Can't withraw funds from a broker. Help!
Mar 06, 2016 at 08:28
Please advice, because I don't know what to do with the broker I have.
I have trading account with www.stoxmarket.com
I have put there my funds in total of 3300USD and also received bonuss/credit in amount of 7500USD. I have been very successfull lately scalping DAX and my balance grew up to 14 000USD. Together with the credit my equity is around 21 000USD.
I want to withdraw the money, except the credit of 75000USD, but they don't let me. They say I have to trade certain volume to be able to withdraw the money.
There are 2100lots to trade till I meet the volume, thats pretty much and would take a long time.
Fact is, that Its really hard to do, because when I traded DAX successfully I had really low spread but now they changed it to 10 times higher. It's impossible to scalp.
Please support,
J
I have trading account with www.stoxmarket.com
I have put there my funds in total of 3300USD and also received bonuss/credit in amount of 7500USD. I have been very successfull lately scalping DAX and my balance grew up to 14 000USD. Together with the credit my equity is around 21 000USD.
I want to withdraw the money, except the credit of 75000USD, but they don't let me. They say I have to trade certain volume to be able to withdraw the money.
There are 2100lots to trade till I meet the volume, thats pretty much and would take a long time.
Fact is, that Its really hard to do, because when I traded DAX successfully I had really low spread but now they changed it to 10 times higher. It's impossible to scalp.
Please support,
J
Member Since May 20, 2011
724 posts
Mar 06, 2016 at 12:15
Well nothing you can do until you reach quota. You signed the terms and conditions.
Member Since Apr 20, 2015
23 posts
Mar 06, 2016 at 12:20
you have to resign from the bonus - it's locked in.
i advise you to read terms of agreement for bonus credit, before accepting it next time.
i advise you to read terms of agreement for bonus credit, before accepting it next time.
Member Since Feb 28, 2016
1 posts
Mar 06, 2016 at 12:27
You cant do anything.. Thats the reason why you always need to deposit without any bonus. Maybe its also good for u so you get dicipline with withdrawing money image your blance after 2100 lots ;)
Member Since Apr 20, 2015
23 posts
Mar 06, 2016 at 15:08
EanDInvestors posted:
You cant do anything.. Thats the reason why you always need to deposit without any bonus. Maybe its also good for u so you get dicipline with withdrawing money image your blance after 2100 lots ;)
i can 'imagine' his balance, after 2100 lots :D
Member Since Feb 22, 2011
4862 posts
Mar 07, 2016 at 08:09
iamgifted posted:Hi @iamgifted
Please advice, because I don't know what to do with the broker I have.
I have trading account with www.stoxmarket.com
I have put there my funds in total of 3300USD and also received bonuss/credit in amount of 7500USD. I have been very successfull lately scalping DAX and my balance grew up to 14 000USD. Together with the credit my equity is around 21 000USD.
I want to withdraw the money, except the credit of 75000USD, but they don't let me. They say I have to trade certain volume to be able to withdraw the money.
There are 2100lots to trade till I meet the volume, thats pretty much and would take a long time.
Fact is, that Its really hard to do, because when I traded DAX successfully I had really low spread but now they changed it to 10 times higher. It's impossible to scalp.
Please support,
J
1. Well according to conditions you cant withdraw profit now - You cannot withdraw your profits unless Volume requirements are met.
2. Your required lot should be 7500/10=750 lots - The volume calculation is the bonus granted divided by 10, or Bonus issued / 10 = Lots required for trading
Thats still a lot but it is doable with the right EA
Member Since Dec 11, 2015
1487 posts
Mar 08, 2016 at 11:05
Always read the terms and conditions of a contract before you sign it and always work only with licensed and regulated brokers.
forex_trader_249603
Member Since May 13, 2015
83 posts
Mar 09, 2016 at 11:52
I advice you to research a Rebate bot; which opens tons and tons of trades. Use 10% margin risk and let it run on a trustful VPS. You should be definitively safe with your 21k. Recommend starting with 0,01 lotsizes - let it run for 4 months and you be able to achieve those lots (If not doing stupid things.........)
Thank me later!
and take the advice of others here as well - read the Terms & conditions of a contract.
DISCLAIMER: I have no real life experience with this 'bonus' situation. Please consult with an expert, in special IF the bonus is really part of the margin equity.
Thank me later!
and take the advice of others here as well - read the Terms & conditions of a contract.
DISCLAIMER: I have no real life experience with this 'bonus' situation. Please consult with an expert, in special IF the bonus is really part of the margin equity.
Member Since Feb 22, 2011
4862 posts
Mar 09, 2016 at 12:44
@HalleyFX
you either dont read the conditions or you dont care
The Company reserves the right to cancel the bonus and profits earned from said bonus when it is determined that the client has attempted abusive trading practices in an effort to unfairly take advantage of our bonus offer. Some examples of this include but are not limited to: Individual hedging in a single account; Individual hedging in multiple accounts; Team hedging in multiple accounts; trading in a manner that is obviously meant to only meet the bonus withdrawal volume requirements (i.e. - A trader with a history of trades for average duration of a few days suddenly executes multiple lot trades whose duration is under one minute).
It is good idea to use real trading machine like https://www.myfxbook.com/members/togr/caesar-multi/1528728
That makes a lot of lots and profit and fullfill bonus conditions
you either dont read the conditions or you dont care
The Company reserves the right to cancel the bonus and profits earned from said bonus when it is determined that the client has attempted abusive trading practices in an effort to unfairly take advantage of our bonus offer. Some examples of this include but are not limited to: Individual hedging in a single account; Individual hedging in multiple accounts; Team hedging in multiple accounts; trading in a manner that is obviously meant to only meet the bonus withdrawal volume requirements (i.e. - A trader with a history of trades for average duration of a few days suddenly executes multiple lot trades whose duration is under one minute).
