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Getting flagged after a withdrawal

  • #1
  • First Post: May 27, 2007 6:42pm May 27, 2007 6:42pm
Hello,

I trade the news spikes at IBFX. I would like to make a withdrawal from my account. From previous experiences I know this can be risky. At pip-forex.com and fxdd.com I got flagged after a withdrawal and my orders were never filled again at news releases.

Has any spike trader ever got flagged at IBFX after a withdrawal?

Thanks,

Herringtrader
  • #2
  • May 27, 2007 9:41pm May 27, 2007 9:41pm
How do you know you got flagged at those brokers? Did the broker actually contact you and say "you're flagged"? In fact...what does being "flagged" actually mean?

Quoting herringtrader
Hello,

I trade the news spikes at IBFX. I would like to make a withdrawal from my account. From previous experiences I know this can be risky. At pip-forex.com and fxdd.com I got flagged after a withdrawal and my orders were never filled again at news releases.

Has any spike trader ever got flagged at IBFX after a withdrawal?

Thanks,

Herringtrader
  • #3
  • May 28, 2007 1:04am May 28, 2007 1:04am
Hello Herringtrader

If you got Flaged.... Try to open another Account with different name (EX: you brother name..)

and start over....
Charting Markets into the Future...Mﾇ者問ぎﾂ･.
  • #4
  • May 28, 2007 1:26am May 28, 2007 1:26am
I personally haven't had this experience, but I was told by my friend about his friend who traded NFP and made around 50k, and soon after that her account was closed at Oanda, because she was proving costly to them.
Bullish Attitude!
  • #5
  • May 28, 2007 1:32am May 28, 2007 1:32am
Quoting MaXeY
Hello Herringtrader

If you got Flaged.... Try to open another Account with different name (EX: you brother name..)

and start over....
That would be perjury. And how would you get the money into your bank account when you wanted to withdraw?
  • #6
  • May 28, 2007 1:41am May 28, 2007 1:41am
he'll open an account with his brother name, and trade with it, and if he wanna withdraw, ask his brother the fill withdraw application...

i have my friend did that, and no problem... use your mind dude.

Quoting aicccia
That would be perjury. And how would you get the money into your bank account when you wanted to withdraw?
Charting Markets into the Future...Mﾇ者問ぎﾂ･.
  • #7
  • May 28, 2007 2:22am May 28, 2007 2:22am
Quoting MaXeY
he'll open an account with his brother name, and trade with it, and if he wanna withdraw, ask his brother the fill withdraw application...

i have my friend did that, and no problem... use your mind dude.
If it's his money your trading then it should be a joint, partnership or trust account, because you're effectually using the power of attorney with his money. If it's your money but in his name then that's blatant perjury.
  • #8
  • May 28, 2007 2:26am May 28, 2007 2:26am
i can't understand your point !
but anyway...thats the solution that i see better, if you have another solution let hear it.

Quoting aicccia
If it's his money your trading then it should be a joint, partnership or trust account, because you're effectually using the power of attorney with his money. If it's your money but in his name then that's blatant perjury.
Charting Markets into the Future...Mﾇ者問ぎﾂ･.
  • #9
  • May 28, 2007 9:56am May 28, 2007 9:56am
Quoting aicccia
If it's his money your trading then it should be a joint, partnership or trust account, because you're effectually using the power of attorney with his money. If it's your money but in his name then that's blatant perjury.
Oh please, what's the world coming down to with so much legal constrictions? He's not making anything illegal, so why being such a tight ass with the whole legal mambo jumbo?
  • #10
  • May 28, 2007 10:07am May 28, 2007 10:07am
GEEESUZ.... just change brokers, if they are giving ou this kind of trouble simply tring to withdraw your own money what else are they goint to do to you....find a reputable broker..........
Same Whore .... Different Dress
  • #11
  • May 28, 2007 11:24am May 28, 2007 11:24am
Thanks for trying to help! It seems that non of you had a bad experience with IBFX after a withdrawal.
  • #12
  • May 28, 2007 11:38am May 28, 2007 11:38am
Quoting WTB
Oh please, what's the world coming down to with so much legal constrictions? He's not making anything illegal, so why being such a tight ass with the whole legal mambo jumbo?
because the world operates under tight-ass legal mumbo jumbo. you can use it or let it use you.

