Hello all,
I am saudi and live in Saudi Arabia, and my broker is IC Markets, which I am happy with. I made a lot of deposits and withdrawals with no problem.
Lately, forex trading was banned in my country without prior notice, so I can not send or receive money through the Saudi banking system. Now, I have nice profits which i can not withdraw because:
credit card: not accepted by saudi banks
wire transfer: not accepted by saudi banks
paypal: not accepted by ic markets
Nettler & Skrill: saudi banks does not accept their wire transfer and they will not let me use their credit/debit cards in the atm machines.
I thought to open an account in a different country like UAE or Bahrain, but the broker said they can not send money to an account in a different country.
So, if anyone has any ideas or can suggest a solution for that please tell me.
Sounds like a tough issue.
Maybe there is a mechanism under which the new Saudi legislation allows you to receive profits which were made prior to the legislation coming into effect, when it was legal? I don’t know of the law in the country but you might need professional help here.
If this fails, remember that the money in your account is pf two types - deposited funds and profits. You could I hope argue with the Saudi authorities and your bank that withdrawing your deposit is not the proceeds of forex trading - the money was deposited with a company overseas and is now being withdrawn.
In any case, you must realise that when a company is asked to reimburse funds, whether deposit or profits they will be expected to make some enquiries as to how you obtained this money. They will need you to prove that it is money that belonged to you and to show how you got it. This is to protect themselves from a money-laundering accusation. If you can’t prove its your money, expect problems.
I hope you get what you are entitled to.
This is an interesting problem indeed.
While this may be splitting hairs:
Is it JUST FOREX trading that is no longer legal or Equities too???
Not sure if it would make a difference but based on the answer to the above: maybe you could find a PROPER stock broker in the same country as IG, have them transfer your funds to the stock broker, and then get the stock broker to send you your money (for a fee I would imagine).
Otherwise (depending on how much money we’re talking about here of course): I see an overseas holiday in your future!!! LOL!!!
Regards,
Dale.
Do u has deposit via paypal?
U need deposit ur account via paypal first so its can withdraw via paypal
I take it you missed that part.
Don’t shoot the messenger.
Well. That’s interesting then.
Evidently then the OP doesn’t know this. Or the post actually has nothing at all to do with an apparent problem. Just saying.
thank you guys.
it seems like i am in a serious trouble.
ic markets doesn’t accept paypal for some countries like saudi arabia.
the problem is that in saudi arabia, i can not deal with any broker even if it is stocks broker. sending or receiving money is prohibited in few banks which are mainly brokers, like dukascopy. the only way i think of is the bitcoins, which is still illegal and costly, but i may be able to get a visa card and use it when i travel overseas, which means trading will no longer be a good investment for for me for two reasons:
1- i will no longer be able to use my profits to cover my local expenses, only vacations hopefully.
2- i will lose nearly 20% of my profits due to a lot of transactions.
when i asked saudi authorities about the reason of this rule, they said to protect you because a lot of traders are losing their money by non trusted brokers.
Hi.
Really sorry to hear this.
Wish there was more that we could do to help.
Maybe somebody else will come up with another suggestion or plan.
It is possible u open a swiss bank account? (My wild idea)
Then WD via this bank account
What method did you use when you make deposits with your broker?
Many will only allow you to withdraw using the same method, and if that method is no longer allowed you could well be stuck.
Please give a little more information about your account and status. Also about how Saudi Arabia banned forex. The news I see is that Saudi Arabia is starting to increasingly welcoming forex trading business.
the wire transfer must go a bank account where the address there matches my permanent address.
if i want update my profile i must prove that by a certified document
i used my credit card for deposits. but because i already withdrawad all my deposits by that carb, i must use another method.
Interested to see the response to this.
Dear tommor,
saudi arabia is welcoming foreign investors to the domestic stock market only. No forex brokers are allowed to operate in saudi arabia.
What about Riyad Capital? Riyad Capital is the first forex broker licenced by Saudi authorities. Which I find is a little at odds with your earliest statement about Saudi Arabia suddenly stopping forex trading. In fact, it seems they had never allowed forex trading and Riyad Capital is the first licenced firm in the country in this field.
I am a little confused between what you say about forex trading for Saudi’s and what the authorities say. So what’s going on?
you are right tommor about Riyadh Capital. but, in my earliest statement, i was talking about foreign investment. no international brokers have license. so, the situation is not prohibiting forex trading, it is prohibiting trading forex with non licensed trading. the same situation in india where you can trade forex( only 4 pairs) with domestic companies only.
regards
Please post here how things progress for you. Good luck.
You deposited your funds using a credit card. “But because I already withdrew all my deposits using that card I must find another method.” (my translation)
That is the part I don’t understand.
Maybe you can explain this in a different way because the way I’m interpreting it makes no sense. If you’ve already withdrawn all your funds then there are no funds to withdraw. If the card is still valid, why would you need to find another method? Are you saying IC Markets won’t credit your credit card?