Is Forex-Metal a scam company?

Mei Ling Chen

Recruit
Messages
6
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
 

RahmanSL

Major
Messages
2,536
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.
 

Pharaoh

Colonel
Messages
19,746
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).
 

Mei Ling Chen

Recruit
Messages
6
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
 

Mei Ling Chen

Recruit
Messages
6
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
 

clem699

Sergeant
Messages
147
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
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.
 

Mei Ling Chen

Recruit
Messages
6
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.
 

Mei Ling Chen

Recruit
Messages
6
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
 

hyper

Corporal
Messages
93
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.
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.
 

jams

Recruit
Messages
1
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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