21 June AtoZForex – As AtoZ Forex reported earlier on the 7th of April the Cyprus Securities and Exchange Commission (CySEC) has suspended the license of Atlas Capital FX more known as ACFX. Despite CySEC suspension order more and more withdrawal complaints keep on surfacing, AtoZ Forex decided to take a closer look into the ACFX withdrawal issues.
Will ACFX come back to life?
The Cyprus-based broker had its license suspended due to several reasons including low-quality client support in terms of monitoring and risk-management. According to former employees, the ACFX’s office is currently running empty. Only the General Manager Petar Gazivoda and a few other staff members are left around for the purpose of resolving the issue with the regulator. The fact that most employees left or were forced to leave shows that the company probably cannot come back to business, unless! – ACFX is ready to start everything from the very beginning.
“Where is my money?”
The trader whose broker’s license was suspended has two options before him:
a) to stay with the broker and wait until it comes back to the business;
b) to request a withdrawal;
Due to the spreading information about the company firing most of the staff, CySEC suspending the CIF license of ACFX and close only operations on traders’ accounts, it is logical that traders want to get their funds back.
The license suspension does not preclude the broker from processing the client withdrawals. However, recently, the amount of complaints related to this problem has been coming to the light too often. According to media, clients with balances from $1,500 to more than $80,000 are claiming they are still not being able to receive their money back from ACFX.
AtoZ Forex collected some examples of the traders complaining and seeking help on public forums and all over the Internet due to ACFX withdrawal issues they are experiencing:
“I am a customer since 2011. I admit that with this company I never had withdrawal problems but lately delays in withdrawals have become worrisome. Since 9th of May, I’m still waiting for my withdrawal request to be processed. From support team and my account manager, I received only general answers so far and requests to be patient. I began to worry seriously about the fate of my blocked funds and earned by hard work.
It is not easy to survive the Forex markets and it’s even more frustrating when the company does not pay…”
“ACFX is not replying my messages or executing my withdrawals since the license was suspended. This is clearly illegal as the regulator said funds have to be returned to clients.”
“Since 3 weeks my withdrawal request for my trading live account is pending. I emailed them, called them, chat with them, but they don’t give my money. They did send a confirmation email that they received my request, they are just saying over the phone that I will receive my money but there is no confirmation of the same. They are just scamming. I want my money back.”
“My withdrawal is in pending from almost 23 days now, I have been their old client and usually get withdrawal in 2-5 working days. Live chat and manager giving all kind of excuses and not a proper answer. Their answer is “Accounting department is working on it, you will be notified when it’s done” I am worried about funds. Looking for some help.”
“…First, they told me that the withdrawal method I have chosen does not work out and I would try another one. After having tried another method they still did not transfer my funds instead they did not react to my emails for another 2 weeks before giving me the next excuse that all accounts are under investigation regarding eventual abusive trading style (arbitrage) which will take time.
As my average holding time of a trade is more than 2 hours it would take less than 10 seconds to check my account and release the payment. Instead, they are artificially delaying the payout or maybe even considering of not paying at all (neither my initial deposit nor the gain I traded).
I have filed a complaint with CySEC and will approach a lawyer now in order to get my money from them if needed with the help of a court.”
“I don’t think they will return trader’s fund. Mine $1637 still pending since last month. They got no money.”
Although there are many traders commenting about ACFX Withdrawal issues, there are some traders who have come back to us with their success stories as well.
“I got the payment today after 27 days… I think patience is the key since they may have liquidity issues. Anyway, I might not deposit again with them because of so much delay in withdrawal and bad experience with the way they handled the situation.”
As it is visible, the situation is quite tough and uncertain for many traders. Having that in mind, AtoZ Forex team tried to contact ACFX General Manager Petar Gazivoda for his comments on the case. However, he seems to be unreachable as his number was redirected to another individual who declined to comment on the ACFX withdrawal issues and asked us to contact the office number where nobody answers the call.
Will there be ACFX bankruptcy?
Let’s get to the nastiest part: what to do if the firm goes bankrupt? It is a scary question for any trader, who has funds in a forex broker. However, this question needs to be addressed.
According to MIFID regulatory framework, ACFX is a member of Investor Compensation Fund (ICF). In case we have ACFX bankruptcy, the ICF should compensate up to €20,000 for each investor:
“The total payable compensation to each covered Client of the Company may not exceed the amount of twenty thousand Euros (EUR 20,000), irrespective of the number of accounts held, currency and place of offering the investment service.”
Though ICF might be comforting news for many traders, it is not for those who have assets over €20,000 – their assets won’t be returned in full. Another condition is that traders fall under compensation scheme only if they were working with the main company, the traders cannot use this opportunity if they opened their accounts under any offshore company.
Do you have any experience with ACFX? Let us know your opinion the comments below!