|Forex Metal tempts people to open accounts with them by providing bonus with no swaps account. I opened account with them on 13th of May 2010, I traded more than 1,500 lots with them up to 25th of May, but only 300 lots calculated to get the bonus (It was not fair to me). Afterwards they rose up 2 pips for my account without any notice, few days later; they gave me the following email:|
Dear Mrs. Mei Ling Chen,
We believe that forex trading is a two-way street: it should be profitable to both parties. We make our money from hedging customers trades through other forex companies or banks. Your trading pattern over the past few days shows that you prefer to hold positions for a short period of time, ripping 5-10 pips profit in most cases. At the same time your friend gets 1 per lot in commission payments. Of course it is your choice how you want to trade, but in such circumstances we cannot keep extra low spreads and make profits from hedging. Besides, our counterpart where we hedge our risks has changed our trading conditions, this prompted us to act.
We are re-assessing the situation and if we can offer you something better, we will. Rest assured that we want to keep our customers happy, but at the same time we cannot put our business at greater risk.
Forex-Metal Customer Support 31th/May/2010
I was forced to withdraw my money back; the money not belongs to me alone (two of my friends involve as well). I sent them 100K withdraw request on 25th of May; I shall get the money back at the end of May if Froex- Metal processed it properly. Unfortunately, they made the excuse like: One of our banks has a very strict anti-money laundering procedures for over 25,000 international payments. I asked them to separate into 4 wires, each one 25,000. With the help from PFA, they sent the first wire 25,000 to me on11th of May. But up to now, I have not heard from them regarding the next payments. I still have 75,000 with them. I am suffering a lot from withdrawal and trading experience with forex-metal. There is no way to contact their payments through the telephone.
I contact with their live chat twice per day. The answers are the same --- Please email your enquiry to the payments. I am under depression with this withdraw issue. What shall I do if they continually keep me waiting? Shall I report the government department which regulated the forex coms in Panama?