IC Market Withdrawal Expiry??

YZT90

Recruit
Messages
2
I've recently encountered a fund withdrawal issue with IC market and it seems really dodgy to me.

There are a few options for withdrawal requests, 1. Visa Direct, 2. Safecharge, 3. Union pay and 4. Wire transfer. I deposited my fund using a credit card, so I requested a visa withdrawal but it got declined. The support told me to choose Safecharge instead so I went ahead and got declined again. Here's the dodgy part, apparently, my card withdrawal option just expired and the only option I'm stuck with is wire transfer which I have to pay an additional 20 AUD and extra handling fee to my local bank. And not to mention how long the process is going to take?

The extra charges apart, but when did IC market even have this policy? I was not informed before at all. The support mentioned it was a new policy just updated recently, so apparently all card withdrawal will expire every once a year. I just don't get this part? My account is 2.5 years old, why didn't it expire earlier.

Let me know if anyone has encountered the same issue, I'm just confused about it.
 

JamesEdwards98

Private
Messages
85
I've recently encountered a fund withdrawal issue with IC market and it seems really dodgy to me.

There are a few options for withdrawal requests, 1. Visa Direct, 2. Safecharge, 3. Union pay and 4. Wire transfer. I deposited my fund using a credit card, so I requested a visa withdrawal but it got declined. The support told me to choose Safecharge instead so I went ahead and got declined again. Here's the dodgy part, apparently, my card withdrawal option just expired and the only option I'm stuck with is wire transfer which I have to pay an additional 20 AUD and extra handling fee to my local bank. And not to mention how long the process is going to take?

The extra charges apart, but when did IC market even have this policy? I was not informed before at all. The support mentioned it was a new policy just updated recently, so apparently all card withdrawal will expire every once a year. I just don't get this part? My account is 2.5 years old, why didn't it expire earlier.

Let me know if anyone has encountered the same issue, I'm just confused about it.
I'm pretty sure that they introduced it to stop money laundering, and it's a 'closed loop' system. You can only withdraw what you have deposited via a payment method, and if you are in profit - you gotta use the 20 AUD method.
 

YZT90

Recruit
Messages
2
I'm pretty sure that they introduced it to stop money laundering, and it's a 'closed loop' system. You can only withdraw what you have deposited via a payment method, and if you are in profit - you gotta use the 20 AUD method.
Hey James, whatever the intention was I think it is only fair to at least inform the account holder about the change of terms before we even fund the account. I don't mean to be rude but I will definitely not trade with IC market if I knew about it.
 

forexteamau

Sergeant
Messages
141
Hey James, whatever the intention was I think it is only fair to at least inform the account holder about the change of terms before we even fund the account. I don't mean to be rude but I will definitely not trade with IC market if I knew about it.
Not surprising that's what they usually do. I was told the same thing. They claimed that I received their updated policy which was against what their support initially advised me and provided evidences that the document was sent and was actually opened and read by me 3 months after during our dispute from an unknown location! Be careful with ICM. if I were you, I would pay the $20 take my money and run for the hills.
 

FxMaster

Lt. Colonel
Messages
9,325
I've recently encountered a fund withdrawal issue with IC market and it seems really dodgy to me.

There are a few options for withdrawal requests, 1. Visa Direct, 2. Safecharge, 3. Union pay and 4. Wire transfer. I deposited my fund using a credit card, so I requested a visa withdrawal but it got declined. The support told me to choose Safecharge instead so I went ahead and got declined again. Here's the dodgy part, apparently, my card withdrawal option just expired and the only option I'm stuck with is wire transfer which I have to pay an additional 20 AUD and extra handling fee to my local bank. And not to mention how long the process is going to take?

The extra charges apart, but when did IC market even have this policy? I was not informed before at all. The support mentioned it was a new policy just updated recently, so apparently all card withdrawal will expire every once a year. I just don't get this part? My account is 2.5 years old, why didn't it expire earlier.

Let me know if anyone has encountered the same issue, I'm just confused about it.
You can ask your credit card provider what the time limit is for a company to refund directly to the card.
 
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