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GUILTY Case# 2011-099 | billnew2fx vs www.ecnalpha.com

Discussion in 'Guilty Verdicts' started by billnew2fx, Dec 20, 2011.

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Based on the available evidence, do you believe that ECNAlpha is guilty?

Poll closed Apr 22, 2012.
  1. Guilty

    36 vote(s)
    100.0%
  2. Not Guilty

    0 vote(s)
    0.0%
  1. billnew2fx

    billnew2fx Private

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    Original FPA Traders Court Submission by billnew2fx:

    I am submitting the case against: www.ecnalpha.com

    My Case is: Background: I have accounts with this broker since March 2011. It all went well until a couple of months ago. I started making profits from scalping, which is allowed according to their website.

    Since September, the spreads have widened ( above 3 pips on EURUSD in addition to commission of USD5 per round lot) and they did nothing even though I've complained a few times.

    Now it seems my nightmare is close to materialise. I haven't receive a single dollar from my withdrawal requested since 3 months ago. Their support team has been ignoring my emails. However, their CEO advised that the money will come soon but have missed the latest deadline (16-Dec) that he suggested. All in I have made 3 withdrawal requests with 1 they claimed had been processed but money did not get to my bank accounts. No update when I asked if this was returned to them. Also no reply on the other 2 withdrawal requests.

    Chronological events:

    WITHDRAWAL #1:

    25-Sep: Submitted a withdrawal request for 11k from acc 1.
    28-Sep: Followed up and was advised that it would be processed that day.
    6-Oct: Followed up since money did not hit my bank acc. I asked for wire swift reference.
    7-Oct: Followed up again via email.
    8-Oct: Given a screenshot of their bank transaction. Realised they have processed it as an internal transfer from their xxx bank in HK. I replied and told them that they will have to do an international wire since my bank zzz in Australia is not the same as their xxx bank. I asked them to check if money was returned by their bank.
    11-Oct: They confirmed money was returned to their account and they would rectify the transfer.
    14-Oct: Money still not received. Asked for transaction reference/ screenshot.
    21-Oct: They advised there was public holiday and also that their mail server was down, so could not response. They asked for BIC branch. I told them the BIC code was provided earlier. They said the transfer was rejected cause BIC code was not found by their bank.
    22-Oct: They asked me to verify the transfer detail. Upon checking, I found that the BIC they tried to use had a typo, they entered '5' instead of S in one one of the character. Asked them to reprocess.
    26-Oct: They confirmed they would do the transfer the same day.
    1-Nov: The money that was earlier recredited back to my trading account had not been debited. Meaning transfer had not been effected. Followed up and was told again the money would be transferred the same day.

    (all this while I had the intention to transfer more money from my acc #2 but I wanted to make sure the first withdrawal could be processed without issue before requesting for the second withdrawal. All in, it took more than a month for the money to correctly leave their account)

    2-Nov: THEIR TRADING SERVER WENT DOWN.

    3-Nov: Money still not in my bank account. Asked them for a transaction reference.

    3-Nov: Talked to my bank. They said incoming wire must contain the Australia branch code, which I did not think was necessary for international wire. My bank said money will be rejected for fund that had no branch code specified.

    3-Nov: Wrote a long email, apologised to ECN Alpha, and told them I did not include a crucial piece of info for the wire. I told them I would absorb the wire fee, and asked them to look out for a return and resend when fund is received into their bank account.
    (this was pretty much the last communications I received regarding that was specific to Withdrawal #1. Their support never replied my mails that I sent following up on this since. )

    WITHDRAWAL #2

    3-Nov: In the same email above, knowing what the correct wire instruction should be, and the possibility that the server may not be up anytime soon, I requested another withdrawal for amount USD39k from acc #2)

    5-Nov: Their TRADING SERVER still down. They sent a general mail advising that it would take longer to rebuild the crashed server.

    15-Nov: Their trading server is restored.

    22-Nov: Received a general announcement from their support advising that due to high volume of emails since their server down issue, asked to resend mails that had not been responded.

    22-Nov: Sent another follow up requesting update of the status for both withdrawals.

    22-Nov: Requested a forex fund manager who is also based in Panama to help look into the issue.

    24-Nov: Requested WITHDRAWAL# 3

    26-Nov: Sent another follow up.

    26-Nov: Received an update from CEO named Paule, whom was visited by the forex fund manager mentioned above. Paule wrote:
    "
    It was brought to my notice that few or your withdrawals didn't go through well.

    First and Foremost we apologize for the delay and inconvenience. We honestly do not have any intention to stop your withdrawal. We tried few
    times and it got returned. Finally our main bank account from which
    withdrawals are processed got closed by the bank because we have been transferring the money through out the world. Bank says we do not comply with Anti Money Laundering Policy and closed our account. Hence we were unable to process any withdrawal since last two weeks. Another account is ready and will start functioning to process the withdrawals within a week
    and all your withdrawals will be processed without fail. Because of
    server crash that has happened, the volume of emails we receive everyday are huge and hence there was a delay in responding to mails.


    We request you not to worry or panic. All is getting set and soon the operations should get back to routine.


    Wish you a happy trading. You can contact me directly in the same email if anything has to be discussed on urgent.

    "



    1- Dec: Emailed Paule the CEO requesting an update on the issue and asked him to provide an ETA for my funds.

    5-Dec: Sent another follow up email to their support.

