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

[pcbg007]

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.

This sounds really scary.

Noting all your correspondences with them and contents of their responses, they are obviously trying to buy time. They are likely in financial woes. While brokers make good money, they can still go bust if the top management keeps siphoning off money into their own pockets by way of perks and astronomical bonuses, apart from their fat salaries.

Does Panama has any law in place to protect traders' money?

 

[Galina_K]

The whole picture reminds me of numerous other cases.
Almost identical stalling tactics.
Promises made, often in a very professional and polite looking manner,
but nothing than lies from the beginning.

The website of the scammers does not load either.

My sad 2 cents: With a probability of 1 million to 1 they have stolen all of your money
and you will never see it again.

Hindsight is always perfect, but just in case a newbie is reading this:
Never ever send your precious money to brokers which are not regulated and which do
not prove that your funds are segregated and cannot be stolen.

 

[ruseneca]

Never ever send your precious money to brokers which are not regulated and which do
not prove that your funds are segregated and cannot be stolen.

I may suggest the same! ECNAlpha is licensed BUT NOT regulated!

Reading and understanding the whole problem, I can say that it really "reminds of numerous other cases." I always stay away from calling a broker SCAMMER but this time I have a reason to do that because both points of views are included here. Unless completely sure when a problem is going to be resolved, I would not give any deadlines. They should do the same. And Yes...they are GUILTY. How could they even tell us that a bank has closed their account for charges of Money Laundering when sending money to all over the world?!?!?! Is there such bank?! Of course, Not!

Does Panama has any law in place to protect traders' money?

No, they don't! Offshore countries are not responsible for any invested money and offer money protection ONLY to members of their Regulation bodies. ECN Alpha is licensed but not regulated, as I already stated above.

 

[brgil]

RE-Billnew2fx vs www.ecnalpha.com

What a pathetic story from one of our fellow traders.Most of the brokers out there are out to scam traders.I think it is high time to start recommending best brokers in every continent to avoid be duped.

I foresee foul play from ecnalpha broker but for benefit of doubts,I suggest forexpeacearmy,to invite or write to the broker for their own side of the story.I reserved other comments.

 

[dbrawner]

Unfortunately, Galina_K's comment regarding hindsight is more than appropriate.

In the retail Forex market, caveat emptor is the first rule of thumb.

For all but the best known brokerages, I have gone so far as to open a minimal account, place some trades, and request a withdrawal, all before committing an serious money to the account.

Often times, how a broker handles their small accounts says more about their customer service and overall integrity.

My vote on this case: "guilty"...

 

[Rage]

I agree with dbrawner, and sometimes it's hard to separate the forex brokers from the used car dealers as far as integrity. But bottom line is that you have contacted them several times, they have responded a couple of times, you have not received your last 2 withdrawals in the past couple of months. Any well run organization especially in the forex would have a contingency plan, like a backup mirrored server, in service as this is a internet based market.

Not withstanding the failed replies to your email, the lack of sending you your money, the lack of a contingency plan......they plain and simply lied to you. If for no other reason than that I vote "guilty".

 

[ecnalpha.support]

Hello,

I am John on behalf of ecnalpha. Yes we had some banking issues and now its resolved. I request you to send the complete details along with your account number to support@ecnalpha.com with the subject line: Note to John. I make sure this issue is resolved.

 

[1954]

It sure looks like a scam to me.

 

[billnew2fx]

I have emailed them and put in the subject: Note to John as suggested. Hope I'll get my money soon.

 

[Pharaoh]

Now we can all watch and see if Billnew2fx gets paid or if this is another stalling tactic.