Funding is quick, withdrawing processing takes a week? | Forex Factory

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Funding is quick, withdrawing processing takes a week?

  • #1
  • First Post: Jan 31, 2007 11:57pm Jan 31, 2007 11:57pm
Anybody notice how long it takes Forex.com to credit your account when making a withdrawal.

I noticed that if you fund your account it's almost immediate. no more than 24hrs. When making a withdrawal it takes almost a week.
smells like a rat to me. Anybody else having problems with Gain Capital.
Other platforms? faster?

blueray1957
  • #2
  • Feb 1, 2007 8:17am Feb 1, 2007 8:17am
Quoting blueray1957
Anybody notice how long it takes Forex.com to credit your account when making a withdrawal.

I noticed that if you fund your account it's almost immediate. no more than 24hrs. When making a withdrawal it takes almost a week.
smells like a rat to me. Anybody else having problems with Gain Capital.
Other platforms? faster?

blueray1957
I have never heard of anyone being this slow. I always check into withdrawal procedures when I look into other brokerages such as method of withdrawals, time frames, costs of same. This company is way too slow.

I did a live chat with Chris with Gain Capital... here is the transcript:
https://server.iad.liveperson.net/hc...o/chatinfo.gifPlease wait for a site operator to respond.
https://server.iad.liveperson.net/hc...o/chatinfo.gifYou are now chatting with 'Chris A.'
Chris A.: Hello George, welcome to FOREX.com. May I have your email address to better assist you?
George: How long does it take to receive money when requesting an account withdrawal?
Chris A.: How wouold you be recieving the withdrawal?
Chris A.: Credit Card or Wire?
George: both ways if you don't mind answering Chris
Chris A.: Around 2-5 business days. Wires take longer than credit cards.
George: What is the turn around for Credit Card?
Chris A.: 1-2 business days.
George: Can you explain why it can take 5 days to wire funds when other brokerage services take 2-4 hours?
Chris A.: It all depends on the bank you use.
Chris A.: It usually takes shorter than 5 days, but it can in some instances.
George: Actually, my bank has no delay in receiving wire transfers.
George: How long does it take your firm to send out the wire transfers?
Chris A.: Around one day after the withdrawal is received.
George: Still way, way too slow. Why don't you state this in your web site... I just can't locate the withdrawal policy.
Chris A.: To submit a withdrawal request, you should first log into our secure My Account feature. After you log in, click on Account Services -> Submit Withdrawal Request. After electronically submitting the request, you must print and sign the withdrawal form. This form can be faxed to 1-908-731-0747 or scanned and emailed to the address [email protected]. The below link will take you to MyAccount directly to begin:
Chris A.: https://secure.efxnow.com/myAccount/LANG/ENG/GAIN/Begin.aspx
George: still does not answer the question Chris.. where is it stated on your web site?
George: Chris..Chris... where did thou go? Your playing hookie on me
Chris A.: One minute.
George: It's been five
Chris A.: Click here.
George: Let's consider making a withdrawal section on your web site to find such important and revelent answers instead of hiding this answer on a FAQ section.
Chris A.: Ok, I can forward the suggestion.
George: Next time you see your manager, state that someone is very concerned over the time it takes to send out a withdrawal. Your making money everyday your holding someone's money.
George: I don't think I can get these 20 minutes back. How many breaks did you take?
George: Have a good day Chris

End of conversation.

Sorry I sounded irritated but it took a long time to get a response from Chris after each question. Hopefully this enlightens you to their withdrawal practices.
  • #3
  • Feb 3, 2007 3:39am Feb 3, 2007 3:39am
yep i got the same problem..i requestet a withdravel the 18/1..
and still havent recived my mone yet...
but almost every second day a guy from forex.com call me just to ask how its going with my account/if am satisfeid and so on.
Have to explain every time i have closed it and just waiting for my money...
So im realy starting to think its a scam...
StopLoss is for none belivers... Trust the Gurus..
  • #4
  • Feb 4, 2007 3:11pm Feb 4, 2007 3:11pm
Quoting blueray1957
Anybody notice how long it takes Forex.com to credit your account when making a withdrawal.

