Resolved - Pepperstone Stealing Profits Of Traders

[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?

Here is the link https://www.investopedia.com/terms/a/aml.asp where I found info on AML which was mentioned by a support agent in his email for giving the reason of delay. I was not even aware of the term and googled it and I don't see anything in there which I am trying to do or which can make them of think that I am doing this. But as I said I have no problem in following legal procedures all I am saying communicate with me properly and give a definitive date of my withdrawal get processed why are they not letting me know what is going on and when it will be done and if they cant send it to Canada give me legit reason for it I will cancel it and withdraw it in Pakistan.The only reason i am withdrawing my funds to Canada is ease of paying my Canadian credit cards and save myself from double conversion of currencies once CAD to PKR and then again PKR to CAD and you know how much it cost and bank wire fees. I hope you got my point

 

[compu-forex]

Kashif,

I am on your side. I am not Pepperstone support. The point of my post was 2 fold. First to try and put your mind at ease that they are not trying to rip you off. I have no idea of your experience in FX but I have been ripped off a couple of times and that is why I am very wary......if you think Pepperstone is bad, then I would suggest you still have some schooling ahead of you.

The second reason for my post was to try and highlight where you are coming unstuck. I won't pretend to understand all the ins and outs of your case but there are a couple of red flags Pakistan is an area that is on the watchlist as far as money laundering goes and they will not touch US or Canadian citizens and here you are insisting you live in Canada. I am trying to point out it is no wonder they are having issues with your case.

Bear in mind that chat support is a first line answer service....it's probably a pimply faced teen working his first job. He has very little idea of what is going on, so you cannot take what chat says as any form of fact. It doesn't mean they are lying but simply not really up to speed.

I cannot comment on the credit card funding issues as I never use them. They are an expensive and inefficient way of funding an account. I use Neteller and it works a treat.

Forgive me for thinking the money flow was from Pakistan to Canada but in your first post you said you registered with them as resident in Pakistan, so I automatically assumed that is where you funded the account from.

 

[4evermaat]

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

You can upload to dropbox, google drive, etc and link to it here. (make sure link sharing is on and it is set to public)

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.

Can you provide a screenshot of this support message that they posted? If they updated any other part of their website, you can link or post screenshot of this also?

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?

Actually, it is exactly that simple. At worst, the original deposit amount may have had to be returned (refunded) to the original credit card. But profits can be paid with any other method the broker has available, usually via wire transfer.

His circumstances are not unique. As long as the name of the trading account matches the account name on the bank account (or other funding/withdrawal source), the request should be processed seamlessly. If he was with a proper brokerage, this would not have been an issue.

You can be a resident of Country A, make a deposit from a bank account or payment provider in Country B, and withdrawal to a payment provider in Country C. If the account names match, and the method is identical, it should not be a problem. As long as a particular residency/country is not banned by the broker or the broker's bank. And something like that is clearly told to clients before they even open an account. The biggest and most important AML rule is to ensure that the name of deposit/withdraw account matches the name of the account holder.

 

[kashifnovartis]

Check this out https://www.facebook.com/pg/Pepperstonefx/reviews/?ref=page_internal on their face book page their is a guy waiting for his withdrawal since Oct 2018 and he posted this on 19th Dec 2018. and I don't know if he has got his money up till now. I added my case their too . I don't remember where but one post went through in front of my eyes that guy was waiting for his withdrawal as well and pepperstone representative replied that due to liquidity conditions they are not able to give his funds that means they don't put clients money in segregated accounts or may be just the deposits of clients are in segregated accounts but not the profits and they use clients money for their own purposes

 

[kashifnovartis]

You can upload to dropbox, google drive, etc and link to it here. (make sure link sharing is on and it is set to public)



Can you provide a screenshot of this support message that they posted? If they updated any other part of their website, you can link or post screenshot of this also?



Actually, it is exactly that simple. At worst, the original deposit amount may have had to be returned (refunded) to the original credit card. But profits can be paid with any other method the broker has available, usually via wire transfer.

His circumstances are not unique. As long as the name of the trading account matches the account name on the bank account (or other funding/withdrawal source), the request should be processed seamlessly. If he was with a proper brokerage, this would not have been an issue.

You can be a resident of Country A, make a deposit from a bank account or payment provider in Country B, and withdrawal to a payment provider in Country C. If the account names match, and the method is identical, it should not be a problem. As long as a particular residency/country is not banned by the broker or the broker's bank. And something like that is clearly told to clients before they even open an account. The biggest and most important AML rule is to ensure that the name of deposit/withdraw account matches the name of the account holder.

