ForexMart won’t process my withdrawal

[4evermaat]

Oooh another 1 week again, I finally got a reply which I have attached...

Apparently they won’t be completing the payment because according to them; they used the exchange rate on the day I requested to process a payment that was done not even a day after but a week after... (we are talking about BTC payment that is meant to be instant)

In my opinion This company is a scam they’d do everything possible and pull all kinds of tricks to cheat and I was cheated on. I was lucky I got back part of my money.

In this case, I'm not sure if scam label is appropriate. Was the balance held in BTC or what is held in USD?Even if the balance was held in USD, the rate could still change from withdrawal request time to actual payment time. Then there are wallet/exchange fees.

Of course you would probably not want to trade with them again though . I know it is hard to find a brokerage accepting btc that is an agency model execution. But there is a good reason for that also. You would likely have to use something like neteller/skrill or other facility to convert into fiat first. And you will be hit with 3-6% fees.

7910$ - 7467$ = $443

443 / 7910 = 0.056 or 5.6%

Dealing with non-agency model brokers are only going to end in heartbreak.

 

[4evermaat]

So @Go Moo would you say that this case is resolved?

 

[FxMaster]

@Go Moo can we have your reply here?

 

[Go Moo]

My base currency was held in USD.
And my BTC wallet is held on Blockchain.
Any payment made to my wallet... the initial amount sent in USD is shown. And since they were paying me in USD they obviously sent 7467$

ForexMart withdrawal fees for BTC is 2% of amount withdrawn (158$)
Therefore 7910 minus 158 = 7752$
They sent 7467$
The remaining 285$ ???

 

[4evermaat]

The remaining 285$ ???

you said your BTC wallet is held on blockchain. so is it possible that the value of the btc has shifted?

 

[Go Moo]

Yes there is always a possibility of the value of BTC to shift.
However, whenever a payment is received blockchain will always tell you the value of dollar when received. And as at when they processed the payment BTC was on a rally!!! It was going in my Favour and there was no way it went against me cos I was actually watching the chart and was on my wallet before I even got a mail and alert of the payment.

I have attached the screenshot of the payment again.... they processed it @11:28am I took the screen shot at 11:39am (in 11mins) when it reflected on my wallet and from the screenshot you will see that BTC is gaining... meaning that they might have even sent me less than 7467$ (but I will ignore that).

 

[FxMaster]

Yes there is always a possibility of the value of BTC to shift.
However, whenever a payment is received blockchain will always tell you the value of dollar when received. And as at when they processed the payment BTC was on a rally!!! It was going in my Favour and there was no way it went against me cos I was actually watching the chart and was on my wallet before I even got a mail and alert of the payment.

I have attached the screenshot of the payment again.... they processed it @11:28am I took the screen shot at 11:39am (in 11mins) when it reflected on my wallet and from the screenshot you will see that BTC is gaining... meaning that they might have even sent me less than 7467$ (but I will ignore that).

Talk with broker regarding it and see what reply you are getting. Also, don't forget to update us here

 

[Go Moo]

Well, I don’t know what else to tell them.
Their answer to short paying me is that they used the rate of the day at which I Requested for withdrawal to make a payment they processed one week later. Does this even make sense ? (Especially as it is BTC! And on their site they wrote that it takes within 48hrs to process BTC payment)

Thus, This answer alone in my opinion is bull**** on so many grounds.
Their support will most likely reply me in a week plus.... with another cock and bull.

It is obvious this company are not to be trusted and they act fraudulently to cheat on their clients especially through BTC payment like I experienced.

I am lucky to get my Money minus 280$ back. I will consider this case resolved and I will accept the “cheating” ForexMart played as a price I had to pay for doing business with this dodgy broker. I have learnt my lesson.

A very big thanks to you all for the help, keep up the good work!

 

[4evermaat]

Well, I don’t know what else to tell them.
Their answer to short paying me is that they used the rate of the day at which I Requested for withdrawal to make a payment they processed one week later. Does this even make sense ? (Especially as it is BTC! And on their site they wrote that it takes within 48hrs to process BTC payment)

Thus, This answer alone in my opinion is bull**** on so many grounds.
Their support will most likely reply me in a week plus.... with another cock and bull.

It is obvious this company are not to be trusted and they act fraudulently to cheat on their clients especially through BTC payment like I experienced.

https://www.forexpeacearmy.com/forex-reviews/12358/www.forexmart.com

I didn't realize it was the same forexmart. This company has been labeled a scam by FPA since 2018.

I am lucky to get my Money minus 280$ back. I will consider this case resolved and I will accept the “cheating” ForexMart played as a price I had to pay for doing business with this dodgy broker. I have learnt my lesson.

Yes, extremely lucky to have gotten funds back. I think they want to keep their name disassociated from instaforex.

@FPA Forums Team would you mark this thread as resolved please?

Don't forget to update your FPA review also, if needed.

A very big thanks to you all for the help, keep up the good work!

If you really want to say thank you, consider a direct donation to senior FPA members. While voluntary, this helps us to continue to fight the many scams that are clearly all over the forex trading community. Donation details are in the signature and PM sent. Thank you.

 

[FxMaster]

https://www.forexpeacearmy.com/forex-reviews/12358/www.forexmart.com

I didn't realize it was the same forexmart. This company has been labeled a scam by FPA since 2018.



Yes, extremely lucky to have gotten funds back. I think they want to keep their name disassociated from instaforex.

@FPA Forums Team would you mark this thread as resolved please?

Don't forget to update your FPA review also, if needed.



If you really want to say thank you, consider a direct donation to senior FPA members. While voluntary, this helps us to continue to fight the many scams that are clearly all over the forex trading community. Donation details are in the signature and PM sent. Thank you.

I don't think this will qualify as a resolved thread.