My broker often rejects my withdrawals, should I be concerned?

@kemi_allen_omevia - 9 months ago - Forex Brokers

So, I trade with this broker (name withheld) and on three occasions I have initiated a withdrawal and they rejected it. When I contacted their online support agent, they just said the payment processor could not forward the funds. They were also gracious enough to return the funds to my trading account but it has left me suspicious. Could the broker be playing games with me?

@cahaya_dewan - 9 months ago

Is the broker regulated by reliable financial market authorities?

@kemi_allen_omevia

@kemi_allen_omevia - 9 months ago

Quoted - cahaya_dewan

Is the broker regulated by reliable financial market authorities?

Yes the broker is FCA UK regulated but my account is registered under their offshore entity in Seychelles,

@cahaya_dewan

@ozgal_galzo - 6 months ago

Quoted - kemi_allen_omevia

Yes the broker is FCA UK regulated but my account is registered under their offshore entity in Seychelles,

Sometimes it may not be the brokers fault, it could be that you may be trying to withdraw to a dormant account or to an expired debit card

@cahaya_dewan - 6 months ago

rejection of withdrawals is a red flag and a sign of a scam broker. Do not take it lightly, especially if it keeps recurring.

@melody_nk - 4 months ago

I would be extremely concerned. Most brokers intentionally do all they can to discourage withdrawals. If they accepted the deposit easily, then they should process the withdrawal with equal enthusiasm. Once I notice a broker is not happy to process my withdrawals I immediately close my account and move on. I would rather be safe than sorry.

@yokoyi - 3 months ago

Before you open an account with a broker, do not just beleive the information they publish on their website regarding withdrawals. Engage in a live chat with their support agent to be sure they offer instant withdrawals for your prefered withdrawal method.