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Forexbrokerinc not withdrawing profits.

Discussion in 'Scam Alerts' started by haroro, Oct 3, 2016.

  1. haroro

    haroro Private

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    Fellow traders,

    After giving what I believe to be adequate time for the resolution of my issue, I have decided to begin this thread to highlight my grievance with forexbrokeinc.

    I have been trading on and off with forexbrokerinc since 2013 without any major issues. However my recent experience with them has caused me great concern.

    I requested a withdrawal from them on the 9th of September of $3400 minus fees. $800 of which was my initial deposit and was to be sent back to my debit card and $2600 profit from trading to be sent through wire transfer. I received the $800 back in my account within 5 business days as expected. However I am still awaiting the wire transfer.

    On September 15 after 5 business days, forexbrokerinc backoffice sent me an invoice for the wire transfer which I was to sign and send back to them. The same day I signed the invoice, sent it back and received an email from the backoffice stating that the wire transfer will be processed and I should expect to receive the funds within 5 business days. However it has been 12 business days since and I am yet to receive the wire transfer.

    I emailed and called them on the 22nd to ask about the delay in receiving my funds. They requested that I send a copy of my bank statement for September which showed that I had not received the funds. I emailed them my September bank transcript which showed I had not received the funds. I did not receive any communication from them. I called them on the 26th to ask if they had indeed received my bank transcripts and to ask why they had not said anything yet. They confirmed that they had received my bank transcript and they said they were investigating the issue. On the 27th I sent them an email asking them to provide me with proof showing that they actually sent the funds. I am yet to receive any reply from them.

    On the 29th of September I filed a complaint with the forexbrokerinc complaints department. I received an email from the complaints department on the 30th stating that they will look into the matter with the payment processing team.

    I have thus decided to start this thread as it is a requirement before proceeding to traders court.
    I have included the initial withdrawal requests, the signed withdrawal invoice I sent and email copies of the correspondence I had with them to prove my claim. Hopefully if they still care and are still in business, they will resolve the issue for me.

    I am hoping this will be a positive step in getting the matter resolved.
     

    Attached Files:

  2. FxMaster

    FxMaster Lt. Colonel

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    May be you are getting problem cause of this news http://www.forexpeacearmy.com/community/threads/forexbrokerinc-and-fxchoice.47344/
     
  3. Blueskies

    Blueskies Recruit

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    It has been two weeks for me of constant requests and getting a different runaround every time. Still no funds returned to me.
     
  4. Pharaoh

    Pharaoh Colonel

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  5. Maja Papp

    Maja Papp forexbrokerinc.com Representative

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    Dear Harold, readers


    We understand your frustration and are very sorry for the delays in processing the withdrawal.

    Unfortunately, as you may be aware we stopped accepting trades through all our platforms. For this reason, we are facing very busy times when it comes to processing clients’ requests to withdraw. We are aware that this is not in clients’ care and each client who decides to withdraw their balance wants their funds there and then.

    However, as we informed you on a numerous of occasions we are working to resolve all issues. We have not closed our website, phones, email or live chat, never have done in the last 5 years. As every other company or a financial institution, we have limits on the number of transactions and volume of transactions that we can process on a daily or weekly basis. We have a number of clients withdrawing funds and they are being processed one by one and up to the limits that we can process through the payment processors. On the other hand, a number of clients are willing to move to a different trading environment with reputable brands and we are working to solve this as well, with some other brokers.

    Please note that we do not have much time in checking all forums and reply accordingly. For any more information please contact us directly.

    Kind regards,
    ForexBrokerInc Team
     
  6. Anomilus

    Anomilus Private, 1st Class

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    Utter Blasphemy... Your email stated clients could withdraw funds as normal.

    You also could have given everyone more time than the 5 days you actually gave. This would allowed the requests to come back in a more timely manner than they are now.

    The email you sent also mentioned no such delays at all. Not sure why you are saying this is something you mentioned in advance. I'm actually curious as to why you waited until the last second to let your clients know you were going out of business. Oh, my bad, you actually said you were restructuring. That was clearly an outright distortion of reality.

    This explanation doesn't really hold water. The removal of any credit I had in my account in a daily statement last week clearly demonstrates you guys are finished as a broker and aren't going to reopen. Perhaps you will to save face. But my suspicion is that you are using your commissions from your new "partnership" with FxChoice to slowly pay back clients and that is what is causing delays. Perhaps you also dream of making a comeback one day under that name.

    At any rate not a single instance of this behavior from start to finish is acceptable for any serious broker and I will be sure to relay the lack of standing Forexbrokerinc, its partners, and ownership has as a result of your recent actions.

    Complete irresponsibility.
     
  7. Blueskies

    Blueskies Recruit

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    Well stated. No funds returned to me yet. Every day another runaround. "Restructuring" usually means bankruptcy. They told me in an email they were pushing clients to another broker because many clients day trade for a living. How can they day trade if Forex Broker Inc won't give them their money to transfer to another broker?
     
    Anomilus likes this.
  8. Pharaoh

    Pharaoh Colonel

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    With all trading ended, there's no reason for anyone not to be actively engaged in paying clients back as quickly as possible. How hard can it be to look up each trader's final balance and initiate repayments by their preferred method? Yes, there will be some people who've changed credit cards, bank accounts, etc., but most of this should take about 5 minutes per client. That leaves everyone else to deal with collecting the needed information from the small percentage of clients you can't immediately send money to.

    Unless there's not enough money to send.
     
  9. Blueskies

    Blueskies Recruit

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    I got an email on Wed. that my withdrawal request was initiated and indeed my acct. balance is now at zero. They said it would take a few days to show up in my bank account. So far it hasn't but will keep y'all posted.
     
  10. FxMaster

    FxMaster Lt. Colonel

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    It will take upto 10 days to reflect via Wire.
     

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