FPA can take this initiative

[pcindia]

Brokers usually delay withdrawals though they make written commitments at the time of account opening. This delay leaves small traders like me with a lot of frustration when we depend purely on this profit to sustain our living and have to also pay our bills with this money..

Can I ask FPA and felix to write to CFTC and get a simple bill passed where all brokers would need to pay back the withdrawal amount along with the interest for the delayed period?

My demand is justified because they also charge me overnight interest for carry over positions. They actually charge me for everything including withdrawals, so why shouldn't they also be liable for something they they are dutifully bound to do but do not do?

This instant withdrawal or timely withdrawal method can make life lot easier for traders. It could also be a USP for an aggresive broker for marketing his services.

I want to know if its possible for FPA to take a stand on this. I would also like to offer my assistance and availability should there be a need for it

regards
pc

 

[clem699]

Pcindia,the issue is important and quite disturbing,just as you said,i do not no the modus operandi of the cftc and if it is possible for the FPA as a collective body and on behalf of its members sponsor a bill.

Secondly,in the agreement section,the withdrawal period is stated which is usually not more than a week,indicates that there should be a sense of responsibility on the part of the brokers to ensure that withdrawals do not stay longer than necessary but,some fraudulent brokers will delay and often times blame the delay on the customer's bank,credit card,government laws and policy in the home country of the customer.

Which ever way we look at it,even if there is a bill enacted by the government of the US for cftc or any other regulatory agency in around the globe on this issue,brokers will always blame customers for the delays.

 

[Pharaoh]

If the CFTC did that, it would only apply to US brokers. At this point, the CFTC seems like they want to drive forex offshore.

One other problem - some delays really aren't the broker's fault. There really can be issues with incorrect information and with transfers being delayed. Personally, I think the brokers should be required to provide solid proof that they initiated a transfer if they want to blame external delays.

Maybe the FPA could work up a list of minimum standards. Then brokers would be given the option to pledge to meet these standards. If they do, they'd get a logo for their site that links to the standards list. If they fail to meet the standards after making the pledge, they'd lose the right to display that logo and would be given a special listing somewhere inside the FPA's website.

 

[pcindia]

Thank you Pharoah and Clem,

I came across this facility on AVAFX with an instant ATM card facility where the card is issued by the broker. If somehow, all brokers could be made to offer this facility, then the issue can be resolved for once and all. Using the ATM card, you basically have all time instant access to the money available in your broker account.

So if it's FPA and mastercard logo on the card, then it will provide an ultimate sense of security to traders worldwide. Ofcourse, this could also be a revenue generation model for FPA if a business plan can be formulated out of this. Simple model would be something like this,

- FPA ties up with brokers to allow this instant withdrawal facility.
- FPA ties up with mastercard for account opening and card issuance with FPA and mastercard logo on it. FPA earns revenues on card usage.
- FPA uses this money to promotes brokers with this facility.

 

[Ricex]

It's an interesting idea but the strength of the FPA is in it's impartiality. As soon as it could be accused of any sort of bias, true or not, towards a broker then the trust starts to break down, and the charges come thick and fast.
A neutral, non partisan approach is the only way a site like FPA can work and retain the respect that it deserves.

An FPA ATM card would be pretty cool though

 

[miguelo]

Brokers usually delay withdrawals though they make written commitments at the time of account opening. This delay leaves small traders like me with a lot of frustration when we depend purely on this profit to sustain our living and have to also pay our bills with this money..

Can I ask FPA and felix to write to CFTC and get a simple bill passed where all brokers would need to pay back the withdrawal amount along with the interest for the delayed period?

My demand is justified because they also charge me overnight interest for carry over positions. They actually charge me for everything including withdrawals, so why shouldn't they also be liable for something they they are dutifully bound to do but do not do?

This instant withdrawal or timely withdrawal method can make life lot easier for traders. It could also be a USP for an aggresive broker for marketing his services.

I want to know if its possible for FPA to take a stand on this. I would also like to offer my assistance and availability should there be a need for it

regards
pc

I think the same as you, I I have been waiting with a week today that make me a deposit from forexyard, how long we have to wait?