Tuesday, January 10, 2012

ZuluTrade Scam

New Update: April 13th 2012: So looks like ZuluTrade is not a scam after all.

I was contacted by the head of ZuluTrade customer service. He is a great guy that managed to fix all my issues and pending payment was released.

It looks like they might face delays because the new verifications that they do, so the round up time for issuing payments is now 45 days. Which is not so bad to be honest.

I asked him if it's ok to contact him directly in-case i face delays again in the future and here is his reply:

"Certainly Mr Rabea - simply note that due to the increased volume and additional checks we are now required to perform, it may take up to 45 days (as stated at the relevant guide)
Any delay you experience beyond that point please let me know and I will see to it. 

Of course the same applies for any level of service you experience that is below ZuluTrade's standards or for any suggestion on how to improve our platform/services."

ZuluTrade is a scam. After I made some money as an affiliate I failed to withdraw those amounts and the customer service team couldn't be any worse. In ZuluTrade you can only submit a withdrawal request after you earn at least $100. So after reaching this threshold I submitted the withdrawal request. Now it has been pending for over 40 days.

In the Forex business waiting 40 days to get an affiliate payment is simply a disaster. What makes things much worse is the weird customer service agents. After sending endless emails and trying the live chat all they can come up with is "we are sorry we will process it as soon as possible" whenever I ask about a time frame they say they have no idea when will the payment be released.

Check the screenshot below, The withdrawal request was made on the 1st of Jan 2011, now till this day it's still pending:

Not only the payment is delayed for 40 days, but they have no clue when it will be released in the future. Which pretty much means that it will take forever.

I advice you to stay away from ZuluTrade they have no respect to their affiliates or users, Customer service is pretty much useless and they never honor the payments.

Mohamed Rabea - ForexFaqs.Net
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Anonymous said...

I am a user (with a live follower account) and so far had not experienced any problems with the withdrawals or money transferring from and to my account. it is a very good service and traders are profitable, should you choose those with good rating

Ed said...

I haven't had any problems with ZuluTrade before and have a live account as well as an affiliate account. It's a shame you had a bad experience with ZuluTrade, but it does give me faith that they managed to sort it out for you in the end, as I wouldn't want my promotion of the brand to have been for nothing. Have you had experiences with any of the other social trading affiliate programs? I know Tradeo has a program but I don't know how you join it.

Great post, Thanks Ed