Exness rejecting Withdrawal if you don't trade sufficient volume

tradeexpress

Recruit
Messages
9
I'm an IB of Exness since many years but now going to stop working with them as the terms of Withdrawal changed. It's very unfortunate to release these kind of impractical rules.

Now clients cannot withdraw fund with freedom like before. Please beware of this condition before depositing any fund into the Exness Broker. Your Withdrawal will be rejected by them if you have not traded enough or sufficient TRADING Volume since you last deposited any amount.

Suddenly, my clients started approaching me regarding this issue when their Withdrawal got rejected multiple times. At first I thought it might be due to some Payment system issue. But customer support executive informed me that Withdrawal rejected due to not sufficient TRADING Volume. Huhhhhh..

Do any one believe these kind of condition implemented by the broker that you cannot make Withdrawals unless they feel you traded enough lots?

Now you cannot withdraw your funds untill you made a sufficient TRADING Volume (which if you ask the customer support, they also don't know how much we need to trade, they will tell you that it's not fixed, System will automatically approve whether you are eligible for Withdrawal or not).

I'm not talking about profit Withdrawal, You cannot even Withdraw your initial deposit if system detect that you didn't performed sufficient TRADING Volume.

Is it a practical rule? What Exness want to prove that client should Withdraw as per Company's wish? Now Exness is doing scam by holding you Withdrawal legally as per their Terms & conditions.

It's also strange that they don't inform you during deposit process, So client will aware about the Withdrawal in future. Means they will directly inform you this condition at the time of Withdrawal , So you'll be helpless.

How will client trade more just to make Withdrawal? What if the extra Trades goes in losses? Who will be responsible?

If any client need the fund for any emergency and He made a Withdrawal, He will not sure whether He's eligible for Withdrawal of fund. What a strange Rule?

Please beware before depositing any fund in exness and ask customer support. Exness now became scammer legally.

Thanks!
 

compu-forex

Sergeant
Messages
149
Actually it's not a scam. It's just an example of how in the real world there is no free lunch.

There are a couple of issues to consider when it come to deposit and withdrawal operations :-

1. Money laundering. The brokers have an obligation to keep an eye open for money laundering, and depositing money followed by a withdrawal without sufficient trading is suspicious;
2. Costs. The payment processors charge significant fees. Neteller & Skrill easily run to 4%m which the broker has paid on your behalf......a pretty good perk if you ask me. In exchange, you are expected to make sufficient trade volume. It is, after all, a business and not a charity. Same goes for withdrawal costs.

I am surprised that they rejected the withdrawal outright. I would have assumed they would have written to your clients and informed them of the issue and advised of a withdrawal fee.

Since I have never run into the problem, I am not sure what they would do in the case of AML suspicions but, presumably, it would involve, at least, an additional round of verifications.

I should add that many broker have this restriction. Roboforex will hit you a 6.5% withdrawal fee if you don't have sufficient trading volume and you use Neteller.

For, now, please can you upload the actual correspondence your client receive, so we can see exactly what they said. Also advise of the payment system used.
 

4evermaat

2nd Lieutenant
Messages
1,906
Now you cannot withdraw your funds untill you made a sufficient TRADING Volume (which if you ask the customer support, they also don't know how much we need to trade, they will tell you that it's not fixed, System will automatically approve whether you are eligible for Withdrawal or not).
I'm not talking about profit Withdrawal, You cannot even Withdraw your initial deposit if system detect that you didn't performed sufficient TRADING Volume.
1. Money laundering. The brokers have an obligation to keep an eye open for money laundering, and depositing money followed by a withdrawal without sufficient trading is suspicious;
First, @Dildora Djalolova @Alberto Frattin @Exness can we have your attention please to elaborate on this "new" withdrawal policy that is volume based?? (seems like this form of withdrawal restriction has been in place in some form for several weeks now).

Let me quickly correct @compu-forex, especially on the money laundering aspect.

Anti-Money Laundering (AML) rules are mainly about ensuring that no 3rd party funds are allowed into the client trading account. The name of the sender must match the name on the trading account. That's it. At worst, the broker could impose a rule that deposited funds must go back via the same method funds were deposited (e.g. deposit via neteller, withdrawal via neteller).

This is not a strict AML rule; in fact several genuine brokers will have multiple deposit options, and limited withdrawal options (but the withdrawal options are always open). This is because some funding options are only 1 way (e.g. some countries can only deposit via neteller, but withdrawals are not possible; and vice versa). Honest brokers always inform their clients of this and their options.

