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Resolved - WARNING: Pepperstone delaying withdrawals (IT issue, they say...)

Discussion in 'Resolved Issues' started by quark34, Nov 21, 2018.

  1. quark34

    quark34 Recruit

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    Dear community,

    After a few bad moves from Pepperstone last year (e.g. closing accounts to EU customers with just 2 months advice and without waiting for client's acknowledge, instead of porting accounts to the UK subsidiary), and other stuff, I got so frustrated, struggling for 1 year now, that I decided to withdraw my last tiny 15 EUR balance. I wanted to withdraw to the same source of deposit, i.e., my bank account in Spain. Now, the commission would be 15 EUR, so it didn't make sense. So 3 I found out they allow me to transfer to Neteller account (for 1 EUR commission, anyhow... embarrassing...). This is usually against AML, but that's not now my damn problem. So the 15 EUR are now gone from Pepperstone and my balance is 0,00 EUR. They confirmed that it's being processed. The Terms & Conditions for this withdrawal method says 1-2 days.

    Few hours before expiration of the 48 hours limit I contacted them by chat warning that I wouldn't accept a delay on that (I was suspicious that this would happen). Nobody mention any issue. They said it's being done.

    Now, the deadline is surpassed and still no money in my Neteller account. They say they have a software issue in their infrastructure.

    Now, here are my points:

    - It's totally unacceptable that a broker needs to perform a human-made process for this amounts (15 EUR!!!, for God sake!). This is a first prove that Pepperstone is VERY interested in delaying the effective withdraw of funds systematlically.

    - They said this is an issue that all clients are experiencing, but when I Google for "Pepperstone Withdrawal Issues" and select "Last 24 hours" there is absolutely no links showing up in Google.

    It's not the first time that Pepperstone Australia is misbehaving, and I do seriously recommend, as a former MT4 Server developer working for other brokers, to be EXTREMELY CAUTIOUS if you are considering Pepperstone to open an account without doing some serious research before or requesting information from Australian Financial Authorities (ASIC and/or AFSA). Also, Pepperstone has a subsidiary in UK so they can get EU clients (that's why, they said, they had to close my account in Pepperstone Australia). By that time, last year, I started trading with them with a first deposit of 45,000 EUR. I made it to more than 70,000 EUR in a few months, every single day in the positive/profit side. They closed my account just when it was 41,000 EUR, first time entering negative/lose side. Accidentally, my positions would have been back to profit one month later, but this is just accidental, I know... the account was unattended and I got shocked one I open it few weeks after being closed and discovering everything was closed and with a 4,000 EUR loss. Again, I am a Senior SW Developer with 8 years experience in MT4 Server side: Why didn't they just transfer/map the MT4 Australian accounts to the MT4 UK Accounts without closing the positions, just performing a simple "roll-over" approach from one server to another and adjusting their financial sheets between AUS/UK companies? Answer yourself...

    Now, I am not writing this because I want to revenge or I feel I have to express anger or whatsoever, really. I just thing I have to spread the word and help users to avoid mishabers in the investment industry. Again, I have work for brokers and I know how and why they do things. Even I make mistakes, as you can see here, and even me finds it difficult to find a good broker to trade with when I'm acting as an individual, and the broker is just a black-box.

