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CashOnForex.com Review Visit site

Updated: Nov 16, 2014
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Appears to be related to Arbitrage Fx Robot.


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ym leong,
singapore, Singapore,
Feb 19, 2013,

COF has FINALLY replied to my query which was sent on 12/Feb today (19/Feb). Since they are "supposedly" located in Japan, Tokyo, (Tokyo is ONE hour ahead of Singapore, u could have taken a plane and fly out there in abt 2-4hrs including check-in times)
As was expected, the staff AGAIN ask me to send the MT4 statements for processing and AGAIN explained that payment is only possible with accts opened under their IB.
I have already notified thru email (as was their request) that acct was opened under their IB when the acct was first opened. Of coz, they are "too busy" to sort out their service attitude and issues and DONT read email, so having duplicated, multicated communications with them over and over same issues is a common "occurrence"
In order to facilitate this payment (which I could have received by NOW, minus their wait to read a email), I sent the MT4 and told them in not so polite terms what I think of their service as a cash rebate agent. Their "excuse" was that they are new and still "sorting" out the service.
OK you are new, you are registered as a cash rebate agent, if you have some ounce of human intelligence, you should have done the PRE-customer acceptance to sort out at least most of the crinkles. Even AFTER I emailed them the bank wire format and the PayPal format (of specifying minimum $ for payment purposes), they have remain sincerely "reluctant" to learn. How do you specify bank wire payment details given that the field is maybe 500characters in ONE BOX???!!!

In my 4 years of trading, this is the FIRST and maybe ONLY organisation with such "strange" treatment and "individuality" to have customized the bank wire fields. I have been with IBFX, UFXMarkets, HotForex, Alpari, CashBackForex, FXCM (assie), AAAfx and NONE of these have such "individual originality" to the "design" for bank wire. ALL of them have specific fields for Payee Name, Payee Bank Name, Payee Bank Address, ABA/Swift code, Payee Bank Number, etc in order to facilitate and make clear what needs to be filled in

Obviously I need to respect COF's decision to remain "different". They replied to my REsubmission of the MT4 statements (REFUSED to apologise for the duplicated, multicated requests or the glaring late reply, glaring as the date on the request vs their reply to me) and told me that they will process and pay me in 4-5 days time.

I will certainly post again when payment is received. PS: Since their individuality of design of bank wire fields is something I dont quite understand, I have decided to use Paypal. At least I wont have issues with them checking the Almanac to deem when it will be most suitable to reply to me as to which field/s were missing from the bank wire and thus they could not proceed. With such a unique design for their bank wire payment method, its rather hard to argue or guess whats whats. And if there are some fields which were missing, they may again sent multicated email requests for such fields or multicated emails for EACH missing field, and each email will have to undergo THROUGH investigation of Almanac in order to respond to me. I very much doubt they even have ANY experience processing via bank wires, which explain such "odd" design and may not even know which fields are needed. With their rate of response and FULL calendar of NOT being able to answer email within 24-48hrs, it may take a "bit" longer to pay me via bank wire. The "bit" being subject to Almanac calculations and various variables not being taken into account!

2013-02-15 1Star This is review in regards to CashOnForex. http://www.cashonforex.com. Arbitrage FX seems to have a direct share on this company, and COF is registered in Japan too (Coincidence?) The site stats "automatic" payment on 5th of the month. Guess what? They send me a mail to ask me to submit my MT4 EVERY MONTH in order to calculate the rebates due to me! Semi-automatic maybe? When I pointed out this contradictory statements and their mail request, they replied that I was right and they have removed that text "automatic" and placed the instructions for traders to send MT4 for rebates

They are just as UNPROFESSIONAL. I went with them as that was their IB partner for PAMM programme. They usually DONT even reply to email. They claim to pay by bank wire too, but the bank wire fields (which I have also pointed out) is not only INSUFFICIENT in terms of space, its not even detailed with boxes/spaces to fill out necessary info such as Bank Name, Payee Name, Bank Address, SWIFT/ABA code, routing number, Bank Acct#, alternate routing details etc

After the complaint, they increased the bank field to enable abt 100-200 characters but still NO distinction as to what needs to be given! Goto CashBackForex site to check their bank wire details, which as specific CLEAR LAY out fields for this payment mode!

COF also claimed that trader can denote how much they wanted to be pay, again this information CANNOT be stored anywhere on their site. Again goto CashBackForex and check out minimum sum on their PayPal payment method or chat online with their helpful, courteous, fast reacting staff which are available 24/7 (I think). CashBackForex WILL answer all email queries within 24hours and I have been with them TWO years and gotten ALL my rebates without ERRORS or DELAY. Since I lived overseas I used bank wires, and CashBackForex DOES NOT charge extra for this, the charges of USD40 is by their banks for this bank wire service.

You can read LOTS of good review on CashBackForex here on FPA. As compared with COF (CashOnForex) *Another coincidence of 'similar" name with CashBackForex (middle name being different).

PS: I have send a mail abt 3 days ago to ask that they pay my rebates AFTER sending them my MT4 statements and of coz, no reply

IMHO: Its better to stay with CashBackForex or other ethical cash/rebate agents. COF is another bastard in synch with Scalpea which is the fund management company using Arbitrage EA to trade. This company sells the same EA (Arbitrage Robot FX), do PAMM via Instaforex, HotForex, as well as manage COF