I noticed that if you fund your account it's almost immediate. no more than 24hrs. When making a withdrawal it takes almost a week.
smells like a rat to me. Anybody else having problems with Gain Capital.
Other platforms? faster?

blueray1957

i been with forex.com for 2 years now.. i just withdrew about $500 about 2months back.. and $2000 about 2weeks back.. both the transactions didnt take more then 4-5 days.. and i am not even in the usa.
  • #5
  • Feb 5, 2007 2:17am Feb 5, 2007 2:17am
most people who doesnt have a problem with things..also almost only have
1 post..here on the forum,,,lol strange or not ??
StopLoss is for none belivers... Trust the Gurus..
  • #6
  • Feb 5, 2007 3:13am Feb 5, 2007 3:13am
Quoting lillelise
most people who doesnt have a problem with things..also almost only have
1 post..here on the forum,,,lol strange or not ??
i just been reading the forums mostly.. and i am new here.. it is rather ignorant to pass such a comment. you youself dont have more then 7 posts.

I just shared my honest opinion on the broker. I never had a problem withdrawing from them.. Seach the moneytec forum by my name.. few months back.. i had the same questions about withdrawals from this broker so i made a post there.. that should be enough proof. I had concerns, but they were cleared once i received withdrawals.

BTW its due to this very reason that i dont hold account with only one broker. I have currently account with forex.com as well as oanda and looking to open more accounts as i make more money.
  • #7
  • Feb 5, 2007 7:25am Feb 5, 2007 7:25am
anyway..i still havent recived my money...and realy dont understand why...
have sended the withdrawel request 5 times ..and so on...

So in my world they are ..scams..or the worst fuck up you can get..

how difficult can it be..just to send money back ?????????
StopLoss is for none belivers... Trust the Gurus..
  • #8
  • Feb 5, 2007 7:27am Feb 5, 2007 7:27am
And ps. i have done excatly what the told me to do ,,to withdrawel my money,,,..
StopLoss is for none belivers... Trust the Gurus..
  • #9
  • Feb 5, 2007 8:03am Feb 5, 2007 8:03am
Quoting lillelise
And ps. i have done excatly what the told me to do ,,to withdrawel my money,,,..

You may want to call them up and state that they need to check your account and see what the hold up is in reference to your withdrawal and to remove your contact information since your annoyed by their phone calls. Also consider using their live help feature on their web site and contact them that way.

If you make an error with your threads and want to combine your messages into one thread instead of spreading them out as you have, you can do so by using the edit button.

Let us know what became of your withdrawl situation.

Good Luck!
  • #10
  • Feb 5, 2007 8:12am Feb 5, 2007 8:12am
Quoting lillelise
And ps. i have done excatly what the told me to do ,,to withdrawel my money,,,..

A friend of mine had the same problem. There is something up with their process of deposits and withdrawals. I have never withdrew money yet, but a deposit of mine was lost somewhere in space, so I had to call and they immediately found it and it was in my account within 5 minutes.
  • #11
  • Feb 5, 2007 11:59am Feb 5, 2007 11:59am
Quoting llambert3
A friend of mine had the same problem. There is something up with their process of deposits and withdrawals. I have never withdrew money yet, but a deposit of mine was lost somewhere in space, so I had to call and they immediately found it and it was in my account within 5 minutes.
try using their live help.. it will save you a lot of phone bill. try asking them.. if they can give you a swift code, and then ask your bank to check up on that code or maybe a receipt of the transaction made. Hope this helps.
  • #12
  • Feb 5, 2007 12:40pm Feb 5, 2007 12:40pm
Quoting kashif
try using their live help.. it will save you a lot of phone bill. try asking them.. if they can give you a swift code, and then ask your bank to check up on that code or maybe a receipt of the transaction made. Hope this helps.
i have tryed that..but seems they cant give me any number or anything i can use for tracking the money they should have sended
StopLoss is for none belivers... Trust the Gurus..
  • #13
  • Feb 5, 2007 12:42pm Feb 5, 2007 12:42pm
Quoting lillelise
i have tryed that..but seems they cant give me any number or anything i can use for tracking the money they should have sended
here in my country we always get a recied or like that from the bank when we send money..so we can always proof its send...but maby its different in US
StopLoss is for none belivers... Trust the Gurus..
  • #14
  • Feb 5, 2007 1:38pm Feb 5, 2007 1:38pm
Quoting lillelise
here in my country we always get a recied or like that from the bank when we send money..so we can always proof its send...but maby its different in US
its the same for any country.. they should be able to provide you with a slip if a transaction has been made. last time i withdrew the $2k it took them about 4-5 days.. once they confirmed they had received my signed copy of their slip.

