Rakuten Australia? E-Commerce branch as a Forex Broker?

During Monday i´ve contacted to Rakuten Support to follow the progress of my withdrawal. I copy your answer below:
Hi Jav,

Sorry we missed your LiveChat.

All withdrawals are subject to 1 business day processing, as stated on our website.

As you submitted your withdrawal request after close of business on Friday and today is a Public Holiday in Australia, your withdrawal will be processed tomorrow.

Also following up from our previous chat, we are more than happy to send your profit back via bank wire.

It is against compliance policy to send it back via Skrill.

If you provide a bank account, we will happily also send the profit there tomorrow.

Choosing not to provide a bank account is wholly your prerogative.
If there is anything else I can help you with, please let me know.
Regards,
Oliver Sabau | Account Manager
Rakuten Securities Australia
Suite 5, Level 9, 3 Spring Street, Sydney NSW 2000
T: (+61) 2 9247 2483 | http://sec.rakuten.com.au


And now, i copy the answer to your email.
Re: Rakuten MT4 - Request for Withdrawal Confirmation
JG
jav..........

Responder|
Hoy, 19:45
[email protected]
Friday, payment department closed. Monday, public holiday day. Tuesday, The Lord will know.
I read your email sent after i couldn´t contact via chat and you write: ¨Choosing not to provide a bank account is wholly your prerogative.¨ Please, don´t talk or write about my prerogative. If your website information provided about withdrawal options was so transparent like information provided about funding options i shouldn´t have opened a real account with you because i use an e-wallet as payment option. Don´t answer me this email but if you want to write about how your website writes clearly about funding options and it isn´t so clear about withdrawal options you can write it at this thread: https://www.forexfactory.com/showthread.php?t=727692 My user name jag1969. If you need help to explain it i can help you with some ideas. i do have a good imagination.

My initial deposit was credited at my e-wallet account few minutes ago with a fee of 2% of the amount withdrawn. Because i can´t withdraw my profit using the e-wallet as payment option i´ll follow trading with this broker just to test my strategies taking my real account with my profits like a demo account. Remember that this broker just allows to those traders that use an e-wallet as payment option to withdraw up your initial deposit. The surplus just can be withdrawn via bank wire. At your website there isn´t transparency about this feature.

Jag1969,

I have some informations that might help you. First, those fees are usual, and restrictions about withdrawals are probably standard for all properly regulated brokers. One should always consider all the funding options and costs when choosing a broker.

With that being said, I never use any e-wallets because of fees and currency conversions. Nowadays most major brokers offer card deposits/withdrawals without any fees.
But I just recently learned something important, if you deposit via Verified by Visa/or Mastercard Secure, later you can withdraw only up to deposited amount. If you instead deposit "normally" by card (old fashioned way in which you have to send them card photo for verification etc), then you can withdraw your profits as well.
So while the Verified by Visa is faster/more convenient as it requires no verifications, the normal, old way of depositing by card allows you to withdraw the whole amount by card. At least this is what I was told by ICM support, I haven't tried it yet.

I don't know does the same apply to other brokers, but you can ask them. Also, keep an eye on fees, as sometimes there are no fees for deposits via Verified by Visa/Mastercard Secure, but there are fees for "ordinary" card deposits.

Smart1, i appreciate your information. Maybe my trouble are not fees or even differences between deposit and withdrawal options. My trouble is about brokers that hide these differences you know. If you visit Rakuten websites there is not any transparency at your website and if you check Blueberry Markets (regulated by Asic) is more hidden, yet. I´ve read many brokers websites where there are differences about this feature but for me the information they provide is clear. I hope you understand my idea. To explain in english language isn´t easy. My next step is to open a bank account at my country when the balance of my Rakuten account grows up. At my country crossborders transfers are complicated but i´ll do a try. i do have another account with Tradeview Markets i hope, meanwhile, to withdraw from these broker.
Something comic for me is that i´ve opened account at least with 20 brokers during my learning process, all of them unregulated. Now i believe that i´ve developed a trading plan, by this last reason i decided to open an account with a regulated broker. Rakuten was my first and terrible experience. Believe me with those unregulated brokers i never experienced something like requotes, stop hunting, slippage or my deposit stolen. Never an issue.
Never a bad review at forex forum.

I´ve tried to withdraw my profits via Broker to Broker transfer. But Rakuten answered me that they don´t offer this payment option.

why are u being a stick in the mud? have you heard of KYC? people are trying to run a legit business. so just take ur profits in the from of a bank wire. instead of bashing when u know nothing of how KYC/money order flows.

I´m sorry. who are you? who told you that i don´t know nothing of how KYC/money order flows? Before to accuse, why don´t you check the Rakuten website and your withdrawal options hidden. Who are you?

who am i? i am someone whom u'll probably envy and never be.

if u did, you will know
1) that cards/epayments withdrawals are only up to deposit amount, because in the system it is considered a refund, not a actual withdrawal,

2) bank wire is the only way to go, given that it is a trust account, for ASIC regulation purposes, they need to match client with withdrawals, a email address/ewallet is not sufficient.

perhaps open your eyes alil bigger ya. its clearly stated on their web. (https://sec.rakuten.com.au/faq/)


clearly, you're the type that shoots first and cry foul before doing any through home work.

fyi this is sort of a industry standard for all aussie brokers. just in case you think that rkt is a one off.

Bicarus, reading RSA home page i can do click at products, there´s an option about funding methods, i open skrill and they say: funding instant, withdrawal: 1 or 2 business days (Imagine if they added "just available for initial deposit"). What i understand about it is that both options are available with Skrill. Because i understood it i didn´t consider to read your faqs and because i understood it i didn´t consider to read Terms and Conditions (my english is not native). Doing these difference about funding and withdrawal options isn´t an issue, but with funding methods they are very transparent with withdrawal methods the level of transparency is different and this is for me an issue. why are u being a stick in the mud? Brokers like ICmarkets and Vantage fx offer Skrill as payment option, you can withdraw initial deposit and profits.
If you check this link: https://trade.z.com/uk/en/accounts.html you can read a clear and transparent payment option offered by a broker regulated by FCA, i understand this with my no native english. They are running a legit business.
But in my opinion, RSA isn´t running a legit business.
About your post something is right: i am someone whom u'll probably envy and never be. Just one wrong word: envy. I´ll never be like you. For me it should be impossible to defend a broker with this misconduct. Be sure.