WARNING : Keep Away From FXNET.Com

FxTrader61

Private
Messages
30
Hi Everybody,

I am with FxNet.Com for about 2 weeks. I deposited $1000 and made $2000 profit.
I sent a withdrawal request to my LR on March 26th but it is not processed yet.
I already heard that fxnet withdrawals just took few hours before. I contacted FxNet
via live chat and email several times, they claim that the banking system in Cyprus is
slow these days and this is the reason of this delay.

They say me every day that your request will be processed "very soon" or "Today"
but it never processed. I already worked with tens on brokers including SCAM brokers.
the current FxNet situation strongly concerns me and I recommend you all to keep away
from this broker for now.

I will post update of my withdrawal request later.

:)
 

Pharaoh

Colonel
Messages
19,964
If they really are banking in Cyprus, give them a little more time. Even then, keep checking with them every day or two and make it VERY plain that you aren't going to forget about your money.

Go ahead and file a complaint with LR if your money isn't there by the end of this week. If the issue is resolved, make certain to tell LR that it got straightened out.

Keep this thread up to date.
 

FxTrader61

Private
Messages
30
Update : After a discussion with FxNet I agreed to change my requested amount from $2300 to $1000 and they speed up the withdrawal process. I did that and they processed my $1000 withdrawal request. I keep trading for a while and do withdraw some other part of my funds.

I just hope all the conditions back to the same as before very soon.
 

Pharaoh

Colonel
Messages
19,964
I recommend doing very little trading (if any) with a broker that's delaying withdrawals. It would be sad if there was a sudden disconnect in your platform and you couldn't close trades before some sudden price spike wiped out your account.

Once you have the $1000, try to pull another $500, then another $500, and then $300. Do these a few days apart and see how long it takes to get the $2300 you were trying to withdraw in the first place.
 

FxNet Ltd

FxNet.com Representative
Messages
11
Dear FxTrader61,

My name is Costas and I am an official representative of FxNet Ltd.

Firstly I would like to apologise for the inconvenience caused to you further to recent events here in Cyprus with the banking systems. Unfortunately the recent limitations imposed on transfers outside of Cyprus have somewhat delayed some payments and transfers, for the past couple of weeks.

In spite of having the majority our client’s funds in a non-Cypriot bank (Barclays), the limitations imposed by the Cyprus Government have been to all banks located on the Island and as such for each transaction we have had to gain approval from the commission, which as you can imagine is time consuming and has left the commission backlogged.

We have asked some of our clients to reduce the amounts to withdraw so as to be able to accommodate to a greater number of clients; as such I believe was the case with your account. We are now almost at full operational power (as bank transfer limitations have been relaxed somewhat) and expect for all withdrawals to be caught up by the end of this week.

I wish to assure you, and all of our clients, that your funds are safe and will be always available to you – you are after all covered by the Investors Compensation Fund as FxNet is a member, resulting in all of FxNet’s clients being covered for up to Euro 20,000. For more information please see here.

Kindly do inform me should you have not received your full amount (by email at: ckappai@fxnet.com) and I will personally deal with this matter immediately.

Always at your disposal.

Costas Kappai
Official FxNet Ltd Representative
 

FxNet Ltd

FxNet.com Representative
Messages
11
Dear traders and FPA community members,

On behalf of FxNet Ltd., We would like to inform you that our Company has recently gone through an audit by CySEC, due to fundamental changes to Company’s management structure.

During these changes, the Company was in a transition period that temporarily affected the operational flow as well as causing delays to withdrawal requests and other client concerns.

We would like to assure everyone that the transition period has been successfully concluded and, as of December 31st, 2014, the Company’s operations are running normally.
 

FxNet Ltd

FxNet.com Representative
Messages
11
Dear AsstModerator,

The payment has been settled for the original poster in this thread.
 
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