Moneycorp Problems Exposed: Fund Transfer Failures & Customer Support Complaints

Failing to transfer funds into or out of your Moneycorp trading account? Have you faced a sudden account closure by a United Kingdom-based forex broker? Has the brokers customer support service failed to resolve your queries? Did their behavior remain far from good while addressing your queries? You are not alone! Many traders have questioned such alleged trading practices by the broker. In this Moneycorp review article, we have highlighted some of their complaints. Read on!

Overview of Moneycorp Operations

As per the information available on its official website, Moneycorp helps corporates with a wide range of forex solutions. These include recommending a list of products, such as spot contracts and an online multi-currency account. Additionally, the company offers payment solutions to businesses with local and international dealings. It further helps businesses manage volatility risks involved in a foreign exchange market, provides a wide range of hedging tools, and forecasts cash flows.

Examining the Top Complaints Against Moneycorp Services

A Host of Fund Transfer Complaints by Users

Several users have highlighted the issue concerning a fund transfer to and from the Moneycorp account. Funds are allegedly not reflecting in either of the cases after going through the complaints on broker review platforms. Some transfers are of large amounts, with them being unsuccessful, as claimed by users, pose a question mark over the platforms reliability, if not legality. Here are some Moneycorp reviews concerning poor fund transfers.

Endless Customer Support Issues

A UK-based user wrote a long, negative Moneycorp review entailing a host of issues, including the failure to add a new user name, updating an account name, and closing an old account to open a new one. Despite contacting the customer support official and explaining these needs, the user allegedly failed to receive a positive response from the team. The user further revealed that adding an account for a brand-new company with minimal transactions was delayed by a month. After such a delay, the user was asked to submit compliance documents. Frustrated by such long communication gaps and turnaround times, the user shared his overall journey with Moneycorp through this review.

Sudden Account Closure/Suspension Complaint Against Moneycorp

Users have complained about the sudden closure or suspension of their Moneycorp accounts. When inquired about the same, the company officials allegedly did not give a proper explanation for the reasons that contributed to this move. Some of them admitted to using this account for nearly 10 years. Shocked by the account closure/suspension and the subsequent poor response from the official, these traders did not wait to share their Moneycorp reviews.

An Account Suspension Claim with a Slightly Different Twist

A UK-based client reported having a sudden account closure after having spent a massive amount in exchanges through the Moneycorp platform. The customer support official attributed the lack of activity for a year to account suspension. To lift the suspension, the company asked for more compliance documents. After receiving these documents from users, the company deemed them not enough to meet the criteria. Not happy with this approach, the user vowed to partner with a company that cares for its clients, as per this complaint. Take a look!

Allegations of High-Pressure Sales Tactics and Verbal Contract Dispute

A UK-based client shared his stressful experience with Moneycorp, alleging that he was pressured into agreeing to a large currency transaction (over £60,000) during a sales call at work. He claimed to have no intention of purchasing euros but entered into a verbal contract without adequate time to review terms or consider alternatives.

After realizing the deal was unfavorable, he faced a potential fee of nearly £800 to reverse the transaction and had to go through the companys complaints process. Although his complaint was ultimately upheld and the negative balance removed, he stated that the company only partially accepted fault and attempted to shift some responsibility onto him.

He advises others to avoid agreeing to financial contracts over the phone without written documentation and careful review, and indicated his intention to escalate the matter to the ombudsman.

Check out this screenshot, detailing how the incident unfolded for the client.

Moneycorp Review by WikiFX: Investigating the Brokers Regulatory Status

After reading the complaints concerning fund transfer and extensive turnaround times, you must have questions regarding the Moneycorp regulation. The answer is that the broker does not have a valid regulatory license to conduct forex business. The spurt in problems has a lot to do with the lack of regulatory oversight for Moneycorp. As a result, the WikiFX team has given it a score of just 1.59 out of 10.

For effective comparison of forex brokers, their regulatory status, exposure reports (if any) and latest news, use our new WikiFX app. Download now by scanning this QR code.