I don’t understand your request. Can you be more specific?
Thanks very much for the information Tallinex, but I am still confused by the phrase “original transaction amount” – in my case I have multiple transactions where I have deposited, so am I limited to perhaps the amount of my very first deposit, or maybe to my largest deposit (in my case this happens to be the same deposit), or as it seems least likely perhaps I could have one withdrawal corresponding to each of the deposits I have made.
I don’t have a complaint, I plan to learn how to do the wire transfers so there is no problem. I am just wanting to fully understand my options in the meantime for card withdrawal, I am sure my card is probably not 3D-Secure.
Thanks again for all you help in this thread, it has been great!!
As I mentioned, our back-office tracks all card deposits and will split a single withdrawal across multiple deposits from multiple cards where necessary.
Assume you made 4 deposits of $250, traded profitably, and then decided to withdraw $600.
That would be processed as $250 against the 1st deposit, $250 against the 2nd and $100 against the 3rd.
If you then banked additional gains and decided to withdraw another $600, that would be processed as $150 against the 3rd deposit, $250 against the 4th, and the remaining $200 would need to be sent as a bank wire.
As clients pay no fees for withdrawals to cards, it’s a good solution - the only real annoyance is that Visa/Mastercard rules restrict processing of withdrawals to deposits made within the last 180 days.
Anyway, hope that clarifies things.
yes it does clarify it – thanks for spelling it out for me. Looks like in my case I will definitely lose some deposits to the 180 day rule, I am just learning to trade :34:
But that’s OK I have been pleased with the service I have received from Tallinex.
In my case, I needed a little time with live (albeit with a very small amount) trading to really see how it is. I couldn’t effectively pretend with a demo account until I had a little more information about what it would be like live and with a small balance like I would be using in the real world.
Now that I do have some experience with Live I am able to demo much more as if it were real money I think. Also on the subject of demoing – Tallinex lets me specify the account balance I start with on demo and also lets me specify the micro account type. My first demo was with Oanda and I never did find a way to do those two things which really served to make it a lot less realistic for me than the Tallinex demo.
Will tallinex be introducing some local deposit options for other countries? Like Thailand or Malaysia. Where users can deposit via local bank transfer or even at 7-eleven in some cases and it will be credited to the account?
We’re constantly looking into other deposit options, but the problem with most of them is the inability to verify the depositor, and that causes potential AML issues.
Hi Clint,
I have a question about Forex Metal. I checked post 2157. I also watched the video which was referred in that post. You said yourself it is an eye opener. I am in the same opinion, it is quite shocking. Several forums and traders made warning signs for that broker as many traders lost their money with them. This gives me anough proof that we are dealing with a scam.
The question would be why don´t have an extra warning for this broker? First I thought there are any updates that the situation turned better with them but that is not the case, at least it was not discussed in this thread. Don´t you think a warning sign on the first page would be useful? Or another option would be to completely eliminate them.
Thanks and have a great day,
FE
Here’s my chat with Tallinex. I was attempting to use Neteller. I was told that I can’t since I’m in the USA? Anyone else experience this restriction?
AOS (0935) : How do I setup neteller for withdrawals?
Tallinex Support - AML (0930) : So Neteller withdrawals will work if you used it for depositing
AOS (0951) : I did not. So, neteller is not an option?
Tallinex Support - AML (0920) : yes, but with a new deposit you can
Tallinex Support - AML (0931) : where are you located?
AOS (0937) : USA
Tallinex Support - AML (0948) : oh right, then you cannot use it at all
AOS (0907) : I have a neteller account. Why can’t I use it?
Tallinex Support - AML (0937) : [B]Because Neteller has some kind of a restriction with Tallinex for US clients[/B]
AOS(0953) : ok, thanks for the information
Actually, Neteller has restrictions with all merchants from what we can work out - US and Canadian residents are apparently restricted to US and Canadian vendors under current Neteller rules. After all the time and trouble involved in onboarding them as a payment service provider, the news is incredibly frustrating.
What about Skrill? Any other options for smaller amounts to avoid a bank wire? Do you happen to know why Neteller has restricted US customers? (Not that I’m surprised).
[B]ForexMetal (Panama)[/B]
Recently, it has been suggested by one member on this thread that we remove ForexMetal from our List.
