Instaforex does not process withdrawals

[scott_miller]

Heed the Forex Peace Army warning, keep sending them some emails, but don't put too much effort into it. But do your due diligence before depositing next time.

 

[romik]

Tell them you would be making their emails to you public. Did you say they are a sponsor on ET? Drop Baron a PM.

 

[Green Hand]

Hi!

I have submitted a withdrawal from my Instaforex account to my Neteller account and it's been several days and they don't process it. I've called their finance department and they're not willing to give any explanation they just say that we'll process it as soon as we can.

I do not want to say things like avoid this broker or anything like that but make your conclusion. We're talking about a few thousand dollars and it looks like they either cannot process my withdrawal because I was too profitable and my orders was not routed to the market or they're simply not willing to send my money.

Luckily I just gave them a try with a small deposit but it looks like I won't do business with them.

Now whenever I try to contact them they just don't answer. Interestingly when you make a deposit they do their best to help you.

[ Since they're based in Russia, if this happens to you also then you don't have any chance to get your money back! ]

Do you have any similar experience with this "broker"?

Not with this broker. Is it offshore? If so, I don't think you can get your deposit back easily.

 

[Green Hand]

What can I do? I did my best to get my money back but seriously, what can I do? I have called them, sent them emails, talked with them on chat but nothing happened. If you have any idea then please share with us but I don't see how could I get my money back from a Russian company...

I don't want to convince you, this thread is purely about the reliability of this broker not about me.

Btw, if you check my previous comments (mostly about taxes) then you will see that I lost 6 figures multiple times with offshore banks (the bank defaulted). So I quite got used to this. The first time when I lost a lot more than a few grand because of the bank defaulted then I was almost crying.

I think losses are a part of my life. Oh and I've lost everything three times in my life. So what can I say?

Totally understand your point. One of my good friends also encountered a similar situation like you. His broker held his over $8000 deposit for almost one year and refused to give any reason. In the end, he gave up that deposit but kindly post on ET for warning other traders.

 

[ras72]

There is one method...

I'll open a position with Instaforex and then I'll open the opposite position with another broker. ...

A while back I created a thread exactly about that! Check it out.
http://www.elitetrader.com/et/index...ding-to-transfer-capital.291510/#post-4122587

 

[dw31583]

Totally understand your point. One of my good friends also encountered a similar situation like you. His broker held his over $8000 deposit for almost one year and refused to give any reason. In the end, he gave up that deposit but kindly post on ET for warning other traders.

I gave this up already. They simply won't process it.
However this made me feel uncomfortable because any broker can do this with us regardless of their place of incorporation.

 

[dw31583]

A while back I created a thread exactly about that! Check it out.
http://www.elitetrader.com/et/index...ding-to-transfer-capital.291510/#post-4122587

Thanks I think I'll give it a try during this month. We'll see.
Btw I made my research about this and large companies in London, UK used (maybe still using) this method to pay bonuses to their managers because the top capital gains tax rate is just 28% while the highest income tax 45% plus other levies so they instructed their highest paid employees to open a position with a certain currency pair and they opened on the opposite side. This way they paid millions of pounds and both parties avoided a lots of taxes. After a while HMRC (UK tax authorities) said it's tax avoidance and they have to pay up the difference however they did this on a large scale. Other companies in the finance sector still using this method because it's literally impossible to detect the transactions with banks, hedge funds and insurance companies.

 

[dw31583]

Now they have cleared my entire balance, the withdrawal is still pending and my account says that I have a negative balance... I think it's time to contact them again.

 

[smallStops]

Now they have cleared my entire balance, the withdrawal is still pending and my account says that I have a negative balance... I think it's time to contact them again.

It means they are transferring your money.
I guess they've been reviewing your trades to ensure the "sincerity of your trading".
I've used them ( for high leverage as you understand the power of leverage), and so far they have always been ok.

 

[dw31583]

It means they are transferring your money.
I guess they've been reviewing your trades to ensure the "sincerity of your trading".
I've used them ( for high leverage as you understand the power of leverage), and so far they have always been ok.

Not really. According to their e-mails it looks like they have cleared my entire balance plus according to them I owe them money. They don't process my withdrawals.

Luckily as a European they have to sue me in Europe so good luck for them because here they have to provide evidences about what they say not like in Russia. I do not want to visit that country ever in my life so they can modify my balance to -$10 billion if they want.

Btw it's totally unbelievable in 2015. But yeah, Russia is Russia.