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PayPal Issue

  • #1
  • First Post: May 8, 2019 4:57am May 8, 2019 4:57am
Dear Traders,

I have deposited to my broker through PayPal.

After I lost a dispute, PayPal shutdown my account without even sending me an email.

Now my broker will not help me to change withdrawal method without seeing a close account email from PayPal (which I did not receive).

I sent multiple snapshot proving that account has been closed, but broker is claiming it’s not enough proof, and it could be log in issue not account closed.

Has anybody faced such an issue before? What do you advice?

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  • #2
  • May 8, 2019 8:08am May 8, 2019 8:08am
Quoting michaelisaac
Dear Traders, I have deposited to my broker through PayPal. After I lost a dispute, PayPal shutdown my account without even sending me an email. Now my broker will not help me to change withdrawal method without seeing a close account email from PayPal (which I did not receive). I sent multiple snapshot proving that account has been closed, but broker is claiming it’s not enough proof, and it could be log in issue not account closed. Has anybody faced such an issue before? What do you advice? {image} {image}
I know that it won't help ... but I would highly suggest to never go with a broker allowing Paypal (or similar) as a payment method. That's not about Paypal itself but generally such brokers turn out to be scams at the end ... Not always but ...
MT4/MT5 EAs/Indicators/Alerts coder
  • #3
  • May 8, 2019 8:36am May 8, 2019 8:36am
Quoting FerruFx
{quote} I know that it won't help ... but I would highly suggest to never go with a broker allowing Paypal (or similar) as a payment method. That's not about Paypal itself but generally such brokers turn out to be scams at the end ... Not always but ...
hhh
always funny
  • #4
  • May 8, 2019 8:38am May 8, 2019 8:38am
dude paypal, is trustworthy, contact them to resolve your problem

https://www.paypal.com/us/smarthelp/contact-us
  • #5
  • May 8, 2019 8:48am May 8, 2019 8:48am
Quoting dicojoxaftr
{quote} hhh always funny
Hope you didn't get me wrong. My point was in no way against Paypal ... which - like you said - is 100% trustworthy.
MT4/MT5 EAs/Indicators/Alerts coder
  • #6
  • May 8, 2019 9:00am May 8, 2019 9:00am
Quoting FerruFx
{quote} I know that it won't help ... but I would highly suggest to never go with a broker allowing Paypal (or similar) as a payment method. That's not about Paypal itself but generally such brokers turn out to be scams at the end ... Not always but ...
Thank for your response. I will consider this in the future.
  • #7
  • May 8, 2019 9:06am May 8, 2019 9:06am
Quoting dicojoxaftr
dude paypal, is trustworthy, contact them to resolve your problem https://www.paypal.com/us/smarthelp/contact-us
Thank you for your response.

i can't email PayPal (as sign-in is required and account is closed.

so contacted PayPal through social media (twitter). they responded that they can't help me, and the only way is to call them, which is impossible for me as i don't live in the united states.

And in fact i'm not interested in getting my account back. as it has been closed/suspended because i lost dispute against one buyer. (i sold virtual goodies and after get paid, buyer made cash back and my account balance became in minus)

The issue is, how to prove to my broker that my account has been closed/suspended.
  • #8
  • May 8, 2019 9:23am May 8, 2019 9:23am
contact Financial Conduct Authority (brokers supervision)
  • #9
  • May 8, 2019 9:27am May 8, 2019 9:27am
Quoting Isabella_D
contact Financial Conduct Authority (brokers supervision)
Thanks for your reply.

is this a UK institute? do you know that's the equivalent in Australia?
  • #10
  • May 8, 2019 9:36am May 8, 2019 9:36am
Quoting michaelisaac
{quote} Thanks for your reply. is this a UK institute? do you know that's the equivalent in Australia?
It depends on broker, see brokers Impressum or FAQ, maybe ASIC
https://de.investing.com/brokers/regulation
  • #11
  • May 8, 2019 9:40am May 8, 2019 9:40am
Quoting michaelisaac
Dear Traders, I have deposited to my broker through PayPal. After I lost a dispute, PayPal shutdown my account without even sending me an email. Now my broker will not help me to change withdrawal method without seeing a close account email from PayPal (which I did not receive). I sent multiple snapshot proving that account has been closed, but broker is claiming it’s not enough proof, and it could be log in issue not account closed. Has anybody faced such an issue before? What do you advice? {image} {image}
What broker is that????
TMT Scalping System (Best system on FF)
  • #12
  • May 8, 2019 9:48am May 8, 2019 9:48am
Quoting Pollen
{quote} What broker is that????
IC Markets
  • #13
  • May 8, 2019 9:52am May 8, 2019 9:52am
Quoting Isabella_D
{quote} It depends on broker, see brokers Impressum or FAQ, maybe ASIC https://de.investing.com/brokers/regulation
Thanks a lot, yes it is ASIC
  • #14
  • May 8, 2019 9:54am May 8, 2019 9:54am
Quoting michaelisaac
{quote} IC Markets
wish you all the best @michaelisaac
If you choose a new broker please at first check conditiones.
https://brokerchooser.com/broker-rev...markets-review
  • #15
  • May 8, 2019 9:58am May 8, 2019 9:58am
Quoting Isabella_D
{quote} wish you all the best @michaelisaac If you choose a new broker please at first check conditiones. https://brokerchooser.com/broker-rev...markets-review
Great find, very halpfull
  • #16
  • Jun 1, 2019 11:37pm Jun 1, 2019 11:37pm
Update
--------

finally i was able to withdraw my money using a different method. after a friend of mine recorded a video of him trying to send money to my PayPal account, and how was the process was rejected. also , i provided a screen shot from my email of all deposits i made to the broker using PayPal.

just wanted to share the experience, may be it will be helpful for anyone else in the future.
  • #17
  • Oct 5, 2020 10:30am Oct 5, 2020 10:30am
I don't think Paypal is at all trustworthy. Look how they recently updated their terms of service to gouge users even more on currency conversions. Every 18months they make the terms worse.

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  • #18
  • Oct 5, 2020 12:38pm Oct 5, 2020 12:38pm
Yes. Paypal is a "buyers beware" situation. Despite the fee's crappy service, and all the alternatives, they have cornered the market successfully. Lock-in has been achieved.

And like all cornered markets online, all that is left for them to do is reduce service/staff, raise prices.
  • #19
  • Last Post: Oct 6, 2020 12:04am Oct 6, 2020 12:04am
Quoting clemmo17
I don't think Paypal is at all trustworthy. Look how they recently updated their terms of service to gouge users even more on currency conversions. Every 18months they make the terms worse. {image}
It's always been around 4% - ridiculously high I agree but it's not gone up since I've been using PayPal (reluctantly)
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