ProfitIX, and withdrawal etiquette

Broker Discussion Forex Brokers
1

Hi everyone, and thanks for reading my post.
I have been trading with the online brokers at ProfitIx based somewhere in the Caribbean for about seven months, and have been urged, no, coerced into depositing no small sum. Things seem to be going okay, there are profits to be sure, but the running deficits seem to keep up with them!!
My question concerns withdrawals. I s it normal for traders TO ONLY BE ABLE TO WITHDRAW FUNDS WHEN THEY HAVE ZERO TRADES OPEN, ie you must close all trades to make a withdrawal??? I am on a ā€œstatistical contractā€ which allows me to withdraw 3% of my free margin per month upon request, in turn for filling 9000 lots over the duration of the contract ( six months)
This was sold to me as something not to be missed.
If my car breaks down and i need to buy a new one ( or dental work/school fees/unforseens/you get the picture) basically i would have to close all trades to get some of my money.

Is this normal?

Are these " contracts " normal:( is 9000 lots in six months normal::20 lots GBPUSD gets Profitix $960 worth of spread todayā€¦)

Please give me any feedback you have about your brokers and your experience with these online companies.

Thankyou so much.

2

Hi, you can check the broker i use, you can deposit as low as #5,000 Naira, and their withdrawals is also pretty fast. you get your money in just 2 hours

3

No. That is not normal.

I would suggest closing all your trades and withdrawing all your money

I am not a professional but that doesnā€™t sound legitimate. Perhaps one of the more seasoned for members can Chime in shortly.

KC

1 Like
4

Thanks for answering.
If i were to close and withdraw now, i would be many zeros into the red.
Do you have experience with other companies that do/do not allow clients to withdraw funds with trades open from their free margin?

5

My question is are you managing your trades or do you have some type of account manager who executes these trades on your behalf? Where are you based? Also you stated a broker in the islands so Iā€™m already skeptical. What made you choose them if I may ask? Iā€™ve withdrawn money from my Oanda broker even while I had trades that were live. Sounds like you mightā€™ve got yourself in a sticky situation and itā€™s sounding like youā€™ve invested a decent amount as well.

6

I never like to stereotype, generalize, but I would agree.

1 Like
7

Regarding this commentā€¦ Do you mean:

  1. You would have less money than you invested

or

  1. do you mean you would owe them money because you have used up all your money?

Regarding the #2 the second case owing them money I would be surprised if this was the case.

Regarding #1 the first case I would cut your losses, take whatever you have left and walk away.

Based on the limited information you have told us it sounds like a shady operation.

KC

8

Especially with just the structure of you can only withdraw a certain percentage when your margin is free. Iā€™m not really understanding that honestly. What I find a BIG issue is another reviewer saying the same thing about free margin to withdraw their funds. Definitely something fishy about that.

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9

thanks everybody for your feedback so far.

regarding this comment: i mean that I would have less money than i invested, because of the fact that I am on a ā€œstatistical Contractā€, lasting six months which allows me to request a withdrawal of 3% of my Free Margin each month, but as a result of which I am to fill 9000lots in the six months failure to do so ( or breaking the contract) would result in " the client paying the (sic) fee and/or surrendering part of the profits accrued thus far". So after hammering my guy with questions about this wording and vagueness, I seem to understand that i would lose the proportion of profits equivalent to the unfilled lots (n ie 4500 lots filled=half profits kept). The statistical contract was sold to me as a great thing because i will thus be able to withdraw funds even with trades open.
I had misunderstood the T+Cs, I thought that one could not withdraw those funds which are being used in open positions ( obviously!!!)
Since i currently have a running loss of $500k+ USD, AND if I was to lose half my profits ( or more if i walked: breaking the contract and walking is not even touched upon in the ā€˜contractā€™), i would lose all my money.
The running losses i believe are quite legitimate, and not too scary in themselves ( multiple GBPUSD 20 lot buys at 1.32/3/4 for example),
Iā€™m just trying to get a sense of whether such a contract is an unheard of thing, and whether or not most companies like this DO NOT ALLOW CLIENTS TO WITHDRAW ANY FUNDS IF THAY HAVE ANY TRADES OPEN.
The rest of the companies ways and means seem plausible, if rather pushy: I have an account manager, though I am to execute all trades myself, he gives me indicators, some gap events, occasional (once in 8 months) scalping sessions, information etc etc.

10

I have an ā€œAccount Managerā€/ā€œFinancial Advisorā€, but I am require to pull the trigger on all the trades my self.
I am based in Australia.
Iā€™m afraid to say I was contacted by them.

Please donā€™t shame me !!!
ā€¦Iā€™m doing enough of that myselfā€¦

1 Like
11

https://www.elitetrader.com/et/threads/forexbrokerz-com-is-scam.330469/

Iā€™ve been told that some of the review sites are, themselves, SUSSā€¦

12

I think any legitimate broker would allow you to withdraw money provided you have enough margin in the account to cover open trades.

Iā€™ve never heard of a statistical contract. Still not quite sure what that is.

I would do whatever you have to do to get your trades to a place where you can close all of them, confirm withdrawal parameters, withdraw your capital and part ways ASAP

14

Withdrawing funds while trade is open and closing the trades to withdraw funds sound same to me. If OP closes all his trades and his account goes red, it means he does not have any money left to withdraw. He should allows his trades to run as planned, and maybe things would turn around. OR close the trades and take what is left and run.

Not all brokers are bad. Whether you are using a UK, US or offshore broker, always visit FPA to see how they treat their traders. Iā€™ve never been treated that way by Forexchief broker

15

Might want to re-read that. I donā€™t think thatā€™s what he said. would have less than he started with, wasnā€™t saying he would have zero.

Withdrawing funds while trade is open and closing the trades to withdraw funds sound same to me.

Parsing words with a fine line is irrelevant at this point

16

Donā€™t be ashamed. Iā€™ve lost a small fortune to them. Iā€™ve been in touch with the UK FCA and theyā€™re not regulated to operate with UK residents and they are warning that they are scammers.

https://register.fca.org.uk/ShPo_UnauthorisedFirmDetailPage?id=0014G00002T49N3QAJ

I pumped $55,000 of deposits over a month based on some options they had and my account stood at $138,000. All was rosy and I thought I was a genius. As soon as I wanted to withdraw they said ā€˜no we can make you even more money!ā€™ and I was passed me from their top man, to someone else who told me to open sell positions. I didnā€™t have a clue what I was doing and requested $70,000 back, but still stupidly made the trades. They went bad and he called after two days of desperately trying to get hold of him, he told me to deposit more to cover the margin or ā€˜pray to Godā€™!

He told me to hedge the trade (again I had no idea the implications) but that went further into the red, with massive swap fees ($10,000 per day!). He then said heā€™d buy the trade from me and and trade the account on my behalf and put a credit on the account for $50,000. In four weeks heā€™s done nothing with the account and not done any trading to recover the account. He now says I owe them six figures and will get his legal team on to me. Nice.

Iā€™ve told them to close the account and now the UK FCA are actively investigating them.

Donā€™t feel bad, but try to get out as soon as you can.