DislikedDont ALL Forex 'brokers' have built in language that absolves them of any responsibility? Retail Forex gambling should be a hobby at best.Ignored
- #4,402
- Jun 30, 2015 9:31am Jun 30, 2015 9:31am
- Joined Mar 2011 | Status: I should be on your ignore list | 5,597 Posts
- #4,408
- Jul 21, 2015 11:03pm Jul 21, 2015 11:03pm
- | Joined May 2006 | Status: Dynamic Expansion & Contraction | 360 Posts
This is about the stupidest response I have gotten from a Spot FX Broker in a decade.
Yesterday I requested through the funds request area within the logged in account portal a check to be mailed to me from Oanda. Here is the response I got via email nearly 24 hours later:
Your request has been denied. We regret to inform you that we are currently experiencing technical difficulties with our check outsourcing service with our banking partner. As a result, we have cancelled your check withdrawal request.
Now if this were a real case you would think that a notice would have displayed within the fund/withdrawal area, or at the least the submitted request would not have gone thru and indicated it was in pending mode.
The email went on to say a wire could be sent and the fee would be waived. It has been an obvious idiotic condition with just about every Spot Fx Broker to be very weird when it comes to taking money out. Oh they have gotten elaborate with deposit function even as far as making enhancements to the mobile apps to allow you to scan, photograph etc a check or key in debit card information. However the withdrawal process is always under the vibe of paranoia.
In fairness I will say that the only Spot Fx Broker I have dealt with that had no problems with funds going out was forex.com (Gain Capital). (I last tested them around February 2015)
I think I'm completely done playing games with the Spot Brokers. They function like a sideband carnival. I have traded with ameritrade (A real Exchange Broker) for several years and I have to tell you the money in and out thing is NEVER a Issue! It's the Spot brokers that behave like paranoid money laundering wash houses. They are quick to tell you how they won't do something per their internal hand made policies then play hide behind regulation all the while the exchange trading brokers ALL UNDER THE SAME LEGISLATION behave in a normal expect fashion. (except the well known ones that have long been busted).
Let me loan Oanda a 29 dollar printer and some check paper.
Yesterday I requested through the funds request area within the logged in account portal a check to be mailed to me from Oanda. Here is the response I got via email nearly 24 hours later:
Your request has been denied. We regret to inform you that we are currently experiencing technical difficulties with our check outsourcing service with our banking partner. As a result, we have cancelled your check withdrawal request.
Now if this were a real case you would think that a notice would have displayed within the fund/withdrawal area, or at the least the submitted request would not have gone thru and indicated it was in pending mode.
The email went on to say a wire could be sent and the fee would be waived. It has been an obvious idiotic condition with just about every Spot Fx Broker to be very weird when it comes to taking money out. Oh they have gotten elaborate with deposit function even as far as making enhancements to the mobile apps to allow you to scan, photograph etc a check or key in debit card information. However the withdrawal process is always under the vibe of paranoia.
In fairness I will say that the only Spot Fx Broker I have dealt with that had no problems with funds going out was forex.com (Gain Capital). (I last tested them around February 2015)
I think I'm completely done playing games with the Spot Brokers. They function like a sideband carnival. I have traded with ameritrade (A real Exchange Broker) for several years and I have to tell you the money in and out thing is NEVER a Issue! It's the Spot brokers that behave like paranoid money laundering wash houses. They are quick to tell you how they won't do something per their internal hand made policies then play hide behind regulation all the while the exchange trading brokers ALL UNDER THE SAME LEGISLATION behave in a normal expect fashion. (except the well known ones that have long been busted).
Let me loan Oanda a 29 dollar printer and some check paper.
"Look Left Think Right"
- #4,410
- Jul 21, 2015 11:20pm Jul 21, 2015 11:20pm
- | Joined May 2006 | Status: Dynamic Expansion & Contraction | 360 Posts
Topgun 1 I think whats going on here is they are telling a "white lie" for some odd reason they are pushing wire transfers. For several years now I have heard them rumor they were working on implementing ACH. That's probably never going to happen. For a business to set up ACH takes very little effort in the modern world.
