SmartTradeFX Refuses Withdrawals

pipbull

Recruit
Messages
8
SmartTradeFX (CATRIEL) has refused my withdrawal on the premise that I was "pinging trading". After 2 weeks and constant repeated submissions for withdrawals I have received no response. Their chat suggested contacting CEO by sending to info@smarttradefx.com Attention CEO. After almost a week...no response. Other members of our trading group have the same problem. I have raised a case with FPA.
 

pipbull

Recruit
Messages
8
Update 3Nov14

SmartTradeFX (CATRIEL) has refused my withdrawal on the premise that I was "pinging trading". After 2 weeks and constant repeated submissions for withdrawals I have received no response. Their chat suggested contacting CEO by sending to info@smarttradefx.com Attention CEO. After almost a week...no response. Other members of our trading group have the same problem. I have raised a case with FPA.

Finally phoned Catriel after sending a message asking for the return of the original deposit which he previous said he would consider. Never heard back by email after almost 2 weeks. When I phoned him, he agreed to return my deposit by PayPal for all three accounts. He sent an email asking for a reply stating if our deposit was returned, that I would not back charge them through my credit card. I agreed, and the deposit funds were returned, even on an account that had lost money. On the other two accounts, he is still holding the profits.

Once I received the funds, I called him again, and once more asked why I was trading against their policy. He said he did not know, but if I sent him an email explaining how the straddle EA worked, he would have someone at higher management review it and advise how I need to change and whether/when I could get my profits back if I were to abide to their policy, whatever it was. Now again 2 weeks and no response to my 'how we trade' or 'how the EA works' email, nor a response to an update request of late last week. I plan to call again this week. A friend has a small open position on an account with them, which he cannot close. So they are still playing games. I am releived to at least get my initial deposits back.
 

pipbull

Recruit
Messages
8
No response from emails, so called Catriel about returning my original deposits as he had indicated previously. He agreed to return my deposits provided I sent written confirmation that I would not initiate a charge-back on my credit card. I agreed and received my original deposits back via PayPal on the three accounts I had open. I then sent an email asking what I had been doing wrong and what I needed to do to correct my trading so I could continue trading and perhaps eventually get my profits back as well. I received no response after over a week, so I phoned again. He stated he did not know what I was doing wrong, but asked for an explanation of the strategy so he could pass it on to his superiors for a response. I did that two weeks ago and no response. I sent an email last week...no response. I will call Catriel this week.
 

Pharaoh

Colonel
Messages
20,111
I love brokers that make vague accusations and won't even clearly define why a client isn't entitled to profits earned during trading.
 

FxMaster

Lt. Colonel
Messages
10,542
Go to live support and discuss your problem with them lets see what they can reply to you.
 

ilearn2t

Sergeant Major
Messages
711
Hello pipbull

Looks like these private email attempts are getting nowhere slow, ask them if they would prefer to discuss your issues in public (this thread) in the hope of finding a resolution to your problems.

If you decide this option of choice remember to add this threads link in all emails and or faxes, adding your "trading account" number in this thread, could speed up things if they decide to investigate and resolve without joining this thread.

Good luck
Liz
 

veri5

Corporal
Messages
114
this is not normal broker behavior, I think these people should be reported to authorities in location where they reside
 

chuck12345

Recruit
Messages
3
I reported Smart Trade Forex to the Ontario Securities Commission and to my state Securities Commission in the US and nobody did anything. You have been forewarned! Stay away from Smart Trade Forex scam artists!
 
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