Attempt to Withdraw That Failed? How Should You Proceed?

Withdrawal failed, are you being cheated？ What should you do if your Forex broker refuses your withdrawal requests？ This is an issue that many investors are more worried about. Almost any forex trader may meet this problem; therefore, you should understand frequent instances of not being able to withdraw money so that you are not prevaricated by numerous explanations from your broker and lose some of the greatest possibilities for the defense of your rights.

Failed Withdrawal: Common Situations with a Broker

Before deciding on a broker, you should be aware of its withdrawal restrictions, which include regulations, withdrawal limits, time limits, and so on. If you are working with a licensed broker, you cannot generally withdraw money under the following circumstances:

1. Withdrawal will be halted during the holidays.

Forex trading occurs across the globe. In addition to the scheduled weekends when withdrawals are halted, trading and withdrawals are also suspended on specific holidays or anniversaries, and the policies of brokers in various countries may change.

2. Busy with financial withdrawals.

Because there is a bank for the custody of money, deposits and withdrawals must be closely examined by the bank, so when a huge market breaks out, many investors will rush into the forex market to deposit and trade, generating a peak time of deposits and withdrawals. Bank withdrawals are often busy.

3. Brokers are introducing an update system.

Brokers will frequently improve and maintain their Forex trading platforms in order to give consumers a secure, reliable, and assured trading environment. In most cases, a reputable broker will tell you ahead of time so that you may avoid requesting a withdrawal during that time period.

4. Failure to satisfy the withdrawal conditions.

For example, there is still an open order when withdrawal requests are sent, you do not use your bank account, you fill out the withdrawal form incorrectly, or the bonus activity you engaged in has not been finished, etc. These factors may influence the withdrawal of money.

What Should You Do If Your Withdrawals Fail？

The first four scenarios are not awful, but the interaction with a black-list broker is the most horrifying! So, what should you do if you can't withdraw money？ You may do so as follows:

1. Check the broker's official website for any relevant announcements, then contact the platform's customer care for more assistance.

If the customer support representative continues stating things like “we're moving money from another account,” it will take a long time. If they have been hacked, there is an issue with the system, etc., they are most certainly a black-list broker!

2. If it is one of the four scenarios listed above, you may either wait patiently or remedy it right away.

If your negotiations with the broker fail, you may file a complaint with a third party such as WikiFX Support to assist you in rectifying the situation.

3. If you come across a suspected “black-list” broker, first contact the broker's regulatory organization. You may also contact WikiFX Support.

Specific solutions will be supplied if the regulatory agency has a reasonably good credit rating. You can always get part of your money back, and the sooner you contact regulators and other appropriate authorities, the higher your prospects of receiving compensation.

However, under typical circumstances, the so-called regulating bodies of the black-list brokers are either non-compliant or fraudulent. It is not so simple to cope with in this scenario. You may gather essential facts and submit the case as quickly as possible, but it is advisable to gather the strength of other victims to enhance the victory percentage somewhat.

It is worth noting that if you come across a black-list broker, you will have to put in a lot of time and effort to battle for your rights and money. As a result, “never too late” is considerably superior than “precautionary.” Before depositing your money, make sure your broker is licensed!

What is WikiFX？

WikiFX is a worldwide corporate financial information search engine. Its primary duty is to give basic information searching, regulatory license seeking, the credit assessment, platform identification, and other services to the included foreign exchange trading firms.

The portal lists approximately 39,000 brokers, both legal and unregistered. WikiFX's staff has been working hard with 30 financial regulators from across the world to guarantee that the information supplied is factual and correct.

Stay tuned for more Forex Educational News.

Download the WikiFX App from the App Store or Google Play Store.