Update Following Company Response: Your reply continues to rely on vague references to "regulatory" and "KYC" obligations without specifying any legal basis for your actions. I have no issue with identity verification, source-of-funds checks, or confirming the destination account; all these were completed. The destination account was already on file and had been used for deposits before. My identity was verified multiple times, including photographic ID with a passport. What I object to is the demand that I explain the reason for withdrawing my own cleared funds as a condition for accessing them. This is an unacceptable and abusive requirement for a deposit holder. There is no obligation under Australian law that permits a retail broker to require a customer to disclose the intended use of their own money once identity and account ownership are verified. Internal withdrawal limits do not negate a customer's legal right to their funds. Presenting these demands as "for my protection" is not credible. The only party benefiting from the delay was the company, by retaining customer funds. Your assertion that the matter is "resolved" misrepresents the situation. The issue was resolved only after significant obstruction, repeated refusals to escalate, and the initiation of external complaints. Resolution under pressure is not indicative of a compliant or customer-focused process. It was only after the authority acted on the complaint that the company acknowledged its fault. Your response is misleading and will lead to a formal record being created. Your trust rating is 1.8—enough said. Withdrawal Denied – Unacceptable Behavior: I have used this service for some time and never needed support. Unfortunately, my first contact exposed just how flawed and disrespectful this platform is. I attempted to withdraw funds exceeding their arbitrary daily limit. What followed was an exasperating experience: endless automated responses, followed by scripted replies. Over four emails and multiple chat sessions, I requested to escalate and speak to a manager, which was outright denied. Apparently, senior staff are either mythical or deliberately hidden from customers. When I decided to close my account and transfer my holdings to another broker, the company audaciously demanded that I justify, in writing, why I wanted access to my own money. To be clear: there is no valid reason for a retail broker to require a customer to disclose the purpose of withdrawing their own cleared funds simply because it exceeds an internal limit. The compliance team's inability to understand why this request is offensive speaks volumes about the organization's culture. Their so-called "compliance team" are faceless and unreachable, refusing to engage in direct communication. I will be referring this matter to the relevant authority. This is not just about inconvenience; it reflects control and a lack of respect for customers. If your only goal is to make small trades, this service might suffice. However, if you ever need to withdraw more than $20,000, be prepared for intrusive questioning and bureaucratic hurdles. This is not how a serious financial institution operates. The justification they provided for requesting documentation regarding the use of my funds was for my protection, despite my providing all necessary identification and information. It's unacceptable; they profit from holding your cash for as long as possible—it's unlawful disguised as policy. Let's see what the financial ombudsman has to say.
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