    6-Dec: Paule the CEO replied: "Apologize for the delayed response. Last week i went to meet our
    liquidity provider in zurich and was not able to respond to mails. Our
    new bank account is getting ready and it is expected to be fully active by this week. In all cases we will process the withdrawals around 16 december, 2011. Regarding the spreads, once the existing issues are resolved, we will move to a new liquidity provider where you get minimal spreads. Even we are not happy with the current liquidity provider. Ill do the needful to you and sort out all the issues.
    "
    16-Dec: As mentioned that this day funds would be processed. I emailed support AND the CEO asking for status and whether they would like fresh instruction from me. (didn't receive any response from them)

    19-Dec: Sent another email.
    20-Dec: Sent another email.

    Haven't receive any response since 7-Dec

    All in all, there were many emails in between I sent requesting for statuses and updates but were ignored. I even tried calling the number listed on their website, went to voicemail all the time. The Live Chat was either Offline or Too Busy.

    With the WITHDRAWAL #1, the money was debited from my trading account, never made it to my bank account, and was never recredited back to my trading account. It is as if it went into black hole. Although I am partially responsible for the non-receipt, but they are the one causing all the delays. Even if the wire was kicked back, and if they are efficient, the money would be resend the following week. But it took them 1 month to get the money leaving their bank account.
    And WITHDRAWAL #2 and #3 were never processed from the looks of it.

    I know they have many issues lately such as crashed server down and bank account issue, but I've given them room and time and the deadline of 16-Dec was suggested by them, not me. And failure to response on so many of my emails and not providing update after the deadline is just keeping me nervous and suspicious of the whole operations.

    New thread in the Scam Alerts Folder:
    www.forexpeacearmy.com/forex-forum/scam-alerts-folder/18190-ecn-alpha-not-processing-my-withdrawals.html

    Review is submitted by billnew2fx on 12/20/11

    The company was first contacted about the issue on 11/03/11, the last contact was on 12/20/11

    Details: It was brought to my notice that few or your withdrawals didn't go through well.

    First and Foremost we apologize for the delay and inconvenience. We honestly do not have any intention to stop your withdrawal. We tried few
    times and it got returned. Finally our main bank account from which
    withdrawals are processed got closed by the bank because we have been transferring the money through out the world. Bank says we do not comply with Anti Money Laundering Policy and closed our account. Hence we were unable to process any withdrawal since last two weeks. Another account is ready and will start functioning to process the withdrawals within a week
    and all your withdrawals will be processed without fail. Because of
    server crash that has happened, the volume of emails we receive everyday are huge and hence there was a delay in responding to mails.


    We request you not to worry or panic. All is getting set and soon the operations should get back to routine.
    ------------------------------------------------------------

    Apologize for the delayed response. Last week i went to meet our
    liquidity provider in zurich and was not able to respond to mails. Our
    new bank account is getting ready and it is expected to be fully active by this week. In all cases we will process the withdrawals around 16 december, 2011. Regarding the spreads, once the existing issues are resolved, we will move to a new liquidity provider where you get minimal spreads. Even we are not happy with the current liquidity provider. Ill do the needful to you and sort out all the issues.

    Company representatives' emails:
    Support <support@ecnalpha.com>
    Paule <paule@ecnalpha.com>

    Attached Files:

    1. Withdrawal #1 and #3 from acc 1.docx

     
  2. billnew2fx

    billnew2fx Private

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    Please put a hold on this case (as well as the Review I submitted). Latest comment from CEO:
    "
    My sincere apologize for the delayed response. We have completed all the
    pending work to resolve the withdrawal issues. But due to holidays that
    are falling ahead now, we are unable to honor our previous commitments.
    By 9 January, 2012 our new accounts will be ready to transfer the money.
    You have been co-operating and understanding all these days. Kindly
    extend your support to us to enable us service you better on a longer run.
    Ill email you personally and process your withdrawals once our account
    is ready.
    "

    Although I do not understand what public holidays have to do with processing withdrawals as banks are only shut for a few days in between. And 9-Jan is just such a extended date.
     
  3. Sylvie O.

    Sylvie O. Sergeant

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    Looks like they try to gain time. Keep us posted.
     
  4. billnew2fx

    billnew2fx Private

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    I still haven not received my money. The last communication I received (11-Feb) from the CEO, Paule was:

    "
    Many apologize for the delay in response and payment. Now things are
    sorted out and we started to wire our clients from today. First ill
    process a test withdrawal before wednesday and then process all the
    pending money to you. Kindly reply with your contact number and ill call
    you one of these days.


    Regards,

    Paule
    "

    I had given him my contact details but have not heard from him. Sent a few follow up emails to Paule and the support team but went unanswered. Tried calling the number listed on their website and it seems like it is an invalid number.

    I'm not sure what I should do next but I need my money desperately as I have been made redundant from my job of 5 years.
     
  5. Pharaoh

    Pharaoh Colonel

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    Sounds like it's time to send them a formal invitation to join the conversation.
     
  6. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    I'm moving this to the Open Cases folder. They've already had a 2 month delay. If they pay by the end of the week, this will be marked as resolved. If not, this will go to a vote.
     
  7. billnew2fx

    billnew2fx Private

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    hi guys, did anyone try to contact ECN Alpha and get them onto the table?
     
  8. Kiran Thomas C

    Kiran Thomas C Private

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    RE:

    Looks to me , a Scam broker, no broker will delay such a long time, for the same.Can't they transfer the money from some other bank, Who is going to believe that they are going to get a new bank account for transferring the money, ask them the proof for that.

    Hope FPA can bring your money back.
     
  9. kangeroo2

    kangeroo2 Recruit

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    Bill,
    Why didn't you go with an Aussie broker? I've been with GoMarkets for 3 years and never had any hassles with withdrawing funds.
     
  10. billnew2fx

    billnew2fx Private

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    I use Go Markets too. But the account at ECN Alpha has been very profitable even though I put the same scalper EA on both brokers platform.
     

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