Several considerations seem to support that suggestion:
B[/B] ForexMetal registered in the Broker Aid Station forum, here on [I]Babypips,[/I] and designated someone named Betty Snyder as their representative. Betty Snyder has never posted in the Broker Aid Station, and did not respond to my questions to her in January 2015. ForexMetal seems to have no interest in a dialog with the [I]Babypips[/I] community.
B[/B] A very negative campaign was launched against ForexMetal by a number of clients who alleged that they had been scammed by ForexMetal. They posted their allegations in most of the active forex forums on the internet, including here.
B[/B] [I]ForexPeaceArmy[/I] has recently (October 8, 2015) posted a Scam Warning regarding ForexMetal.
B[/B] There have been no positive comments regarding ForexMetal, by participants on this thread, in recent memory. And, as far as I know, none of our members currently trade with this broker.
If anyone has any additional information on ForexMetal, please post it here.
If you want to “vote” — yea or nay — on removing ForexMetal from our List, please do that, as well.
[B]SmartTradeFX (St. Vincent)[/B]
The other “problem broker” on our List is SmartTradeFX, which currently is tagged with a red Warning notice in our List. I have sent an email to SmartTrade, requesting an update on their financial situation.
And I have sent an email to the International Financial Services Authority (IFSA) in St. Vincent, requesting information on SmartTradeFX (which claims to be regulated by the IFSA).
There are several agencies around the world known by the initials IFSA, including the IFSA in St. Vincent; I’m assuming that this is the one that SmartTradeFX is referring to. It seems that SmartTradeFX was domiciled first in Canada, then in New Zealand, and most recently in St. Vincent — which is why I’m not sure which IFSA SmartTrade is referring to.
Also, IFSA in St. Vincent lists banks and insurance companies on their website, but not brokers. So, there is a lot of confusion to be cleared up here.
Anyway, if and when I have a reply from SmartTradeFX, or from IFSA, I will post their replies here.
Hi Clint,
my vote is to delete ForexMetal from the list. Or even to mark them somewhere so when new traders come to the thread and they search for this broker they see that it has been discussed and considered a scam.
I cannot say much about SmartTradeFX.
FE
Yes, seems like it would falsely lead readers relying on the list to think of the broker as a legitimate options for trading fx, and from all the signs present, they do not seem trustworthy. I vote Nay on Forex Metal.
Neteller gave no explanation beyond “US residents can only interact with US vendors” - the fact that Canadians are also affected wasn’t even mentioned… we only discovered from trying to help a Canadian client make a Neteller deposit.
On the positive side, we now have a new EU bank that understands Forex so clients are able to wire funds again. Details are on the Depositing page in our back-office.
Hi Tallinex,
that statement looks interesting 
One would think that “who on the world understands forex if not banks”? What did you meant to says with that? It made me smile after a long day.
Cheers and have a nice weekend,
FE
Update on Forex-Metal and SmartTradeFX
Forex-Metal (Panama)
We have displayed a warning in the Forex-Metal listing for many months. It reads as follows:
Serious warning: exercise extreme due diligence with this broker.
Apparently, the fine print in that warning is overlooked by people who are reading our List. So, I will replace the fine print with a big, red warning, similar to the one in the SmartTrade listing.
Edit: The WARNING has been added to the Forex-Metal listing.
As for removing Forex-Metal from our List, I will wait for more comments from the community, before making that decision.
SmartTradeFX (SVG)
I have received a reply from the I.F.S.A. in SVG (St. Vincent and the Grenadines). Here is a copy of my email inquiry to them, and a copy of their reply to me:
• my email sent to I.F.S.A., St. Vincent and the Grenadines, Friday, 10/16/15, 12:55am
Good morning,
I am a private currency trader in the U.S., looking for an offshore broker to handle a portion of my trading funds.
I am trying to gather information about a foreign exchange broker operating under the name SmartTradeFX.
On their website (SmartTradeFX.com), this broker lists their address as:
Suite 305, Griffith Corporate Centre, Beachmont
Kingstown,
Saint Vincent and the Grenadines
They claim to be regulated by the I.F.S.A. Can you confirm this?
It is my understanding that SmartTradeFX was facing financial difficulties, and possible bankruptcy, after the Swiss National Bank debacle in January of this year.
Can you tell me anything about the current status of SmartTradeFX ?
Thank you for your attention to my questions. I look forward to your reply.
