Lowcostforex.com : Looks like a scam, my withdrawals are not yet sent

tanvinz

Recruit
Messages
7
Hello FPA.
My case: I opened an account with Lowcostforex early this year and I made a deposit with them worth 5k USD on March 12, 2016 (see attached). Then, there is a sudden turn of events (I got hospitalized) and that I would need to withdraw all of my funds 10 days later, and lowcostforex agreed to send it back to me even though no trades have been done on my account.

After almost a month (delay-message-April-26-2016), they said that their are some policy changes on their bank and that's the cause of the delay of the withdrawal and I understand it. Then during the course of the succeeding months of exchanging emails, I realized that the account name I gave them is on the wrong naming convention that's why it's being rejected. So ok, my fault, and I made a new withdrawal request with them on May 17, then they said that my funds have been blocked by the intermediary banks for 60 days due to wrong information. After that information and more than 60 days have passed, I haven't received my funds yet and when I am following up with them, they don't respond.

Last week (Sep-21-2016), I made a live chat with their support team and a Peter Salas attended to me and have said that they have retired my account (when in fact the funds aren't sent to me yet). I don't know what to do now because their finance department (finance@lowcostforex.com) is not responding to my mails for follow-up. I hope that people would be warned of depositing funds into this broker as you might also endure this withdrawal "hell" and I am looking for FPA's kind assistance in bringing this to Trader's Court.

Regards,
 

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FxMaster

Lt. Colonel
Messages
10,094
Hello FPA.
My case: I opened an account with Lowcostforex early this year and I made a deposit with them worth 5k USD on March 12, 2016 (see attached). Then, there is a sudden turn of events (I got hospitalized) and that I would need to withdraw all of my funds 10 days later, and lowcostforex agreed to send it back to me even though no trades have been done on my account.

After almost a month (delay-message-April-26-2016), they said that their are some policy changes on their bank and that's the cause of the delay of the withdrawal and I understand it. Then during the course of the succeeding months of exchanging emails, I realized that the account name I gave them is on the wrong naming convention that's why it's being rejected. So ok, my fault, and I made a new withdrawal request with them on May 17, then they said that my funds have been blocked by the intermediary banks for 60 days due to wrong information. After that information and more than 60 days have passed, I haven't received my funds yet and when I am following up with them, they don't respond.

Last week (Sep-21-2016), I made a live chat with their support team and a Peter Salas attended to me and have said that they have retired my account (when in fact the funds aren't sent to me yet). I don't know what to do now because their finance department (finance@lowcostforex.com) is not responding to my mails for follow-up. I hope that people would be warned of depositing funds into this broker as you might also endure this withdrawal "hell" and I am looking for FPA's kind assistance in bringing this to Trader's Court.

Regards,
Two steps that you must follow

1st - Invite them to join this thread via email (Send email to every possible address).

2nd - Go to their website and invite them to here via Live Chat
 

tanvinz

Recruit
Messages
7
Thanks FXMaster. I have submitted a review and will invite them on this thread once trading hours have resumed tomorrow. :)
 

Pharaoh

Colonel
Messages
20,029
How did you deposit? If by credit card, you may still be within the deadline to ask for a chargeback based on your withdrawal being fraudulently denied. Don't delay. Call the fraud department a your card's issuing bank today.
 

tanvinz

Recruit
Messages
7
Hi Pharaoh. I already made the deposit last March-2016 and I don't think I could file a chargeback. The bank also reasoned out to me the same thing. Thanks for the help! :)
 

tanvinz

Recruit
Messages
7
TO LOWCOSTFOREX:
If you have joined this forum, this is what you are requiring from me:

Trading account number 10702

I already sent an invitation to your support email (support@lowcostforex.com) and via your live chat to join this forum and answer me from here. This is your chance to answer my complaint... :)
 

Pharaoh

Colonel
Messages
20,029
Hi Pharaoh. I already made the deposit last March-2016 and I don't think I could file a chargeback. The bank also reasoned out to me the same thing. Thanks for the help! :)

Depends to some extent on what country you are in. For example, in the UK, if you can show fraud, you've got 540 days. Contact Visa or Mastercard for your country and ask them to check on the rules.
 

tanvinz

Recruit
Messages
7
Hi Pharaoh.
I already contacted my bank (based in Singapore) and they said that they don't really do chargebacks for fraudulent transactions that are more than 30 days old. So yep, my only chance is this.

I already invited them for a conversation here and they don't seem to be taking this seriously. Can this be escalated already to trader's court?
 

tanvinz

Recruit
Messages
7
This is the chat transcript I had with their support person and still, they do not respond here....

*** TO OTHER INVESTORS, STAY AWAY FIRST WITH LOWCOSTFOREX. ***
 

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