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
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
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