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How do I complain if fund withdrawal is not processed?


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How do I complain if fund withdrawal is not processed?

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  #1 (permalink)
RAGAV
HYDERABAD, India
 
 
Posts: 9 since Dec 2020
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How do I complain if fund withdrawal is not processed?

Who can I complain to if my fund withdrawal request is not honoured by any broker [Ex. TD Ameritrade, WeBull, Firstrade etc] in America? [Any stock or futures broker for that matter]

If customer service does not allow me to withdraw funds from my trading account, is there any way I can retrieve my funds from my trading account to my bank account? I am an Indian citizen looking to trade in US stock markets.

Thanks,
Ragav

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  #2 (permalink)
 SMCJB 
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US Stocks - FINRA. https://www.finra.org/investors/have-problem/file-complaint/complaint-center
US Futures - NFA. https://www.nfa.futures.org/complaintnet/complaint.aspx

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  #3 (permalink)
RAGAV
HYDERABAD, India
 
 
Posts: 9 since Dec 2020
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Can we be assured that these regulatory bodies would settle our funds in trading account without me being in United States in person?

Thanks.

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 SMCJB 
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I believe these are the regulatory bodies for the brokers themselves. Not sure if your residency is a factor in anyway but I doubt they will be involved in actually settling your funds in anyway.

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RAGAV
HYDERABAD, India
 
 
Posts: 9 since Dec 2020
Thanks: 56 given, 1 received

Sorry, I did not communicate the message clearly.

I did not imply that these regulatory bodies would settle my funds.

I only meant that if a broker does not allow me to withdraw funds from my trading account, these bodies would step in, take action and make sure that the broker allows withdrawal of my funds.

Thanks,
Ragav

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  #6 (permalink)
 SMCJB 
Legendary Market Wizard
Houston, TX
 
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I'm sorry @RAGAV but I have no idea. I have no experience with making complaints to the regulatory bodies. I do fear though that it will not be a quick and easy process. Obviously your private business is your private business but if you want to discuss the actual situation more, I or others may be able to help you. I also understand your potential reluctance to mention any broker specifically so we could talk in generic terms. Alternatively you could PM me but I don't know whether I personally can be much help. Since you appear to be from India let me also reference @LastDino. While I do not know him personally he is an active member of the community here who I believe is also from India.

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 AllSeeker 
Legendary Pratik_4Clover
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RAGAV View Post
How do I complain if fund withdrawal is not processed?

Who can I complain to if my fund withdrawal request is not honoured by any broker [Ex. TD Ameritrade, WeBull, Firstrade etc] in America? [Any stock or futures broker for that matter]

If customer service does not allow me to withdraw funds from my trading account, is there any way I can retrieve my funds from my trading account to my bank account? I am an Indian citizen looking to trade in US stock markets.

Thanks,
Ragav

Generally if you are with reputed broker your requests wont be an issue. And this is why this should be done through reputed broker only. Your nationality will not be point of discussion.

As a thumb rule, I wouldn't directly deposit my money with any broker unless its a reputed broker and I get option to fund transfer with local banks. If this is not available it can be quite a legal problem. In that case you can expect failure to recover your money as you can't really complain anywhere who can help to recover your money from broker situated in other country. Cross country laws are complicated.

This is risk that comes with the business. I will humbly suggest to stick to local scripts (there are more than couple of thousands) and all forms are available, in fact volume wise NSE has more FNO contracts traded than any other exchange in the world. If you still desire the outside access, I suggest having bank account in same country as the broker, in that case there is possibility of securing your money. To get that bank account you will need to be resident or at least meet some financial criteria for that bank to grant you an account. Again, increasing the complexity of the procedure.

Here is a hint, consider getting bank account in UAE or through Singapore. From there it is much easier to get access to outside India products and then still be in legal boundaries.

It is up to you if you are willing to take that risk or not. For example, I was not, so I don't bother with the outside India products. There are every now and then some brokers/companies which come to light who offer those services, but then again, its with the added complexity mentioned above. Don't ask me names, I'm not keeping track of it atm, maybe someone else might know.

I'll also like to mention someone who stays in India (According to his profile) and does trade outside India products @iqgod, you might want to DM him to ask if he is willing to help. I do not know him personally but he seems like a nice guy.

Good luck!

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  #8 (permalink)
RAGAV
HYDERABAD, India
 
 
Posts: 9 since Dec 2020
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SMCJB View Post
I'm sorry @RAGAV but I have no idea. I have no experience with making complaints to the regulatory bodies. I do fear though that it will not be a quick and easy process. Obviously your private business is your private business but if you want to discuss the actual situation more, I or others may be able to help you. I also understand your potential reluctance to mention any broker specifically so we could talk in generic terms. Alternatively you could PM me but I don't know whether I personally can be much help. Since you appear to be from India let me also reference @LastDino. While I do not know him personally he is an active member of the community here who I believe is also from India.

I don't mind sharing the details. I am yet to start trading in US markets and I am in the process of choosing a broker. When I went through the reviews of various brokers, there have been complaints of either poor execution, poor customer service or people facing issues when they decide to withdraw their money from the brokers.

My main concern is around the fund withdrawal. My entire capital and accumulated profits would be at risk if I am unable to transfer it to my bank.

