My broker often rejects my withdrawals, should I be concerned?
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?
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,
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
rejection of withdrawals is a red flag and a sign of a scam broker. Do not take it lightly, especially if it keeps recurring.
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.