Resolved - Tradersway Scam

[FxMaster]

Hello TradersWay Rep,
Can we have your attention here, please?

 

[TradersWay]

Ok so back in November 28 2018 I went into my chase branch and had sent a wire to traders way in the amount of 8k because forex.com had closed my account. Everything was going good but was taking forever for the money to be posted even after the expected arrival date(December 5th). Multiple emails were exchanged with them and on December 14 that’s when they noticed that the account number was wrong. It had contained an extra 0 so it was sent to the wrong account account. Called my bank and they were able to fix it. They got the money back from the wrong account and proceeded to send it to the correct bank account. I sent traders way multiple emails saying that it was fixed and trying to get any updates but they too forever. Almost 2 weeks just to get to me back but the said they still did not receive the money. Called my bank and they confirmed that the money was sent and they got it while tradersway states they did not revive it. Little bit of back and fourth of that and finally got tired of this so on January 14 did a wire recall and it’s been over a month of waiting. Their banks don’t respond back to my bank and every day that passes I see the chances of getting my money back less and less. Like wtf​

The client sent his wire transfer to a wrong bank account number. The number to which he sent the funds did not match what we provided. The client then sent us a document showing his bank amended the wire transfer he sent. The wire never arrived on our side. Client last contacted us on January 10th and has not said anything since and now posts that we are a scam. His bank is wrongly telling him our bank has the wire - it is likely stuck in some correspondent bank and he will have to wait. We will ask our bank again to see if anything arrived on their side, but nothing ever came into our bank account.

You must be prepared to wait and be patient for this situation to work itself out. You sent the wire to an incorrect account and we have heard of situations where it can take 3 months for the funds to go back. The wire must be stuck in some correspondent bank along the way. This is the reality of the SWIFT system.

 

[TradersWay]

Further note:

The client amended his original wire transfer weeks after it was initially sent, not right away as it was not noticed until much later. Thus, our bank would have already rejected the wire transfer and transmitted it back to a downstream correspondent by then.

 

[FmrBrokerExecutive]

Very professional services by TradersWay on FPA and their reviews show for it!
It's very sad when clients make mistakes on wires and then blame the broker for eating their wire.
Bank wires are very old fashioned and this is why I believe Blockchain technology will eventually take over.

 

[Termite]

Ok so back in November 28 2018 I went into my chase branch and had sent a wire to traders way in the amount of 8k because forex.com had closed my account. Everything was going good but was taking forever for the money to be posted even after the expected arrival date(December 5th). Multiple emails were exchanged with them and on December 14 that’s when they noticed that the account number was wrong. It had contained an extra 0 so it was sent to the wrong account account. Called my bank and they were able to fix it. They got the money back from the wrong account and proceeded to send it to the correct bank account. I sent traders way multiple emails saying that it was fixed and trying to get any updates but they too forever. Almost 2 weeks just to get to me back but the said they still did not receive the money. Called my bank and they confirmed that the money was sent and they got it while tradersway states they did not revive it. Little bit of back and fourth of that and finally got tired of this so on January 14 did a wire recall and it’s been over a month of waiting. Their banks don’t respond back to my bank and every day that passes I see the chances of getting my money back less and less. Like wtf​

If you are opening an account with any broker the first time do not send them more than $1,000 and trade only with regulated Brokers tradersway is not regulated

 

[forexjim]

