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I am having problem with withdrawing fund from Alpari UK

I am having problem with withdrawing fund from Alpari as well. Here is my case details.
When Alpari uk introduced funding option by credit card (cc), I have phoned in and asked for details. I was told that after cc funding, I need to make some trades. So that's what I did. So on 9 June, I deposited fund by cc (>USD64K). I made some trades (>80 returned trades to be exact). Then on 27 June, After receiving my withdraw request (USD50K), I have this email from Alpari

****
Dear Sir/Madam,

We have received your withdrawal request. However since your last deposit there has been minimal trading on your account.

Can you please advise why this is the case?

Where an account has been funded and we subsequently receive a withdrawal/transfer request following minimal trading activity, the rationale for the request is sought. In this case your account has been fairly inactive and has lead to these questions being asked.
This procedure is performed to ensure that our clients are using the services of Alpari (UK) for trading purposes and not as a “banking” facility.

We value our clients highly and apologies for any inconvenience caused. However, should you require further clarification please do not hesitate to contact me or another member of the Back Office Department.


Regards
****

I then received a call from Alpari seeking for my clarification (at that time I didn't read the above email yet). I told her that I saw other oppotunity and needed to invest elsewhere for a while.

Later on, I come home and read the above email. I called them to make sure that there is no problem with the fund withdraw. A guy answered the phone this time. After couple of minutes, explaining my case, he said you have made some trades, I see no reason of blocking the withdraw. I will ask my staff to process it at the end of the day.

Then I received another email at 5:58 pm london time (I think they are really bad on the timing, we all know that their back office only open from 9-6, so it seems they want to make sure that I will not have time to call them on the same day)
here is its content
***
Dear Sir,

Further to the telephone conversation you had with my colleague XXXX earlier today- we will require an explanation as to why there has been minimal trading on your account since your last deposit, before we can process your withdrawal request.

Additionally, we are currently undertaking additional security checks on credit/debit card payments to ensure that we maintain the highest possible standards at Alpari in protecting your card payments. As such, please could you provide us with a statement issued within the last 3 months for the card you have used for your recent transactions with us (card number ending 8888.)

Upon receipt of this information we shall update our records.

We apologize for the inconvenience caused, but believe that this will assist with the continued security of your card payments to Alpari.


Kind regards
***

So they are surely didn't ask for much, an explanation and three statements. Plus their reason is so weak. I have been using that cc for the last 2 years with them.

Of course, this is very frustrated to me. I want to share/alert you about (what I considered) their bad practice.

I was happy trading with them before. I have been with them since 2007. With this incident happened for the second time and with the level of control they exercise over client fund. I think Alpari uk no longer needs to retain existing clients and/or acquiring new clients.

I ofcourse will close the account in due course. but for now, what should I do.
Many thanks
Reply With Quote

Peter, FPA 2011-06-27

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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