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Alpari UK denied withdrawal due to scalping

I have been trading with Alpari UK for a year now,I have a classic account, everything clear and good till the beginning of this month, when I started making quite unexpected profits and bigger than my average records.

After a couple of heavy scalping trading days on CFDs, Alpari started flooding my accounts with requotes and various other problems with MT4. So I had to reduce my trading activity down to zero.

As soon as I requested a withdrawal from the account to my bank account, this was ignored at first and then, after asking them more details several times on the phone and by email, on June 10th, I received an email from the Compliance Office saying that they were investigating on my trading activity and so the withdrawal are blocked/denied.

As I consider this behaviour inacceptable, I contacted the FSA (Financial Services Authority - UK) and the Financial Obudsman Service (uk) and I opened a complaint about this conduct of Alpari, they started and Investigation against Alpari regarding my case.

In the meantime I spent the week from the 13th to the 19th of June asking more details about this claim by phone and emails and all my requests were ALL totally ignored.

Finally, on the 20th of June I received another email in which they say that they are still investigating on my trading as they are concerned that my trades were subjected of "manifest error on prices" and more importantly, THEY WILL TAKE THE RIGHT TO DELETE the trades they FEEL are not in the spirit of their agreement, Section 9.36 - not giving me any specific explanation.

I am still waiting for more explanations and replies to my requests.

I would not suggest Alpari to anyone now!

Lorenzo Bassetti, FPA 2011-06-23

Alpari UK Alpari UK Review

Alpari UK Forex Review | Alpari Metatrader Broker | alpari.co.uk forex trading

Headquarters: 41 Eastcheap, London EC3M 1DT 

Country: United Kingdom

Regulated by: FSA (UK)

Trader's rate 2.3
Editor's rate 3.8

Alpari UK Account Info:

minimum deposit: $200

minimum lot size: 1k

max leverage: 500:1

 

Spread:

Variable, from 1.6 pip

 

Deposit/Withdraw

Bank Wire, Credit card,  Cheque 

 

Platform:

Metatrader, Custom trading platform, Currenex, Mirror Trader

 

Signal Providers:

Zulutrade and Tradency

 

 



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