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Prime4x Problems Continue

Discussion in 'Scam Alerts' started by AsstModerator, Dec 2, 2010.

  1. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    The FPA doesn't normally send out warnings about broker withdrawal issues before a formal scam finding. It's only been done one time before. That was the Crown Forex case, which ended with a scam finding and large amounts of money lost.

    I have tried very hard to work with Prime4x to resolve issues. The number of delays and broken promises is now so high that I can not wait any longer to make a public statement. First there were accounting issues that needed to be dealt with by the beginning of August. After that, a few people reported getting paid, then the complaints started up again. Recently, there was a delay because of religious holidays. After that, Abdel Rahman El Omari told me that extra staff were being brought on board to help with the issue and that all the backlog would be cleared up. So far, 3 people have reported getting money since that holiday ended almost 2 weeks ago.

    Omari claimed that people just weren't reporting getting money. I asked him to email people and CC me to confirm that it had been sent. He decided to wait a day. Previously, he'd sent me a spreadsheet listing some of those who had complained. I asked him to send me a list of who on that spreadsheet got paid. He said it would take 12 hours. Every attempt to get him to speed this up was met with more excuses. I'll buy the "it's 3 am here and I can't,", but find that he couldn't go through a list of account numbers and see who had payments sent by late afternoon to be unbelievable. Later, he said he could complete the easiest part of this in an hour. Finally, the easy part was an updated list of those who had complained to the FPA who were still owed money instead of any indication that any money had been sent. I asked Omari to send payments to thise who had Liberty Reserve accounts and no problems with their Prime4x accounts, to email the recipients of the money, and to CC the info to the FPA. Omari agreed and then missed another promised time without a single email confirming a single payment. Another broken promise from Prime4x.

    From what I can tell, it looks like Prime4x either cannot or will not process withdrawals for a large numbers of clients. Like Prime4x's clients, I have lost all faith in all promises made by anyone who works for Prime4x. I kept telling Omari that only actions would prove good faith and he keeps making more hollow promises.

    I pray that Omari will prove me wrong. I look forward to seeing all clients get paid all the money that's owed to them. I hope to see dozens of emails and reviews saying "payment sent, payment received."

    If you have a pending withdrawal from Prime4x that is at least 2 weeks old, please post information about it here....

    http://www.forexpeacearmy.com/forex...53-report-prime4x-withdrawal-issues-here.html

    Include your account number and the date you first requested the withdrawal. Include the dates of any follow-ups messages you sent about your withdrawal. If you feel comfortable sharing the info, please also include the amount of the withdrawal.

    At this point, the FPA strongly recommends against depositing any money with Prime4x until the bulk of these withdrawal issues can be resolved. If major progress isn't made soon, there won't be any choice but to declare a formal scam finding against Prime4x.

    Prime4x needs to spend less time promising and more time paying money owed to clients. That's the only thing that can save the company's reputation.
     
  2. SAMMYFX

    SAMMYFX Corporal

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    Hello Omari, there is one eloquent, convincing principle I cherish most in all sectors of human life- ACTIONS SPEAK LOUDER THAN WORDS.

    Hope you got the message.:unhappy:
     
  3. pcindia

    pcindia Private, 1st Class

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    How about this?

    They have an ongoing contest ' Blog contest'.
    We are supposed to write good things about prime4x and release our articles for cash prize.

    I was just wondering if this posting also could gain some limelights.
     
  4. BenMcDui

    BenMcDui Corporal

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    This week, I finally received my withdrawal (USD 500). It took 4 weeks, 25 e-mails with evasive responses, 5 live chats with ladies who are only there to hold you off, filing a Complaint Form with no response, filing a Question Form (no response) and many posts here at FPA.

    Finally, Omari contacted me via e-mail and solved the issue. Credits to him, but it is all too painful. Given the large number of people still complaining and the amounts they say are involved, I am not optimistic. I submitted another withdrawal order today.

    Mr. Omari, we need to see results. People entrusted you with their hard-earned money. Are you a religious man who fears God, do you believe in justice, or is there something else that drives you?
     
  5. jackdan

    jackdan Private, 1st Class

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    Why don't we invite Mr. Omari to come here and write something.... I mean something more concrete than a "soon"... or " very soon"...

    Mr omari, you could come and explain the FPA members what is happening. I think we all here are adults and can understand things, and we all deserve some straightforward explanaition of what is happening within Prime4x.

    As i wrote to your staff, you were a good broker, you had an award for beeing best one last year. What happened , Mr. Omari? I do not believe that the lack of accountant is making those kinds of problems.

    o, please, come around, i am sure that FPA CEO's will make you feel like home, and tell us...

    Regards all

    BTW, is Mr Omari a key person in the prime4x organization? Otherwise, that text is directed to that key person...
     
