XM Withdrawal Rejected

[Pharaoh]

All broker except the absolute worst scammers absolutely prohibit 3rd party deposits. In cases like this, a refund of the initial deposit is all one can expect.

Read the TOS before depositing. Verify all documentation and ownership of any accounts used to deposit before trading.

 

[fofexx]

All broker except the absolute worst scammers absolutely prohibit 3rd party deposits. In cases like this, a refund of the initial deposit is all one can expect.

Read the TOS before depositing. Verify all documentation and ownership of any accounts used to deposit before trading.

not exactly...
for example:
AVATRADE accept 3rd party deposits, however; in this case, they require additional documents for verification.
https://support.avatrade.com/hc/en-...debit-card-bank-account-or-e-wallet-accounts-

 

[Pharaoh]

Let me check that. Your link leads to another link which has this text:

"For third party deposits, please send documents for both parties as well as a front & back, colour copy of the credit card used, showing: full name, expiration date, first 4 and last 4 digits of the credit card number and a signed POA (Power of Attorney) Form."

So, evidently at least one licensed broker permits 3rd party deposits - If and only if IDs of both parties are submitted along with a Power of Attorney form authorizing the account holder to use the 3rd party's funding source.

This is the first time I've ever seen such a thing. On the other hand, it makes sense - If and ONLY if the 3rd party provides ID and signs a POA permitting it. The vast majority of 3rd party funding lacks that extra ID and POA, plus the bulk of licensed brokers have a blanket prohibition on 3rd party funding.

Any broker that would permit 3rd party funding without a POA is likely to be a deposit-only bucketshop. After all, if a broker plans to steal the money, they don't care whether the person depositing was using someone else's account or not.

 

[4evermaat]

Let me check that. Your link leads to another link which has this text:

"For third party deposits, please send documents for both parties as well as a front & back, colour copy of the credit card used, showing: full name, expiration date, first 4 and last 4 digits of the credit card number and a signed POA (Power of Attorney) Form."

So, evidently at least one licensed broker permits 3rd party deposits - If and only if IDs of both parties are submitted along with a Power of Attorney form authorizing the account holder to use the 3rd party's funding source.

This is the first time I've ever seen such a thing. On the other hand, it makes sense - If and ONLY if the 3rd party provides ID and signs a POA permitting it. The vast majority of 3rd party funding lacks that extra ID and POA, plus the bulk of licensed brokers have a blanket prohibition on 3rd party funding.

Any broker that would permit 3rd party funding without a POA is likely to be a deposit-only bucketshop. After all, if a broker plans to steal the money, they don't care whether the person depositing was using someone else's account or not.

not exactly...
for example:
AVATRADE accept 3rd party deposits, however; in this case, they require additional documents for verification.
https://support.avatrade.com/hc/en-...debit-card-bank-account-or-e-wallet-accounts-

This is in clear violation of AML laws. AvaTrade simply wants to keep the deposit. They figure if the compulsive gambler is so eager to fund their account that they will use 3rd party funds, why not?

Up to you if you want to roll the dice there. Many retail suckers do.