I have been trading with them for over 6 months. My account number is: 8164066. During trading everything was perfect: spreads, pricing execution, but when I submitted a withdrawal issues started. I requested a withdrawal of 4.6K, and it was not processed in time. After communication with the support, my withdrawal was put on hold and only 2K were returned. My account was cancelled, all my data was deleted. The risk team does not reply to me and they do not agree to speak with me over the phone. Hopefully, I have all the trading history and data saved so I can contact the regulator. It is obvious that they are regular marketmakers who do not want you to make profits and if you made profits they simply cancel it for some unrealistic reasons. If anyone has same issue please help me out. Thanks.
It sounds like they believe they found some evidence that you are not trading as per their terms and conditions. Or that you opened an account contrary to their terms and conditions.
In such circumstances, the firm are not obliged to tell you what they have found. You will not be able to withdraw profits but they must return deposits which they have evidence to believe are legally yours.
FP Markets is regulated by the Australian Securities and Investments Commission.
(Forex Offer Autotrading - FP Markets)
just fyi, they cant just all of a sudden decide that they dont like your trading style and shutdown your account and keep your money.
either the OP is not telling the whole story or otherwise the ASIC should be contacted to seek assistance from them… this is what they do.
i dont want to dirtymouth the OP, but i suspect that he may not be telling the whole story.
if the OP’s story is legit, contact ASIC.
(Contact us | ASIC - Australian Securities and Investments Commission)
btw, the one thing that strikes me as odd and makes me suspicious about this post from the OP is that he posted his account number? what the %^&? who does that?
I agree, there is probably more behind this than we are told.
As far as the firm keeping money, its correct they cannot close the account and keep the client’s money. But that begs the question as to what is the client’s money. It certainly means they must return the funds deposited if any are left but that does not include profits obtained by trading contrary to the firm’s T&C’s.
For example if the firm’s T&C’s prohibit scalping or arbitraging and you deposit £5000 with them and make a profit of £3000 by scalping or arbitraging, they’re only obligated to the client to return the 5k.
i am on live chat with fpmarkets now…
i gave them a link to this page.
FP: You are being connected with an operator …
FP: You are now chatting with Ai
ME: hello.
FP: Welcome to FP Markets, how may I help You today?
ME: hi, i am over on forums.babypips.com
ME: and some guy has posted something saying that
ME: your company just cancelled his account and
ME: that you refuse to return his money.
ME: would you like a link to it?
FP: Sure I’ll have a look.
ME: i am just doing this as a professional courtesy.
ME: forums.babypips.com/t/aware-of-fpmarkets-they-do-not-let-me-withdraw/646159
ME: he lists his account number in the post, btw.
FP: I appreciate that.I will take it up to a relevant team.
FP: Thank you for bringing it up to us.
ME: thank you
ME: that is all.
ME: bye.
FP: Have a great day.
FP: Bye for now!
as i have stated several times in this forum, i am a software engineer with 38 years of experience and that my preferred programming language is C, and that i have been writing C code since 1991 and i have been writing metatrader code since 2005…
…having said that, i welcome you to show to me a metatrader bot that can pull off a straight arbitrage or a legitimate arbitrage of any kind.
I can’t show you that. Its just an example of a trading style often described as illicit within brokers’ T&C’s.
that is what i expected, which means that there is no way that he even did such a thing.
my suspicion is that he is not telling the whole story and that his story is probably fabricated.
a broker that is regulated thru ASIC is not gonna pull some stuff like just cancelling his account and refusing to withdraw his funds.
the OP’s story doesnt wash.
I have no idea whether its possible to use arbitrage to make money or not. But I do know that brokers will quote arbitrage in their T&C’s as an illicit form of trading. So I suppose at least they believe it is possible, else why would they bother to ban it?
There must surely be more behind the story than we are so far told.
My account is under Saint Vincent and Grenadines regulation, and that is why they dare to do it. If my account would have been under ASIC they will never do it. I thought I will never have such issues with them, but I was wrong.
I was trading with them for 6 month. NO Arbitrage, nothing which is against their rules, all my trading was identical, but still they returned only part of it and simply do not want to give me the whole amount. If there is any king of misconduct of their services client should be informed right after the misconduct took place, not after the withdrawal request. They just kept my account in Bbook, and the expected me to loose, simple as that.
This is nonsense, I did not violated any of their rules. My account was closed only upon withdrawal request, they simply do not want to give me profits.
My account is not under ASIC. I have all the trading history saved and I can show it to anyone who wants.
oh my, no kidding… you should read my recent posts in the thread about escaping the cftc… i found a broker (prosperity4x.com) that is in that location… the grenadines… and there is a whole nest of scammer brokers. at the same building…
If you feel that you do not know full story DO NOT, tell that this story is fabricated. I have all the proofs.
under this regulation, they are performing as a bunch of scammers, but I will fight with then till the end. Company who values it reputation for less than 2.6K should not operate at all, and must simply deemed as scam.
and likewise, is it really worth it for you to fight them and whatever over 2.6k?
you do what you want, but you got ripped off by people that are professional thieves and they dont care if you fight or not.
https://forums.babypips.com/t/going-offshore-to-escape-the-cftc/35612/12028?u=tradecode
You’re right to want to fight them. What are you going to do?
Are they withholding profits or deposited funds?
Thank you very much! I have also informed them about my posts which I made on other websites. Hope this is going to help.
they dont care what you do… there are two thousand suckers born every minute… you wont affect their bottom line not by one drop…
i promise you.
here is the reality of this situation(as i now see it)…
you made a foolish decision to go with one of these offshore ponzi exit-scam pyramid schemes and you lost…
forget about it and move on with your life and try not to make the same mistake again.
it is just that simple.
best wishes.