RESOLVED - Cannot withdraw funds from FXCM to the bank account of my choice!

[Herringtrader]

Hello,


I use 2 bank accounts for sending funds to brokers. I have one EUR and one USD based bank account. I funded my FXCM Active Trader account from my EUR based bank account. My FXCM Active Trader account is USD based so the EUR was converted into USD. I wanted to trade here by using an API but because of the low summer liquidity I cannot make profits with it so I decided to withdraw most of my funds temporarily. I was planning to send the funds back in late September when liquidity comes back. I needed USD so in my withdrawal request I asked them to send the funds to my USD based bank account. FXCM wrote me a letter in which they told me that since I did not trade the account heavily enough (as a punnishment…I suppose) I can withdraw the funds only to the bank account I was originally using when I deposited the funds. If I use that bank account then the funds would be converted back to EUR and I do not want that, I need USD now. With the unnecessary conversion I would loose a lot of money. I have been trading FOREX since 2005 and I have never experienced such inflexibility from a broker! And I had a lot of broker accounts!

Has anyone had similar experiences at any broker in the past? Can a broker legally force me to do this? Can anyone suggest a solution?


Thanks,

Herringtrader

 

[Forexwatchman]

Unfortunately I can't offer you any help with regards to your issue, but I do think you are not in the wrong to feel very disappointed with FXCM's inability to work with you on this simple matter. I will also tell you that I think FXCM is by far the most inconvenient broker when it comes to withdrawing funds that I've EVER come across myself (scam brokers not included, obviously).

I was thinking of going with them way back when, but the minute I discovered the ridiculous withdrawal process of that firm, I changed my mind. Apparently they think that the excuse of "offering lower spreads and minimal administrative fees" to justify only sending back your funds BY CHECK VIA THE US POSTAL SERVICE is enough reason for me to except the added inconvenience! And I should allow up to 15 DAYS to receive the check. Wow! Somehow FXDD figured out a way to get my funds to me within 5 to 7 business days, and its deposited DIRECTLY into my bank account so no need for me to have to make the trip to the bank to actually deposit the funds from a paper check.

I would leave a review here at FPA describing your experiences and take your business elsewhere. Don't sweat the small stuff. Hope you have better luck in the future.

 

[D-Trader]

I am sure that they will refund only the account from where you fund. Mostly broker wrote in there agreement that they will refund only in the account that you gave them or from where you fund.

D-Trader

 

[Herringtrader]

Well … I thought that first I try to be nice and if that didn’t work I would threaten them with filing a complaint at the FSA. And sometimes being nice works! I just explained them the situation ….wrote them about the same as here at FPA in my initial post and promised them to start trading the account immediately. They let me withdraw to the bank of my choice.

 

[5of7]

Did they really say, "they told me that since I did not trade the account heavily enough". That's kinda funny.

I was going to defend them (as much as I don't really like them that much) in terms of AML Policy, but that's funny.

-Giggling Trader 5of7 Of TheCollectiveFX-

 

[Strategyrunner]

Unfortunately I can't offer you any help with regards to your issue, but I do think you are not in the wrong to feel very disappointed with FXCM's inability to work with you on this simple matter. I will also tell you that I think FXCM is by far the most inconvenient broker when it comes to withdrawing funds that I've EVER come across myself (scam brokers not included, obviously).

I was thinking of going with them way back when, but the minute I discovered the ridiculous withdrawal process of that firm, I changed my mind. Apparently they think that the excuse of "offering lower spreads and minimal administrative fees" to justify only sending back your funds BY CHECK VIA THE US POSTAL SERVICE is enough reason for me to except the added inconvenience! And I should allow up to 15 DAYS to receive the check. Wow! Somehow FXDD figured out a way to get my funds to me within 5 to 7 business days, and its deposited DIRECTLY into my bank account so no need for me to have to make the trip to the bank to actually deposit the funds from a paper check.

I would leave a review here at FPA describing your experiences and take your business elsewhere. Don't sweat the small stuff. Hope you have better luck in the future.

Personally I have dealt with IG Markets for a number of years. It has never taken them more than two days to have the funds in my account. I have seen the funds arrive the same day on occasions. Stick with the top rate brokers. IG, Dukascopy PFGBEST. I am sure there are more but those are the Brokers I have never had a issue of any kind with.

Alex Findlay