Problem citrades.com is scam

[forex-Dean]

If a company would steal even $1, would you trust that company with $20-30k?

Got your point. But I still believe there are a lot of credible trading platforms out there. It just takes a lot of homework to find them.

 

[forex-Dean]

"IF ANYONE HERE HAS A GREAT AMOUNT OF MONEY WITH THEM. DO SOMETHING NOW!"

That's another warning that I almost failed to notice. Thanks for the heads ups. I think I have made up an image of CiTrades in my mind. But I really want them to come out and solve the issues so that they can clear their name once and for all.

 

[Pharaoh]

If they wanted to solve issues, they could. Instead, they do things like paying freelancers to disrupt complaints.

 

[forex-Dean]

If they wanted to solve issues, they could. Instead, they do things like paying freelancers to disrupt complaints.

That's the problem because they chose to deviate from the real issue. In this case, I think they prefer to be branded [as scam].

 

[forex-Dean]

Get copies of the Terms and Conditions. Check and see if there's anything to this claim or not.

11. Withdrawal Procedure

All withdrawal orders must provide the proper set of documentation or any other type of Client authentication as may be required from time to time by Anti Money Laundering (AML) regulations, Credit Card companies and Citrades.com (Home | Citrades) and is a prerequisite, prior to the execution of a withdrawal order.

Withdrawal of credit card deposits will depend on the credit card companies’ policies and regulations. All credit card withdrawals must be returned to same credit card when the withdrawal is performed. Withdrawals back to a bank account may take up to 10 business days, due to additional security procedures and documentation from the Client.

When withdrawing money back to a bank account through a wire transfer will require more documents than just Anti Money Laundering (AML) regulations. Any withdrawal of funds, from your Citrades.com (Home | Citrades) account to a bank account, can only be refunded to the same bank account that the funds were originally received from.

All Withdrawal’s from Citrades.com (Home | Citrades) take up to 3 business days from the time of Clearance. Citrades.com requests that you provide clearance documentation in accordance of the Anti-Money Laundering Act, within 24 hours of creating your account.

A Customer who wishes to close his account and withdraw the total amount of funds on his account balance in excess of 1,000 (Euros, Dollars, Pounds) will receive the withdrawal in installments on a monthly basis. (According that the bonus turnover requirement is been met on clients account) Any withdrawal over 1,000 of the unit of currency of the account may be paid in monthly installments.

The Withdrawals are limited to one withdrawal at the beginning of each month.

Clients who choose AutoTrade Program: no withdrawals allowed for three months.

Clients who choose Hybrid Auto Trading Program: no withdrawals allowed for six months.

Clients who choose Full VIP Platinum managed account: no withdrawals allowed for one year.

Note: The time periods referred to above is for time that the account is traded. If the account holder chooses to suspend trading, then the time that there is no trading is not counted toward the required trading periods listed above.

The reference date is based on first trade taken on the customer’s account.

All withdrawals from Citrades.com (Home | Citrades) must be over 100 (Euros, Dollars, Pounds) or the total equaling $100. All Withdrawal’s under 100 (Euros, Dollars, Pounds) or the total equaling less than $100 will be cancelled immediately. Citrades.com (Home | Citrades) will cover all fees relating to all withdrawals.

If a client would like to cancel their account and withdraw their money and no trades have been made, then an administrative fee will be assessed to cover processing and clearing cost. The fee will be 20% of the deposited amount. Once a trader has commenced trading and has not accepted a bonus a trading volume of 10X (ten times) the deposit will be required before any withdrawal is made.

It is the client’s duty to retain the services requested by Home | Citrades after depositing. If the client does not wish to retain the services of Home | Citrades without the start of trading the non-compliance/cancellation fee as detailed above, will apply.

 

[BO-guy]

11. Withdrawal Procedure

All withdrawal orders must provide the proper set of documentation or any other type of Client authentication as may be required from time to time by Anti Money Laundering (AML) regulations, Credit Card companies and Citrades.com (Home | Citrades) and is a prerequisite, prior to the execution of a withdrawal order.

Withdrawal of credit card deposits will depend on the credit card companies’ policies and regulations. All credit card withdrawals must be returned to same credit card when the withdrawal is performed. Withdrawals back to a bank account may take up to 10 business days, due to additional security procedures and documentation from the Client.

When withdrawing money back to a bank account through a wire transfer will require more documents than just Anti Money Laundering (AML) regulations. Any withdrawal of funds, from your Citrades.com (Home | Citrades) account to a bank account, can only be refunded to the same bank account that the funds were originally received from.

All Withdrawal’s from Citrades.com (Home | Citrades) take up to 3 business days from the time of Clearance. Citrades.com requests that you provide clearance documentation in accordance of the Anti-Money Laundering Act, within 24 hours of creating your account.

A Customer who wishes to close his account and withdraw the total amount of funds on his account balance in excess of 1,000 (Euros, Dollars, Pounds) will receive the withdrawal in installments on a monthly basis. (According that the bonus turnover requirement is been met on clients account) Any withdrawal over 1,000 of the unit of currency of the account may be paid in monthly installments.

The Withdrawals are limited to one withdrawal at the beginning of each month.

Clients who choose AutoTrade Program: no withdrawals allowed for three months.

Clients who choose Hybrid Auto Trading Program: no withdrawals allowed for six months.

Clients who choose Full VIP Platinum managed account: no withdrawals allowed for one year.

Note: The time periods referred to above is for time that the account is traded. If the account holder chooses to suspend trading, then the time that there is no trading is not counted toward the required trading periods listed above.

The reference date is based on first trade taken on the customer’s account.

All withdrawals from Citrades.com (Home | Citrades) must be over 100 (Euros, Dollars, Pounds) or the total equaling $100. All Withdrawal’s under 100 (Euros, Dollars, Pounds) or the total equaling less than $100 will be cancelled immediately. Citrades.com (Home | Citrades) will cover all fees relating to all withdrawals.

If a client would like to cancel their account and withdraw their money and no trades have been made, then an administrative fee will be assessed to cover processing and clearing cost. The fee will be 20% of the deposited amount. Once a trader has commenced trading and has not accepted a bonus a trading volume of 10X (ten times) the deposit will be required before any withdrawal is made.

It is the client’s duty to retain the services requested by Home | Citrades after depositing. If the client does not wish to retain the services of Home | Citrades without the start of trading the non-compliance/cancellation fee as detailed above, will apply.

Forex-Dean, I find some conditions in this withdrawal procedure weird and unacceptable. I hope it's not similar with the withdrawal procedures of other platforms.

 

[Pharaoh]

Wow. They pay in monthly installments. Sounds like they need to wait for new money to come in to repay others.

 

[BO-guy]

Wow. They pay in monthly installments. Sounds like they need to wait for new money to come in to repay others.

I think so too. I have the speculation that this T&C is designed to make them play around with traders' own money...

 

[Brian Shaw]

I think so too. I have the speculation that this T&C is designed to make them play around with traders' own money...

That's the problem with some brokers. They are not well-funded to be able to stand alone.

 

[loriejune]

citrades is a scam, a poorly designed user interface with many issues.
Withdrawal request was refused by Dave Johonson and request cancelled on the Citrades.com website (proof: Email and screenshots). Now they have blocked my access, I don't know what are they cooking over there now!!!

when my deposit from my new credit card didn't go through, i was told it was because citrades is an international company and there may be a security hold on my card due to that. i've messaged my credit card company to find out if this is the case.