UNSUPPORTED: Unreasonable confiscation of 2/3 profits by CWG Markets

potatochips

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I have been doing trades with CWG Markets for past 1.5 years, since July 2020 with a deposit, and have made 2 successful partial withdrawals and also added 1 deposit to continue trading. There have been accumulated profits over the years, however, when I tried making a partial withdrawal in January 2022, CWG emailed me to inform that my profits are in violation of company policies, and proceeded to deduct 2/3 of profits from my account balance.

I have been trading in the same way for 1.5 years and suddenly CWG decided to take all the profits and deemed it in violation of the company policies. No specific reason was given other than "violation of company policies", nor explanation of how the profits were calculated from which time frame.

No warning of any sort was given to me in these 1.5 years of trading. Just out of the blue, when I wanted to make the 3rd partial withdrawal, they decided to rob my profits and even freeze my account from further withdrawal of the balance 1/3 amount which they told me is my money. How funny.
From the statements and trade history, clearly indicates the profits are from trades executed over a time period, and profits have accumulated.

Below are some of the email content from CWG whereby they have been withholding my 2nd request to do a full withdrawal of the balance amount after profit deduction, since 26-Jan-2022. The 1st request was cancelled and 2/3 profits immediately deducted.

"$4337.48 from your account is considered compliance funds from normal trades. "
" Please carry out the following actions and reply to this email and you will be able to withdraw these funds.
1 Please ensure that you will not do any actions or make any statement that harms CWG Markets’ brand as well as making sure no illegal trading will happen again in the future.
2 Eliminates any adverse effects that you have caused to CWG Markets to the public (including Forex Peace Army), stop and delete any false statement about CWG Markets.
3 You admit and agree that you have no objection to mentioned decision to remove the illegal profits.
After all adverse effects have been eliminated, your trading account restrictions will be removed, all remaining funds can be withdrawn at any time."
 
--> which division of CWG you have account with? CWG UK or CWG Vu?

I have been doing trades with CWG Markets for past 1.5 years, since July 2020 with a deposit, and have made 2 successful partial withdrawals and also added 1 deposit to continue trading. There have been accumulated profits over the years, however, when I tried making a partial withdrawal in January 2022, CWG emailed me to inform that my profits are in violation of company policies, and proceeded to deduct 2/3 of profits from my account balance.
--> can you upload an account statement? Use this tutorial: https://www.forexpeacearmy.com/comm...ccount-trade-history-statements-part-1.63543/

also, email statements screenshot of the last monthly statement is good if you cannot upload full statement.

--> How much total was deposited successfully (with dates)?
--> How much total was withdrawn successfully (with dates)?
--> How much is remaining?

I see you already left a review here: https://www.forexpeacearmy.com/review/goto?id=160088 @FPA Forums Team can link this thread to your review.

2 Eliminates any adverse effects that you have caused to CWG Markets to the public (including Forex Peace Army), stop and delete any false statement about CWG Markets.

Can you post any screenshots of the company talking about removing content that you have posted to ForexPeaceArmy?

No warning of any sort was given to me in these 1.5 years of trading. Just out of the blue, when I wanted to make the 3rd partial withdrawal, they decided to rob my profits and even freeze my account from further withdrawal of the balance 1/3 amount which they told me is my money. How funny.
If you have been paying attention to FPA scam alerts forum, this is normal behavior for >90% of OTC fx cfd brokerages operating a Deposits-as-a-Donation (DaaD) model...otherwise known as a b-book.

You've essentially been trading on a demo account (with a live acct label) and now it appears the company would prefer not to pay out.

Funny how people still choose to gamble trade with these companies.

Anyways, perhaps you can negotiate a settlement with the use of this forum. If not, you can invite the company to this thread after 96 hours. Here is invitation instructions: https://www.forexpeacearmy.com/comm...how-to-invite-a-company-to-your-thread.58438/
 
I have been doing trades with CWG Markets for past 1.5 years, since July 2020 with a deposit, and have made 2 successful partial withdrawals and also added 1 deposit to continue trading. There have been accumulated profits over the years, however, when I tried making a partial withdrawal in January 2022, CWG emailed me to inform that my profits are in violation of company policies, and proceeded to deduct 2/3 of profits from my account balance.

