money money money where is the money

trav72 · #1 (**permalink**) 12-23-2008, 12:53 PM

Okay so forex is money. I never ever had problem depositing money with the brokers. Always was losing the small amounts depsotied and starting again. I have been playing small time for a year or so.
Anyway just recently i was doing ok with CROWN FOREX and i decided to apply to withdraw some money for my first time - $600 in fact.
This was 2 weeks ago, they took the money from my account but i have not received the money or had anysight of the money.
I have emailed and phoned there numerous times to get to the point where i am now - which is dissillusioned with forex. They dont return my calls or emails.
My friends and family all along - who dont understand forex - have been calling forex a Nigerian scam.
So you all like to build your accounts, protect our equity, but have you ever tried to make a withdrawal.
This is killing me, it is not so much the money, it is just the fact that this doubt i had all along is now ringing alarmingly true.
what a con? (it cant be true - can it?)

hyperbling · #2 (**permalink**) 12-23-2008, 01:21 PM

sorry dude, i've been reading some posts saying the crown forex was unable to process any significant withdrawals and it's undergoing investigation right now...

n_aftab · #3 (**permalink**) 12-23-2008, 04:01 PM

Hi,

Always make sure your broker is regulated, eg by the National Futures Association, or whatever body it is in that country. For example Oanda, saxobank etc.

If Crown are regulated fine out by who and threaten to report them.

be sure to post and let us know the outcome.

N

Shell25 · #4 (**permalink**) 12-23-2008, 05:05 PM

Quote:

Originally Posted by n_aftab

Hi,

Always make sure your broker is regulated, eg by the National Futures Association, or whatever body it is in that country. For example Oanda, saxobank etc.

If Crown are regulated fine out by who and threaten to report them.

be sure to post and let us know the outcome.

N

I've also heard a lot of talk about Crown Forex being under investigation. I totally agree with you, about always checking if the broker is being regulated. In order to avoid this kind of situations, just take a look on madoff panorama. You just need to refer NFA website, there you will find a list from the best regulated brokers as Tradeview, Oanda, Alpari...

trav72 · #5 (**permalink**) 12-23-2008, 09:33 PM

thanks for the bad news.
I did check that they were regulated. They state that the funds are secured under Swiss Regulation (ARIF)
I have since now googled some more on Crown and it seems i am not alone, and there is forum dedicated to the issue in FPA.
Pissed Off.......my wife hardly has ever been encouraging me and i enjoy forex, to have this happen well she just doesnt want me to do it anymore. She thinks it is all a scam.
The more i look into it the more i see how unscrupulous these operators are.
I have an account with GFT, fxsol, crown, fxcm.
When you begin you are happy to open an account and deposit your money. In the beginning you reallise you will loose, but you soldier on to improve and learn, cause you see that if you perserve you will be rewarded if you learn etc....
When you finally get to a point when you go hey i am going OK lets withdraw some money (when all along this is the goal anyway) and then to find this, well then you do question this FOREX bullocks.
Personally it kind of makes me more determined - though i am loosing the battle with the wife family and friends - who know nothing about forex other than from me ... and now they see this!!.
Being in australia i dont now if it is harder to find a decent broker, they all seem to based overseas and who knows where they operate out of really.....just a web page in space.
You read reviews and there is always bad associated with every broker in some form.,,.. So you think the good reviews are the ones they have written themselves.

IS ANYONE WITHDRAWING MONEY FROM THERE ACCOUNT WEEKLY, OR ARE YOU ALL JUST ALL HAPPY HOLDING AND SLOWLY BUILDING YOUR ACCOUNT..BEFORE YOU LOOSE IT..
As they say 90% or more loose in forex, so it is just the 5 to 10% who are turning to the broker and requesting withdrawals----who then dont process the request...........disillusioned

akeakamai · #6 (**permalink**) 12-23-2008, 10:22 PM

Can't support you with anything but the facts.

So here they are:

I had an account with Forex.com and they processed all my withdrawals in a timely matter, as well as a complete account withdrawal.

GFT, my current broker, has also processed all my withdrawals quickly.

There can be some extra delays if you are withdrawing through a credit card, or by check, but wire transfers are the fastest if you want to pay the fee.

Your broker is just a gateway to the Forex market. The market had nothing to do with your broker running shady business practices. Switch brokers, no more problem. I'm sure your family would understand if you explained to them how the market is traded.

trav72 · #7 (**permalink**) 12-23-2008, 10:34 PM

Quote:

Originally Posted by akeakamai

Can't support you with anything but the facts.

So here they are:

I had an account with Forex.com and they processed all my withdrawals in a timely matter, as well as a complete account withdrawal.

GFT, my current broker, has also processed all my withdrawals quickly.

There can be some extra delays if you are withdrawing through a credit card, or by check, but wire transfers are the fastest if you want to pay the fee.

Your broker is just a gateway to the Forex market. The market had nothing to do with your broker running shady business practices. Switch brokers, no more problem. I'm sure your family would understand if you explained to them how the market is traded.

thanks for the facts. Atleast i can acknowledge within myself that money can be withdrawn from the fact. That is a start.
I have just stubbled across a broker in my own city GoMarkets, so i think i will try them. They use the MT4 platform so we will see how it is

Shell25 · #8 (**permalink**) 12-29-2008, 03:39 PM

Its better that the physical location of your broker is within your own city. And for me it's even better they offer MT4 as it is the easiest one to me. You can consider other options as I mentioned before, I guess Tradeview or Oanda would be the best choice.