RESOLVED Case# 2016-069 | fkayode vs lowcostforex.com

Based on the available evidence, do you believe that LowCostForex.com is Guilty?

  • Guilty

    Votes: 54 100.0%
  • Not guilty

    Votes: 0 0.0%

  • Total voters
    54
  • Poll closed .

fkayode

Private, 1st Class
Messages
56
Original FPA Traders Court Submission:

I am submitting the case against: www.lowcostforex.com

My Case is: I started trading with lowcostforex.com since August 2015 with a deposit of $1000, and after losing some part of my deposit, I decided to withdraw the balance of my funds, then lowcostforex.com who had verified my account even before my funding now asked that I submit a notarized document of my driver's license and bank statement which I had to pay a notary public lawyer to get my documents notarized and submitted to them. I was told they cannot accept the notarized documents and that the notary public should also write a letter to support the notarized documents.

I had to pay additional fees to get the notarized letter and my drivers license and bank statement. I submitted these documents to their support and compliance department on 3rd Feb 2016

Their skype and live chat no longer respond to me.

New thread in the Scam Alerts Folder:

Review is submitted by Kayode on 12/20/15

The company was first contacted about the issue on 08/25/15 the last contact was on 02/19/16

Details: The below is the last response I got as regards my withdrawal through email:

Complaince <complaince@lowcostforex.com>
To Kayode Blw 09/24/15 at 5:06 AM
Dear customer

Please upload the requested documents to make the refund.

Regards.
--

LIVE CHAT

Peter SalasChat -- Support
We are online! Please type your message or comment and we will connect you to one of our operators right away ...
19:14:58
Guest
EDIT
hi
You are now speaking to Peter Salas.
19:15:44
Peter Salas
Hello, my name is Peter Salas, how may I help you?
19:16:20
Guest
EDIT
I sent a mail to support and compliance today
Pls confirm if you received it
19:16:45
Peter Salas
maybe i can help you
19:17:27
Guest
EDIT
I sent my notarized documents
Pls confirm if you received it
as regards account 10601
19:19:32
Peter Salas
if you send the mail
all is perfect
19:20:20
Guest
EDIT
Did you get the mail?
19:20:44
Peter Salas
sorry i am the support of chat
not for mail
19:21:00
Guest
EDIT
ok
how do i confirm if my mail is received?
19:22:31
Peter Salas
sorry i not have Access to mails
i am only a chat support
19:22:53
Guest
EDIT
ok
is your phone working now?
19:23:36
Peter Salas
in 6 hours is available you can call
19:24:20
Guest
EDIT
what is the time with you over there?
are you there?

Company representatives' emails: Complaince <complaince@lowcostforex.com>
Support <support@lowcostforex.com>
Finance <finance@lowcostforex.com>

 

Attachments

  • Lowcostforex Detailed Statement.htm
    244.7 KB · Views: 1

AsstModerator

FPA Forums and Reviews Admin
Messages
5,629
Since Low Cost Forex was answering questions, I was leaving this case sitting here. Lately, they are refusing to come back and provide evidence which could prove their side of the issue. When this kind of thing happens, the most obvious conclusion is that they do not have the claimed evidence.

There are currently 6 cases being voted on. I'm going to hold back on moving this to Open Cases until the end of the week.
 

F***X

Sergeant
Messages
237
According to scamadviser.com this "lowcostforex.com" shares their website with other domains, which is a red flag, typical of scammers don't bother to invest in a dedicated server.
They also hide their identity unlike legitimate brokers.
Since this is web site is hosted in the US, it may be a good idea to alert the CFTC:
http://www.cftc.gov/ConsumerProtection/RedressReparations/index.htm

This broker is particularly nasty, forcing the client to jump through hoops with a lot of unnecessary paperwork only to ignore the withdrawal request.
Such brokers are low life and greedy as they would pretend to be a red tape spooling bureaucrat while in reality they are corrupt larcenous hypocrites.
 

ruseneca

Master Sergeant
Messages
348
I really hate this paperwork, too. Since the account has been verified BEFORE you make the deposit, they now should not ask you to provide any kind of documents in order to request a withdrawal. In case of a change in their procedures for client verification, they must inform you. Did they?!
Also, if they want something, they must pay the taxes. I am constantly closing accounts due to such hidden costs. Identity could be verified free of charge and this is to be done even before the client process a deposit. I am inclined to believe that they are just playing with your patience.
Well, let's hope for a possitive end here.
 

feaisland55

Corporal
Messages
109
fkayode--according to its webpages the broker is incorporated in anguilla(bwi) with its "payment services" in bucharest(!): good luck getting anything out of bucharest! you might want to alert the several big banks (bnp paribas, citi, bofa, ...)whose logos the broker splashes around its site(implying they have something to do with its operation) to see if they want to close down some of this probably unwanted free advertising. GET SOME HELP FROM THE BIG GUYS--their powers cross borders. otherwise, i don't know if you can get your money back, but i wish you the best of luck getting your money back. from what you describe, i have to vote GUILTY--feaisland55
 

highloss

Private, 1st Class
Messages
33
Ridiculous paper proof which is definitely a tactic to deny withdrawal. Guilty case.
 

Pharaoh

Colonel
Messages
20,029
Before they went into hiding, LowCostForex made accusations against their client, but didn't bother to back those up. GUILTY!
 

Dermolikesprofit

Sergeant
Messages
158
Guilty, I am afraid they have stolen your money, just looking at their cheap website, I doubt that there is even a broker behind their crap website, they use google translate!!!, for other language clients. What broker uses google to translate their website:rolleyes:. I don't know how people find these scam brokers all the time, when the more "legitimate" ones are advertised all over the net.
 
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