    What follows is the transcription of my online chat with Pepperstone support. I have just hidden my name and account number:
    --------------------------------------
    Support (21/11/2018 6:02:25): Hi XXXXX, how can I help you today?
    XXXXX (21/11/2018 6:03:24): This is the 3rd time I open a request via chat. This is my last one before requesting financial authority intervention online. Read carefully and take immediate action, please:
    XXXXX (21/11/2018 6:03:30): My account number is XXXXXX
    XXXXX (21/11/2018 6:03:51): After many issues with Pepperstone I decided to withdraw my last funds, just 15 EUR.
    XXXXX (21/11/2018 6:04:14): I finally found I can make it through Neteller, due to your abusive commissions to withdraw.
    XXXXX (21/11/2018 6:04:25): As per the terms and conditions, it takes 48 hours.
    XXXXX (21/11/2018 6:04:38): We have already exceeded 48h
    Support (21/11/2018 6:04:50): We are currently experiencing unforeseen IT issues regarding withdrawals that is causing our finance team troubles and means a lot of the withdrawals are taking longer than usual. They are endeavouring to have a resolution for these issues by the end of the business day. I apologise for the inconvenience and hope this can be solved for you as soon as possible
    XXXXX (21/11/2018 6:05:00): My money, 15 EUR - 1 EUR COMMISSION is not in my account
    XXXXX (21/11/2018 6:05:26): Sir, I, sincerely, DO NOT GIVE A DAMN **** WHAT YOUR PROBLEMS ARE WITH YOUR IT INFRASTRUCTURE.
    XXXXX (21/11/2018 6:06:02): I want the money in my Neteller account in 1 hour. I am contacting Australian Financial Authority to open an investigation why Pepperstone is delaying withdraws on purpose.
    XXXXX (21/11/2018 6:06:07): Even 15 damn, EUR!
    XXXXX (21/11/2018 6:06:10): EMBARRASSING!
    Support (21/11/2018 6:06:14): Unfortunately we cant return funds if the withdrawal system is having issues
    XXXXX (21/11/2018 6:06:16): I mean it
    Support (21/11/2018 6:06:30): No we are not delaying any withdrawals on purpose
    XXXXX (21/11/2018 6:06:32): Unfortunately, I will escalate this to authorities
    Support (21/11/2018 6:06:36): All clients have been effected by this issue
    XXXXX (21/11/2018 6:06:38): Bye for noe
    Support (21/11/2018 6:06:44): No problem sir, I apologise for the issue
    Support (21/11/2018 6:06:48): But you do as you must
    XXXXX (21/11/2018 6:06:54): Sure
    Support (21/11/2018 6:06:57): Have a nice day
    XXXXX (21/11/2018 6:07:06): Allow me first to save again this chat
    XXXXX (21/11/2018 6:07:07): bye
    XXXXX (21/11/2018 6:07:12): It's not personal, sorry.
    XXXXX (21/11/2018 6:07:16): Pepperstone is the worst
    XXXXX (21/11/2018 6:07:19): bye

    --------------------------------------

    When a broker starts delaying withdraws with ANY excuse, it's always a financial issue 99% of the times. In my humble opinion, something bad is behind the hoods. I wouldn't put my money there until clarifications. And I would surely withdraw any amount in Pepperstone.

    Hope this helps guys.

    Regards
     
    #1 quark34, Nov 21, 2018
    Last edited: Nov 21, 2018
  2. quark34

    quark34 Recruit

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    UPDATE: Still full silence from Pepperstone. This is seriously worrying. No money, no explanation. No nothing. Community, DO NOT DEPOSIT on Pepperstone until we all know what's happening here.
     
  3. quark34

    quark34 Recruit

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    Addint transcription from last chat with Pepperstone Support. They are really, really, REALLY f*** up and will have serious issues for a long period of time. Please, admins, consider this an important notice to prevent people losing their money. Pepperstone is not able and won't be able to process money's withdraws for a long time. Their next move, as you can read, is trying to reach to the weekend to gain more time, but I do insist this is a more serious problem related with their lack of cash-flow. Yes, LACK OF CASH-FLOW. They are not able to reimburse merely 15 Euros. COMMUNITY: DO NOT DEPOSIT ANY MORE MONEY IN PEPPERSTONE. I HAVE ALREADY OPENED AN FCA Complain Form and they will investigate:

    FCA reply message:
    -------------------------
    Thank you your query has been received.
    FCA No Reply <noreply@fca.org.uk>
    Wed 11/21/2018, 2:53 PM
    To:
    [HIDDEN]

    Case Ref #:205634560

    Dear [HIDDEN],

    Thank you for your query.

    We will respond to you within 2 working days.