besides, it seems to me that if you give your money to your brother, he deposits it in an account, it turns a profit, he withdraws it, and then cuts you a check, your brother will end up paying the taxes on the proceeds, plus you both may end up paying gift taxes, depending on the amounts transferred. you could probably get away with not reporting small amounts once or twice, but consistent large amounts (which is the situation we are talking about i think) is asking for trouble. it just seems like unnecessary legal exposure/tax expense that could be avoided.

why would you do something like that because your broker is trying to screw you? take your business elsewhere. it is pretty disturbing to hear all these stories about how these brokers try to control their customers money and accounts.
  • #13
  • May 29, 2007 6:48am May 29, 2007 6:48am
Its not perjury. I think its more like fraud or something.
  • #14
  • May 29, 2007 11:56am May 29, 2007 11:56am
I trade the news with IBFX. A month or so ago they seem to have changed their strategy with news traders. Spreads are 2 to 3 times greater, fills are slower. I did take 50K out but only after their change of policy. I still trade some there only because i haven't found anyone better.
DJ
  • #15
  • May 29, 2007 2:49pm May 29, 2007 2:49pm
IBFX increases their spreads on ALL of their currencies during low liquidity periods (ie right before and during the news releases).

It's really weird because the increase their spreads for almost completely unrelated pairs. However, I suppose they do this to avoid arbitrage.

For example, they'll raise the EUR/GBP spread to 10 when the news is a US release (mainly dollar impact). I suppose it's conceivable that a piece of dollar news could affect the EUR and the GBP separately, but I don't seem to remember volatility in the EUR/GBP during a US release most times...

It's just a policy they have to reduce their costs.

Quoting dmorg
I trade the news with IBFX. A month or so ago they seem to have changed their strategy with news traders. Spreads are 2 to 3 times greater, fills are slower. I did take 50K out but only after their change of policy. I still trade some there only because i haven't found anyone better.
DJ
  • #16
  • May 29, 2007 4:41pm May 29, 2007 4:41pm
Quoting MaXeY
he'll open an account with his brother name, and trade with it, and if he wanna withdraw, ask his brother the fill withdraw application...

i have my friend did that, and no problem... use your mind dude.
That has to be one of the worst suggestions that I've ever heard anyone give out in this forum. Getting bogged down by trying to funnel money through friends/family has a whole mass of potentially-nasty, unintended side effects.

If you can't trust your broker to allow you to withdraw your OWN money, then you shouldn't do business with them. If my bank was getting cranky about me withdrawing my OWN money, then I wouldn't reward them by continuing to bring them my business. I certainly wouldn't complicate the whole affair by trying to deposit money in my brother's name, and then try to figure out how to handle all the legal & tax issues when it's time to withdraw it.
  • #17
  • May 29, 2007 4:50pm May 29, 2007 4:50pm
  •  tesla
  • Joined Oct 2006 | Status: Friendly Neighborhood Programmer | 533 Posts
Quoting MaXeY
he'll open an account with his brother name, and trade with it, and if he wanna withdraw, ask his brother the fill withdraw application...

i have my friend did that, and no problem... use your mind dude.
Horrible advice. I can't imagine the brother's going to be happy when the IRS comes looking for their piece of the action.
  • #18
  • May 29, 2007 7:55pm May 29, 2007 7:55pm
My closed trades have been closed for days and they did not bother with that. But once i filed for withdrawal, they immediately reversed some of the winners but left the loosers intact.

Withdrawal does catch brokers' attentions.
  • #19
  • May 29, 2007 8:16pm May 29, 2007 8:16pm
Quoting BurgerKing
My closed trades have been closed for days and they did not bother with that. But once i filed for withdrawal, they immediately reversed some of the winners but left the loosers intact.

Withdrawal does catch brokers' attentions.
Is this common practice for most brokers, or only a select dirty few? Did they reverse only profitable news trades, or non news trades?
  • #20
  • May 29, 2007 8:52pm May 29, 2007 8:52pm
I've zoned out after like post number three. he's complaining a broker/bank isn't allowing him to use and get his own money in his own account, and there's 15 posts talking about "perjury" and siding with the financial institution who may be acting like thiefs.

How long do these flags last? If it's 6 months. use two brokers, and alternate between the two maybe. There's no laws saying you can't trade with as many brokers at once. That I'm aware of anyway.
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