Resolved - Pepperstone Stealing Profits Of Traders

[kashifnovartis]

Oh. I forgot to mention to write to their compliance dept. Just resummarize that your withdraw request from xx days ago has not been fulfilled. And that they must process this request without delay and send a bank confirmation with SWIFT/IBAN/etc details that it was sent.

If they do not do this soon, further complaints will be made to the regulators.

Then i would say if they still don't respond to your requests here or via email with a very specific reason (by this coming saturday), then complain to the AFCA:
https://www.afca.org.au/make-a-complaint/complain/

I assume you are with Australian division.

Sure will do that immediately and yes I am with Australian division. Thanks again

 

[kashifnovartis]

I have sent another email to the admin department,compliance department,account department, support department and backoffice and invited all of them to this thread. Please advise me I missed anything in this email. Thanks.
.

 

[kashifnovartis]

I am not making any complaints to regulators because I would like to see what is really causing the issue may be they have some legitimate reasons for the delay

 

[4evermaat]

I have sent another email to the admin department,compliance department,account department, support department and backoffice and invited all of them to this thread. Please advise me I missed anything in this email. Thanks.
.View attachment 41712

Did you remember to include the url link of this thread in your email? I could not tell from email; maybe you did as an embedded link. But in a potentially legal issue, you should also write out URL like this:

https://www.forexpeacearmy.com/community/threads/pepperstone-stealing-profits-of-traders.59328/

You can always resend the email if you forgot to put the url link.

And do not make any more trades on that account (or any pepperstone accts). Right click on account history tab in mt4 and select "show all history". Then generate a statement. Save this html statement as additional evidence. Take a long screenshot also if possible.


Edit: also activate call recording on your mobile phone so that all calls are auto-recorded. I'll explain why in PM.
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The real reason why this happens has to do with the unfortunate truth that most forex brokerages are actually bucketshops that masquerade as legit brokerage. In simple terms, the bucketshop broker is a glorified casino and anticipated you and most other depositors would lose, similar to a casino. This means that they were internalizing your trade (trading against you). So withdrawing then became an issue because you (statistically) were not supposed to be profitable. And they thought they would just end up keeping your deposit

But you do appear to have legitimately "won", and they don't want to "pay out". So they start playing games like this instead of honoring their fiduciary responsibility. In this case, you kept decent records, so I think you have a good case here (or with AFCA if it comes with that).

That kind of money should be in Prime of Prime or tier 3 broker who has a provable, STP relationship with PoP. PM me for more details on this.

 

[kashifnovartis]

Did you remember to include the url link of this thread in your email? I could not tell from email; maybe you did as an embedded link. But in a potentially legal issue, you should also write out URL like this:

https://www.forexpeacearmy.com/community/threads/pepperstone-stealing-profits-of-traders.59328/

You can always resend the email if you forgot to put the url link.

And do not make any more trades on that account (or any pepperstone accts). Right click on account history tab in mt4 and select "show all history". Then generate a statement. Save this html statement as additional evidence. Take a long screenshot also if possible.


Edit: also activate call recording on your mobile phone so that all calls are auto-recorded. I'll explain why in PM.
---------------------

The real reason why this happens has to do with the unfortunate truth that most forex brokerages are actually bucketshops that masquerade as legit brokerage. In simple terms, the bucketshop broker is a glorified casino and anticipated you and most other depositors would lose, similar to a casino. This means that they were internalizing your trade (trading against you). So withdrawing then became an issue because you (statistically) were not supposed to be profitable. And they thought they would just end up keeping your deposit

But you do appear to have legitimately "won", and they don't want to "pay out". So they start playing games like this instead of honoring their fiduciary responsibility. In this case, you kept decent records, so I think you have a good case here (or with AFCA if it comes with that).

That kind of money should be in Prime of Prime or tier 3 broker who has a provable, STP relationship with PoP. PM me for more details on this.

Thanks for reminding me for the link i just send the link to all departments

 

[kashifnovartis]

Did you remember to include the url link of this thread in your email? I could not tell from email; maybe you did as an embedded link. But in a potentially legal issue, you should also write out URL like this:

https://www.forexpeacearmy.com/community/threads/pepperstone-stealing-profits-of-traders.59328/

You can always resend the email if you forgot to put the url link.

And do not make any more trades on that account (or any pepperstone accts). Right click on account history tab in mt4 and select "show all history". Then generate a statement. Save this html statement as additional evidence. Take a long screenshot also if possible.


Edit: also activate call recording on your mobile phone so that all calls are auto-recorded. I'll explain why in PM.
---------------------

The real reason why this happens has to do with the unfortunate truth that most forex brokerages are actually bucketshops that masquerade as legit brokerage. In simple terms, the bucketshop broker is a glorified casino and anticipated you and most other depositors would lose, similar to a casino. This means that they were internalizing your trade (trading against you). So withdrawing then became an issue because you (statistically) were not supposed to be profitable. And they thought they would just end up keeping your deposit

But you do appear to have legitimately "won", and they don't want to "pay out". So they start playing games like this instead of honoring their fiduciary responsibility. In this case, you kept decent records, so I think you have a good case here (or with AFCA if it comes with that).