I had used TradersWay for a couple of years and then last year they started making it harder and harder to withdraw money from the account to the point that I decided to run a Robot on the account just to see if I could get it to a point of making it worthwhile to pay the EXORBITANT FEES to get my money out. I won't go into the bloodletting details, just suffice it know they became VERY belligerent in their discussions with me and basically, forced me to use Bitcoin to withdraw funds. That is when I said screw it, and ran the Robot. Due to some unfortunate programming in the Robot that was changed after one week of letting it trade the account (the originator of the Robot made the change thinking they would fix what wasn't broke - it was trading beautifully before they made the change) it began taking wrong direction trades so within 3 weeks it tanked the account. That Robot thing has nothing to do with how TW handles anything, other than had they been dealing honestly with their clients, like they used to, I would not have used the Robot and withdrawn my money and closed the account because they had become difficult to deal with. Originally, before all of this happened, I was going to deposit a large sum of money into that account, BUT in so dealing with them, they were making it VERY difficult to contact them, their responses were EXCEPTIONALLY slow compared to the their timing of contact earlier in my relationship with them which had always been top-notch. When they would respond to my requests, they were hateful, belligerent, and on a couple of occasions actually cussed at me when I asked a question and hung up the phone on me. TRUST me I was NOT being hateful, raising my voice (like they did), or anything that would have provoked this kind of behavior from them. I had figured out that they had, at some point prior to my trying to contact them, outsourced their Customer Service to private contractors or some such venue and STOPPED doing their own Customer Service in-house. Therein lies the problem. I did finally receive contact from someone in the upper echelon of the corporate structure and it was quite obvious the customer service rep had lied to them about our conversations and that's when it got really bad and I went to the Robot because I knew I probably was never going to get my money from them and I wanted to test the Robot and this account was perfect for that, at that time. Oh, WELL! Bottom-line, I would NOT use TradersWay ever again! I did assess that they were in the early stages of having financial problems which the first indicator of this is ALWAYS bad Customer Service and the attitude towards the customer, as evidenced by OUTSOURCING theirs. ALWAYS HAPPENS!! Save your money and try giving FXChoice a shot, in Belize. They have gotten a 4.5 rating on FPA. I'm in the process of moving some of my trading money to them away from Oanda. I hate the 50:1 in the USA restriction and other issues; such as, they are a Money Maker AND they delay the price feeds on the platform by as much as 30 minutes weekly after the Sunday opening - also you will see some "minutes" missing in the data feed! This is a "license" to steal from the client. PERIOD! End of story! I know they 'claim' they would never do that...BUT! You can figure this one out. Good Luck!

 

[Poundtrader]

I had used TradersWay for a couple of years and then last year they started making it harder and harder to withdraw money from the account to the point that I decided to run a Robot on the account just to see if I could get it to a point of making it worthwhile to pay the EXORBITANT FEES to get my money out. I won't go into the bloodletting details, just suffice it know they became VERY belligerent in their discussions with me and basically, forced me to use Bitcoin to withdraw funds. That is when I said screw it, and ran the Robot. Due to some unfortunate programming in the Robot that was changed after one week of letting it trade the account (the originator of the Robot made the change thinking they would fix what wasn't broke - it was trading beautifully before they made the change) it began taking wrong direction trades so within 3 weeks it tanked the account. That Robot thing has nothing to do with how TW handles anything, other than had they been dealing honestly with their clients, like they used to, I would not have used the Robot and withdrawn my money and closed the account because they had become difficult to deal with. Originally, before all of this happened, I was going to deposit a large sum of money into that account, BUT in so dealing with them, they were making it VERY difficult to contact them, their responses were EXCEPTIONALLY slow compared to the their timing of contact earlier in my relationship with them which had always been top-notch. When they would respond to my requests, they were hateful, belligerent, and on a couple of occasions actually cussed at me when I asked a question and hung up the phone on me. TRUST me I was NOT being hateful, raising my voice (like they did), or anything that would have provoked this kind of behavior from them. I had figured out that they had, at some point prior to my trying to contact them, outsourced their Customer Service to private contractors or some such venue and STOPPED doing their own Customer Service in-house. Therein lies the problem. I did finally receive contact from someone in the upper echelon of the corporate structure and it was quite obvious the customer service rep had lied to them about our conversations and that's when it got really bad and I went to the Robot because I knew I probably was never going to get my money from them and I wanted to test the Robot and this account was perfect for that, at that time. Oh, WELL! Bottom-line, I would NOT use TradersWay ever again! I did assess that they were in the early stages of having financial problems which the first indicator of this is ALWAYS bad Customer Service and the attitude towards the customer, as evidenced by OUTSOURCING theirs. ALWAYS HAPPENS!! Save your money and try giving FXChoice a shot, in Belize. They have gotten a 4.5 rating on FPA. I'm in the process of moving some of my trading money to them away from Oanda. I hate the 50:1 in the USA restriction and other issues; such as, they are a Money Maker AND they delay the price feeds on the platform by as much as 30 minutes weekly after the Sunday opening - also you will see some "minutes" missing in the data feed! This is a "license" to steal from the client. PERIOD! End of story! I know they 'claim' they would never do that...BUT! You can figure this one out. Good Luck!

