Is this Broker good or bad?

I would like some feed back on a broker that some of my chat room members seem to be having problems with.

They mention that this brokers is not releasing some of there funds for withdrawl. They say that the broker is starting to give them the run-a-round when they call to find out what is taking so long to receive their money.

One in particular says that he always requests money from his account by wire transfer to his bank... this time it has been over 10 working days since he requested the money and now they tell him that they will send him a check... "It's In The Mail", they say.

Has anyone here been experiencing the same thing with this company or know of them?

The broker is ITradeFx...

Thanks,
L.C.

I am currently using this broker, so I hope he does pay.
I had no problems with him using my account. I did not try to pull any of my funds.
I will try to do so in the near future just for the test and I will let you know.
Best Regards,

Thanks Bluewave for your response.

I don't want to start a broker scare or anything... it's just that the things this company are saying to my chat room member sound a little suspicious, even today he still got the run-a-round. I will definitely post the out come and I hope this encourages all who read this to view a post on this subject by philmcgrew
http://www.forexfactory.com/showthread.php?t=7349

Thanks again,
L.C.

This is a follow up to my original post...

My chat room member did receive their money....
not sure exactly why it took so long... but it seems that Itradefx has made some changes and moved around some employees.

Other than that, member says that they are always able to trade and hasn't ever had a problem getting filled during a news announcement.

L.C.

Where are they located? Thanks

Florida, red alert.

Why is Florida a red alert? That makes no sense whatsoever, basing it on the state. Esp. since based on net cap, they appear to be one of the big 5 or 6 in this market, with 35 million. That makes them "bigger" than Interbank or FX Sol... although FX Sol is backed by City Index.

lol, the sate just get a bad name with white collar crimes, not saying itradefx is doing anything fishy at the moment.

No smoke without fire eh?

Ouch... it hurts to see my state disparaged so. I grant you, there are a lot of fraudsters of all types in Florida, but a lot of legitimate financial institutions have home or regional offices here (Jacksonville = insurance companies, Orlando = domestic banks and some brokerages, Tampa = brokerages, Miami = international banks).

If an issue like the one mentioned in this thread occurs for anyone, please feel free to contact me, and I can get you to the right person to clear things up.

Well I lived in Fl 2001-2007 (now Athens)
I just got licenses renewed for my other business there yesterday, when asking the lady at the office some questions (over the phone) about the renewals, she said, "no no all that doesn't matter Florida just wants your money". chuckles* Which is true, since I GOT, some other licenses at all.. it shows their a little lax on their requirements. Then they let the other institutions watch their own backs to see if you are really up to snuff. (yes I am completely clean ;-)
As my friend says, "Florida has the best police that money can buy". 100$
chuckles*
nothing specific to FX here, I just couldn't resist.
Fez

ps. the $ for opening a bank & therefor a fx brokerage in Fl is 1mill (when you think about it not allot)

O....kay... I lived in Miami, and it wasn't quite THAT bad in the government offices. And believe me, Miami is basically THE Wild Wild West on anything else. (see "driver's licenses; lack of")

I've lived in Florida for almost 20 years now after living in Pennsylvania, and though I've lived in Orlando, Tallahassee, and Miami, I've never heard anyone say anything to that extent, except maybe possibly in a joking manner.

I also have no idea what the one million dollar fee you reference means, since an FX brokerage wouldn't subject to that bank regulation (which I've never heard, but I suppose is possible), but an FX brokerage would be subject to NFA and CFTC Net Cap requirements, which means they'd need 5 million.

I guess what I'm trying to say is - I haven't experienced what you say you have in Florida.

if its rgulated it shouldnt dose this ... there is a lot of

good broker why you open with itrade?

There were two discussions in this thread. One was a person who had an issue that did end up being resolved. I merely responded to the thread to encourage people to send me a message if they had an issue. A delay in one person's withdrawal is a problem, but not a serious one in a vacuum.

The second discussion was a more general one about brokerages in Florida, or as I put it, in any state other than New York or Illinois (Chicago). That issue is a matter of personal opinion, although I greatly disagree with the idea that a brokerage in Florida must be crooked. Other members said the same thing.

None of these have implied (so far) that i-Trade FX is a bad brokerage. So I can't say I understand your statement saying "if it is regulated, this shouldn't happen". i-Trade FX is a regulated brokerage, and these problems are not common. The thread specified that the withdrawal had been done in the end.

Perhaps my mistake was in trying to post here that I'd be willing to help if anything like this happened again, but I'm trying to make sure nothing like this DOES happen again.