Very truly yours,
Clint ********
<[email protected]>
• the reply I received from the SVG-I.F.S.A.
N Hunte <[email protected]>
10:46 AM (7 hours ago)
to Karen, badencok.heidi, me, Financial
Dear Sir,
Please be advised that Smarttrade FX is incorporated in St. Vincent and the Grenadines as an International Business Company.
However, please be further advised that forex and brokerage licences are not offered in SVG. If Smarttrade FX is engaged in forex/brokerage activities, it is not being regulated by the St. Vincent and the Grenadines Financial Services Authority.
The Financial Services Authority (the “Authority”) does not ‘Regulate, Monitor or Supervise’ International Business Companies (IBCs) which engage in FOREX Trading or Brokerage. The extent of supervision of IBCs goes no further than to ensure that IBCs comply with their obligations under the International Business Companies (Amendment and Consolidation) Act.
An IBC incorporated in SVG is authorised to engage in any business activity without additional approval from the FSA, except where its proposed business activity amounts to banking, insurance or mutual fund business, as these activities are licensed activities.
The FSA has taken the position that until such time that appropriate legislation is put in place to address forex activities, there is no prohibition against an IBC carry out that activity. It is however advised that IBCs which do carry on this activity take the necessary steps to ensure that they obtain the required authorization from the jurisdictions wherein they actually conduct the forex activity. For example, both the USA and Canada require all forex companies who solicit business from citizens of those countries to be registered / licensed in the USA or Canada respectively. It is to be noted that IBC incorporated in SVG are prohibited for doing business with residents of SVG.
Please be advised further that an IBC which engages in Forex Trading activities does so at its own risk, as it will not be regulated in this jurisdiction.
We are currently not in a position to verify whether or not Smarttrade FX was facing financial difficulties and possible bankruptcy. However you can communicate with the IBC Registered Agent to address this matter. The Registered Agent details on file is as follows:
Wilfred Services Ltd
Suite 305, Griffith Corporate Centre,
P.O. Box 1510
Beachmont
Kingstown
Saint Vincent and the Grenadines
Tel: 784-456-2970
Fax: 877=474-8132/+44-808-171-1136
Email: <[email protected]>
Web: Wilfred International Services | Just another WordPress site
I trust that this information is of assistance you.
Kind regards
Nerissa Burton-Hunte (Mrs.)
Senior Registry Clerk II
Financial Services Authority
Tel: 784-456-2577
Fax:784-457-2568
Email:[email protected]
I have copied-and-pasted the entire I.F.S.A. reply, because it outlines the regulatory position of the I.F.S.A. regarding all forex brokers operating within their jurisdiction.
This pertains not only to SmartTradeFX, but also to Tallinex and PaxForex.
I think we need to keep in mind that Tallinex and other SVG forex brokers are permitted to operate as they do from SVG because the I.F.S.A. does not currently treat them as financial institutions subject to regulation.
Our mutually-beneficial relationship with Tallinex depends on this hands-off treatment from the I.F.S.A.
If the SVG-I.F.S.A. regulatory stance regarding forex brokers were to change in the future, we — and Tallinex — will have some important decisions to make.
.
Yes - an interesting statement …the problem with most banks is that they don’t understand how a brokerage works, and so they go into panic mode because they think there might be a FATCA implication.
It’s actually fairly common - the people who make decisions seldom have the brains, experience or common sense to remove their blinkers and assess things on the basis of merit, so everything is assessed in relation to an inflexible protocol. To highlight the scale of the problem, Tallinex approached over 50 banks over the last 4 weeks… only 4 were prepared to open accounts for a brokerage, and two of those subsequently announced that incoming wires from clients were not allowed!!!
Anyway, we did end up with two banks who actually understand what a brokerage is and what it needs to do in the normal course of business, so smiles all around
Indeed, Clint! …but even if SVG change their stance at some point, there should still be other jurisdictions available that would allow Tallinex to continue supporting our loyal clients… especially as you guys have the 2nd amendment so that honest traders can defend themselves against the tyranny of government 
That´s true. I also did not read the fine print. I got used to if something is important then it is marked with capital red letters. I took a quick look and thought the warning is not present.
I believe the way how it is presented now is clear for everyone.
FE
Paul, you’re hitting my hot-button, now. (I’m resisting the urge to go on a [I]Pro-2nd-Amendment[/I] rant.)
.