    This mailbox is not monitored. If you wish to reply, please click on the following link:

    [HIDDEN]

    If this link doesn't work, please send an email to consumer.queries@fca.org.uk with the following text in the body:

    ref:[HIDDEN]:ref


    Kind Regards,

    FCA Consumer Contact Centre
    --------------------


    And transcription from last char with Pepperstone Support:
    ---------------------
    Support (22/11/2018 1:04:18): Hi [HIDDEN], how can I help you today?
    [HIDDEN] (22/11/2018 1:05:02): https://www.forexpeacearmy.com/comm...delaying-withdrawals-it-issue-they-say.58113/
    Support (22/11/2018 1:06:23): hello how are you today?
    [HIDDEN] (22/11/2018 1:06:55): Angry. Now you now: FCA complaing and letting know in Forex blogs. Up to you.
    [HIDDEN] (22/11/2018 1:07:14): When will I have MY MONEY?
    Support (22/11/2018 1:08:26): The withdrawals are being processed please allow 48 hours
    Support (22/11/2018 1:08:45): We apologize for the delay
    Support (22/11/2018 1:08:50): thanks for being patient
    [HIDDEN] (22/11/2018 1:09:32): No, No way. I'm not gonna wait another 48 hours. First you said yesterday night, then today morning. Now 48 hours.
    [HIDDEN] (22/11/2018 1:09:50): I'm saving transcripts of all these chats to add as anex to FCA and ASIC complain.
    [HIDDEN] (22/11/2018 1:09:59): You, are, R I D I C U L
    [HIDDEN] (22/11/2018 1:10:01): OUS
    [HIDDEN] (22/11/2018 1:10:24): You don't have 15 bloddy EUR? ALARMS ON! FOR SURE! And people will now, believe me.
    Support (22/11/2018 1:10:47): Unfortunately we experienced a technical error with the launch of our new website which has caused the withdrawals to be delayed
    [HIDDEN] (22/11/2018 1:11:20): Stop pretending. Bye, this will have serious effects on Pepperstone. I swear,.
    [HIDDEN] (22/11/2018 1:11:54): Website? What the heck has that to do with the CRM and Backoffice? You are talking to a Senior Software Engineer!
    [HIDDEN] (22/11/2018 1:12:05): I'm gonna stop it here before I start insulting you.
    [HIDDEN] (22/11/2018 1:12:06): BYE!
    -------------------------
    (End Of Transcription)

    Thanks, community!
     
  4. quark34

    quark34 Recruit

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    FINAL UPDATE: They have just reimbursed after they noticed my actions with FCA and posting the situation here are true. This, again, proves that they are just delaying intentionally, and they just perform withdraws upon strong pressure from clients. Where is now the IT issues they mentioned?

    In any case, please guys, be extremely careful if you deposit money with Pepperstone. Confidence is totally dead for this broker. I am attaching screenshot to show that I already have my money back, after struggling with them very hard (see uploaded file)
     

    Attached Files:

  5. FxMaster

    FxMaster Lt. Colonel

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    Good to hear that your issue got resolved, I would advise you to choose the broker wisely :)
     
    The Reaper of F likes this.
  6. Pepperstone Support

    Pepperstone Support Pepperstone Representative

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    Dear Quark34,

    Unfortunately, there is not much we can say, short of showing our accounting or bank statements, to ease your rightful concerns about our cash-flow situation.

    Holding your withdrawal of 15 EUR, a small amount as you indicated, is certainly not something that would normally occur. As such, we completely understand your concerns with Pepperstone.

    All I can say is that if you log in to your Secure Client Area you should notice that it is completely different from how it was a few weeks ago. The issues that affected payments and withdrawals were as a result of launching this new client area. We do sincerely apologize for the inconvenience you, and many other clients, experienced last week.

    To provide a bit more context to the situation, due to technical limitations we were not able to test our payment systems in a live environment appropriately. When we launched our new interface we experienced a number of unexpected bugs as a result.

    Please note though that the goal of improving our client area and our back-end systems is so that we can provide you a more efficient and effective service. Along with an increase in user functionality, this will mean that there are less of these types of issues going forward. And in doing so we hope that we can earn back your trust in Pepperstone.
     
  7. The Reaper of F

    The Reaper of F Corporal

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    Plus, knowing how Pepperstone performed recently has made me pull the trigger to not trade with them any longer.
     

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