Broker won't complete withdrawal request | Forex Factory

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Broker won't complete withdrawal request

  • #1
  • First Post: Dec 6, 2016 3:57pm Dec 6, 2016 3:57pm
Is anyone else having problems making withdrawals from Gain Capital (Forex.com)? They acquired my broker some months ago and three weeks ago I tried to withdraw a bit over $5,000. They say they process a wire transfer request in 48 hours. Every time I contact them, they say the withdrawal is "in process" but it never happens. Liquidity problems perhaps?
  • #2
  • Dec 7, 2016 4:42pm Dec 7, 2016 4:42pm
Quoting scjohn
Is anyone else having problems making withdrawals from Gain Capital (Forex.com)? They acquired my broker some months ago and three weeks ago I tried to withdraw a bit over $5,000. They say they process a wire transfer request in 48 hours. Every time I contact them, they say the withdrawal is "in process" but it never happens. Liquidity problems perhaps?
uh no, it's just a shitty broker

i've withdrawn +50k from oanda (profits+deposit). requested in hte morning, got the money in my bank that afternoon...
  • #3
  • Dec 7, 2016 8:43pm Dec 7, 2016 8:43pm
I was with a broker that was bought by Gain Capital, Left after i realized customer service had gone to shit. Did not have any issues though. Initially they tried to tell me that i couldn't withdraw because i had deposited via credit card and could only reverse the deposit back to the same credit card. problem was, i no longer had that credit card. They then asked for things i could not possibly get such as a letter from my bank saying that the credit card had been canceled and why. However, i was quick to point out i had made withdrawals and deposits via EFT before and showed proof. That solved the issue and the deposited my $10k the next day.

So id say rather then them trying to withhold your funds, probably some clerical error as they have shit customer service.

I dont know about your broker but mine seemed to mostly stay the same. They just changed the business name and probably fired lots of staff.
  • #4
  • Dec 8, 2016 9:14pm Dec 8, 2016 9:14pm
file legal action if they want to play games with big money (problably not the case here) or read the fine print my friend.
  • #5
  • Dec 9, 2016 2:56am Dec 9, 2016 2:56am
Quoting scjohn
Is anyone else having problems making withdrawals from Gain Capital (Forex.com)? They acquired my broker some months ago and three weeks ago I tried to withdraw a bit over $5,000. They say they process a wire transfer request in 48 hours. Every time I contact them, they say the withdrawal is "in process" but it never happens. Liquidity problems perhaps?

If you search that broker on the internet, you can see that a lot of people had problems to withdraw... Perhaps they don't hedge their clients exposition
Buy at the Low, Sell at the High You make money by waiting not by trading.
  • #6
  • Dec 9, 2016 9:24am Dec 9, 2016 9:24am
Depending on the broker processing time and your location, wire transfers could take even 4-5 days. I am not using that broker, but in my case withdrawal is in my account within 3 days usually. One time it took even 7 days. That is my own experience though.
  • #7
  • Dec 9, 2016 9:51am Dec 9, 2016 9:51am
Even 7 days I could understand. But this has been going on for almost a month. Closing the account and good riddance to bad rubbish.
  • #8
  • Dec 9, 2016 9:54am Dec 9, 2016 9:54am
Well, that's a long time. Did you double check with them if you sent them correct bank details? Make sure to ask them that to check.
  • #9
  • Dec 10, 2016 6:53am Dec 10, 2016 6:53am
Yes, I've checked with them several times. Here's the chronology:
November 11 -- The original Withdrawal Request Form was sent in. The form says, "Withdrawal requests are typically processed within two (2) business days of receipt..."
November 16 -- Contacted them. They acknowledged they had the form and would be sending the funds shortly.
November 21 -- Contacted them. They said they had not received the form. Resent the form. They acknowledged receipt.
November 28 -- Once again they said they had not received the form. Resent it. They acknowledged receipt.
December 2 -- They said they had the form and it was "in process."
December 6 -- They said they had not received the form. Resent it. This time when they acknowledged receipt, they promised to "expedite" the transfer (something any competent company could do on the same day).
December 10 -- Still no transfer and they are happily sitting on my money.

If anyone from Gain Capital / Forex.com is reading this, you have the distinction of having the single most incompetent customer service of any company I've ever dealt with.
  • #10
  • Dec 14, 2016 11:38am Dec 14, 2016 11:38am
That is a lot of waiting time and messing up by them. I hope that you will get the money into your bank account soon!
  • #11
  • Dec 14, 2016 12:26pm Dec 14, 2016 12:26pm
http://www.forexpeacearmy.com/commun...traders-court/
atheer1
  • #12
  • Dec 14, 2016 12:30pm Dec 14, 2016 12:30pm
Withdrawal was finally made. "Only" took about a month. Thanks for your well wishes.
  • #13
  • Dec 14, 2016 12:32pm Dec 14, 2016 12:32pm
Quoting scjohn
Withdrawal was finally made. "Only" took about a month. Thanks for your well wishes.
fuck that broker seriously...
  • #14
  • Dec 14, 2016 6:55pm Dec 14, 2016 6:55pm
Scam broker. This is the only way a scam broker can get into Australia is to buy out an Australian company.

Better go with Pepperstone or any other broker that can be recommended by a trader on here.

Always best not to blindly fund an account to a broker without a recommendation.
20 Pips a day keeps centerlink away
  • #15
  • Dec 15, 2016 1:15am Dec 15, 2016 1:15am
Quoting scjohn
Withdrawal was finally made. "Only" took about a month. Thanks for your well wishes.
Thank your stars dude, you at least got it!
  • #16
  • Dec 15, 2016 8:39am Dec 15, 2016 8:39am
Quoting scjohn
Withdrawal was finally made. "Only" took about a month. Thanks for your well wishes.
Great to hear that man!! Think wisely next time.
  • #17
  • Dec 15, 2016 11:51am Dec 15, 2016 11:51am
Quoting thepiphunter
{quote} Great to hear that man!! Think wisely next time.
I did not pick Gain Capital / Forex.com. I never would have picked them -- just look at the hundreds of negative ratings out there. Gain / Forex.com acquired my old broker (who had done a good job) so then I needed to get out. They finally managed to send me the money and I closed the account.
  • #18
  • Dec 19, 2016 9:29am Dec 19, 2016 9:29am
Oh okay, didn't realize that.
  • #19
  • Jun 2, 2020 6:57am Jun 2, 2020 6:57am
Hi my broker is icon investing. Com and I have been trying to withdraw $36000 and they say after making the request someone will contact me in 24 hrs but its been 48 hrs and no one is responding what can I do?
  • #20
  • Jun 4, 2020 1:39pm Jun 4, 2020 1:39pm
Quoting Talhah
Hi my broker is icon investing. Com and I have been trying to withdraw $36000 and they say after making the request someone will contact me in 24 hrs but its been 48 hrs and no one is responding what can I do?
Never heard of them. Are they regulated? Did someone finally call?
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