sad to hear about this bad experience you had with tradersway customer suppprt

 

[4evermaat]

you don't need FPA to make the broker aware of this thread

It is true that the OP can contact the broker independently and invite them to the thread.

But as soon as the option is available, the OP must then use this thread's invitation tool to formally invite the broker. It's part of the trader's court procedure. So I'm guessing another 70 hours or so.

@forexjim you must open your own independent scam alerts thread and submit your complaint/evidence there. Please do this soon.

 

[Poundtrader]

It is true that the OP can contact the broker independently and invite them to the thread.

But as soon as the option is available, the OP must then use this thread's invitation tool to formally invite the broker. It's part of the trader's court procedure. So I'm guessing another 70 hours or so.

@forexjim you must open your own independent scam alerts thread and submit your complaint/evidence there. Please do this soon.

got it, i think FPA needs a broker complaint folder as i don't see this as a scam on tradersway end more of OP fault giving the wrong wire info

 

[TradersWay]

Getting back on topic -

We received an email from the client yesterday after he created this thread and asked for the MT103 tracking form. This is a form generated at the time a wire is sent through the SWIFT system. We have discussed it in another thread and information on it can be found here:

https://www.moneymover.com/product/faqs/what-mt103/

An example of a MT103 tracking form is here:

https://qph.fs.quoracdn.net/main-qimg-0636aed1e6f30cf18850f2eb06e4a279.webp

Client replied shortly thereafter yesterday and said his bank cannot get the form and he asked top management there. This is not sufficient, keep trying.

We responded:

Hi [Client]

Our bank could have gotten the funds and already rejected them before you even amended the wire. We cannot do anything without the MT103 document, which is a tracking document that every member of the SWIFT system gets when they send an international wire transfer in USD.

Please push someone else at the bank. You calling us a scam will not change our methods here - the funds were sent incorrectly, did not arrive in our bank account and we have no way to track them whatsoever.

You even said your bank sent SWIFT messages and performed tracking - then they surely have access to send us any and all tracking/SWIFT messages they have.

This is a wire you sent on your side. This is not related to any withdrawal nor anything else initiated from our end. We provided correct wire transfer details on our side and the wire was sent incorrectly by you. Mistakes happen, but when they do, you must take responsibility on your side to handle it properly, rather than spam this thread's link on our Facebook page or similar. This will not speed up the process up nor change how it is handled. We are unable to do anything about a wire transfer that did not arrive without having any tracking information or other identifying SWIFT system codes to give our bank.

Without getting this information from you, we can only check our bank account every day like we do and watch for your wire transfer. We have not received any wires from you nor any unidentified wires for the same amount you sent. Thus, we conclude on our side your wire does not and has never existed in our bank account, despite what your bank is telling you. Them telling you that your wire arrived on our side does not mean it is in our account. Remember - you sent it to an incorrect bank account, so our bank would have rejected it and sent to a downstream correspondent where it is likely stuck. This always takes a huge amount of time for unknown reasons. We can only conclude they are holding onto your money seeking further information and earning some interest on it in the mean time before transmitting it back to you or sending it back to our bank.

We will simply keep telling you - please get a MT103 document and argue with your bank when they tell you they cannot -- they can. Any bank who transmits a wire through the SWIFT network is able to get a MT103 document. If they are sending SWIFT messages upstream, then they certainly have access. It may take 1-2 weeks for them to get it, but they can still get it. Without this, we cannot help you here except to just keep watching.