That kind of money should be in Prime of Prime or tier 3 broker who has a provable, STP relationship with PoP. PM me for more details on this.

All the account statements are saved

 

[kashifnovartis]

I think I should share my statements just to show how hard I worked for earning these profits and this is all manual trading , hours and hours of stress and hard work and these guys are treating me like this. Imagine how frustrated I am to see my hard earned profits going away from me. Trying to upload file but its too big. So unfortunately cant share it

 

[compu-forex]

kashif,

I understand the frustration of waiting for funds but you can rest assured they are not trying to steal your funds. There are a lot of bad brokesr out there and Pepperstone for all their faults is one of the better ones. I have traded with them for a few years now and never had any problems.

I think your unique circumstances has thrown a curved ball at them. Shifting money from Pakistan to Canada through a FX broker is going to raise eyebrows, no matter how innocent. Furthermore, withdrawal to a bank account in your name is not as simple as has been suggested. Often there is a requirement for the bank to be in your country of residence. It would appear that you have given them Pakistan as your country of residence. Their system, most probably, cannot deal with dual residents......it's one or the other. With you trying to change residence halfway through a withdrawal, I am not surprised you have run into problems.

Have you tried cancelling the withdrawal and simply making a new withdrawal request for your profits to the original cards you funded with?

 

[kashifnovartis]

kashif,

I understand the frustration of waiting for funds but you can rest assured they are not trying to steal your funds. There are a lot of bad brokesr out there and Pepperstone for all their faults is one of the better ones. I have traded with them for a few years now and never had any problems.

I think your unique circumstances has thrown a curved ball at them. Shifting money from Pakistan to Canada through a FX broker is going to raise eyebrows, no matter how innocent. Furthermore, withdrawal to a bank account in your name is not as simple as has been suggested. Often there is a requirement for the bank to be in your country of residence. It would appear that you have given them Pakistan as your country of residence. Their system, most probably, cannot deal with dual residents......it's one or the other. With you trying to change residence halfway through a withdrawal, I am not surprised you have run into problems.

Have you tried cancelling the withdrawal and simply making a new withdrawal request for your profits to the original cards you funded with?

I did not change my resident half way through the withdrawal . I even asked them before initiating the withdrawal that can I do withdrawal in Canada they said yes you can you just need to proof your residence and sign an affidavit that you don't live in Canada and that's exactly they asked me in their first email and I responded them right away with both documents because I am living in Pakistan. And more over I have no credit cards available which have funds left to be withdrawn and they only withdraw on credit cards which have balance left. If your trading with them and withdrawn more then what you deposited via credit card let me know. And probably you are not aware of their recent policy change of credit/debit cards withdrawal that they are no longer withdrawing on credit/debit cards check it out in secure portal and click withdraw button then you will find it out. They didn't even bother to inform their clients via email or MT4/5 messages about this change and when I asked to chat support guy he just had lame excuse that it happened so quickly that we caught off guard and couldn't informed our clients but if you click the link as I told you above it will take you the support message page which was posted on 13th Feb 2019 saying that they no longer able to withdraw on credit/debit card from 18th Feb. 2019 So didn't they have 5 days to inform their clients in advance but they didn't. So tell me how you can trust these guys.

 

[kashifnovartis]

kashif,

I understand the frustration of waiting for funds but you can rest assured they are not trying to steal your funds. There are a lot of bad brokesr out there and Pepperstone for all their faults is one of the better ones. I have traded with them for a few years now and never had any problems.

I think your unique circumstances has thrown a curved ball at them. Shifting money from Pakistan to Canada through a FX broker is going to raise eyebrows, no matter how innocent. Furthermore, withdrawal to a bank account in your name is not as simple as has been suggested. Often there is a requirement for the bank to be in your country of residence. It would appear that you have given them Pakistan as your country of residence. Their system, most probably, cannot deal with dual residents......it's one or the other. With you trying to change residence halfway through a withdrawal, I am not surprised you have run into problems.

Have you tried cancelling the withdrawal and simply making a new withdrawal request for your profits to the original cards you funded with?

And more over its not shifting funds from pakistan to Canada I used Canadian credit cards to deposit funds and I withdrawn all deposited funds on the same cards. Now I have only profits left in my account so how is it shifting funds from Pakistan to Canada I don't understand. All those funds I am withdrawing are made in pepperstone account now its my will where I wanna take them either to Pakistan or Canada they shouldn't have any problem. Even if they are making case of money laundering it cant be the case because I have already told them that I have tax residency in both countries and provided my tax Id's when I opened the account first time. So I am not hiding my income from either of the countries because if I bring my income to Canada I will pay taxes to Canadian Govt. and if I bring it in Pakistan I will pay taxes in Pakistan. Its my choice where I wanna pay my taxes and I am an active filer in both countries they can even check it with my tax Id's. And your last question of cancelling my withdrawal , no I haven't tried it as of yet but I have no problem if they tell me the legitimate reason for not sending my funds to Canada.