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  1. Scam Investigations Committee

    Joined:
    Mar 2, 2008
    Messages:
    250
    Likes Received:
    18
    FPA Scam Finding
    against
    Forex-Metal.com


    We the members of the Scam Investigations Committee of the Forex Peace Army have deliberated on all the evidence available to us and have reached a conclusion. It is our opinion that...

    There are now a total of 3 FPA Traders Court guilty verdicts against this company.

    Case 1. FPA member Yatti reported having over $30,000 in his account at Forex-Metal. When he tried to withdraw it, the first $5000 arrived and was only followed by excuses, delays, and many messages being ignored. Yatti did report this to the Belize IFSC.

    Later, Forex-Metal offered to resolve the problem, but only if Yatti removed all negative comments and reviews from the internet. This kind of “hide the fact that there has been any problem and then we'll pay you” is one of the reasons why the FPA accepts updates on complaints instead of removing them.

    Forex Metal then made and broke promises to pay Yatti the rest of the money owed. They even sent a debit card which had no access to any funds.

    After the Belize IFSC warned Forex-Metal, the claim of being IFSC regulated was removed from their review page. After more communication including threats to withhold money if Yatti complained, another $1000 of the money owed was sent. More than $30,000 is still owed.

    Case 2. FPA member Gscfinancials reported being told several reasons for being unable to withdraw $3400. These inclused a DDoS attack, a First In-First Out policy on processing withdrawals, and a daily limit on their Skrill account. The money never arrived

    Case 3. FPA member Nguyen Xuan Hong reported being unable to get withdrawals for $3000 and for $400 processed. The claimed FIFO policy was used as an excuse again. The $400 he tried to withdraw on August 10th finally arrived in November. At the beginning of December another $1000 was sent, then Forex-Metal went silent.


    The FPA contacted Forex-Metal before each case went public. The only response was on the first case, That response said all issues are discussed directly with clients. The Forex Metal really did discuss the issue with Yatti, the issue should have been resolved over a year ago.

    Currently, Forex-Metal's website claims that the company is licensed and regulated. It claims that further information is available on the FAQ page. There does not appear to be any information about licenses or regulations for Forex Metal on the FAQ page.


    Under these circumstances, the FPA has no choice but to declare Forex-Metal.com to be a scam. This ruling also applies to any other related websites. We offer Forex Metal the opportunity to have this Scam Finding lifted by meeting these requirements...

    1. Process all overdue withdrawals. Add a 0.5% compounded interest payment for each full month compensation for any withdrawal that been delayed more than 2 months since the initial request was made by the client.
    2. Never again demand a trader remove facts about a problem as a condition to making payments of money owed to the trader.
    3. Process all new withdrawal requests in 10 business days or provide a valid reason for any delays. Any reasons for delays need to come with reasonable time frames for how long until payments are sent.
    4. Register with a real regulatory agency and publish links to this regulation on the homepage of all websites of the company.
    5. Appoint a reliable representative to the FPA who will address issues in a timely fashion.


    Forex-Metal.com is hereby blacklisted by the Forex Peace Army. We urge traders not to do business with this company or with any company associated with it. If you have an account there, the FPA recommends trying to withdraw all of your funds as quickly as possible.

    Based on the available evidence, we feel there is no choice but to label Forex-Metal as a scam.



    Discussion Thread for this Scam Finding

    Yatti's original complaint against Forex-Metal.com

    Yatti's Traders Court case against Forex Metal

    Gscfinancials' original complaint against Forex-Metal.com

    Gscfinancials' Traders Court case against Forex Metal

    Nguyen Xuan Hong 's original complaint against Forex-Metal.com

    Nguyen Xuan Hong 's Traders Court case against Forex Metal

    FPA Review Page for Forex-Metal.com
     

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