So, I wanted to know if there is any regulatory body that handles all such issues and can be trusted to step in and look at my complaints if I also face similar issues in future.

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  #9 (permalink)
RAGAV
HYDERABAD, India
 
 
Posts: 9 since Dec 2020
Thanks: 56 given, 1 received


LastDino View Post
Generally if you are with reputed broker your requests wont be an issue. And this is why this should be done through reputed broker only. Your nationality will not be point of discussion.

As a thumb rule, I wouldn't directly deposit my money with any broker unless its a reputed broker and I get option to fund transfer with local banks. If this is not available it can be quite a legal problem. In that case you can expect failure to recover your money as you can't really complain anywhere who can help to recover your money from broker situated in other country. Cross country laws are complicated.

This is risk that comes with the business. I will humbly suggest to stick to local scripts (there are more than couple of thousands) and all forms are available, in fact volume wise NSE has more FNO contracts traded than any other exchange in the world. If you still desire the outside access, I suggest having bank account in same country as the broker, in that case there is possibility of securing your money. To get that bank account you will need to be resident or at least meet some financial criteria for that bank to grant you an account. Again, increasing the complexity of the procedure.

Here is a hint, consider getting bank account in UAE or through Singapore. From there it is much easier to get access to outside India products and then still be in legal boundaries.

It is up to you if you are willing to take that risk or not. For example, I was not, so I don't bother with the outside India products. There are every now and then some brokers/companies which come to light who offer those services, but then again, its with the added complexity mentioned above. Don't ask me names, I'm not keeping track of it atm, maybe someone else might know.

I'll also like to mention someone who stays in India (According to his profile) and does trade outside India products @iqgod, you might want to DM him to ask if he is willing to help. I do not know him personally but he seems like a nice guy.

Good luck!

I want to open an account with a reputed broker only. NSE has good amount of trading activity, however the total traded value is higher in most actively traded US stocks. The options on stocks are also far more liquid in US and has more volume even outside top 10 stocks.


Thanks for your suggestions. I don't mind opening a bank account in a foreign country. My main concern revolves around the broker not responding to my wire transfer requests. Even if the bank account and the broker are in same country, if broker does not want to transfer my money, what options do I have?

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  #10 (permalink)
 AllSeeker 
Legendary Pratik_4Clover
Mumbai, India
 
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RAGAV View Post
I want to open an account with a reputed broker only. NSE has good amount of trading activity, however the total traded value is higher in most actively traded US stocks. The options on stocks are also far more liquid in US and has more volume even outside top 10 stocks.


Thanks for your suggestions. I don't mind opening a bank account in a foreign country. My main concern revolves around the broker not responding to my wire transfer requests. Even if the bank account and the broker are in same country, if broker does not want to transfer my money, what options do I have?

That's very subjective, can't really help there, but if your bank account and broker are in same country, its almost unheard of that you will not get your money back if you request for it. If they don't then you can only go and file a case against them. This is why its important to have bank account in same country, so at least you will have legal options available to you.

Unless you are talking about some dodgy gully broker, this is generally never an issue and if you are getting the kind of functionality you are looking for, generally your broker wont be just gully broker either.

At this point this maybe case of you just over worrying.

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 SMCJB 
Legendary Market Wizard
Houston, TX
 
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LastDino View Post
but if your bank account and broker are in same country, its almost unheard of that you will not get your money back if you request for it. If they don't then you can only go and file a case against them. This is why its important to have bank account in same country, so at least you will have legal options available to you.

I agree with @LastDino. I would think your more likely to have problems with international wires than you are domestic transfers. Since your asking this to be cautious, and not because you already have a problem, I would recommend you actually ask these questions to any broker you are considering. 'Know Your Customer' {"KYC") rules have got very strict in the US so I think you will find most reputable brokers will be very open about what they will and won't allow. Also if you really are worried about this, you may want to focus on brokers that are known to have good customer service - don't want to get into this situation with a broker than you can never get hold of a human being. Maybe even consider an Introducing Broker. Their customer service is often better than the brokers themselves. I've personal experience with @mattz at Optimus and his teams customer service is excellent. He offers clearing options at several of the major FCMs.

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  #12 (permalink)
RAGAV
HYDERABAD, India
 
 
Posts: 9 since Dec 2020
Thanks: 56 given, 1 received


SMCJB View Post
I agree with @LastDino. I would think your more likely to have problems with international wires than you are domestic transfers. Since your asking this to be cautious, and not because you already have a problem, I would recommend you actually ask these questions to any broker you are considering. 'Know Your Customer' {"KYC") rules have got very strict in the US so I think you will find most reputable brokers will be very open about what they will and won't allow. Also if you really are worried about this, you may want to focus on brokers that are known to have good customer service - don't want to get into this situation with a broker than you can never get hold of a human being. Maybe even consider an Introducing Broker. Their customer service is often better than the brokers themselves. I've personal experience with @mattz at Optimus and his teams customer service is excellent. He offers clearing options at several of the major FCMs.

Thanks for the recommendation. I will have a look at Optimus for futures trading. My preferred instruments are stocks and options on stocks that are traded in US. Do you have any suggestions on brokers who offer these instruments?

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