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Is Forex-Metal a scam company?

Discussion in 'Scam Alerts' started by Mei Ling Chen, Jun 5, 2010.

  1. Mei Ling Chen

    Mei Ling Chen Recruit

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    I open an account with them on 13th of May this year. They rose up 2 pips for my account one week ago without any notice. I sent the 100,000usd withdraw request on 25th of May, but the money still in their bank up to now. Do you know this company? would you please give me some advice? Sarah
     
  2. RahmanSL

    RahmanSL Major

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    Hi Mei Ling,

    First of all, why did you deposit such a large sum of usd100k with a single broker???
    If you really want to trade with large account, go with the more trusted broker like "Dukascopy" and other well established brokers.

    I would suggest you read the reviews on this broker here at Forex Peace Army (FPA) under "Reviews & Ratings" (which is situated at the top left hand corner of this page) and also at other sites (like 100ForexBrokers) to see what other traders have to say about this broker Forex Metal. You can also post your comments on this broker at these sections.

    Additionally, you will have to find out whether Forex Metal is registered by any forex governing agencies to whom you can write an official complaint.

    Best of luck in getting your money back.
     
  3. Pharaoh

    Pharaoh Colonel

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    Please do keep us all informed (and feel free to start a thread in the Trading Systems and Strategies folder to tell us how you made the $100k).
     
  4. Mei Ling Chen

    Mei Ling Chen Recruit

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    From forex metal to response the withdraw

    Dear Mrs. Mei Ling Chen,
    At suggestion of our customer support team we would like to re-assure you
    that there is no need for concern.
    We operate for several years and most of our customers are satisfied with
    our services and we would like to keep it that way.
    One of our banks has a very strict anti-money laundering procedures for
    large international payments. The relationship with this particular bank is
    relatively new to us and we had to comply with their regulations and provide
    some extra information about our company and our activities. Soon you will
    receive your withdrawal as per your request.
    We appreciate your patience and understanding in this matter.


    Regards,
    Forex-Metal Payments Department
     
  5. Mei Ling Chen

    Mei Ling Chen Recruit

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    FPA is helping Mei Ling to get money

    Hello again Forex-Metal,

    I'd really like to see this resolved without it going any further. Please provide Sarah with a firm date for this withdrawal. Otherwise, the FPA will have to begin the process of warning traders that funds placed with your company may not be available for withdrawal. Since I'm sure you have more than one bank, I see no reason why an existing customer should be penalized by a new bank's AML policies.

    Sarah, I recommend leaving that posting in the forums and reviews if you don't get an answer within 36 hours.

    Regards,
    Tessa
     
  6. clem699

    clem699 Sergeant

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    What a huge some of money to leave with just a broker,you do not even know much about this broker.You took a terrible risk.
     
  7. Mei Ling Chen

    Mei Ling Chen Recruit

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    FPA recommend not placing any additional funds with Forex Metal

    2010-06-05 Update: The FPA Scam Investigations Committee has received a complaint about Forex-Metal not processing a $100,000 withdrawal. We recommend not placing any additional funds with this company until this issue is fixed.
     
  8. Mei Ling Chen

    Mei Ling Chen Recruit

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    FPA helps me to get 25,000usd

    I appreciate that FPA helps me to get 25,000usd today.
    I still have another 75,000usd with Forex-Metal.
    I Will provide further information here.
    Sarah
     
  9. hyper

    hyper Corporal

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    I think the problem is that brokers like Forex-Metal and FIG have been advertising on web sites whose visitors know very little about the retail forex marketplace. Such visitors probably are not aware that depositing 100K USD with such forex brokers is not the same as depositing 100K USD with such solid brokers as Interactive Brokers (one of the world's largest brokers for equities, futures and derivatives) or Oanda (one of the oldest and largest retail forex brokers).

    It may actually be intentional that such brokers target the unsuspecting, because they would be easier to persuade than if they tried to market, for example, on this web site, where many of us have a better awareness of good and bad brokers.
     
  10. jams

    jams Recruit

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    Forex-metal bad broker !! i can't widrawal my bonus after 50 point done..and my affilates they do not pay.i sent email to forex-metal..but not answer.after i asked about for widrawal they block my account.Thrust me forex-metal bad n scam broker! I SWEAR!
    i have a lot of time wasted in vain!
     

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