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Withdrawal problem InvesttechFX

Discussion in 'Scam Alerts' started by stelen, Dec 3, 2009.

  1. stelen

    stelen Private

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    Problem getting money from Forex broker.

    Hello all,

    I would like a help/advise regarding my problem with a forex broker.
    Here is my situation in brief.

    In june 2009 I have opened a real mini account with 300 USD, since i'm new i was doing mainly mini, micro trading.
    About 3 weeks ago I wanted a withdrawal of 500 usd to my paypal ( there was about 2200 usd in my account). It tok them about a week to tell me that I have broken the rules and not sending me the money. (supposed to have traded standard trades not mini) But i know it was only maybe the most 5 trades in 4 months with a small profit about 50 USD total ( also with a loss about 200 USD).
    This week monday I have emailed them that I want to close my account and withdraw all of about 1900 USD. They wrote me back that only they can offer me 500 USD and close the account right away. ( the reason same, trading standard on mini account) I have wrote back that I'm not accepting the offer and wanted them to send me all the '' illegal'' trades I have made in numbers.
    I have never got that from them, just the same offer.
    My question is: do they have the right to do that? or this is legal?

    Any suggestion or help welcomed.

    I have saved all the emailes from them, also have a photo of the trading screen with my name acct.#, brokers name, and amount in the account.

    P.S. Broker is based out of Toronto Canada

    Thank you,

    Lenka
     
  2. fredpipster

    fredpipster Private

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    Looks like this broker is trying to scam you over... Try reading terms and conditions if there is anything mentioned about this situation... Usualy they don't have good arguments to support their decisions about closing accounts or individual trades... that's why they don't reply. Basicly if you make profits and a broker is scam they can do anything... I have serious withdrawal problems with AVAFX and hoping that FPA can provide some help like in your situation...
     
  3. Pharaoh

    Pharaoh Colonel

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    If there's a limit on trade size for a mini account, that should be built into the platform.

    I have an account that can trade nanolots (1 cent per pip for xxx/USD). I can trade 10 nanos to equal a microlot, or 100 to equal a minilot, or 1000 to equal a full lot. My broker doesn't care as long as I don't give myself a margin call.

    I think they are trying to steal your money. Leave them a review and name them in this thread.
     
  4. stelen

    stelen Private

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    on Dec. 1st 2009 I have sent them a email for closing my account and withdrawal of all the funds (close to 2000 USD). They sent me a email that
    they offer me 500 USD because I have unathorized trades in the past. (meaning
    trading standard lot on the mini account) I have about over 500 trades so far and only maybe 1-2 are standard trades. I have asked them to send me all the detailed unathorized trading details, but they stopped communicating with me.
    Anyone out there could advise me what to do about this, or they have a rights to hold my money?
    I have saved all the emailes and platform screen shoots from them, and if anyone wants to see it I can email it.

    L.
     
  5. PipStar

    PipStar Sergeant

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    They have no right to withhold your money at all.
    So, you traded standard lot on a mini account, I can't see what is the problem. Or is it a trap that they set to allow you to trade standard on a mini account so that they can use this as an excuse not to pay?
    You must request that they pay you your full account balance.
     
  6. stelen

    stelen Private

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    This the reason I wrote here, hopefully someone will explain to me what I did soo wrong?

    L.
     
  7. stelen

    stelen Private

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    Update on InvesttechFX

    Update.
    I have received all my funds and closed my account with InvesttechFX on the Jan. 15 th 2010.

    Thank you FPA and all of your comments.

    Lenka
     

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