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CherryTrade withdrawal looking a bit scammy

FrJackHackettFrJackHackett Posts: 16 ✭
in Brokers
So I requested a withdrawal from CherryTrade, and got this email today:
Thank you for choosing CherryTrade.

We would like to process your withdrawal request for the amount of £10 MILLION GBP.

Kindly provide us with the following details in order to send the funds via wire transfer.

1. Beneficiary Name / Name on bank account
2. Beneficiary Address
3. City
4. State
5. Postal code
6. Country
7. Name Of Bank
8. Bank Address
9. Account Number
10. Account type
11. Routing code
12. Swift Number
13. IBAN if applicable
14. BIC if applicable
15. BSB# if applicable
16. ABA Routing if applicable

Please note that we are unable to refund credit cards at the moment and the only method available for withdrawals is wire transfer.

Do not hesitate to contact us should you have further questions.
Is it just me, or does that seem a bit dodgy? This is my first withdrawal from any BO broker, so I'm not sure whether wire transfer would be standard practice, but that email looks somewhat "scammy".

Appreciate any advice, thanks.

P.S. I changed the amount for the craic. I am not fortunate enough to have that much in my account.
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Comments

  • Beckz Beckz Posts: 30 admin
    Looks like a pretty standard wire template to me. It's not that they can initiate a transfer the other direction anyway :)
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  • TobiasRobinsonTobiasRobinson Posts: 45 admin
    How did you make your initial deposit? If it was via card, they should be able to refund back to the same method. I know they mentioned they can't do "credit cards at the moment" but some brokers will insist on withdrawing back via the same method to reduce the risk of money laundering.

    ...but as Beckz says, they can't make a payment to themselves with those details anyway.
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  • rockssssrockssss Posts: 4 ✭
    Could be because you made 10 mn :)
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  • FrJackHackettFrJackHackett Posts: 16 ✭
    edited August 2016
    Thanks guys, I just saw "wire transfer" and freaked out a bit. Didn't even consider that it can't go the other way!
    rockssss said:

    Could be because you made 10 mn :)

    If only that were true! :smiley:

    EDIT: Because I'm still paranoid, I'll use an account with no money in it, and not my main account where I'm currently saving for a deposit on a house purchase! :tongue:
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  • FrJackHackettFrJackHackett Posts: 16 ✭
    My initial concerns were totally unfounded. Received the money I had requested today :smile:

    FWIW, my experience with CherryTrade has been pretty good on the whole, but the minimum stake of £25 has always been a bit off-putting as I'm still a beginner, so I get nervous about staking that much on a trade!
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  • TobiasRobinsonTobiasRobinson Posts: 45 admin
    Yes, minimum stake can often be overlooked when comparing brokers, but if you are putting together a money management plan, factoring up a large min deposit can suddenly make your trading "tank" requirements pretty high. You need to be able to lose a few trades without getting jittery - its a good point.

    Glad the withdrawal worked. It's great when you can just focus on trading and not worry about things that should just "work"!
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