JapaneseGroupFx posted: Traded a account of a person through October to February 25, initial deposit 12k, withdrew only 18k jenuary, continued with 36k left after withdrawing 18k, built the 36k to over 165k by Feb.25, requested 100k withdrawal, broker refused to honour and terminated the account, with excuse account was opened with invalid id card.
How can we get our funds back? Access to account now completely terminated.
That's why you always should trade on your own and not for others. Same goes for investors: never let anyone trade for you on your own trading account. Banks, liquidity providers and brokers can see that and might stop your account because of breaching their T&C's (most-probably because of the international anti-money-laundering law). You also can't go to a bank to withdraw huge amounts of money from a foreign bank account, which is not on your name. All names must always be the same and correct ones: trader, bank account or card holder, the names of deposits and withdrawals; all needs to be verified and the same.
A broker is the most important element for a trader to trade in the forex market. Many traders lose their money because of choosing the wrong broker. So, be careful when you are going to choose a broker for you.
If withdrawals are a problem, chances are that you have been scammed. From next time onwards, use only a broker with a credible history of withdrawal processing. Try Fxview or XTB. These are European brokers I’ve been using without any withdrawal or order placement hassle.
If your broker won't give your money back then I would just contact the regulator and then move on. No point fighting it. They are probably scammers and will never be found. Just make sure you get a better broker next time and regularly withdraw any profit
morozBo posted: I wouldn't blame other CFDs companies, where I've lost some money due to my lack of knowledge and confidence in trading a few years ago. I was just a beginner and was ready to lose. But my 'bad luck' just continued with other regulated brokers like 24OPtion and Bdb, which made me deliberately invest, trade, and invest more in order to trade...until I ended up losing over 220k. Despite the fact, we had signed a contract and agreement about all my investments being insured and secured, my manager, who had traded with me, made my account less for 30k in a week time. After he understood, that I had no more money to add, he and other employees emptied my account within 3 weeks!! It became a torture for me in trying to catch a living person on the phone or skype. I made several withdraw attempts and all of them were ignored. Chargeback, that could've had been done if I didn't send the broker my IDs and signed the contract would be much easier to make. And it wasn't my case!! Took me long two years to find a legit company with quite strong lawyers, who would be able to find a true beneficiary aka Bdb owner, gather undeniable evidence in a scam and make a pretrial agreement with'em. Needless to say that the services of Scamconsulting SCC cost me quite a lot, but that was the price for my own stupidity and the lesson! My conclusion is THERE ARE NO CREDIBLE and RELIABLE BROKERS!!
I know them!! Cheez! How many doubts and heavy predictions I went through while working with them, to be honest I never believed I could possibly get some of my money back. So I was wrong and that was my joy to be that wrong! I got ALL my investments back just in 3 or 4 months.
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