The inability to access funds and a sudden change of contract terms and conditions without notice has thrown investors within the online trading company, OneFxZone into panic mode.
All seemed so well
Originally known as OneFxZone, ‘One International Limited’ is a company that claims to trade in Foreign Exchange and welcomed investors with a promise of various attractive returns on investments. OneFxZone accepted deposits in Bitcoins, Paypal, Bank wire, etc.
Launched in November 2015, OneFxZone boasted of very efficient and easy operational procedures until about five months after existence.
“I signed up on OneFxZone in November 2105, sponsored by Kyle Gibson. My initial investment was $25 only and at the time of investment expiry I had earned up to $400. That was when the programme was doing well,” says Hameed Olaniyi Ogundipe.
Another investor from Nigeria who chose to remain anonymous tells Cointelegraph that he was signed up by the same Kyle Gibson in March 2016. According to him, at the point of entry, every detail of the contract was clear and straightforward until the beginning of May 2016, when adjustments began to take place without prior notification.
How the boat began to rock
Originally known as a forex trading company that allowed investors to cash out their earnings on a weekly basis, five months after existence, OneFxZone announced its expansion and introduction of new investment packages with claims to be trading in gold as a commodity and an improved additional investment opportunity.
Less than two hours before the opening of the cashout period on Monday May 9, 2016, investors were greeted with the news that they could not make withdrawals anymore until the 5th of the coming month as the rules had changed from weekly to monthly withdrawal dates.
“After the change in system without adequate notice, I became uncomfortable with the scheme. I went a step further to research, only to discover that certain online profiles within the company were pseudo identities. Fake names of people who never existed. At this point it dawned on me that I had been scammed!” says an investor.
The straw that broke the camel’s back
Latest among the disheartening news to investors is the development that no further withdrawals can be performed unless an individual’s account is ‘verified’, a process which involves the submission of certain required documents and a will, unlike what is required elsewhere, a process which takes three months.
Investors who spoke to Cointelegraph complained about the impromptu nature of these developments, and the timing of such announcements which happens to coincide with the coming cashout period.
Ogundipe expressed his lack of trust for the system at the moment. He says:
“At the beginning of the program, I was given full support by the founder and admin, I was given the assurance that the whole plan was long term. That for me was the catch.
Having had several experiences, I had to be smart. Hence my little deposit. But at this point, it is clear that most investors will not have their accounts verified until the expiration of their contracts. Obviously, something is not right.”
Live support chat going mute
Several complaints from participants in a Facebook chat group who have all invested into the scheme have been ignored by the usually prompt ‘live support’ chats on the company’s website, and there have been non-approval of uploaded verification documents and multiple non-access pop-ups on the website.
Maybe this is a well executed plan to defraud unsuspecting investors, or maybe it is just a phase within the company’s development. One thing is certain - affected investors’ worries that all their invested wealth is gone with the wind are not unwarranted.