Refco FX account withdrawl frozen!!!

Discussion in 'Forex Brokers' started by inet, Oct 17, 2005.

  1. inet


    Here is the chat between me and Refco FX guy:

    RefcoFX>4: Welcome to RefcoFX's Live Chat feature. You are now chatting with a RefcoFX representative. How can I help you?
    You:: where is refcofx website forms link? I cannot find it now.
    RefcoFX>4: The Refco Group has instructed us to delay payments out of ALL Refco accounts UNTIL they sort out banking and internal matters.
    RefcoFX>4: At this time this is the only information we have received from Refco Group
    RefcoFX>4: We should have more information for you within next 24 hours
    You:: Bye
    RefcoFX>4: Thank you for contacting RefcoFX
  2. okwon


    Why did you keep your account there with all the stuff going on with them in the first place?
  3. I just checked in myself and yes you are right NO withdraws from RefcoFX accounts. I don't think they will have an answer in 24hrs though. This could be quite a mess.

    I see though I can still trade on my account.
  4. misha7


    It's ridiculous that you are "allowed" to trade but not withdraw the funds.. I hope people are calling CFTC right now.
  5. inet


    Does anybody have further info about refco account withdrawl?
  6. well, the way I see it, the bankruptcy is the key to all of it.

    think about it this way: Refco and whatever other names/entities it goes by, is like a HUGE octopus with limbs.

    at the top is "REFCO."

    part of the beast just entered the bankruptcy courts.

    therefore, most likely the courts are going to take a hard look at the entire entity.

    money is just part of the "mess."

    better brace yourselves for what may be a hellish period in the trading/finance industry.

    the best thing though is, if you only had a small % of your net worth exposed to your trading account.

    I get a feeling that, for some, that is not the case.

    another thing is, I have not made a withdrawal for money to live on since... I can't remember when.

    so, most of you may not even need to get to your money at this point. and just because you can't withdraw it (at this time) does NOT mean you lost it.

    you only lose it for real when you are on the other end of my trades. :D
  7. Chood


    Kinda like "heads I win, tails you lose."
  8. Htrader

    Htrader Guest

    Since they declared bankruptcy any fx account holder is now a creditor whom Refco owes money. Get in line.
  9. liri


    what about us who have accounts with fxcm, has this to do with fxcm as well? cheers
  10. Chood


    Just when you thought these fx dealers would stop spreading the love.
    #10     Oct 18, 2005