Golden-FX not returning funds to clients

Pipsaver

Recruit
Messages
8
I became involved with Golden-FX last year when it took over the accounts of my previous broker and my account became an account at Golden-FX. This transfer was complete, meaning that also my bonus-obligation (the number of lots to be traded before I could withdraw) was transferred and also my trading account remained unchanged at the same trading-server “BRConsulting-Live”. My new account manager was Mike Ross.

Much to my surprise, Golden-FX decided to close my account and return me my funds. My account was from then on handled by the Legal department of Golden-FX and my new contact person there was Jeff Teage.
The account had grown rather big because never before was I able to withdraw due to my bonus obligations.

To solve my remaining bonus obligation and make the balance in my account available for withdrawal, I had to deposit 24.5 k for trading by “Golden-FX Group LTD” during 170 days after which this deposit would be returned to me. I received a contract for that from Jeff Teage, signed by Margaret Williams, CFO of Golden-FX Group LTD.
During the Covid-19 break-out, I was required to deposit an additional liquidity of 12.5k, that would also to be re-imbursed at the closure of my account. The period to closure of my account would be shortened to 40 days. Also for this I received a contract from Jeff Teage, signed by Margaret Williams, CFO of Golden-FX Group LTD.
Finally, I was requested to pay costs for the account closure (non refundable).

The total sum to be returned is the value of the equity (all positions are closed) plus the value of the two contracts, a total value of € 572777.37)

Golden-FX confirmed on July 7th 2020 that it had done everything for the transfer of my funds but on August 18th I also received a letter with a rather extensive explanation about the problem that Golden-FX had run into with the transfer.
Golden-FX declared that the return of my funds had stranded on a problem with the intermediary bank of its payment agent and stated that “For the time being we will not be able to execute another transfer”. The problem had occurred also with other clients. Golden-FX wrote that it plans legal proceedings against that bank and promised to keep me abreast, but although I asked for information I received no further information about those proceedings. Now, 3 months later, I still received no funds back.

The problems of Golden-FX with the intermediary bank of its payment agent are in my opinion no excuse for not returning my funds and for breaking the contracts. I am not part of the problem of Golden-FX with the intermediary bank of its payment agent.
To help finding a solution I even suggested that I might establish a digital account to create a possibility to transfer directly to me in digital currency e.g. bitcoins (on which I received no reaction).

Golden-FX must send me my funds back from account 21095 plus the refundable sums as contracted.
 

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Pheniox123

Corporal
Messages
88
Wow, sounds shocking and even more shocking the balance they are holding from you. It seems they are playing games; I would suggest you contact your bank and find a way to get the money back (depends on how you made the transfer).
 

Pipsaver

Recruit
Messages
8
@Pheniox123: All the transfers to Golden-FX were Bitcoins, so my bank is not really involved in that. I always had to make bank transfers to Coinipop which converted Euro's into Bitcoins. I did make normal bank transfers to previous brokers: SigmaOption, then acquired by BWS-Capital which was in turn acquired by Golden-FX, this is how I arrived there. But these previous brokers do not exist anymore. With all these brokers my trading account was at the BRConsulting server. I hope that someone can provide more information on BRConsulting as my account there is still accessible whereas the website from Golden-FX is off-line today.
 

FxMaster

Lt. Colonel
Messages
9,430
I became involved with Golden-FX last year when it took over the accounts of my previous broker and my account became an account at Golden-FX. This transfer was complete, meaning that also my bonus-obligation (the number of lots to be traded before I could withdraw) was transferred and also my trading account remained unchanged at the same trading-server “BRConsulting-Live”. My new account manager was Mike Ross.

Much to my surprise, Golden-FX decided to close my account and return me my funds. My account was from then on handled by the Legal department of Golden-FX and my new contact person there was Jeff Teage.
The account had grown rather big because never before was I able to withdraw due to my bonus obligations.

To solve my remaining bonus obligation and make the balance in my account available for withdrawal, I had to deposit 24.5 k for trading by “Golden-FX Group LTD” during 170 days after which this deposit would be returned to me. I received a contract for that from Jeff Teage, signed by Margaret Williams, CFO of Golden-FX Group LTD.
During the Covid-19 break-out, I was required to deposit an additional liquidity of 12.5k, that would also to be re-imbursed at the closure of my account. The period to closure of my account would be shortened to 40 days. Also for this I received a contract from Jeff Teage, signed by Margaret Williams, CFO of Golden-FX Group LTD.
Finally, I was requested to pay costs for the account closure (non refundable).

The total sum to be returned is the value of the equity (all positions are closed) plus the value of the two contracts, a total value of € 572777.37)

Golden-FX confirmed on July 7th 2020 that it had done everything for the transfer of my funds but on August 18th I also received a letter with a rather extensive explanation about the problem that Golden-FX had run into with the transfer.
Golden-FX declared that the return of my funds had stranded on a problem with the intermediary bank of its payment agent and stated that “For the time being we will not be able to execute another transfer”. The problem had occurred also with other clients. Golden-FX wrote that it plans legal proceedings against that bank and promised to keep me abreast, but although I asked for information I received no further information about those proceedings. Now, 3 months later, I still received no funds back.

The problems of Golden-FX with the intermediary bank of its payment agent are in my opinion no excuse for not returning my funds and for breaking the contracts. I am not part of the problem of Golden-FX with the intermediary bank of its payment agent.
To help finding a solution I even suggested that I might establish a digital account to create a possibility to transfer directly to me in digital currency e.g. bitcoins (on which I received no reaction).

Golden-FX must send me my funds back from account 21095 plus the refundable sums as contracted.
How many brokers involved so far?
 

Pipsaver

Recruit
Messages
8
@FxMaster:
There were three brokers involved so far. It started with SigmaOption, then BWS-Capital and finally Golden-FX. But they all used the trade platform from BRConsulting.
 

Pipsaver

Recruit
Messages
8
None of them were regulated, They were all based in St. Vincent and the Grenadines (SVG) on the same address. SVG does not regulate Forex brokers.
There is an SVG website called brokerregulator.com, but the Financial Services Authority (fsa) from SVG, on its own website (www.svgfsa.com), warns against that website.
 

The Punisher

Private
Messages
55
Any of them are regulated?

@FxMaster:
There were three brokers involved so far. It started with SigmaOption, then BWS-Capital and finally Golden-FX. But they all used the trade platform from BRConsulting.

Hello Pipsaver
According to the website the company behind the brokerage is registered in St. Vincent and the Grenadines (Consulting Group Ltd.). Please note the government of SVG does not include forex trading within its regulatory framework so its very likely there is zero regulatory oversight. There are other complaints similar to yours that the company tells investors T&C's (terms and conditions) are the gating factor for withdrawal.
 

Pipsaver

Recruit
Messages
8
Thank you Punisher,
The issue at hand is not a withdrawal.
The broker Golden-FX decided that my account should be closed and my funds returned.
They even stated that in an email that they had done the fund transfer but that the transfer failed at the intermediary bank of their payment agent.
 
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