Forexbrokerinc not withdrawing profits.

[Blueskies]

It was not a wire. It was a credit to my bank card.

Update is today I received some of the funds. Not the whole amount. Plus they charged me a $15.00 fee to credit my card on top of it all.

 

[FxMaster]

It was not a wire. It was a credit to my bank card.

Update is today I received some of the funds. Not the whole amount. Plus they charged me a $15.00 fee to credit my card on top of it all.

Talked with them why patial payment else it will cut evertime as a fees.

 

[haroro]

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.

I am somewhat glad to say that my issue has received partial resolution. Today I received about half of the funds I requested. Will continue updating when I receive the rest.

 

[Blueskies]

I received about three quarters of mine today.

 

[haroro]

It was not a wire. It was a credit to my bank card.

Update is today I received some of the funds. Not the whole amount. Plus they charged me a $15.00 fee to credit my card on top of it all.

They charge 1.5% minimum $15 fee for credit withdrawals and 1.5% minimum $25 for wire transfers.

 

[FxMaster]

Keep us udpated, If you got full payment then do not forget to come back and inform us.

 

[Blueskies]

Received balance of withdrawal request today. Tbh it was NOT a lot of money in my account, but jeez what a fiasco getting closed out of a swing position first for a loss (which ultimately would have been a nice gain) then trying to withdraw my remaining dollars. Never again going with an offshore broker. There were other things I did not like too. Widening a spread 100 pips quite often on a Friday close being one of them. Guaranteed to take you out.

 

[FxMaster]

Received balance of withdrawal request today. Tbh it was NOT a lot of money in my account, but jeez what a fiasco getting closed out of a swing position first for a loss (which ultimately would have been a nice gain) then trying to withdraw my remaining dollars. Never again going with an offshore broker. There were other things I did not like too. Widening a spread 100 pips quite often on a Friday close being one of them. Guaranteed to take you out.

One question and few suggestions.

Question is you got all your funds back?

Suggestions Are......................

Check the review and ongoing thread about the Broker firtst before you go live with them.
Check them with small deposit first.
Try to withdraw funds early to check their wid searvice.

Best of luck

 

[Blueskies]

I did. In two increments. I responded in a dif thread.

 

[jimmylc15]

I thought I would respond here as well, I have not received any money, In fact I deposited $500 and 3 hours later they did their "re-construction" and so I have never made a trade. They have ensured me that I will get the deposit back, and my withdrawal has been approved by the backoffice and accounting department. I have still not received any money in my account. I will keep you guys updated. I'm glad some of you received your funds