Date:Thu Nov 21 2024Tokyo:18:01Sydney:20:01New York:4:01London:9:01CET:10:01
BinaryOptions.net Forums› Complaints
Issues with VideForex
_Jdawgg
Posts: 1 ✭
Posts: 1 ✭
in Complaints
Hello, I am new to this forum, searched for other topics and nothing close to what I experience with them is available to me.
So, to start off with, I am relatively new to trading, I started a little over a year ago. I began learning trading via IM Academy because some family also used that. When I started learning, I began with HFX (what they called "High Frequency Trading") and through some friends was recommended to use Vide as they have used it for a couple years and zero issues other then some very minor things that their support cleared up straight away. Now I was aware of the whole "turnover" thing before I started trading there and for me, since I was new anyways I wasn't really that concerned about that aspect of it. Things had been going great for quite a while until last October my account apparently got flagged for some apparent unfair use of the 1-2 minute trade option (I use 2 minutes primarily, it's what I become used to). That took them around 3 months overall to clear all that up, I didn't actually do anything wrong as far as I was aware, I took trades, won some, lost some, didn't think I was cheating their system in any way shape or form. That is just a bit of a background on some of what I have experienced so far, now on to what I consider my ongoing issue with them.
When I started trading, I had other much more experienced traders to talk to and bounce ideas off of. They also told me that when you put money into a broker, much like a bank they don't really want you to pull out every penny you have put in right away because they are making money off of your money, which of course makes a ton of sense. They told me that when I reach the turnover point and can start withdrawing funds, do it in small amounts at first to build up a relationship with the broker. I have been doing just that, the minimum withdrawal on Vide is $50, and that is what I have done all but three times with them out of eight total withdrawals thus far. Now on their website they show for the lowest account level (recently introduced this btw) a withdrawal time of 8 hours. Here is where my issues come in, the time for me to get my withdrawals. Now, I haven't went to withdraw every day, but I figured once or twice a month would be decent, especially if I were to see myself doing this as a career at some point. But for me, withdrawing any funds from my account seems to be like pulling teeth from the broker. Of my 8 withdrawals I have done so far, here are the withdrawals, how much I tried to withdraw and how long it took for each one: $50 - 25 days, $50 - 10 days, $100 - 8 days, $200 - 65 days (this was a month before Christmas and I was trying to get a little extra for some gifts for my family), $50 - 4 days, $50 - 14 days, $50 - 28 days, $75 - 48 days. After the first withdrawal, the $100 & $200, I got phone calls from Vide to confirm that it is me that was attempting to withdraw the funds which I was told was something they do early on in the process. The one where it took 65 days was also during the point in time my account was "flagged", even though I found out it was flagged AFTER I started the withdrawal. What I find incredibly weird with all of this is the fact that it takes me so long to be able to get any funds, it's gotten quicker a couple times and then it gets longer and longer and longer now.
Is there anyone else out there who has come across this kind of issue? Is there something I did wrong in the process of "building a relationship with the broker"? All I have done is log onto the website typically during the London/NY session crossovers and traded pairs that have been paying out. There are some people in my trading group who at the same time were taking trades with me and being more successful then me but yet their accounts never got flagged and nobody else I know personally has had any issues.
So, to start off with, I am relatively new to trading, I started a little over a year ago. I began learning trading via IM Academy because some family also used that. When I started learning, I began with HFX (what they called "High Frequency Trading") and through some friends was recommended to use Vide as they have used it for a couple years and zero issues other then some very minor things that their support cleared up straight away. Now I was aware of the whole "turnover" thing before I started trading there and for me, since I was new anyways I wasn't really that concerned about that aspect of it. Things had been going great for quite a while until last October my account apparently got flagged for some apparent unfair use of the 1-2 minute trade option (I use 2 minutes primarily, it's what I become used to). That took them around 3 months overall to clear all that up, I didn't actually do anything wrong as far as I was aware, I took trades, won some, lost some, didn't think I was cheating their system in any way shape or form. That is just a bit of a background on some of what I have experienced so far, now on to what I consider my ongoing issue with them.
When I started trading, I had other much more experienced traders to talk to and bounce ideas off of. They also told me that when you put money into a broker, much like a bank they don't really want you to pull out every penny you have put in right away because they are making money off of your money, which of course makes a ton of sense. They told me that when I reach the turnover point and can start withdrawing funds, do it in small amounts at first to build up a relationship with the broker. I have been doing just that, the minimum withdrawal on Vide is $50, and that is what I have done all but three times with them out of eight total withdrawals thus far. Now on their website they show for the lowest account level (recently introduced this btw) a withdrawal time of 8 hours. Here is where my issues come in, the time for me to get my withdrawals. Now, I haven't went to withdraw every day, but I figured once or twice a month would be decent, especially if I were to see myself doing this as a career at some point. But for me, withdrawing any funds from my account seems to be like pulling teeth from the broker. Of my 8 withdrawals I have done so far, here are the withdrawals, how much I tried to withdraw and how long it took for each one: $50 - 25 days, $50 - 10 days, $100 - 8 days, $200 - 65 days (this was a month before Christmas and I was trying to get a little extra for some gifts for my family), $50 - 4 days, $50 - 14 days, $50 - 28 days, $75 - 48 days. After the first withdrawal, the $100 & $200, I got phone calls from Vide to confirm that it is me that was attempting to withdraw the funds which I was told was something they do early on in the process. The one where it took 65 days was also during the point in time my account was "flagged", even though I found out it was flagged AFTER I started the withdrawal. What I find incredibly weird with all of this is the fact that it takes me so long to be able to get any funds, it's gotten quicker a couple times and then it gets longer and longer and longer now.
Is there anyone else out there who has come across this kind of issue? Is there something I did wrong in the process of "building a relationship with the broker"? All I have done is log onto the website typically during the London/NY session crossovers and traded pairs that have been paying out. There are some people in my trading group who at the same time were taking trades with me and being more successful then me but yet their accounts never got flagged and nobody else I know personally has had any issues.
Comments
Those withdrawal delays are mind-blowing. The usual for a respectable broker is 3 - 5 business days if your account is in order. Now I dont know what your acc was flagged for and I dont have all the details of the problem, but I would change this broker IN AN INSTANT.
Of course, I am not a professional advisor so this is not advice, just personal opinion.
Have a great one!