  6. Edu Udo

    Edu Udo Private

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    Email

    i have received an email from a staff of Prime4x in the "Business Development Dept" today with a promise that my "withdrawal will be processed within maximum 48 hours." it is the first time i have ever heard from someone in that department of prime4x. i am hoping therefore that they are making the required effort to solve their withdrawal issues. i will be quick to post here once i receive my withdrawal which has been since the 27th of October. lets see some more effort from Prime4x...
     
  7. gould

    gould Private

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    Still no money from Prime4x

    bankaccount 73460

    Thank you mr FPA AsstModerator for your concernings.

    I have posted several times on your forum and I have send many many email to Prime4x.

    Below you will find an overview of all the unansered emails I send to Prime4x.
    2010-09-01
    2010-09-06
    2010-09-07
    2010-09-08
    2010-09-15
    2010-09-23
    2010-11-01
    2010-11-02
    2010-11-19
    2010-11-25
    2010-12-02

    I did the following bank withdrawal:
    Date 2010.08.17 time 11:29 balance Bank withdrawal -1200.00
    Up until today I did not received this money on my bank account.

    As there is an amount on my account I tried several times to make a wired withdraw from my account using the member’s part of the website. By doing so I expect that I can see this on my account. But the truth is that nothing happens. So the next problem is how I can transfer my own money to my own bank account.

    So you see I have two problems with Prime4x They took my Usd 1200 and I am not able to do any transfer from my Prime4x account.
     
    #7 gould, Dec 2, 2010
    Last edited: Dec 2, 2010
  8. fumufumu

    fumufumu Private, 1st Class

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    email

    me too,i have received this email from a staff of Prime4x in the "Business Development Dept" today with a promise that my "your request will be processed within maximum 48 hours." , i wait, and i report only fact.
     
    #8 fumufumu, Dec 2, 2010
    Last edited: Dec 2, 2010
  9. dpowen

    dpowen Private

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    Pity

    It's a pity that this happens and it only seems to occur with bucket shop brokers offering accounts for people with opening balances below US5k.

    It is about time that a few shining stars in the FX community came out and spilled the beans that it's really not worth trading FX on leverage with less than a 10k account (5k absolute MINIMUM).

    Combine the high fees, unrealistic ROI needed to make any money and the terrible quality brokers than small account balances are stuck with it is genuinely NOT WORTH IT.

    Just save for a while longer and stay on demo. Furthermore, don't get sucked into BS deals offering cheaper spreads or cashback rebates or 500X leverage.

    Once you have a realistic amount of money that is worth trading, get an account with a real broker. FxPro, Dukascopy, Alpari, FXDD, MIG, SAXO, CitiFX, Deutsche Bank and the list goes on.

    They are more expensive without doubt but they are also REAL brokers paying real people salaries to provide real services.

    I know the saying "you get what you pay for" is an annoying thing to hear when you are chasing a bargain but if you have saved enough in the first place to be able to afford to trade with a real broker you will have no problems.

    I have been trading 8 years next month and while I am no Grand Master by any stretch I have been profitable for a long time and know that there are no short cuts or easy money in this game. It's a hard way to make an easy buck as a trader. Being an FX trader is something that needs an investment of a lot of time and if you are investing that much of your life you should ensure that you have enough capital to make it worthwhile otherwise you are better with a 9-5.

    I hope you guys get your money back :unhappy:
     
  10. now4dw

    now4dw YourTradingJournal representative

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    A fool and their money?

    Let me start by stating that I have no axe to grind and no relationships with any broker other than as a client. Now...

    What is it that attracts any of you to these fringe brokerages? What do they offer you as an enticement that stops you from simply putting your money with FXCM, MBT, Gain, Alpari or any of the dozens of good, LONG ESTABLISHED brokers?

    Need a micro account? Get it from one of these!

    Only have a small amount to invest? If you don't meet the minimum requirement of established brokers - some of whom will open accounts for as little as $500 - ask yourself whether you're ready to start trading live anyway!

    Guys, there are two adages that tell it all:

    1/ If it seems to good to be true, it probably is; and

    2/ A fool and his money are easily parted.

    OK... I accept that these are harsh words but ask yourself - "Why did I choose this broker". Surely a part of your trading plan (my what???) covered broker selection? Surely you did your homework on what you needed from them? If you want service don't expect the lowest spreads. If you want the lowest spreads, don't expect service. It's obvious, isn't it?

    Let's just face reality... Malta, Lebanon and Russia may be lovely countries full of lovely people, but if you are risking your capital, do you want to rely on Maltese, Lebanese or Russian legislative protection or that offered by German, Australian, American or English courts?

    Maybe it's me that's missing something? Maybe I'm a lot dumber than I think I am. :err:
     

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