So-called AML rules also apply both ways. The broker has no business accepting money from a client who they suspect has AML issue. So I could just as easily ask "why did the broker accept money from client if their AML is in question?" or "Why not do your AML checks before opening account?" Or "if there was an issue with source of funds, why not immediately return it to the source?"

Not allowing client to withdrawal their own funds because of some personal revenue issues of the broker has nothing to do with AML. Although it can sometimes be used as an excuse to naive clients to get them to accept delay in processing withdrawal.

In fact, the ESMA eliminated this practice of offering incentives to trade specifically for this conflict of interest that arises. Brokers are supposed to be seeking best execution for their clients and safeguarding their funds, not inducing them to trade. They also talk about the conflict of interest that exists when broker trades against their client. Section 2 of the ESA Q&A on CFDs addresses many of the conflict of interests issues directly. I will also attach it here as a reference.

2. Costs. The payment processors charge significant fees. Neteller & Skrill easily run to 4%m which the broker has paid on your behalf......a pretty good perk if you ask me. In exchange, you are expected to make sufficient trade volume. It is, after all, a business and not a charity. Same goes for withdrawal costs.
Nobody is victimizing the broker here. If the broker needs to cover the cost of the deposit, they can choose to charge this fee and inform the client. Not try to backdoor the client since they didn't lose their deposit in the normal course of trading.

I should add that many broker have this restriction. Roboforex will hit you a 6.5% withdrawal fee if you don't have sufficient trading volume and you use Neteller.
1. only brokers that are trading against their clients have such restrictions that would just block withdrawal of their funds without a very specific reason. The clients funds are held in trust on behalf of the client, not the broker's operating expenses or bonuses to employees!​
2. Having withdrawal (or deposit) fees are not so bad, especially when they mention this up front vs stuff it obscurely in TOS (if it is even there at all).​

For, now, please can you upload the actual correspondence your client receive, so we can see exactly what they said. Also advise of the payment system used.
Agree you should have some receipts about some of your claims, especially being in the business as long as you have. And you should have screen video/screen shots of your IB commission schedule and agreement.

But there is NEVER a good reason to withhold client withdrawal unnecessarily. The only brokers doing this IMHO and research are those who have a business model that conflicts with their clients best interest.


--------------------------------

And @tradeexpress and other IBs, why are you recommending clients to a broker when you do not fully understand their business model of how they profit from their clients???? Both you and your clients must overcome your gambling impulse and consider carefully with whom you are dealing with before depositing.
 

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compu-forex

Sergeant
Messages
149
We shall simply have to agree to disagree.

I am quite happy that the brokers foot the bill for my Neteller deposits, but then again I generate sufficient volume so I don't have this problem. In fact Exness is one of the best in that I can withdraw instantly, something very few brokers offer.

I'm also not suggesting anyone is victimising Exness. I am simply saying that insufficient trading volume is a fact of life in retail forex, and is not limited to Exness(even ESMA brokers). By all means rant on about it, but that is the way they work. Personally, I prefer the broker writes to me and tells me they will be charging the fee before they actually do it. Even if it delays my withdrawal.
 

JamesEdwards98

Private
Messages
85
I'm an IB of Exness since many years but now going to stop working with them as the terms of Withdrawal changed. It's very unfortunate to release these kind of impractical rules.

Now clients cannot withdraw fund with freedom like before. Please beware of this condition before depositing any fund into the Exness Broker. Your Withdrawal will be rejected by them if you have not traded enough or sufficient TRADING Volume since you last deposited any amount.

Suddenly, my clients started approaching me regarding this issue when their Withdrawal got rejected multiple times. At first I thought it might be due to some Payment system issue. But customer support executive informed me that Withdrawal rejected due to not sufficient TRADING Volume. Huhhhhh..

Do any one believe these kind of condition implemented by the broker that you cannot make Withdrawals unless they feel you traded enough lots?

Now you cannot withdraw your funds untill you made a sufficient TRADING Volume (which if you ask the customer support, they also don't know how much we need to trade, they will tell you that it's not fixed, System will automatically approve whether you are eligible for Withdrawal or not).

I'm not talking about profit Withdrawal, You cannot even Withdraw your initial deposit if system detect that you didn't performed sufficient TRADING Volume.

Is it a practical rule? What Exness want to prove that client should Withdraw as per Company's wish? Now Exness is doing scam by holding you Withdrawal legally as per their Terms & conditions.

It's also strange that they don't inform you during deposit process, So client will aware about the Withdrawal in future. Means they will directly inform you this condition at the time of Withdrawal , So you'll be helpless.

How will client trade more just to make Withdrawal? What if the extra Trades goes in losses? Who will be responsible?

