Capital One Forex Limited is NOT a forex broker you want to entrust your trading funds with, take it from me. This post is a full review of Capital One Forex Limited. The website address of the company is www.capitaloneforex.com
I opened and funded a live forex trading account with Capital One Forex Limited on 04 June 2015. I funded the account with $3 020.00 and Capital One Forex Limited added a 100% bonus of $3 020.00 to my account. The total starting trading balance of my account was therefore $6 040.00.
This balance, in terms of Capital One Forex Limited rules, is a tradable bonus and there are no conditions attached to the bonus. In other words, a client does not have to trade a number of lots before they can withdraw their deposited funds and profits. The client cannot withdraw the bonus but can trade with it and the bonus can support open positions.
I downloaded Capital One Forex MT4 and began trading immediately after I funded my account. I then stumbled upon many negative reviews of Capital One Forex Limited at forexpeacearmy.com and discovered that forexpeacearmy.com has declared Capital One Forex Limited a "Scam Forex Broker".
If you don't know already, forexpeacearmy.com is one of the few major forex trading forum websites where forex traders congregate, socialise and share their trading knowledge, experiences (including their experiences with forex brokers), trading systems and strategies.
As a result of these negative reviews of Capital One Forex Limited from forex traders who had live forex trading accounts with Capital One Forex Limited I submitted a withdrawal request of $600 on 17 June 2015.
To submit my withdrawal request I clicked the "Quick Withdraw" tab at the top of Capital One Forex home page. But after completing all the required information on the form and clicking submit, there was no sign or message telling me my withdrawal request was received. It appeared to me that the "Quick Withdraw" tab was not working at all.
I then immediately thereafter sent my withdrawal request to their finance department at withdraw@capitaloneforex.com and to my Account Manager, Makcim Salakhav at makcim@capitaloneforex.com but neither the finance department nor Makcim acknowledged receipt of my withdrawal request.
In terms of Capital One Forex Limited withdrawal policy, it takes them up to three days to process a withdrawal request. However: Capital One Forex had not processed my withdrawal request after three days of the request. In fact: Capital One Forex has not yet processed my withdrawal request to this day, 19 July 2005, more than a month after I submitted my withdrawal request.
Did you hear that? ONE FULL MONTH has passed since I submitted my withdrawal request with Capital One Forex and I'm still waiting for them to process that request. This despite the fact that I have contacted Capital One Forex more than 10 times after I made the withdrawal request, asking them why the request is not being processed.
I emailed my Account Manager three times and also the Finance Department three times about my withdrawal request but each time my Account Manager and the Finance Department ignored and failed to reply to any one of those emails.
I opened many chats on the Capital One Forex website. First James, the support agent who was assisting me, told me that Capital One Forex had a problem with the withdrawal process and that I would get my money as soon as the problem was resolved.
But: Capital One Forex has many different methods of processing withdrawal requests such as credit card, wire, skrill, netpay and so on. As such, I asked James what exactly was the problem with the withdrawal process but he failed no only to provide me with a good answer but also to provide me with any answer at all.
It was clear to me that according to James Capital One Forex had a problem with credit card withdrawals, which was the method of withdrawal I wanted. If they indeed had a problem with credit card withdrawals it was a simple matter for them to ask me to provide them with an alternative withdrawal method like wire or skrill for example.
I asked James what exactly is the problem with the withdrawal process because I knew there was no way Capital One Forex could have a problem with withdrawals in respect of all the methods of withdrawals.
For proof of my live account with Capital One Forex Limited and my communication with the company please see the other posts. All I can say to you, if you're thinking of opening a live forex trading account, is stay far away from Capital One Forex Limited.
