What should you do if your forex broker denies your withdrawal requests? This is a question that many investors are more concerned about. Almost every forex trader may encounter this situation, therefore, you should Know that these failures are not the sole reason to determine whether a broker is a scam or not.
Failed Withdrawal Common Situations on a Broker
Before choosing a broker, you should understand its withdrawal requirements, including rules, withdrawal limit, time limit, etc. If you are dealing with a licensed broker, there are mainly the following situations where you cannot withdraw money normally:
1. Withdrawal will be suspended during the holidays.
Forex trading happens worldwide. In addition to the fixed weekends when withdrawal is suspended, trading and withdrawals are also suspended on some holidays or anniversaries, and rules of brokers in different countries may be different.
2. Busy bank withdrawal business.
Because there is a bank for the custody of funds, the deposit and withdrawal must be strictly reviewed by the bank, so when some big market breaks out, many investors will rush into the forex market to deposit and trade, causing a peak period of deposits and withdrawals. The bank withdrawal business tends to be busy.
3. Brokers are releasing an upgrade system.
Brokers will upgrade and maintain their forex trading platforms regularly to provide users with a safe, stable and guaranteed trading environment. Generally, in this case, a reliable broker will notify you in advance so that you can avoid asking for a withdrawal at that period of time.
4. Do not meet the withdrawal requirements.
For example, there is still an open order when withdrawal requests are submitted, or you don’t use your own bank account, or you fill in withdrawal form with wrong information, or the bonus activity you participated in has not been completed, etc. These reasons may affect the withdrawal of funds.
What Should You do When Encountering Failed Withdrawal?
The above four situations are not bad, but the most terrifying thing is encountering a black-list broker! So, what should you do when you cannot withdraw money? You can be done as follows:
1. Log in to the broker’s official website to see if there are any relevant announcements, and contact the platform’s customer service for further consultation.
If the customer service keeps saying something perfunctory, such as they are transferring money from another account, it will take much time. Or they have been hacked, there is a problem with the system, etc., then it is likely to be a black-list broker!
2. If it is one of the four situations mentioned above, you can wait patiently or solve it immediately.
If your negotiation with the broker fails, you can submit a complaint to a third party to help you fix this bad result.
3. If you encounter a suspected black-list broker, first contact the regulatory agency of the broker.
If it is a regulatory agency with a relatively high credit rating, specific solutions will be provided. You can always get some of your money back, and the sooner you find regulators and other relevant authorities, the better your chances of getting compensation.
But under normal circumstances, the so-called regulatory agencies of the black-list broker are either non-compliant or fake. In this case, it is not so easy to deal with. You can collect relevant information and report the case as soon as possible, it is best to gather the strength of other victims to increase a little bit of win rate.
It is worth mentioning that if you really encounter a black-list broker, you will have to take a lot of time and energy to fight for your rights and money. Therefore, “never too late” is far better than “precautionary”. Before depositing your money, you are advised to carefully check if your broker is licensed or not!
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