If any client need the fund for any emergency and He made a Withdrawal, He will not sure whether He's eligible for Withdrawal of fund. What a strange Rule?

Please beware before depositing any fund in exness and ask customer support. Exness now became scammer legally.

Thanks!
Personally I would stay away from brokers that offer this, sounds like you accepted a bonus?
 

marco_mmbiz

Sergeant
Messages
154
Is it possible that these clients used a broker bonus? Because I only know such things if you trade with bonuses from the broker. ;)
 

compu-forex

Sergeant
Messages
149
Is it possible that these clients used a broker bonus? Because I only know such things if you trade with bonuses from the broker. ;)
Yes, also always a consideration, although most brokers just remove the bonus.

Below is the relevant passage from ANOTHER BROKER's T&C. I'm sure you can find the same in many other brokers.....

viii OTHER BROKER reserves a right to raise commission on withdrawal up to 5.2% in case there is no sufficient trading activity between last deposit and withdraw request.
FPA Forums Team Note: Please don't mix an unrelated broker's name into a Scam complaint. Doing so permanently ties the unrelated company's name to the complaint.
 

4evermaat

2nd Lieutenant
Messages
1,906
We shall simply have to agree to disagree......
There is a large difference between intentional fraud and disagreement on a commission amount.

Even if it was an issue with the cost of withdrawal (for the broker), wouldn't the broker just process the withdrawal, minus the supposed additional commission? Or notify the client of the proposed deduction amount? Why refuse, stall, et al to process withdrawal?

I am quite happy that the brokers foot the bill for my Neteller deposits, but then again I generate sufficient volume so I don't have this problem. In fact Exness is one of the best in that I can withdraw instantly, something very few brokers offer.
Below is the relevant passage from [broker's] T&C. I'm sure you can find the same in many other brokers.....

viii [broker] Ltd. reserves a right to raise commission on withdrawal up to 5.2% in case there is no sufficient trading activity between last deposit and withdraw request.
Hmmm. What is the definition of "sufficient trading activity"??? Another red flag is ambiguity with trading conditions.

If there was a specific trading volume to qualify for reduced commissions, free withdrawals, etc....why not just mention what this volume is in the T&C? And if there are several account types, easy to just create a table with minimum volume requirements on each account type.

Is it possible that these clients used a broker bonus? Because I only know such things if you trade with bonuses from the broker. ;)
Even if there was a bonus, how does that affect original deposit +/-profits or losses??. It would only affect the bonus. Another reason why ESMA removed such incentives. (because unscrupulous brokers were using it to trick/trap clients and delay withdrawals).

It always seems to be a problem when the client withdrawal their funds. Never seems a problem when client is donating depositing (with exception of "forgotten/lost" deposits). No AML, no deposit fee problems.

--------

....Now you cannot withdraw your funds untill you made a sufficient TRADING Volume (which if you ask the customer support, they also don't know how much we need to trade, they will tell you that it's not fixed, System will automatically approve whether you are eligible for Withdrawal or not).
Rather than merely ranting, I'm getting to the bottom of the policy that Exness is applying to withdrawals and then determining how the client is informed about it (or any broker that we discuss). But I look at it from a "best interest of the client" standpoint.

Very curious to see Exness's position on this.
 

tradeexpress

Recruit
Messages
9
Actually it's not a scam. It's just an example of how in the real world there is no free lunch.

There are a couple of issues to consider when it come to deposit and withdrawal operations :-

1. Money laundering. The brokers have an obligation to keep an eye open for money laundering, and depositing money followed by a withdrawal without sufficient trading is suspicious;
2. Costs. The payment processors charge significant fees. Neteller & Skrill easily run to 4%m which the broker has paid on your behalf......a pretty good perk if you ask me. In exchange, you are expected to make sufficient trade volume. It is, after all, a business and not a charity. Same goes for withdrawal costs.

I am surprised that they rejected the withdrawal outright. I would have assumed they would have written to your clients and informed them of the issue and advised of a withdrawal fee.

Since I have never run into the problem, I am not sure what they would do in the case of AML suspicions but, presumably, it would involve, at least, an additional round of verifications.

I should add that many broker have this restriction. Roboforex will hit you a 6.5% withdrawal fee if you don't have sufficient trading volume and you use Neteller.

For, now, please can you upload the actual correspondence your client receive, so we can see exactly what they said. Also advise of the payment system used.
my client used Bitcoin & USDT method for deposit, He trade the at least for 2 week and also loss around 13
Is it possible that these clients used a broker bonus? Because I only know such things if you trade with bonuses from the broker. ;)
Please note,
Didn't used any bonus,
 
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