IK Trust blocking my withdrawal

navc021

Recruit
Messages
7
Hi,

I registered with IK Trust broker about 5 months ago. For some odd reason they went underground in December last week. I sent a few emails asking them what the problem was. They said they are upgrading the servers and may take a few days for that to get completed. They dragged this process for almost 3 months and in March they sent a letter saying that their servers were ready now but I would have to fill in a new form to open an account. I was a bit surprised as I already had an account. But I went ahead and got a new account. For some reason I was not really convinced. So I thought I would try withdrawing my money to see if it goes fine. They immediately sent an email saying that they have a new rule and I have to trade 150 lots before I with draw my own deposit. By the way this is not about bonus. I have not touched their bonus and nor did I request them to give it. I had invested about 100 USD and lost 15 USD in a few days. Does it make any sense when they ask me to trade 150 lots to withdraw 85 USD.

How can a broker change the rule and not even inform the client. The rule is not about bonus. The rule is against my deposit...
I being a client was never awre of this rule and never agreed to any of those terms. I had a totally different terms and conditions page before I registered.
Now they have changed their web site too. They have a very fake looking home page.

I feel that brokers like these are able to do their business, because they know that we as clients have to listen to whatever they tell or do. I hope FPA takes an action and help me recover my deposit. I don;t want to trade w
 

Pharaoh

Colonel
Messages
19,964
If there's no bonus, there's no legitimate reason I can think of to require a minimum number of trades.

Send an email to every address you have for IKTrust and invite them to join the discussion here.
 

navc021

Recruit
Messages
7
you are right Pharaoh! Even I am not sure how they can demand a client to trade 150 lots to allow them to withdraw thier own money. If things like this continue, then I am sure the clients would never feel safe to invest anything with any of the new brokers. If they really had such rules then why did they not inform me while depositing my money. Now all they say is that they have new rules and hence I have to meet the requirement. Was I as a client, made aware of this before I invested? No!!
 
Last edited:

Pharaoh

Colonel
Messages
19,964
No legitimate broker will have a rule requiring people who did not get a bonus to have a minimum number of trades or to keep their money in the account for a minimum amount of time. Those are tactics used by scam brokerages to delay withdrawals indefinitely in hopes that the clients will give up.

Send that invitation to them to join this thread and justify these actions.

How did you deposit?
 

navc021

Recruit
Messages
7
When I first deposited I was surprised to see that they automatically added some 30% bonus to my account. I never realized about the bonus until I noticed that after a few weeks. When enquired with the support team they said that they have a bonus scheme and hence the amount was added automatically after the deposit. I asked them, if they had any requirements for me to withdraw my deposit and profits. They said that I can withdraw my deposit and profits without any limitation. But in case if I want to withdraw the bonus then I need to trade certain volume. I told them that they can infact take away the bonus as I am not willing to complete their volume requirement. The representative said that I can keep the bonus as it was already added and I dont need to be worried about the vol requirements as it would be automatically cancelled if I made my first withdrawal. I sent them an email a day ago, but no response yet!!

In fact after they created a new account, all I saw there was only my deposit money and there was no bonus. When enquired they said that if I withdrew the money and deposited again then then they would add the bonus again. Something did not seem right and hence I thought I would go ahead and withdraw my money for now as anyways I needed that money for my health treatment.

By the way, I had used my CC to make the deposit..
 

Pharaoh

Colonel
Messages
19,964
Even if it's too late for a chargeback, see if a fraud complaint can be filed. Enough of those and the broker could lose their ability to accept credit cards.

Have you invited them to join the discussion?
 

navc021

Recruit
Messages
7
Yes Pharaoh, I am trying to get in touch with the concerned team of the CC dept. I had invited them last week but there was no response. I sent another email asking them to come here and clarify the situation. below is the email which I just received ffrom them


----
Dear client

We will not proceed as this is a requirement for all clients that have been transferred to our new platform from our previous management’s platform.


For further enquiries feel free to email us at support@iktrust.com

Regards

Mr. Richard Powell
Senior Support Executive
Customer Support Department
IK Trust Capital Market Corporation Limited
New Zealand Company Reg. No. 3851316
 
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