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When a withdrawal fails, it happens often on a broker.
Before choosing a broker, you should know what it takes to make a withdrawal, such as rules, limits, time limits, etc. If you are working with a licensed broker, you usually can't get your money back in the following situations:
1. There won't be any withdrawals during the holidays.
Forex trading goes on all over the world. In addition to the set weekends when withdrawals are not allowed, trading and withdrawals are also not allowed on some holidays or anniversaries, and the rules may be different for brokers in different countries.
2. Business at the bank is busy.
Because there is a bank that holds the funds, each deposit and withdrawal must be carefully reviewed by the bank. When a big market breaks out, many investors will rush to the forex market to deposit and trade, causing a peak period of deposits and withdrawals. The business of taking money out of a bank tends to be busy.
3. Brokers are releasing an upgrade system.
Brokers will keep their forex trading platforms up-to-date and in good shape so that users can trade in a safe, stable, and guaranteed environment. In this situation, a good broker will usually tell you ahead of time so that you don't ask for a withdrawal at that time.
4. Don't meet the requirements to get out.
For example, there is still an open order when withdrawal requests are sent, or you don't use your own bank account, or you fill out the withdrawal form with the wrong information, or the bonus activity you took part in has not been finished, etc. These things could make it hard to get your money back.
What should you do if your withdrawal doesn't work？
The above four things are not terrible, but meeting a broker on the black list is the scariest thing that can happen. So, what should you do if you can't take money out of your account？ You can do the following:
1. Log in to the broker's official website to see if there are any important announcements, and contact the platform's customer service for more help.
If customer service keeps saying things like, “We're moving money from another account,” this will take a long time. Or they have been hacked, there is a problem with the system, etc., then it is probably a black-list broker!
2. If it's one of the four situations above, you can either wait patiently or take care of it right away.
If you can't reach a deal with the broker, you can file a complaint with a third party to try to fix the situation.
3. If you think a broker is on a black list, you should first contact the agency that regulates the broker.
If it is a regulatory agency with a fairly high credit rating, specific solutions will be given. You can always get some of your money back, and your chances of doing so are better the sooner you find regulators and other relevant authorities.
But most of the time, the so-called regulatory agencies of the black-list broker are either not real or don't do what they say they do. In this situation, it's not so easy to handle. You can gather information about the case and report it as soon as possible. It's best to get help from other victims to improve your chances of winning.
If you really do run into a black-list broker, you will have to spend a lot of time and energy fighting for your money and rights. So, “never too late” is a much better way to put it than “precautionary.” Before you put money into a broker's account, you should carefully check to see if he or she is licensed.
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