Having Withdrawal Issues? Tips on Identifying Related Scams

Withdrawal issues frequently occur in the complicated forex market. But many traders are unable to judge whether the one they encountered is solely a delay or a scam. In this paper, WikiFX will introduce some practical knowledge about withdrawals.

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1. Normal process

Popular methods to withdraw funds include credit transfer, bank transfer and wire transfer. While the first two ways are interest-free, wire transfer will charge you some fees.

Bank transfer enables traders to receive their funds within one day at the earliest, while credit transfer and wire transfer will take three to four days at the latest. With that said, your funds may be at risk if cannot be withdrawn within one week.

2. Excuses for delayed withdrawals

Common types of withdrawal failures:

a). Delaying clients' fund withdrawals with various excuses

b). Setting limits on the amount of withdrawals and number of transfers

c). Paying in the form of cryptocurrencies instead

d). Requiring additional fees

Here are a few examples of such undue delay:

EIGENFX claimed that it had suspended all deposit and withdrawal requests in order to cooperate with the investigation of the regulator.

MCFX and SCEID claimed that the payment channel had been blocked due to senior-level incidents.

Similar excuses include server upgrades, the large volume of withdrawal applications, etc. Once these withdrawal issues are not well handled within one week, traders should report to the police and take rights-defending actions.