It is good idea to use real trading machine like https://www.myfxbook.com/members/togr/caesar-multi/1528728
That makes a lot of lots and profit and fullfill bonus conditions
forex_trader_249603
Member Since May 13, 2015
83 posts
Mar 09, 2016 at 13:10
togr posted:
@HalleyFX
you either dont read the conditions or you dont care
The Company reserves the right to cancel the bonus and profits earned from said bonus when it is determined that the client has attempted abusive trading practices in an effort to unfairly take advantage of our bonus offer. Some examples of this include but are not limited to: Individual hedging in a single account; Individual hedging in multiple accounts; Team hedging in multiple accounts; trading in a manner that is obviously meant to only meet the bonus withdrawal volume requirements (i.e. - A trader with a history of trades for average duration of a few days suddenly executes multiple lot trades whose duration is under one minute).
It is good idea to use real trading machine like https://www.myfxbook.com/members/togr/caesar-multi/1528728
That makes a lot of lots and profit and fullfill bonus conditions
Yes, your right. I just know he needs something with lots of trades. I don't know much about bonuses. But I heard that some people do unlock them sometimes.
Member Since Jan 22, 2011
18 posts
Mar 09, 2016 at 16:48
(edited Mar 09, 2016 at 16:49)
Would it be possible to place a number of buy\sell hedge trades to reach your 2100lots quota?
It would mean taking bit of a hit on the spread but may be worthing looking into?!
It would mean taking bit of a hit on the spread but may be worthing looking into?!
Member Since Feb 22, 2011
4862 posts
Mar 09, 2016 at 17:18
aidysproule posted:@aidysproule
Would it be possible to place a buy\sell hedge trades to reach your 2100lots quota?
It would mean taking a hit on the spread but may be worthing looking into?!
you either dont read the conditions or you dont care
The Company reserves the right to cancel the bonus and profits earned from said bonus when it is determined that the client has attempted abusive trading practices in an effort to unfairly take advantage of our bonus offer. Some examples of this include but are not limited to: Individual hedging in a single account; Individual hedging in multiple accounts; Team hedging in multiple accounts; trading in a manner that is obviously meant to only meet the bonus withdrawal volume requirements (i.e. - A trader with a history of trades for average duration of a few days suddenly executes multiple lot trades whose duration is under one minute).
Member Since May 20, 2011
724 posts
Mar 09, 2016 at 17:18
(edited Mar 09, 2016 at 17:19)
aidysproule posted:you would lose all your profit 2100 lot x spread of 1-2 pips? that's 21k right there. Itll never happen, plain and simple, either has to change strategy and wait it out hopefully making money like the rest of us or just call it quits and move on.
Would it be possible to place a buy\sell hedge trades to reach your 2100lots quota?
It would mean taking a hit on the spread but may be worthing looking into?!
forex_trader_137597
Member Since Jul 04, 2013
88 posts
Mar 09, 2016 at 18:26
Lesson learnt, Never accept bonus with conditions
Member Since Mar 14, 2016
11 posts
Mar 14, 2016 at 07:32
Is it very important to understand what you signed with the broker my friend!!!
As you know there is pure STP (No trading restriction) and hybrid (no scalping) accounts, therefore before you start trading with ANY broker, make sure you double check with whoever contacted you from that broker, and confirm whether you can scalp or not.
Now, choosing a broker is really important! You need to see their regulator.
Now, As I know NFC is the largest regulator but it is mostly for USA brokers.
FCA, from UK, used to be good, but now brokers can easily obtain their license with money
ASIC is now better than FCA, ASIC is Australian government regulator.
FSP is New Zealand regulator, not too bad...
CySec, don't even mention... too many loopholes! Personally, I do not trust brokers if they only have CySec as regulator.
If you have questions, please message me :)
Cheers
As you know there is pure STP (No trading restriction) and hybrid (no scalping) accounts, therefore before you start trading with ANY broker, make sure you double check with whoever contacted you from that broker, and confirm whether you can scalp or not.
Now, choosing a broker is really important! You need to see their regulator.
Now, As I know NFC is the largest regulator but it is mostly for USA brokers.
FCA, from UK, used to be good, but now brokers can easily obtain their license with money
ASIC is now better than FCA, ASIC is Australian government regulator.
FSP is New Zealand regulator, not too bad...
CySec, don't even mention... too many loopholes! Personally, I do not trust brokers if they only have CySec as regulator.
If you have questions, please message me :)
Cheers
Mar 14, 2016 at 09:32
There have been bad brokers in every juristiction. Judging the brokers based solely on their regulation is silly.
I just go safe and use brokers that have been running for years with good reputation and make sure your trading comply with the contract.
I just go safe and use brokers that have been running for years with good reputation and make sure your trading comply with the contract.
Member Since Feb 22, 2011
4862 posts
Mar 14, 2016 at 17:24
stian posted:Brokers like?
There have been bad brokers in every juristiction. Judging the brokers based solely on their regulation is silly.
I just go safe and use brokers that have been running for years with good reputation and make sure your trading comply with the contract.
Member Since Mar 14, 2016
11 posts
Mar 15, 2016 at 07:19
stian posted:It is important, not based solely on... And yes, choose brokers that have been running for years with good reputation is also safe.
There have been bad brokers in every juristiction. Judging the brokers based solely on their regulation is silly.
I just go safe and use brokers that have been running for years with good reputation and make sure your trading comply with the contract.
peaceforexarmy.com is good for doing research before choosing a broker.