Oanda is well know for charging fees for withdrawal. They give you one free check withdrawal per month then charge a $15 dollar fee subsequently. Their biggest Spot rivals don't have this structure. I guess as Oanda back in the 90's was a currency exchange sales counter this fee orientation carried thru. I don't believe they can not mail a check. This is a rouge.
Oanda is well know for charging fees for withdrawal. They give you one free check withdrawal per month then charge a $15 dollar fee subsequently. Their biggest Spot rivals don't have this structure. I guess as Oanda back in the 90's was a currency exchange sales counter this fee orientation carried thru. I don't believe they can not mail a check. This is a rouge.
"Look Left Think Right"
- #4,412
- Jul 24, 2015 1:53am Jul 24, 2015 1:53am
- | Joined Jul 2012 | Status: Trader | 1,036 Posts
So, you think you have rights? LOL
- #4,415
- Jul 25, 2015 10:50pm Jul 25, 2015 10:50pm
- | Commercial User | Joined Dec 2009 | 2,376 Posts
this is the most bad broker I ever seen in my life I wonder how people trade with them 
focus while relaxed to see better
- #4,416
- Jul 26, 2015 1:50am Jul 26, 2015 1:50am
this is the most bad broker I ever seen in my life I wonder how people trade with them
Shit Happens
- #4,417
- Jul 30, 2015 4:02pm Jul 30, 2015 4:02pm
- | Joined May 2006 | Status: Dynamic Expansion & Contraction | 360 Posts
To complete the previously mention issue I encountered with Oanda here is the sum of the story:
I made a second request for a check to be mailed thru the same process as everyone else uses when logged into the account. almost a day latter I got a response indicating the same problem again. Now nowhere was any mention of a receiving check problem mentioned during the steps to request it. The process function even completes as expected. Yet the same response is received via email.
(We regret to inform you that we are currently experiencing technical difficulties with our check outsourcing service with our banking partner. As a result, we have cancelled your check withdrawal request. As an alternative, we are pleased to return your funds by wire transfer at no cost. At your earliest, please login to the Funds Management System to submit a wire withdrawal request. When submitting your request, a wire fee will appear by default but will be waived during transaction processing)
Shortly after initial posting on this matter here at the factory I sent the details and screen shots of the as indicated fully accepted check withdrawal process situation to the NFA.
Now the jest of this situation is simply a matter that the broker as they appear to indicate to me "Today!" Have a defective website interface that does not appear to be receiving any sort of rectification I don't know where this mentioned "Third Party" check writer came form? Today I received a somewhat personalized email of the fact that Oanda Can Write A Check..
Traders don't be afraid to act with persistence. Most of the time people just give up or give in. Regardless of the vehicle method of funds in and out, it should not be so idiotic that we have to involve outside agencies to nudge a business to do what is common sense. Why did they not simply send a check just as the online request system accepted and indicated would happen! I think we all know that answer, yes the squeaky well gets the oil.
I made a second request for a check to be mailed thru the same process as everyone else uses when logged into the account. almost a day latter I got a response indicating the same problem again. Now nowhere was any mention of a receiving check problem mentioned during the steps to request it. The process function even completes as expected. Yet the same response is received via email.
(We regret to inform you that we are currently experiencing technical difficulties with our check outsourcing service with our banking partner. As a result, we have cancelled your check withdrawal request. As an alternative, we are pleased to return your funds by wire transfer at no cost. At your earliest, please login to the Funds Management System to submit a wire withdrawal request. When submitting your request, a wire fee will appear by default but will be waived during transaction processing)
Shortly after initial posting on this matter here at the factory I sent the details and screen shots of the as indicated fully accepted check withdrawal process situation to the NFA.
Now the jest of this situation is simply a matter that the broker as they appear to indicate to me "Today!" Have a defective website interface that does not appear to be receiving any sort of rectification I don't know where this mentioned "Third Party" check writer came form? Today I received a somewhat personalized email of the fact that Oanda Can Write A Check..
Traders don't be afraid to act with persistence. Most of the time people just give up or give in. Regardless of the vehicle method of funds in and out, it should not be so idiotic that we have to involve outside agencies to nudge a business to do what is common sense. Why did they not simply send a check just as the online request system accepted and indicated would happen! I think we all know that answer, yes the squeaky well gets the oil.
"Look Left Think Right"
