RESOLVED | Gainsy.com

leancuisine

Recruit
Messages
3
I am just sick of Gainsy and their business practices.


I deposited $1,902 on April 21st by a Visa credit card, and I had my account verified with documents. After a few days, I made a small $65 profit and decided to fully withdraw my whole balance due to the awful trading conditions. There was slippages of above 5 pips in even relatively quiet markets, and also even during the Asian open. Looking at the tick chart, the price would stay stable and as soon as I close a trade, it jumps/falls 5 pips and returns back to normal. I will be including screenshots later.

One ridiculous practice I noticed is that you need to wait for the "financial department" to approve your request to transfer money from your trading account to your personal (Gainsy.com) account, and so my withdrawal journey began on April 24, 2015.

After nine days and endless "Refund request: Rejected. Reason: not enough funds on the trading account." messages, I finally got the $1,965 on my personal account. I then requested a bank wire withdrawal on May 7, as for some reason Gainsy does not allow credit card withdrawals at all, even though that was my method of deposit. I withdrew to a joint-bank account of mine, with a different bank account holder name as I thought it would be okay. Six days go by and "Withdrawal of funds: Returned. Reason: wrong bank wire details." pops-up on May 13. My mistake, it had to be fully matching, not just the last name.

The next day, May 14, I created a new withdraw request. This is when the horror began. After a week, I asked live chat for the status of my wire transfer, and they just said: "Unfortunately, chat support has no access to such kind of information. Please, create a ticket with request to financial department."

I created a ticket and received a reply 4 days later...

Your request has been processed. All bank wire transactions can take from 3 to 7 business days. If you not received funds within one bank week please contact us again.
Thank you for your request!

Note that it says your request has been processed. 10 days later and no money has arrived yet, so I was getting pretty anxious. I contacted live chat, and created a new ticket. The next day:

Thank you for contacting us! Your account had an additional check of documents by the Security Department under the Customer Agreement for the reason, that for the last time you pointed the third party to withdraw funds. Currently, the verification is completed, do not worry. Withdrawal was produced by the Financial Department and funds have to come to you approximately next week. On average, bank transfer can take from 3 up to 7 business days (excluding weekends).

I thought the wire was already processed and sent? Also note this: "funds have to come to you approximately next week." A week and a half then goes by to June 9. I created a new ticket, and:

Thank you for waiting of request processing. This is the recent information about your withdrawal request:

Your Bank Wire transaction was rejected by your bank because you have not provided the full information in the details of payment. Instead of providing of 12-digits of your Bank account you have provided "XXXXXXX". All the funds that were sent back by your bank are on the balance of your personal account.

We recommend you to print the form of details for Bank Wire transfer and to contact your Bank's representatives to get help in correct filling the withdrawal form. Then you will be able to create a withdrawal request once again.

Thank you for your understanding and collaboration.

Best Regards,
GAINSY Inc Company

Well...... I was speechless. Did it really take a month (25 days) for that all to happen, and I'm also out $45 in bank wire fees? Why didn't the "financial department" check that the account number had to be 12-digits, like they did with the name last time? It should be noted that the wire transfer request was reviewed by both the Financial Department and the Security Department. I have also received other bank wires just fine with my real (7 digit) bank account number, not adding 5 more digits to it.

This is the reply I got from live chat:

"You can create a ticket to our financial department to clarify your situation."

I fear of creating a new bank wire withdrawal request so I asked if it would please be possible to withdraw by credit card. Of course they told me again to create a ticket. After all this time, I wonder if a credit card chargeback would have been much easier. I can forgive that $65 profit, I just want my original deposit back.

So after this lengthy ordeal, from April 24 to June 9, I am also out $45 in fees and my money is still stuck at Gainsy.
 

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Master Yoda

Captain
Messages
2,929
It seems to me that they are trying to stall you.

Go ahead and invite them to join this thread so they will explain this delay.
 

WilsonW

Corporal
Messages
92
My only gripe with Gainsy is the steep 6.5% withdrawal through neteller. Remember whatever source you fund it with will be returned to that source.
 

Pharaoh

Colonel
Messages
19,924
Since you used a credit card, you've got one extra option. You can call your credit card's issuing bank, ask to speak to the fraud department. Explain that the services offered by a broker include deposit, trading, and withdrawals. Ask of this failure of service can be used to do a chargeback.
 

leancuisine

Recruit
Messages
3
I have already invited Gainsy to this thread. I will also chargeback as a last resort only, but it remains an option.
 

Pharaoh

Colonel
Messages
19,924
Check with your bank on the deadlines for chargebacks. They seem to vary from country to country.
 

GAINSY's representative

Gainsy.com Representative
Messages
6
Hello!

Thank you for inviting us in this thread!

leancuisine, we have already sent you feedback to your email. I will also post the text here:

we have tried to contact you over the phone several times, but there was no answer and we also sent you emails. As mentioned before, you have applied for withdrawal 2 times using wrong credentials, the first time you inserted the wrong recipient, the second time you inserted the wrong account number. The payment was returned to us with a comment from your bank, that your account number should contain 12 digits. Your latest withdrawal request has already been successfully processed. If you have made everything right, then there should not appear any issues. Please confirm once you get your funds.

We do not have any problems with withdrawals in case the customer indicates the right credentials, in any case we are sorry for the delay that occurred and hope that you can understand that.


So we are waiting for your confirmation and thank you for collaboration!
 

leancuisine

Recruit
Messages
3
leancuisine, would you approve that you got the money into your bank?

Yes, I have finally gotten my money into my bank account and that's what matters at the end of the day. ;)

Also a surprisingly good/professional response too on Gainsy's part after this thread was posted. Thanks everyone for your help and I would consider this problem closed.
 

Pharaoh

Colonel
Messages
19,924
I'm glad to see someone managed to get their money back. Prior people who complained all got ignored by Gainsy.
 
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