Traderxp - do no let you withdraw

SCH33

Private
Messages
17
I have been waiting over 4 months for a withdrawal of £5,000. I have tried numerous attempts to contact TraderXP directly: through my 'account manager' SHON (Sean) PARK; by calling customer services; by emailing customer services.

Sean Park insists he is not in control of withdrawals (but never tells me who is); customer services promise the withdrawal within a week but then cancel the pending request without explanation; a lady at customer services via email seemed to be helping me but is now ignoring my emails completely.

I've had to re-request my withdrawal 4 times now because they cancel it for no reason.

According to their own T&Cs there should be no reason why my withdrawal request has not been accepted.

I have records of dates along with all previous email conversations. I have screenshots of 'Live Chat' operators terminating the conversation once they realise I am asking to withdraw.

I have been hung up on twice in the last week when I have asked for the name of the operator I am speaking to.

Unfortunately I didn't do the research into Binary Options companies that I should have done - DO NOT MAKE MY MISTAKEView attachment Screenshot for FPA.docx
 

Master Yoda

Captain
Messages
2,929
If you have deposited through credit card you can still request a chargeback through your bank or card issuer... don't waste time
 

SCH33

Private
Messages
17
If you have deposited through credit card you can still request a chargeback through your bank or card issuer... don't waste time

Thanks for the reply. I did eventually manage to get my initial deposit back, but had to fight tooth and nail for it.

This is in regards to my profits. I have made trades worth over £175,000 now, and cannot access a single penny of profit.
 

Pharaoh

Colonel
Messages
19,964
Was yours an actual chargeback, or did TraderXP finally decide to "allow" you to have your initial deposit back?

It's a brilliant business model. Most people lose, so keep their money and try to get them to deposit more. If someone wins, stall them as long as possible and set aside enough money to cover the small number that go through the effort required for a successful transfer or chargeback of their initial deposit.

Since you are in the UK, go ahead and file a report with ActionFraud. Eventually, once enough complaints stack up, someone should look into the situation.

Another place to complain is econsumer.gov - Your site for cross-border complaints.
 

SCH33

Private
Messages
17
Was yours an actual chargeback, or did TraderXP finally decide to "allow" you to have your initial deposit back?

It's a brilliant business model. Most people lose, so keep their money and try to get them to deposit more. If someone wins, stall them as long as possible and set aside enough money to cover the small number that go through the effort required for a successful transfer or chargeback of their initial deposit.

Since you are in the UK, go ahead and file a report with ActionFraud. Eventually, once enough complaints stack up, someone should look into the situation.

Another place to complain is econsumer.gov - Your site for cross-border complaints.

In the end they gave me my initial deposit back without having to go through the bank for a chargeback, but this was not easy. I will look into the two sites you have mentioned. Thanks
 

Master Yoda

Captain
Messages
2,929
Thanks for the reply. I did eventually manage to get my initial deposit back, but had to fight tooth and nail for it.

This is in regards to my profits. I have made trades worth over £175,000 now, and cannot access a single penny of profit.

Have you filed a traders court case through FPA?

This will help us to mark them scam
 

Pharaoh

Colonel
Messages
19,964
AsstMod is flying somewhere for an FPA meeting, so cases may be a little slower getting processed for the next week or two.
 

bigdolly

2nd Lieutenant
Messages
1,027
TraderXp is a scam, there is a complaint at scam.com problem with withdrawal as well. Actually I would suggest any trader to make chargeback asap, if your withdrawal request was declined without a solid reason.
 

Pharaoh

Colonel
Messages
19,964
Chargebacks only can get you your deposits, never your profits. He already got the initial deposit back, so a chargeback is useless at this point.
 
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