I have been trading in the same way for 1.5 years and suddenly CWG decided to take all the profits and deemed it in violation of the company policies. No specific reason was given other than "violation of company policies", nor explanation of how the profits were calculated from which time frame.

No warning of any sort was given to me in these 1.5 years of trading. Just out of the blue, when I wanted to make the 3rd partial withdrawal, they decided to rob my profits and even freeze my account from further withdrawal of the balance 1/3 amount which they told me is my money. How funny.
From the statements and trade history, clearly indicates the profits are from trades executed over a time period, and profits have accumulated.

Below are some of the email content from CWG whereby they have been withholding my 2nd request to do a full withdrawal of the balance amount after profit deduction, since 26-Jan-2022. The 1st request was cancelled and 2/3 profits immediately deducted.

"$4337.48 from your account is considered compliance funds from normal trades. "
" Please carry out the following actions and reply to this email and you will be able to withdraw these funds.
1 Please ensure that you will not do any actions or make any statement that harms CWG Markets’ brand as well as making sure no illegal trading will happen again in the future.
2 Eliminates any adverse effects that you have caused to CWG Markets to the public (including Forex Peace Army), stop and delete any false statement about CWG Markets.
3 You admit and agree that you have no objection to mentioned decision to remove the illegal profits.
After all adverse effects have been eliminated, your trading account restrictions will be removed, all remaining funds can be withdrawn at any time."
cwgmarkets.com/en is this the correct website?
 
--> which division of CWG you have account with? CWG UK or CWG Vu?


--> can you upload an account statement? Use this tutorial: https://www.forexpeacearmy.com/comm...ccount-trade-history-statements-part-1.63543/

also, email statements screenshot of the last monthly statement is good if you cannot upload full statement.

--> How much total was deposited successfully (with dates)?
--> How much total was withdrawn successfully (with dates)?
--> How much is remaining?

I see you already left a review here: https://www.forexpeacearmy.com/review/goto?id=160088 @FPA Forums Team can link this thread to your review.



Can you post any screenshots of the company talking about removing content that you have posted to ForexPeaceArmy?


If you have been paying attention to FPA scam alerts forum, this is normal behavior for >90% of OTC fx cfd brokerages operating a Deposits-as-a-Donation (DaaD) model...otherwise known as a b-book.

You've essentially been trading on a demo account (with a live acct label) and now it appears the company would prefer not to pay out.

Funny how people still choose to gamble trade with these companies.

Anyways, perhaps you can negotiate a settlement with the use of this forum. If not, you can invite the company to this thread after 96 hours. Here is invitation instructions: https://www.forexpeacearmy.com/comm...how-to-invite-a-company-to-your-thread.58438/
1. It is CWG Markets Ltd with Vanuatu

2. Attachment "statement upload" --> Attached screenshots of successful deposit and partial withdrawal. Also the currently confiscated sum (without valid explanation from CWG) and balance amount frozen, and they say is my money but they want me to take down the reviews made.

3. My initial review here: https://www.forexpeacearmy.com/review/goto?id=160088

4. Attachment "email from CWG_upload" --> screenshot of CWG reply to ask me to confirm removing the Forex Peace Army review so that they will unfreeze my leftover balance post-confiscation for withdrawal.
Attachment "balance_upload" --> the pending leftover balance that is frozen.

5. To respond to your comment on the DaaD, I couldn't tell it was demo account, since the trading features of the terminal seems legit enough that I didn't suspect anything. However, I don't see it as a gamble. There is indeed a fine line of gambling and taking calculated risks with CFD trading. However, it is really unfortunate that CWG has to resort to such tactics to rip off their clients. When in 2020 till 2021 it was going well. I didn't see that many negative comments on CWG, however, I checked and negative feedbacks started appearing in late 2021.

