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Broker asking for my work information

  • #1
  • First Post: Oct 3, 2019 6:57pm Oct 3, 2019 6:57pm
I've been with them for years now and I'm currently unemployment. I made a top up deposit and my funds are stuck in the legal department until i show employment documents or else my funds will stay with them. Can any help?
  • #2
  • Oct 3, 2019 8:27pm Oct 3, 2019 8:27pm
Quoting SAForex
I've been with them for years now and I'm currently unemployment. I made a top up deposit and my funds are stuck in the legal department until i show employment documents or else my funds will stay with them. Can any help?
If you can't provide the requested documents, they have no right to keep your funds ... They must either unlock them in your trading account or send them back to your original bank.
MT4/MT5 EAs/Indicators/Alerts coder
  • #3
  • Oct 4, 2019 1:05am Oct 4, 2019 1:05am
Quoting SAForex
I've been with them for years now and I'm currently unemployment. I made a top up deposit and my funds are stuck in the legal department until i show employment documents or else my funds will stay with them. Can any help?
That is very strange. What you do for employment is none of their business. I have never been asked for this information from a broker. Tell them you want to withdraw your funds asap and see what they say.
  • #4
  • Oct 4, 2019 8:35am Oct 4, 2019 8:35am
What broker is that?

That doesn't sound logical.

Is it something more to it they haven't explained? Or some form of miscommunication or big misunderstanding?

Im curious what broker is it?

What website waiver guidelines do they have that say that's possible that gave them that understanding of authority?

Those type of guidelines should be shown in large print on their website to let other traders know such cirmcumstances are likely possible to forewarn traders [ if it's not alreadly very visible in some fashion]?

I hope its just a terrible misunderstanding and is easily resolved.

Based on what you're saying, what's the name of the trading broker?
  • #5
  • Oct 4, 2019 1:11pm Oct 4, 2019 1:11pm
Broker always ask for verification, what types of information they want to get?
  • #6
  • Oct 5, 2019 11:20am Oct 5, 2019 11:20am
ive never heard of a broker asking anyone for work details...
  • #7
  • Oct 6, 2019 1:09am Oct 6, 2019 1:09am
Welcome to the new world of Enhanced due diligence.

Its normal for a regulated entity to ask employment details to confirm source of funds. And yes they can legally freeze the funds siting compliance. The regulators give brokers this right providing there is a compliance reason.
  • #8
  • Oct 8, 2019 2:31pm Oct 8, 2019 2:31pm
Please post this broker to the forex peace army. I have had two brokers go bankrupt on me and lost everything TWICE. Please post the broker, it is only fair to all us members.
  • #9
  • Oct 9, 2019 10:17am Oct 9, 2019 10:17am
Quoting Takisd
Welcome to the new world of Enhanced due diligence. Its normal for a regulated entity to ask employment details to confirm source of funds. And yes they can legally freeze the funds siting compliance. The regulators give brokers this right providing there is a compliance reason.
Yes Takisd you are correct. I've been using Dukascopy EU for years now and this is the only problem a came across. regulators do this to investigate terrorism, human trafficking, drug trafficking and money laundering. I'm still waiting for their reply, because i have legal proof where the funds came from. this is the reason why most brokers delete people's accounts when they make profit and withdrawals, than the broker suspend their accounts for investigations.
  • #10
  • Last Post: Oct 10, 2019 5:24am Oct 10, 2019 5:24am
I received my funds back, but i don't know why i'm not able to deposit funds into my trading account this way.
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