?
Support staff – “yes the amount we add to your account is tradable and can be used during margin calls.
2> I am not sure about the bonus conditions that you have on your site. What if I don’t fulfill the volume requirement and wish to withdraw at some point later(because I knew that I will never be able to meet even 10% of their requirement and I did not want to be in some mess later on).
Support staff – “It’s fine, if you can’t meet the requirement. We just take the bonus back and you can take the remaining back into your account.”
Now what does the above statement confirm. It confirms that if I want to withdraw my money later and I have not yet met their volume rule, then the company would take ONLY my bonus back and I CAN take my profits and the deposit back. Right? Now there might be some of you who might understand the rules and conditions, but I could not. And hence I contacted the company support team to clarify my doubts!! I suppose I was not wrong in doing that.
Just before the deposit, due to some technical reasons associated with Moneybookers, I asked them if they would consider my request of making the deposit via MB but for all the future withdrawals I would be using only Liberty reserve. I requested this option because MB have some outgoing and incoming transaction limits. The customer support responded back via email saying - Yes we can do that. After confirming the bonus condition and the LR option I went ahead and deposited 300 USD and got 100% bonus on that.
Now, after about 2 months when I tried withdrawing the amount via LR, they came back saying that they cannot entertain the request and I should use the same option which I had used originally for the deposit. I would not have had any issues with that if I had bigger limit in my MB account. And that was the whole reason I had confirmed with their support staff, that they would allow me to use LR option later on. I reminded them that their staff had already confirmed that this would be possible. It took several to and fro emails between me and them, and finally they came up with another major issue.
The company is holding my profits back!!
__________________________________
When I placed a request for the withdrawal they said that they would take the entire bonus back, if I withdrew anything before completing the volume requirement. I totally understand if they want their money back!! But they are asking me to even fore-go my profits??? After many years of struggling with forex and after 2 months of trading with Paxforex, I managed to make about 1283 $ which includes my deposit of about 280USD in that. In fact it was one my friend who had helped me with 1 or 2 confirmed setups and he had told me that these trades will surely work. I am not a big trader who earns BIG $ every month. I don’t want to mention much, but I have certain loans and other commitments that I have to take care of. This was the whole reason I even bailed out of my positive trades(trades were open for 3 days or so) so that I can withdraw my money. They started explaining that traders normally lose their bonus and hence they have a rule in place which says that I cannot withdraw profits until I complete 60 lots requirement. 60 lots!!! I cant even imagine of achieving that in another 1 year!!
I would be wrong if I had asked for the bonus which the company owns. I am NOT asking for their bonus. Let them take their bonus back and give my money which I have earned by trading!!
I have confirmed this at least twice before I deposited the amount, and they had clearly said that they would ONLY CANCEL my bonus and I CAN take the rest from my account. Am I missing something here? Just to confirm this I again contacted paxforex and asked them the same thing. The company representative clearly said that I can take everything except the bonus amount which they have added to my account. Please see the chat log that I saved after the conversation.
Language: English
Full Name: Cheth
Your Question:
Staff: Paul E
________________________________________
05:23 There are currently 1 chat request(s) before you in the chat queue.
05:23 Your Question:
05:23 Please wait, an operator will be with you shortly.
05:23 You are now chatting with Paul E (Operator) - English
05:23 Paul E: Thanks for coming into live chat. Please feel free to ask me any questions you need; note that I am chatting with several other customers as well, so my responses may be delayed. I will be with you as soon as possible.
05:24 Cheth: Hi Paul...I had sent a request for withdrawal....could u please let me know the status
05:26 Paul E: Hello. When did you do it,sir?
05:27 Cheth: yesterday
05:27 Paul E: write to accounting@paxforex.com please
05:33 Cheth: can u please tell me how much I can withdraw
05:34 Paul E: what account do you have?
05:34 Cheth: 81981
05:35 Paul E: account type?
05:36 Cheth: standard
05:36 Cheth: it is a standard account
05:37 Paul E: sir, you can take all from that account
05:38 Cheth: and that would be?
05:38 Paul E: i can't tell you, sir, i have no access to your account
05:40 Cheth: if I have not completed my volume requirement? Can I still take everything?
05:40 Paul E: yes, but without bonus
05:41 Cheth: thanks
________________________________________
Support Center: PaxForex - Powered by Kayako Engage Help Desk Software
I even tried calling them up to see if I can sort this out. But they started explaining that the conditions are mentioned at their site and I cannot really go about asking representatives for clarification. I said the first time, I spoke to their company people, they had a totally different statement to what they are saying now and hence I am trying to clarify it. Is it wrong to clarify? The person said that probably the person whom I had spoken 2 months earlier was new to the firm. Do I have to ask the representative if he really knows what he is talking everytime I talk to them? The support team represent the company. So anything they say or do is as good as the company is saying that to me… Well what do you say about another confirmation that I got from their support staff, just today? How can they give wrong information to their customers and stop them from taking their own hard earned money….It seems like the company is making profits by snatching away the profits from their customers!!
I would request anybody reading this, to guide me as to how I could handle this….I have all the email and chat correspondences saved which I had with the company guys. It shows how the staff don’t stick to their own words. This shows the credibility of Paxforex ….I am sure after reading this anybody out there would think twice before they deposit their money in paxforex….
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