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Forex-Metal – When Will You Pay Your Customers?
Forex-Metal used to be a quiet broker. A few years ago, there was a huge wave of spam for Forex-Metal.com in the forums. Other than keeping Spam Cat busy, they didn't make much of an impression on me, until the withdrawal complaints began.
FPA members Yatti, Gscfinancials, and Nguyen Xuan Hong all reported the same problem. They had money in their accounts. They asked for withdrawals and Forex Metal gave excuses. Delay reasons given included...
1. A DDoS attack. This really can happen, and would temporarily disrupt the activities of a company. It's not an excuse for a delay that stretches out for months.
2. A daily limit on Skrill payments. I'd believe this if it resulted in a large payment being broker into smaller daily payments. Two of the traders did get 1 or 2 followup payments, but these were spaced far apart. Most of the money is still owed.
3. A first in first out (FIFO) policy. If there really are some limits on the amount of money or the number of transfers per day, this would be a believable reason for a short delay. It's not an excuse for delaying payments month after month.
Excuses 1-3 seem like a way to stall clients as long as possible. Two of the FPA members who filed cases did get partial payments. This makes it look like Forex-Metal is probably running short of money.
4. Negative posts must be removed before Forex-Metal will pay. In my opinion, this is nothing more than blackmail designed to hide the facts. Hiding those facts would make it easier for Forex Metal to get new deposits from new clients. A factual post about a withdrawal not being processed is never an excuse for not paying money which is owed.
Too many brokers have used this sort of blackmail for too long. This is why complaint threads at the FPA are marked as Resolved instead of removed. This is why if a problem is fixed, the FPA asks for a followup review instead of removing the original review.
FPA member Yatti was promised a debit card to use for completing withdrawals. The card arrived, but didn't have access to any funds. Yatti also complained to Forex-Metal's regulator, the Belize IFSC. After Yatti reported about the IFSC sending a warning to Forex Metal, the claim of IFSC regulation disappeared from the Forex-Metal.com website.
The footer of Forex-Metal's website currently claims that the company is licensed and regulated. It claims that further information is available on the FAQ page. I cannot find any information about licenses or regulations for Forex Metal on the FAQ page. It appears that Forex-Metal has no regulator. The company probably has a business license somewhere in order to have bank accounts.
Failure to pay money legitimately owed to 3 separate traders makes the conclusion obvious...
The FPA now considers Forex-Metal.com and all related companies and websites to be scams. If you don't have an account there, the FPA recommends against opening one. If you do have an account there, the FPA recommends trying to withdraw your funds as quickly as possible.
FPA Scam Finding Against Forex-Metal.com
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
