Procedure to withdrawing money from MT5 account

New comment
 
I am investing under the guise of a savvy investor. Although, I withdrew a few thousand dollars from the platform only for him to tell me I have to add more funds to withdraw more money in a few hours. Seems contradictory if you ask me. Any suggestions?
 
Eli Rodriguez: I am investing in gold futures under the guise of a savvy investor. Although, I withdrew a few thousand dollars only for him to tell me I have to add more funds to MT5 to withdraw more money in a few hours. Seems contradictory if you ask me. Any suggestions?

Very suspicious and probably a bad, unregulated broker! See if they are regulated and contact the regulatory service and report the issue. If they are not regulated, then you have to see if you can somehow get all of your money back and choose a reputable broker next time.

NB! Do not mention the broker’s name as that is against forum rules.

 

Also, you seem to be in the USA (according to your profile) and if that is the case, then you should only use brokers in the USA (which are regulated). If you are using other brokers, then I believe that is against US regulations (if I am not mistaken). So, please be careful with such practices.

 
Fernando Carreiro:

Also, you seem to be in the USA (according to your profile) and if that is the case, then you should only use brokers in the USA (which are regulated). If you are using other brokers, then I believe that is against US regulations (if I am not mistaken). So, please be careful with such practices.

The broker themselves aren't telling me to add more funds, my buddy who's an investor told me this in order to show I'm investing while withdrawing - thus it won't create abnormalities on my account? Either way, how can I confirm if the broker is regulated? Thank you for your quick response Fernando! I should say I requested to withdraw some funds to which the broker did not give me issues, it just will take half of a day to arrive back to my other wallet. 
 
InvestorFuture:
The broker themselves aren't telling me to add more funds, my buddy who's an investor told me this in order to show I'm investing while withdrawing - thus it won't create abnormalities on my account? Either way, how can I confirm if the broker is regulated? Thank you for your quick response Fernando! I should say I requested to withdraw some funds to which the broker did not give me issues, it just will take half of a day to arrive back to my other wallet. 

My personal opinion is that your friend's advice does not hold water!

Check your broker's website and look for the links and references for being regulated. They will usually have a section, maybe under "About Us", that discusses Regulation.

EDIT: I hope that your "buddy" is not just someone that you met recently online and is not the one who suggested that broker. I have heard a few stories like that where these "friends" were not realty friends and were in fact, just "agents" steering people to their affiliated brokers in order to receive a commission based on how much and how many times you deposit funds. Please be careful of such tactics.

 
Fernando Carreiro:

My personal opinion is that your friend's advice does not hold water!

Check your broker's website and look for the links and references for being regulated. They will usually have a section, maybe under "About Us", that discusses Regulation.

EDIT: I hope that your "buddy" is not just someone that you met recently online and is not the one who suggested that broker. I have heard a few stories like that where these "friends" were not realty friends and were in fact, just "agents" steering people to their affiliated brokers in order to receive a commission based on how much and how many times you deposit funds. Please be careful of such tactics.


Wow, well I have just been scammed of $20,000 I cannot believe I fell for this. I am to blame. Thank you Fernando for your help. In the about us, it just explains info. It doesn't explain anything about links for regulations. How can I send you the link to the broker without breaking the rules? 

 
InvestorFuture: Wow, well I have just been scammed of $20,000 I cannot believe I fell for this. I am to blame. Thank you Fernando for your help. In the about us, it just explains info. It doesn't explain anything about links for regulations. How can I send you the link to the broker without breaking the rules? 

Please note, that some of these "agents" are just getting commissions and the broker may not actually be scamming you. So please don't jump the gun. You may still see your money returned.

You can send me the details via a Private Message. Go to my profile and click "Send Message".

 
Fernando Carreiro:

Please note, that some of these "agents" are just getting commissions and the broker may not actually be scamming you. So please don't jump the gun. You may still see your money returned.

You can send me the details via a Private Message. Go to my profile and click "Send Message".

It doesn't allow me to send you a message. Every time I click "Send Message" it asks me to add you as a friend but I already have. 
 
InvestorFuture: It doesn't allow me to send you a message. Every time I click "Send Message" it asks me to add you as a friend but I already have. 
The system is probably blocking you because you are a recent user so I will send you a message instead and you can reply to it.
New comment