This is another Panama based HYIP type company. The FPA recommends against placing money with HYIPs.
The company seems to have disappeared.
SCAM CONFIRMATION: 2010-06-01: The FPA Scam Investigations Committee has confirmed a scam complaint against this company. Panamoney.net is hereby blacklisted by the Forex Peace Army.
Website is down. One less HYIP scam on the web. This one lasted longer than most, but that only made it easier for people to believe that HYIPS can be real and lose all their money when it crashed.
Recent User Reviews of Panamoney.net
Just to point out once again:
My only complaint is that I wish I had more money invested with these guys!! :) Thanks...
Up until this past Tuesday (3/24/10) I had a balance of more than $160,000.00. On Monday March 31st I was to be able to withdraw $23,000.00.
This past Sunday (3/22/10) I sent them the following email:
"I just wanted you to know that because of your successful company, I hope to leave end of 2010 for Africa to work with HIV individuals and to largely support myself and my wife with earnings from Panamoney."
On Tuesday evening (3/24/10) immediately after I had re-invested that days profits ($1,300.00), my account vanished in front of my eyes as Early Withdrawals were initiated in all my positions leaving me with NEGATIVE balance of $6,700.00.
I could see from the IP log that someone else had accessed my account and from the "ticket" section it appeared that whoever they were had already sent in a 'ticket' validating the Early Withdrawal request. That email had my "what is your childhood hero?' answer as well as a diffent LR account number.
I immediately put in tickets (its was 8 PM EDT) and sent an email to the company. Here is their last response.
You are contacting after the early withdrawal was processed, and this transaction is irreversible. See Terms of Service for reference:
12.4. The Client shall independently monitor the transactions made through the account and inform the Company of any discrepancies or unlawful access. - We expect the clients to inform us right away (that is why we have the Access History page for where you can see all details of who and when accesses and what changes have been made), but not after the irreversible transaction was made, as: 11.3. ... The transactions within the client's account are irreversible.
Please, also note:
13.1. The Company shall not be responsible for ... or any unauthorized activity in the client's account.
PanaMoney Technologies, Inc. mailto:email@example.com
Wednesday, March 24, 2010, 12:55:00 PM, you wrote:
> I've already notified you that last evening that my account was hacked -
> you have the IP address - and someone initiated early withdrawals in all
> my positions.
> As you can tell from your records I very rarely access my account from a
> computer other than my home computer or from my office computer.
> Can this damaging attack be repaired?
> What steps should I take for the future to prevent this from reoccurring?
> Roger X. XXXXXXXX
On Wednesday morning the following occurred:
1 Unable to contact via phone
2. Unable to engage by Live Chat
3. Unable to access account
4. Unable to contact via email.
In retrospect, I do not believe I was hacked. I access from home and a security scan revealed no viruses. I've been a loyal customer and the money didn't go anywhere. I had proof of access within seconds by another party. Who in their right mind would re-invest $1,300 and seconds later trash a $160K account? Company was not the least bit interested in speaking to me.
Decide for yourself whether or not this is a SCAM
2009-12-15 5 Stars I invested $16,000 with them in late Jan 2009.
Took back $15,000 in October. I could have taken more, but this compounding is contagious. Presently I have $96,000 balance.
My son invested $2,000 and has withdrawn $2,500. When I request a withdrawal they process it and its in my bank account in 72 hours. I'm as cynical as they come, but I plan on retiring on June 2010 with them when I'll have a balance of over $300,000 and a weekly income of $12,000
I would suggest to avoid using electronic payment processors as they take too much money for their services. The best option is bank wire deposit to their account. They have a low minimum managed forex account - just $1000. And the minimum to withdraw is $1000 too. So if you invested the minimum you need to wait until you can withdraw your first profit. Recently there was a delay with bank payments for 5 days because of Easter holidays of their bank.
One more question to the forum readers: what is the average number of forex holidays per year for the managed forex trading companies? I ask that as panamoney avoids trading on major forex holiday as markets can be not stable (or not active) and less predictable. Let me put 5 stars for this company as I'm satisfied with it.
I hope this doesn't happen to you!
In Feb. 2010 Panamoney emptied my account and transferred it to Panamoney using fraudualant information.
I had initially invested a very large sum of money back in Feb. 2009. For about a year I rolled it over and withdrew earnings. My account was a little more than 2x my original investment. My family and I were using that money to live on and were able to give assistance to others as well. We were very greatful for this opportunity. This all ended in Feb. 2010.
As far as I can tell, someone had to have hacked into Panamoney's website and obtained my security question and answer. Once they got that information, they were able to: 1) change my e-mail address; 2) change my Liberty Reserve account number; 3) change my password; 4) request an early withdrawal via ticket support and e-mail. Panamoney never verified if I had initiated these changes by contacting me through my original e-mail address and never verified the new Liberty Reserve was mine. Panamoney never questioned why so much pertinent information needed to be changed so quickly (from an IP address different from mine) and then an urgent request to do an early withdrawal. Panamoney then quickly processed the request, by-passing their own instructions as to what was necessary to do an early withdrawal. Panamoney should also have stopped the whole process and told them there was nothing left to do an early withdrawal with because my account was already in profit! Instead, Panamoney allowed the changes to my account and processed the request all in less than 24hrs and on a weekend! Panamoney was then able to take back all the profit I had earned through my investment according to their Terms of Service: " The Company’s commission for early withdrawal is 12% from the initial amount minus the profits including, in case of combining, the profits made from the plans prior to their combining as well as afterwards. The early withdrawal to be requested by e-mailing the Company’s Customer Support Department and will be executed within 5 days."
