RESOLVED - Case# 2012-048 | nrusingha vs WWW.FXGRANT.COM

[nrusingha]

Original FPA Traders Court Submission:

I am submitting the case against: WWW.FXGRANT.COM

My Case is: I deposited 300 usd and got 300 usd bonus. Then made a profit of 512 usd around and I applied for withdraw on 1st week of April,
Then every week i use to chat 2 to 3 times and they used to say same thing like it will be done soon.
finally i submitted 1 start review and opened a thread in scam alert folder and made fxgrant know about this thing....but it seems they dont care about all these....and keep saying the same thing abt withdraw...Fxgrant is neglecting FPA .
I dont think they will give me my money. FPA is my last hope.Plz help me

New thread in the Scam Alerts Folder:

• https://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/20261-fxgrant-scam-fake-100-bonus.html
  

Review is submitted by nrusingha charan nayak on 05/03/12

The company was first contacted about the issue on 04/04/12 the last contact was on 06/06/12

Details: You will get the fund by next week hopefully ,sir
We apologize for the delay ,sir
You will get the fund by this week
There is some problem in our back office
It is in process by backoffice

Company representatives' emails: SUPPPORT<support@fxgrant.com>
BACK OFFICE<backoffice@fxgrant.com>

 

[Pharaoh]

Delays for about 2 months. I think it's time for a formal FPA contact. Yo AsstModerator!!!

 

[nrusingha]

What happened.......why it's still in case preparation folder......when it will be there in open cases....plz fpa do soon......help me in backing my money

 

[Pharaoh]

Standard procedure is for the FPA to invite companies to reply by email or in the forums. AsstModerator should check in soon and let us know if there has been a reply or not.

 

[AsstModerator]

I haven't gotten a reply. This is now going to Open Cases. If there isn't a resolution by the end of this week, it goes to a vote next week.

 

[dbrawner]

Two months to process a withdrawal request is troubling.

Unfortunately, excessive delays are the result of a.) liquidity problems, or b.) intentional process. In either case, the return of one's funds is in serious jeopardy.

I checked my favored source of broker capitalization Financial Data for FCMs - CFTC and, as expected, do not see FXGRANT listed.

It is again unfortunate that a trader has succumbed to the lure of easy bonus money and sent their hard earned cash to an unknown entity. If you want a toaster, deposit your money in a bank was an old quote about bonuses and guarantees.

This case is especially upsetting because the plaintiff sounds like a decent (or perhaps lucky) trader having made the princely sum of 512 USD on a 600 USD account in something less than 2 months.

I hope the situation is a liquidity issue that the broker is able to resolve. Maybe they gave away too many "matching funds" bonuses and are having difficulty covering them. Maybe they will have enough new traders blow out their accounts so that our plaintiff will finally get his money. Maybe the Euro will reign as the world's reserve currency. Maybe...

If I could give only one piece of advice to a new trader, it would be to trade with a reputable broker. Be more concerned with their financial condition then how you might save a nickel here or a pence there. In the end, if you can't make a profit trading with a 2 point spread, you probably won't make one just because the broker is offering a 1 point spread, or "matching funds" bonuses.

I'm reminded of what will someday be revealed as the great 401(k) retirement scam. You know, direct deposit to your company's 401(k) plan and they will match your contribution up to 5% (or whatever). Sounded like a guaranteed profit each year right? How many 401(k) holders today have totally recovered from the 2008 meltdown?

So... If we don't get a reasonable response from FXGRANT regarding this overly delayed payment, then their actions are probably deliberate and therefor a scam.

I'll wait for the vote to called.

 

[Joh]

I don't like the stalling methods used.
smells fishy to me- good luck nrusingha-

good on ya FPA

i like to add -if you get offered an incredible deal like give us $500 and we match your $500 i would be extra careful -this does not sounds like a succesfull business or a brilliant broker if he/she was succesful why would they offer that ???it '''sounds'' more like someone is desperate- or horror upon horror a scam artist trying to fleece you.
So if it sounds to good to be true please be careful because it may well be too good to be true in other words a scam-and i still wish you the best

 

[onenikos]

No excuse here, especially for such a small amount. If they cannot return that they should be behind bars.

 

[Awais Rasheed]

They are guilty if still they are not paying.

 

[nrusingha]

before this they used to come in chat,,,,,now they are nt even coming in chat room....i guess they are preparing to escape....so plz anyone here with money in FXGRANT,,,withdraw your money,,,,,in both way you gonna loose money..still lets try.......