Withdrawal & Refund Policy
This Withdrawal and Refund Policy (the “Policy”) sets out Amber Markets Limited’s withdrawal policy for its clients. We have established the policies and procedures below to help ensure that all client’s requests are processed efficiently and within the regulatory guidelines.
1. Withdrawal policies Procedures
You must provide and/or confirm the following before submitting a request:
1.1 Withdrawal requests can be submitted online via the official “Client Portal” on our website, or via email from the client’s registered email.
1.2 The Full name (including First and last name) on the beneficiary account which must match the name on the trading account.
1.3 That there is a sufficient margin available. This requirement is in place to reduce the likelihood of a margin call.
1.4 that the withdrawal amount does not exceed the account’s available equity.
1.5 The full details about the method for withdrawal, including the client’s credit card or bank account details; please note that our policy is to refund any funds back to the source of the original deposit.
1.6 Amber Markets Limited reserves the right to review the trading account, account history, and supporting documentation before processing the client’s withdrawal request. Amber Markets Limited also has the right to request additional information prior to completing the withdrawal request. If necessary, we may contact you for further information, in case if the requested information
or documents not provided, the withdrawal request will be canceled until the Outstanding matters are resolved. The client will then need to re-submit the withdrawal request.
1.7 Withdrawals will only be affected by the client. We will not affect withdrawals to any other third-party or anonymous account.
We8 Due to anti-money laundering requirements (AML) that we must comply with, we need to verify that the requested fund withdrawal is transferred to an account where the beneficial owner is the same as on the trading account. Therefore, it is
recommended that the client provide us with a copy of the bank or credit card statement where the funds will be sent before submitting the withdrawal request.
2. Processing Time Frames
In order for us to perform our obligations and process the payment to the client’s credit card or bank account on time with no delay, withdrawal requests shall be processed same day, but if the request was received during market holiday and / or
public holidays, then the request will be processed in the next working day, It should be noted that there may be some delay in receiving the amount in the client’s bank account or credit card, which is beyond our control and is due to
banking procedures.
3. Initial Deposits Processed by Debit/Credit Card
3.1 If a client deposited his/her funds using a credit card, we will refund all amounts up to the amount deposited through that same card.
3.2 If the client made a profit on his/her investments, we may return these profits through wire transfer.
3.3 In some cases, the credit card company sets time limits for issuing refunds. If this time frame expires, we will also return client’s funds via wire transfer. If this applies to you, please refer to the section above regarding processing.
4. Withdrawal Fee
Clients should note that some banks use intermediary banks that charge fees. This will be the client’s responsibility to find out about and settle, and we may charge a withdrawal fee if it is deemed to be necessary to cover our bank charges.
5. Amendments
Amber Markets Limited reserves the right to review and/or amend this Policy and its arrangements whenever we find it necessary. We can do this with or without giving the client prior notice. After amending the Policy, we will notify the client accordingly – refer to Appendix 1.
6. Appendices
Appendices are an integral part of the Withdrawal & Refund Policy.
APPENDIX 1
Amendments to withdrawal policies & procedures
The following policy shall be applied on the withdrawal requests:
1- Apple Pay:
A front copy of the same Visa/ Master card by which the deposit has been made is
required for any withdrawal related to accounts that were deposited by Visa /
master cards through Apple pay.
2- My Fatoorah:
Withdrawals related to accounts that were deposited by Visa / master cards
through My Fatoorah:
2.1 A front copy of the same Visa/ Master card by which the deposit has been made is required if the requested withdrawal amount is above the value of deposited amount/s using Visa or Master card, which reflects the achieved realized profits.
2.2 No card copy is required if the withdrawal request is equal to or less than the value of the deposited amount/s using Visa or Master card.
3- Que Pay and other types of visa/ master card:
3.1 A front copy of the same Visa/ Master card by which the deposit has been made is required if the requested withdrawal amount is above the value of the deposited amount/s using Visa or Master card.
3.2 No card copy is required if the withdrawal request is equal to or less than the value of the deposited amount/s using Visa or Master card.
4- Accounts with multiple deposits:
Withdrawals related to accounts that include multiple and varied deposits, such as Visa / Mater cards, wire transfers, and other
deposit channels:
4.1 If the requested withdrawal amount is above the value of deposited amount/s using Visa or Master card, the client should provide us with a front copy of the same Visa/ Master card by which the deposit has been made, and if the provided card’s number and holder’s name is matching with the client’s name, then we shall refund the utilized card amount in full to the same Visa/ Master card by which the deposit has been made, and the remainder to be transferred based on the client’s request, whether through wire transfer or any of the other payment channels.
4.2 If the required withdrawal amount is less than the value of the deposited amount/s using Visa or Master card, no card’s copy is required, and the requested withdrawal amount shall be refunded to the same Visa/ Master card by which the deposit has been made.
4.3 The priority of executing and processing the withdrawal’s request is to refund the amount to the same Visa/ Master card by which the deposit has been made.
Note:
1. With regards to the cases in which the client is required to provide a copy of the used Visa / Master Card, client will be notified officially by sending an email in this regard, and the withdrawal request will remain suspended until we receive the
mentioned card copy and confirm whether it matches or not.
2. If the provided card’s number and holder’s name do not match the client’s name, we will freeze the client account, continue to hold the withdrawal request, and transfer the case to compliance and legal department for investigation.
3. In the event that the client does not respond or refuses to provide us with the required card copy, reminder email shall be sent to the client in this regard, and if in case the client does not respond after being reminded, the withdrawal request will
continue to be suspended until further notice.