i faxed it to them on the first attempt and they said they didnt receive it.. so i talked to them on the live help. after which they asked me to email it, after emailing i called them up and confirmed over phone that they received the slip. once this was done.. it didnt take more then 4-5 days.
  • #15
  • Feb 5, 2007 3:34pm Feb 5, 2007 3:34pm
Quoting kashif
its the same for any country.. they should be able to provide you with a slip if a transaction has been made. last time i withdrew the $2k it took them about 4-5 days.. once they confirmed they had received my signed copy of their slip.

i faxed it to them on the first attempt and they said they didnt receive it.. so i talked to them on the live help. after which they asked me to email it, after emailing i called them up and confirmed over phone that they received the slip. once this was done.. it didnt take more then 4-5 days.

My friend got his in 1 day. I just asked him. I did use live help, but had to call because it got frustrating. Also on a deposit you get a transaction number you can print/keep. On the withdrawal you have to complete a form and fax in, so I can see how that would be more difficult to prove. I don't understand why it can't be automated more on that end.
  • #16
  • Feb 5, 2007 4:59pm Feb 5, 2007 4:59pm
anyway...thanks for your trying to help...
StopLoss is for none belivers... Trust the Gurus..
  • #17
  • Feb 12, 2007 4:10pm Feb 12, 2007 4:10pm
just an update...i still havent got my money back...
StopLoss is for none belivers... Trust the Gurus..
  • #18
  • Feb 12, 2007 6:03pm Feb 12, 2007 6:03pm
Its been 12 days since you posted this thread and still havent received your money?

I used to have a GFT account and was told to wait 1 week before they can actually wire the money back to me. I still wonder why I need to wait that long seeing that I dont have ANY position open. Then they told me because I requested it on a Tuesday and they will act on it on Wednesday and they have to wait for my account to clear ... blah blah blah... and on wednesdays, it takes through the weekend to clear... (more of the blah blah blah....)... And come Monday, they need some more days (and more blah blah blah blah..) so it takes one week. (blah blah blah).

So I told them blah blah blah and 2 weeks got the money.

In comparision, I requested money from FXCM on a Wednesday and got my money on friday (less than 36 hours later). Same goes with IBFX - less than 2 days.

Bottom line: blah blah blah brokers dont make sense. File a complain with CTFC/NFA/IRS/CIA/FBI/CNN/.. and the other 3 letter organizations you can think of....

When they have your money, you are powerless. I so wish I could curse them and show them the dirty finger; but when my money is held hostaged (thats what I really felt when I was talking to GFT), I cant do crap about it but wait. Some brokers are just plain DIRTY PLAYERS!
  • #19
  • Feb 12, 2007 7:59pm Feb 12, 2007 7:59pm
Quoting lillelise
just an update...i still havent got my money back...
I bet it is lost in space if you call and ask.
  • #20
  • Feb 13, 2007 3:35am Feb 13, 2007 3:35am
lol your right...
i have been in contact with them several times...i have been sending the withdrawel request 3 times,,different dates,,and i even have emails from them saying they have recived my request and processing it..and so on..
The frustating thing is then you belive them and sit and wait 4-5 days..money doesnt show up..and you have to start over again..explaining and so on....ofcourse they dont understand,,but they cant see they have recived the request,,and if i can send it again,,then the rightstaff will get it..
bla bla bla......yesterday i had to go through it once more again,,,
StopLoss is for none belivers... Trust the Gurus..
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