I have been trading with Forexbrokerinc.com on and off for about a year now basically to see if I wanted to use them vs my U.S. brokers. Everything was fine until I started to put more money in, making huge profits, and then wanting to with-draw the money. The first request was for $45,000. I immediately got a call from my "account rep" that I had never spoken with in the year I had been with them. She wanted to make sure everything was okay, and was asking why was I withdrawing the money. I told her because it was mine, and I wanted it. I had made another 100k the next month, and asked to withdraw 75k. They said it would be in my account with in 3-5 days, and it came in chucks with the bulk of it hitting my account on the 5th day. After a few days of winning trades that gave me a hefty profit, my account was disabled for "suspicious trading activity". I currently have a short position in the sp500 (short A LOT of contracts at 1978.00) that I can not close because my account is disabled because of "suspicious trading activity". I figure they have been taking positions against me, and I am taking their traders to the cleaners. IF YOU READ THE FINE PRINT, YOU WILL SEE YOUR MONEY (AND MY MONEY) GETS PUT IN TO ONE MASTER ACCOUNT THAT I SUSPECT THEY TRADE WITH. THAT'S WHY IT TAKES SO LONG TO GET OUR PROFITS OUT.
** ONE IMPORTANT NOTE **
I was funding my account partially with a credit card, and twice I had to cancel my card because fraudulent charges showed up just after I made a deposit. I was only using this card to make deposits with them, and I didn't use it anywhere else.
As soon as my account is active again, I'm going to pull out all of my money and cancel my trading account. I think it's better to stick with US brokers that are regulated and have to pay taxes on vs taking a chance with an over-seas broker that could potentially cause you a lot of headaches.
Update:
On one of my last deposits, they charged my card twice with in 10 seconds. I called my cc company and disputed the second charge. The cc determined it was charged incorrectly, but FBI said it was legit. After going back and forth with them for 2 weeks, they took the money out of my trading account. I asked them if it's my trading account, and it's my money, how can you just take it. They gave me the run around and said when a client usually disputes a charge, they liquidate and cancel the account, but since I'm such a valued client, they will keep my trading account open and match my next deposit 100%. I told them they must be nuts to think I'm going to continue to trade with them since they have shown me they can take my money out of my trading account and keep it for themselves anytime they way if they aren't happy with something.