6. I'll invite them later. Let these posts be online awhile, perhaps a week. Then I'll invite them.

Thank you for the help. I really hope this exposure can allow me to get back the confiscated profits. It may not be a big sum to CWG so I don't know why they did what they did, but it is a big sum for me.
 

Attachments

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  • email from CWG_upload.pdf
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  • balance_upload.jpg
    balance_upload.jpg
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yeah, and mine is VU
I saw you already left a review here https://www.forexpeacearmy.com/forex-reviews/17975/gostreams-forex-brokers
Now,
First of all, invite the company by using the invite company option to your thread. And if you are unable to locate the option then this thread "Tutorial: How to Invite a company to your thread." will help you to find out.

Note: The invitation button will be enabled when your first post reaches 4 days old.
Note 2: Make sure to share your account number (Only account number). Many time this help companies to find out you are genuine or not.
Note 3: Make sure to follow the suggestions correctly, when you do it correctly you will get the below message in your thread automatically.

OP Screen shot.jpg
 
1. It is CWG Markets Ltd with Vanuatu

2. Attachment "statement upload" --> Attached screenshots of successful deposit and partial withdrawal. Also the currently confiscated sum (without valid explanation from CWG) and balance amount frozen, and they say is my money but they want me to take down the reviews made.

3. My initial review here: https://www.forexpeacearmy.com/review/goto?id=160088

4. Attachment "email from CWG_upload" --> screenshot of CWG reply to ask me to confirm removing the Forex Peace Army review so that they will unfreeze my leftover balance post-confiscation for withdrawal.
Attachment "balance_upload" --> the pending leftover balance that is frozen.

5. To respond to your comment on the DaaD, I couldn't tell it was demo account, since the trading features of the terminal seems legit enough that I didn't suspect anything. However, I don't see it as a gamble. There is indeed a fine line of gambling and taking calculated risks with CFD trading. However, it is really unfortunate that CWG has to resort to such tactics to rip off their clients. When in 2020 till 2021 it was going well. I didn't see that many negative comments on CWG, however, I checked and negative feedbacks started appearing in late 2021.

6. I'll invite them later. Let these posts be online awhile, perhaps a week. Then I'll invite them.

Thank you for the help. I really hope this exposure can allow me to get back the confiscated profits. It may not be a big sum to CWG so I don't know why they did what they did, but it is a big sum for me.

I have not received any further email communication from CWG.
Hence I'll post some updates to clarify further on my situation:
  • Account balance prior to confiscation: USD 18,690.73
  • Confiscated profits without proper justification: USD 14,353.25
  • Balance after confiscation: USD 4,337.48 (This is the left over amount that CWG claimed is my money but they are not allowing to withdraw due to the FPA post).
Also it's important to note that so far, CWG has technically took 100% of the balance on the account, because I am currently not even able to withdraw the pending balance of USD 4,337.48 which according to them is "legal" trading, as they have frozen the account with "pending withdrawal" request.
 
I have been trading with CWG for almost a year, and their withdrawal is efficient, although sometimes they strictly check my account. Did you try to call them? I've talked to them once, quite helpful.
 
I have been trading with CWG for almost a year, and their withdrawal is efficient, although sometimes they strictly check my account. Did you try to call them? I've talked to them once, quite helpful.
Are you a rep from CWG Markets? Lol, they took my profits and gave some half-baked reason, and unable to provide sufficient evidence for the duration of trading to result in confiscated profits which they accused me wrongly of. To a logical person, would you make phone calls, or get written notice / justification from CWG instead? I didn't agree to phone calls, because it will be undocumented, and anything they can say on the phone, maybe to threaten me even. Already they withhold the remaining account balance, and it is technically 100% of my money they took away.

If you are a rep from CWG Markets, please comment on the review and return my profits and money back to me.

Till now, since 26-Jan-2022, I made request to withdraw remaining balance, but it is still "pending".

Will FPA able to help with this?
I've invited CWG but no response from them. Are they admitting to their unscrupulous rip off from clients?
 
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