Hi Traders.
You will see a question in the posts here, Is FP Markets Trustworthy?
We can't really categorically say they're not, but based on experience its reasonable to ask,
Are they unhelpful? YES
In the event of a problem that FP Markets claim not to be responsible for, are FP Market's transparent, pro-active, forthcoming with and helpful in, tracking down information from their Partner Payments Merchant that could help the FP Markets customer, FP Markets Customers Bank or MasterCard, recover the deposit money FP Markets removed from their customers trading account with the agreed intention of refunding the customers deposits back into their bank account through their MasterCard Debit Card? NO
Are FP Markets being entirely disingenuous when they won't pursue their partner Payments Merchant to to provide information that would allow an FP Markets customer to track the refund transaction that has resulted in their money disappearing and never arriving in their bank account? YES
Are FP Markets being entirely disingenuous when they refuse to provide contact details for their partner Payments Merchant, to allow the FP Markets Customer to make contact and pursue the matter themselves? YES
I had requested and agreed with FP Markets to withdraw £2000 of deposit money from my FP Markets trading account. The money to start trading had been deposited through my debit card and so it was to be refunded into my bank account back through my debit card, a Mastercard.
The refunds appeared in my banking app transaction timeline 27th November 2020, as "credit notifications" not actual payments.
Having waited the 15 working days for the money to be drawn down into my account, I have been pursuing the matter with FP Markets Cash Team, FP Markets Compliance Team (they have all the BS department names down) and my Bank.
FP Markets have been bad actors throughout and my £2000 has disappeared.
My bank and MasterCard had been working to try and locate and draw down the money from the "acquiring bank", but then the refund transactions were reversed 12th January 2021 and could no longer be pursued.
The most recent update from my bank as follows
"Message from Tom at Starling Bank - 28th January 2021 - 15:02 Hrs
Ref:27NOV20 FP Markets Transactions Created on 27th of January 2021
Good afternoon N#####,
Thanks for getting in touch,
Yes, to confirm the credit notifications for
£1,000 that were made on 27/11/2020 13:00:50
and 27/11/2020 13:01:15, were reversed by the
merchant on 12/01/2021 01:48:05 and
12/01/2021 01:48:05 respectively. To confirm,
Starling did not reverse these credit
notifications, so these would have been issued
by the merchant in this case. Starling never
received the funds for the two lots of £1,000,
and they only ever appeared as credit
authorisations in your account, which is just a
notification from the merchant to let us know
how much they intend to send. They however
never actually sent us the funds, so most
probably reversed the notifications that I
mentioned as they were having trouble doing so.
You would need to confirm this with the
merchant to be sure.
In regards to Mastercard getting in touch with
the acquiring bank for FP Markets, I can see that
Mastercard have tried contacting the acquiring
bank on multiple occasions but appears the
acquiring bank have been unresponsive. I have
pushed back and asked them to continue to try
and to let us know if they hear anything.
As explained above, we never received the funds
for the two £1,000 credits from November 27th
and only ever received notifications from the
merchant informing us of the amounts they
intend to send. The notifications were also
reversed by the merchant and not Starling Bank,
so you would need to ask the merchant to
investigate the issue further.
Many thanks,
Tom
Team Starling"
FP Markets Response 02nd February 2021 - (In the context of, the 2 x £1000 credit notifications were reversed 12th January 2021, 15 Working Days earlier)
"From: Compliance Fpmarkets <
compliance@fpmarkets.com>
Sent: Tuesday, February 2, 2021 6:51:34 AM
To: My Services <
myservices1@outlook.com>
Subject: Re: Fw: Fw: Withdraw Funds - 5835252 - 8200 GBP [Credit/Debit Card]
Hi N######,
Thanks for your patience, it does not appear the funds have been received back to our credit card merchants. In the last response from our credit card merchants, they mentioned the funds should have been returned back to your card.
Moreover, there are several reasons why we do not recommend raising chargebacks, one of the reasons is because it is a lengthy process which can take several weeks to receive the funds. However, given the circumstances you could consider raising a chargeback request with your credit card provider as a last resort.
We will keep you informed should any new information arise from our merchant providers.
If an issue has not been resolved to your satisfaction, you can lodge a complaint with the Australian Financial Complaints Authority, or AFCA. AFCA provides fair and independent financial services complaint resolution that is free to consumers.
Website: www.afca.org.au
Email:
info@afca.org.au
Telephone: 1800 931 678 (free call)
In writing to: Australian Financial Complaints Authority
GPO Box 3, Melbourne VIC 3001
Kind regards,"
I discovered the Forex Peace Army website too late.
BASED ON MY EXPERIENCE TO DATE, I WOULD RECOMMEND TO EVERYONE, DO NOT OPEN A TRADING ACCOUNT WITH FP MARKETS.
Regards,
TradeRancher