NordhillCapital.com

kumori

Private
Messages
15
Have they offered you an explanation? Tallinex is facing the same issue and has the same structure I believe.
My suspicious is it has to do with banking regulations as these SV/offshore FX brokerages have extremely few choices to choose from for banking now.
That's why people are paying $250K+ USD for license in places like Belize even now so they can get a bank account.
Hi, FmrBrokerExwctive,

I also have requested withdrawal from SFX markets last week, but the request is still ‘in process’.
And I have received a message from ceo@sfx-markets.com as below;

Dear valued customer,

Despite the overall successful and fruitful year of 2018, we deeply regret to inform that the financial industry is currently undergoing Anti Money Laundering and Know Your Customer mandatory surveillance procedures due to the intense pressure from EU regulatory authority amid the recent alarming high-profile money laundering scandals in the region.

The exercise is also in line with the current global enforcement of checks and control over all financial activities by the financial institution regulators.

In view of the above, there will be inadvertent delay in payment of your withdrawals during this period of time and concurrently we would advise that deposits for new investment be deferred until the completion of the compliance process which you will be duly notified.

We are part of the financial institution who is fully committed to abide by all the regulations and compliances for the interests of all our customers, as such your understanding and patient is much appreciated.

We apologize and regret for all the frustration and inconvenience caused.
Thank you.


What do you think about this? Are they really in the compliance process?
 

kelix

Private, 1st Class
Messages
89
Hi Guys, I too have a small amount waiting for withdrawal, I've seen other EU banks who host unregulated FX have this issue. its likely extra KYC/AML documentation to keep up to date.

I too received the letter about compliance. so far nothing out of the ordinary, any my trades are still being executed.
 

kumori

Private
Messages
15
Hi Guys, I too have a small amount waiting for withdrawal, I've seen other EU banks who host unregulated FX have this issue. its likely extra KYC/AML documentation to keep up to date.

I too received the letter about compliance. so far nothing out of the ordinary, any my trades are still being executed.
Hi, Kelix,

Thank you for your post.
I have been waiting for my withdrawal for three weeks.

I inquired several times by email, each time they did give me a reply.
They said that their compliance team has been reviewing my withdrawal request, and they will process transaction immediately once the request is approved.

I hope this is just a bank issue with KYC/AML and we can withdraw our money.
I will update if there is any progress.
 
Messages
207
They should definitely be providing you regular updates though and letting you know what bank/EMI/payment vendors are holding your funds. Are they doing that?

It's VERY common now for any offshore brokerage to not be able to get a bank wire service provider and hence they are usign Crypto a lot of the time.
Even Cyprus, Bahamas ("high end" offshore jurisdictions - it costs €500K+ to get a license in Bahamas and €1M in Cyprus) it is hard to then get banking services.
If they are a true A-Book, they can usually run thru a liquidity provider, but there really isn't such thing as a "true A Book broker" because they would go broke and not be able to cover costs.
(It would also be a terrible business decision as 90% of FX retail traders lose money and running a B Book is just the common sense thing to do quite frankly).

My suggestion to anyone facing these type of issues is just be sure to understand where your funds are when they are "locked" so you have an understanding of the situation.
It frustrates me however as someone in the industry when people scream "scam!" over legitimate issues. If you trade with any offshore broker, you have to accept these type of things as a possibility.
Of course, that's what you get in exchange for the crazy 400:1 leverage a lot of these places provide...
 

kumori

Private
Messages
15
They should definitely be providing you regular updates though and letting you know what bank/EMI/payment vendors are holding your funds. Are they doing that?

It's VERY common now for any offshore brokerage to not be able to get a bank wire service provider and hence they are usign Crypto a lot of the time.
Even Cyprus, Bahamas ("high end" offshore jurisdictions - it costs €500K+ to get a license in Bahamas and €1M in Cyprus) it is hard to then get banking services.
If they are a true A-Book, they can usually run thru a liquidity provider, but there really isn't such thing as a "true A Book broker" because they would go broke and not be able to cover costs.
(It would also be a terrible business decision as 90% of FX retail traders lose money and running a B Book is just the common sense thing to do quite frankly).

My suggestion to anyone facing these type of issues is just be sure to understand where your funds are when they are "locked" so you have an understanding of the situation.
It frustrates me however as someone in the industry when people scream "scam!" over legitimate issues. If you trade with any offshore broker, you have to accept these type of things as a possibility.
Of course, that's what you get in exchange for the crazy 400:1 leverage a lot of these places provide...
Hi, FmrBrokerExective,

Thank you for your detailed information.

I have not received any information regarding which Bank/EMI/Payment vendors are holding my funds, yet.
As your kind suggestion, I will ask them about this today.
 
Messages
207
Hi, FmrBrokerExective,

Thank you for your detailed information.

I have not received any information regarding which Bank/EMI/Payment vendors are holding my funds, yet.
As your kind suggestion, I will ask them about this today.
Anytime mate, good luck!
 
Messages
207
That is not good. The least they can do is keep you updated assuming it is indeed out of their control.
I'm surprised no other clients are reporting issues with this brokerage. Tallinex's seemingly similar issue is well reported.
 

kumori

Private
Messages
15
That is not good. The least they can do is keep you updated assuming it is indeed out of their control.
I'm surprised no other clients are reporting issues with this brokerage. Tallinex's seemingly similar issue is well reported.
Thank you for your reply.

I am surprised that too. I have searched by keywords ‘SFX Markets, withdraw, pending, delay, issue, etc.’ many times, but I could not find anything. Even in this thread, only Kenvick, kelix, and I have reported pending withdrawals.

Possible reasons are;

a) SFX Markets’s clients are very few and only a few clients have requested withdrawals.
b) Other clients are provided well information.
c) Other clients withdrawals are processed normally.

If someone has more information about this, could you please provide us?
 
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