Here is the link https://pepperstone.com/en/support/deposits-and-withdrawals/changes-to-credit-card-withdrawals but they have removed the actual posting date there was a link in secure client portal area but i just checked they have removed it from their too.

 

[kashifnovartis]

I think I got the dates wrong it was posted on 18th Feb 2019 but was already implemented from 15th Feb 2019 my bad

 

[Saloo]

After reading it all it looks like Pepperstone will end up as another scam in the forex world. I would request to inform all the depositor and user of Pepperstone to be cautious to deposit their money until they resolve this issue and provide a proper explanation.

 

[kashifnovartis]

Kashif,

I am on your side. I am not Pepperstone support. The point of my post was 2 fold. First to try and put your mind at ease that they are not trying to rip you off. I have no idea of your experience in FX but I have been ripped off a couple of times and that is why I am very wary......if you think Pepperstone is bad, then I would suggest you still have some schooling ahead of you.

The second reason for my post was to try and highlight where you are coming unstuck. I won't pretend to understand all the ins and outs of your case but there are a couple of red flags Pakistan is an area that is on the watchlist as far as money laundering goes and they will not touch US or Canadian citizens and here you are insisting you live in Canada. I am trying to point out it is no wonder they are having issues with your case.

Bear in mind that chat support is a first line answer service....it's probably a pimply faced teen working his first job. He has very little idea of what is going on, so you cannot take what chat says as any form of fact. It doesn't mean they are lying but simply not really up to speed.

I cannot comment on the credit card funding issues as I never use them. They are an expensive and inefficient way of funding an account. I use Neteller and it works a treat.

Forgive me for thinking the money flow was from Pakistan to Canada but in your first post you said you registered with them as resident in Pakistan, so I automatically assumed that is where you funded the account from.

Thanks and I really appreciate your help and your concern about my problem . I was not thinking that you are on pepperstone side I was just trying to elaborate my case so we can be on the same page. One thing I would like to correct here is that I am not insisting that I live in Canada rather I am insisting on that I am living in Pakistan but I need my funds in Canada and I think it is legitimate for me as a dual citizen of both countries to keep my funds in either of the country. The affidavit they asked me to sign was about that too,that affidavit was about declaring that I do not live in Canada Permanently.And I am for sure living in Pakistan( who wants to live in -45 degrees temperature LOL) . Thanks again for participating in this thread and please do keep helping our fellow traders.

 

[kashifnovartis]

Good News!!!!!! Just got a call from pepperstone they said they will be sending my funds today . So lets see. I have asked him to email me all the transaction details like SWIFT copy etc. and I will update you guys when and if I will receive my funds in my bank account. Thanks to all traders and forexpeacearmy who helped me in resolving this issue upto this stage . Again I will update you guys as soon as I receive my funds.
Just regarding the conversation with him I have told him about how unprofessional they were in dealing with this withdrawal. Their lack of communication with the clients and incompetence and dishonesty of their support agents and all other departments concerned in this issue and he recognized their fault. I hope in future they will improve if they really want to stay in the business.

 

[4evermaat]

Here is the link https://pepperstone.com/en/support/deposits-and-withdrawals/changes-to-credit-card-withdrawals but they have removed the actual posting date there was a link in secure client portal area but i just checked they have removed it from their too.

You must video record screen when you need to capture several pieces of evidence.

You see now why links alone are insuccifient to gather evidence. Yes, link to material, but keep a screenshot or screen recording as a backup.

I do believe that they definetely were reading this thread. Hence the sudden changes to their website (directly related to this case) shortly after it was updated.

Good News!!!!!! Just got a call from pepperstone they said they will be sending my funds today . So lets see. I have asked him to email me all the transaction details like SWIFT copy etc. and I will update you guys when and if I will receive my funds in my bank account. Thanks to all traders and forexpeacearmy who helped me in resolving this issue upto this stage . Again I will update you guys as soon as I receive my funds.
Just regarding the conversation with him I have told him about how unprofessional they were in dealing with this withdrawal. Their lack of communication with the clients and incompetence and dishonesty of their support agents and all other departments concerned in this issue and he recognized their fault. I hope in future they will improve if they really want to stay in the business.

Ha ha ha. A phone call? Remember I said to install auto-record software (or use the phone's stock call recorder)? Why not just send notification in writing to your email? What could only be discussed over the phone?

It's not over until you get paid in full. And when you do, please upload screenshot of payment from your online/mobile banking.

Once that happens, you can certainly (volunteringly) give some of us here a donation to our PayPal acct (or bank accts) as an additional thank you