The agony of holding a live forex trading account with a dishonest forex broker ~ easy forex trading demo
A lot of online forex brokers behave like entities suffering from pocket injury. How else can one explain the behavior of an entity whose staff will claim to have wired you your withdrawal request when in actual sense they are holding your money for themselves? Press them further about not having received the requested amount and they will email you a copy of some vague document as proof of payment. A document whose content only they can comprehend.That is my current predicament with one of the online forex brokers I trade with. I won’t give the name now but all you can know is that this forex broker is based in Australia. I still hope that the numerous emails I have sent seeking to have my money back to my account will be honored even if only by a reply telling me to forget about my money and move on. It’s a lot easier living knowing that something is either on or off.
Note here that my rumbling is never about a trade that went wrong and resulted to a loss that I don’t want to swallow. It never was and never has been in any of my articles on this blog. I believe that complaining about the stop loss hunting; slippage or wider spreads are in the province of forex newbies still unaware of how the online forex market operates.
But to outrightly refuse to hand over a trader’s real hard earned money is another thing all together. Why should such a broker not be consider a scam? Repeated constant polite emails have gone unanswered and for the few occasions that they managed to reply, the message coming from them was so vague that a no response at all could have fared well. The trick is to ware me out for its to their gain if I forget all about the money.
It got me thinking whether or not the real proprietors of such forex entities aver know whether such disheartening things do take place in their companies and whether any sanction is ever visited upon an employee involved in such act. Can a CEO of a big brand stake the reputation of his company on a 500 dollar bill? Online forex brokers generally make more than they give back so why the cat and mouse game when it comes to the withdrawal hour? I must admit that the question beats my understanding.
My guess is that the junior staffs at such forex brokerage firms who are mandated to ensure that withdrawal requests are processed run a cartel with an aim of fleecing off the unsuspecting trader. Try and wire money into your forex trading account and you’ll be surprised to discover that a percentage of the amount has been deducted. This happens even when the broker’s standing orders stipulate that they do not charge for any deposit made to a trading account. Press the broker’s staff further about the deduction in the amount you wired into the trading account and the only advice will be that you should contact your bank. That is their standard dance to the tune created by the sound of your desire for truth.
Trust is a matter of track record. If I can trust that the broker will fill me in a trade at a lightning speed the same trust should extend to withdrawals. This outsourcing of the snail’s pace whenever it comes that time of getting money out of an account should end. I do not think that there is any forex broker out there that survives without the good will of its current customers. Somebody needs to put their act together.
Trust is a matter of track record. If I can trust that the broker will fill me in a trade at a lightning speed the same trust should extend to withdrawals. This outsourcing of the snail’s pace whenever it comes that time of getting money out of an account should end. I do not think that there is any forex broker out there that survives without the good will of its current customers. Somebody needs to put their act together.
My only hope is that as we enter into the fourth week since I made my withdrawal request, this Australian broker will come to its senses and realize that honesty is always the best policy. Put money back into my account dear broker. It will be a bad thing for me to begin posting the content of those vague emails into this site or any other. That is one thing I have never been a fun of. Let’s hope that before I lose my senses and do that, this Australian based forex broker will have come back to its senses. Give to Ceaser what belongs to Ceaser. A far higher authority stated that.
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