Has a Broker ever refused you a funds Withdrawal of any kind....?

@Powter … you have maaaaassssively jumped to a conclusion there… I sold my house for other reasons… and then 2 years later discovered Forex.

only fund your account from a funding source in your name.

Use fully licensed and regulated brokers that have a good reputation.

A broker, might try to persuade you to cancel the withdrawal so you continue trading.

Have you tried withdrawing from your existing amount before? How did that go?

brokers credibility is more important than regulation. its according to me.

credible broker what kind of ? why you have used the word " credible "

Such has never happened to me … There have been delays, but that I would have been refused to withdraw money this was not so. Just choose a reliable broker with good reviews and everything will be fine. Read the reviews, check the withdrawal if you already have a deposit. You can talk with other traders and ask for advice or any feedback.

hi, I did the stupid thing of funding my broker account with my parents credit card ( because it was faster while a wire will take 3-5 days). And I made obviously alot of profit. When i want to withdraw…I realized it was a third party transfer…what could I do? Any advise how I can get the money back? My parents can write a letter of authoriation but i doubt if the broker will accept that.

Because of anti- money laundering regulations now in place brokers will usually only send funds back to the account from which the original deposit was made. They would be unlikely to break the rules / laws on this. My guess is they will only remit the money to your parents’ credit card account: at that point, your parents should give you the money…
Good luck with that…

thanks, thats actually fine…but problem is what happens to my profits? I made more than 10 times my initial capital

The profits also will only usually be sent to the same account as the one the original deposit came from.

any updates on what happened to the profit, was it able to be returned? or withdrawn?

it wont be quick, probably will take me a while. I’ll post updates if any…

Most people today focus on feedback, because feedback helps to understand the real flip side of a trader, look into their services and find out possible difficulties in advance. That’s why we visit this form to help each other…

Check the license.
Look at the reviews, and pay attention to detail.
Determine the direction of your trade and look for a broker with this direction.
Test the demo (if it coincides with the real terminal) or replenish it initially for a small amount to check the full withdrawal and check the broker’s commissions.

I think that many traders have faced this in one way or another, because now there are too many incomprehensible companies and unfortunately even the license is not an indicator of quality.

A regulated broker following Anti money laundering always keeps the track of the funds deposited by the investors in their accounts, so it is kind of strange that the broker allowed deposit but not permitting the withdrawals. The possible reasons for this can be:-

  • Detection of suspicious activity in the account of the trader.
  • Detection of money laundering activity in the account of the trader.
  • Any technical error in the system.
  • Regulation not allowing the broker to provide withdrawals at that time due to some legal consequences.

If it is licensed broker and assuming you didn’t lose your money, broker can seize only the part of withdrawal which constitutes profit, i.e. above original deposit. It’s not easy to find a “broker” nowadays which will make such an outright scam attempts like basically stealing money.

Well at this point the broker is not seizing the money, i.e. they are not saying it now belongs to them. But if they have grounds to suspect any attempt at fraudulent activity, dishonesty, money laundering etc., they are going to hold onto all the money in the account, not just profits and they are not going to return a single penny until the situation is clearer. Recognise that they are not seizing the money but unless the client can prove its legally his and he acted legally and honestly, its frozen.

Usually in posted issues of this kind there are things happening which we are not being told about.

Plus in any case, you have to expect any business might be more pernickety about money going out than money coming in.