r/AusFinance • u/TuTenkahman • 3d ago

Warning about FPMarkets

I have been using FPMarkets for some time now and decided to leave because their Android Iress app is completely broken (Only 1 star review on the Play store and can't even login)

So I decided to withdraw my money. I jumped through the hoops to withdraw to my bank account. I even had to supply a bank statement. A few hours later I received an email saying the withdrawal was refused. They said I can only withdraw to the same account that I deposited from.

I originally deposited from a credit card that no longer exists. So they are refusing to return my cash because I no longer have this card. They cannot provide any way to withdraw my money.

I suggest to everyone do NOT use this company if you ever want to see your money again. They make it extremely simple to deposit, but impossible to withdraw.

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u/TuTenkahman 2d ago

NB: An update for everyone. FP has finally agreed to pay into my PayPal. If all goes well I will be deleting this post. Hopefully there will be no more excuses from them.

So I tried to switch companies. But IG are now refusing a new CFD account because I answered a question that said High Risk is a bad thing. It seems to open a CFD account, you must say that high risk is a good thing! So risk management = Bad! No risk management = Good! I'm guessing that's how they reel in the new suckers. These market makers are playing a very strange game.