As part of a due diligence process, I am looking to understand if there are potentially any reasons what so ever why a Broker could potentially not allow withdrawal of funds…?
I am about to fund my account with £40K… and want to be 1000% sure I won’t run in to any future unforeseen problems of any kind… I have heard rumours that in some instances brokers have blocked the withdrawal of funds. I am using a large-ish Australian Broker who operates under all the main regulations… I am a UK registered trader with them funding my account with £GBP.
I currently have £10K in my account, but want to increase that to £40K, I sold my apartment a few years back and this provided me with the funds to trade with.
Have you or have you heard of absolutely any reason why a Broker might for any reason not allow withdrawal of funds bank into my Bank account that I funded it with in the first place?
I very much want to make sure all potential eventualities are covered before depositing further funds.
There’s another thread running where a guy funded his deposit with money from several of his own contacts. He also transferred money into the account from countries the residents of which cannot apply for an account with the firm.
When he came to withdraw funds the firm blocked the withdrawal. He clearly told them that some of the money was not his and it seems for this reason they would not re-pay it to him. Probably down to anti-money laundering regulations.
You might need to show that all the money deposited is yours and how you got it. AML laws are tough on the brokers.
Just out of interest why have you signed up to an Australian broker and not a UK one? I’m just asking because if you sign up to a uk one regulated by fca then it’s pretty straight forward.
However read tommor’s post too as transferring someone elses money into your trading account is wrong.
I was trading with FCA regulated broker and I never ever had an issue, I switched just because of the curiosity to check ECN accounts. I opened my account in 2016 it was not just opened and deposited via third party payments. The very first deposit ICM accepted $1000 AUD on 04th Sep 2018 and ICM never asked/said it’s against AML policies, then they silently made changes into their T&C pages while the issue was pending.
Looks like I have to come up with a video explaining everything when last year problem arise.
So where was there AML policy and accounts team, were they sleeping while third party deposits coming. It’s just a scam when people depositing money it’s good keep it in the ICM banks and when it comes to withdraw then start yelling Oh! It’s against our AML policies so we can’t return the money
From the very first comment I came to know that you are clearly & silently representing ICM to maintain the scammers company reputation.
If you living in UK I would highly recommend chose a FCA regulated broker don’t go with Australian broker(s). Yes, any broker can hold or refuse to give you withdraw if:
1- You are using high frequency trading (Arbitrage Trading)
2- If they don’t allow EAs
3- Must see what is the minimum time to close an open position, I saw this in the previous years some brokers have this policy in place if you are getting rebate of your own trades.
Thanks @Rickster99 … I chose my Broker based on their advertised dedication to High Liquidity and superfast execution times which is important to me. They are a large Broker and are FCA regulated… the post that @tommor linked to shows they were maybe using a smaller unregulated broker, and taking in funds from all over the place. For me, its just my UK Bank account where the funds have come from. It seems like it’s AML policies that can cause the problem… I don’t have any reason to believe i’d fall foul of this… but would like to know more about any possible scenarios. thanks for the reply.
You are getting irritated with me because I don’t support your argument with ICM.
Meantime, I’ve said already, you should get your money back and your clients should get their money back: I am sure it would be illegal for ICM to keep this money. What more do you want from me? Or from ICM?
I’ve told you I don’t represent ICM or anyone else.
I’ve said ICM should return all money received to its rightful owners.
Please post here in due course to let us know how you got on. Until you hear from a lawyer or the regulators or ICM themselves, you don’t gain by posting anything else on this matter.
You have 0% understanding and no knowledge and don’t have brain to even understand what is the actual issue. If you are not representing ICM what are your stakes here? You are only posting/replying to this thread to gain more authenticity? Knowledge speaks by itself and you doesn’t know anything else.
What regulations and rightful owners you are talking about, you know nothing. There is more drama to come, I already submitted that case to ASIC and relevant authorities and you will see very soon ICM will pay me back by saying sorry and you will be kicked out from maintaining ICM online reputation.
@CreativeT please stop posting on MY POST !!! you are taking peoples attention to your situation NOT MINE… please delete all your posts and take YOUR argument back to be private. Thanks.
If you are very much in need of protection then choose a broker that is well regulated by FCA and offers protection for funds above $10,000. You are safer that way. Sorry @tommor, this reply was for OP.
There is no 1000%. I would say that if you choose an Australian broker regulated by the ASIC, you can be sure around 90% that nothing is going to happen to your money. If you choose a broker regulated by the FCA in UK, you can be sure 99.9%.
I’m in UK too, I have a lot more than £40,000 in my account, I would never think to have my main account outside the FCA regulation.
Just my opinion
Ah ok I got it. So my broker is fca regulated and I’ve never had any problems transferring in or withdrawing out. But make sure you read their policy on withdrawing incase they have a maximum you can withdraw within 24 hours. With regards to AML, most will only withdraw back to the card you deposited with and to your bank account once you have verified it’s yours eg bank statement but you also need to prove that the original deposit was from your account. So keep a bank statement which shows the deposit. Things that look dodgy is putting in small amounts instead of one large amount or from different accounts.