(You would think that was put in there in case someone had an emergency and needed to get their investment money back, not to allow Panamoney to get all your profits back after using your investment to get them! They actually put my account in the Negative!)
There was absolutely no way I could contact Panamoney and stop this process, I tried. I could not even tell what was going on because I could not get access to my account. It was not until over 48 hrs later that Panamoney could help me, by then it was too late to stop anything. Panamoney claims that I gave someone access to my account or they hacked into my computer. First, I didn't give anyone my information and I didn't even know how to change all my information. I had forgotten which security question I used and had to go through them myself until I got it right to change my information back! Second, I don't store security information or passwords on my computer. The only place they could get that is if Panamoney gave it to them or they hacked into Panamoney's website. I requested all e-mail correspondence Panamoney had in regard to my account. The only one they will let me see is the one that requested the early withdrawal. Any others they say they cannot show me because they don't know if it was from me or the thieves. Panamoney is now concerned in protecting would be thieves privacy but had no trouble allowing them to initiate an early withdrawal through a fraudulant e-mail account that Panamoney did not verify was mine and that wiped out my account without making sure who they were and then Panamoney gets the money. Also, in regard to withdrawing money, Panamoney states in the Terms of Service: "8.1. The money will be withdrawn within 24 hours once the withdrawal request is made, except for weekends and Forex holidays." They fail to mention that early withdrawal requests can be done on weekends. Again, this gave me no opportunity to stop this process because they could not be contacted on weekends! They also had 5 days according to their Terms of Service, so what was the hurry?
I have tried to reason with Panamoney for weeks about the fraud that has been committed and how Panamoney did not even follow their own procedures. I could see in the ticket support where the early withdrawal request was made and Panamoney's response: "To request an early withdrawal, you should e-mail to firstname.lastname@example.org providing your name, login name, e-mail and attach your ID document for verification." The e-mail they did show me that requested the early withdrawal did not contain this information and they processed the request anyway! You can see how this would be a security measure and would have again stopped the whole process but Panamoney did not even follow their own procedures! Thereby allowing Panamoney to get all the profits my investment had accumulated.
My advice for all Panamoney investors (especially those in profit) would be:
1) Immediately request that the early withdrawal request option be taken off your account! ( I had no idea they would honor this request after you were in profit. It only gives them a legal way of confiscating your money.) If they cannot or will not do this, you need to check your account 2-3x/day and pray nothing happens to it on a weekend.)
2) Check your 'Edit History' page daily. You can see if any changes were made from there.
3) Check you 'Log In History' page daily. You can see if someone has logged in other than you by the IP address.
4) Check in 'Submit a Ticket' page daily to see if anyone is corresponding with support other than you.
5) Request that if any change is made to your e-mail address information on your account, that Panamoney contacts you through your original e-mail address to verify that it is you before they allow it to be changed. And that any changes be verifed with ID document. (They changed the letter 'l' in my e-mail address to the number '1' so I could not get access to my account or get Panamoney's correspondence. It is evidently a valid e-mail address, just not mine.)
Regardless of who did this, Panamoney ended up with all my money and they don't see anything wrong with this. I wish the best for you all and hope this may help save someone else from going through the devastation this has caused us.
(I copied all my account information before Panamoney closed my account so that any of the above information can be verified. I feel I have done all I can at this time and if Panamoey should see how wrong it is to take someone's money through fraud and corrects this, I will be sure to let you know.)
Those who complaint about hacking should first be worried about their computer security before casting shades on a reputable company such as panamoney which is my fund manager for almost 2 years.
No doubt panamoney is a real trader and it's not a hyip as I see their trading chart that has the same data as my oanda.com account and all the currency rates in their real-time trading chart are genuine.
I am awaiting for a response. I hope this 5 Star company retrieve my balance and Investment as it was on March 24t, so I can continue enjoying the benefits with them. I already included profits from this investment in my tax 2009 and I wouldn't like to loose my already written profit because Uncle Sam wont'n give me my money back if Panamoney decides not to solve this problem.
I agree, the best way to withdraw is via BANK WIRE TRASNFER. , other sources.. a mess
2010-02-28 5 Stars Today, February 28th/2010 still I am benefiting from Panamoney Investment. My initial investment already dobule and more., and I was able to withdraw the initial investment with NOT PROBLEM AT ALL.
What I like from Panamoney is that EVERY DAY I am able to withdraw the profits earned from the investment and move tho my bank with not problem at all.... other other Forex companies do not offer the same. I DO ASSUME PANAMONEY is really trading forex. otherwise how come SO MANY people are able to withdraw so much money with not problem
I hope this company be around for MANY YEARS more to come.
2009-09-28 5 Stars I must come to write again in favor of Panamoney.net. So far I am receiving the profits as they promised. If they are a HYPE I don't understand how a company can come up with a daily money withdraws from customers if they would not be trading real forex and making profits. I must mention, at the beginning I was very afraid and even after I investd with NOVALEX FINANCE AND FROM ONE DAY TO NOTHER this NOVALEX dissapear from the map. Panamoney is registered with Labor department and other goverment offices as a requirement to operate in the forex market. NOVALEX also showed a registration.. and it happens. My investment with them 14K and running perfectly so far.
2009-07-05 5 stars money to this company and I am receiving profits every trading day, with no problem.
Person who referred me this company is with Panamoney.net since November and also receiving his profits.
I was able to choose the pair to be traded with my funds, and so far SO GOOD