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,
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,