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

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.

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?