Consumer complaint received 2021-10-13
Company: TradeStation Group, Inc.
State: OK
Product: Money transfer, virtual currency, or money service
Sub-product: Virtual currency
Issue: Other transaction problem

Complaint:
I opened my account with Tradestation ( www.tradestation.com ) on XXXX of XXXX this year. I completed their verification procedures successfully and received an email from Tradestation confirming that my account is fully active and verified. After receiving confirmation I deposited XXXX $ and purchased bitcoin ( @ $ XXXX and $ XXXX ) on Tradestation platform using my account. After the money was deducted from my bank account, I received an email from Tradestation, asking me to go through the verification procedure again. For almost a month I was asked multiple time to provide my driver 's license, passport, selfie holding my driver 's license and selfie holding my passport. I followed their instructions and completed every step efficiently but after few more days I was informed that Tradestation is not going to continue business with me hence my account is going to be closed. Since then I have been contacting them via emails and telephone calls to return my money. I informed them that I have closed my bank account which I used to deposit funds in my Tradestation account and they asked me to provide proof of it. I sent them the letter of account closure and after that they kept on insisting that they can only return funds to the bank account from which the funds were deposited. I called Tradestation client support almost everyday and explained the complete case and requested them to return my funds. On XXXX XX/XX/2021, the client support representative named XXXX XXXX told me to provide my alternative bank account details for the funds transfer and sent me an email with a 'Form for Wire Transfer ' attached. I followed the instructions and filled a 'Form for Wire Transfer ' and returned it. On XXXX XX/XX/2021, I received an email stating 'Funds transfer request confirmation ' but it was cancelled the next day. I kept on sending emails and making phone calls and received the same response that the case is under review and there is no update from the relevant department. On XXXX XX/XX/2021, I received an email from Tradestation stating that they want to have a video call on XXXX XX/XX/2021 at XXXX EST to discuss the options of sending me my funds. On that video call two tradestation representatives again asked to show them my driver 's license and passport for verification and I did what they told. Next I was asked to provide my address history and after telling them about my old addresses, they told me that they can send a paper cheque to my old address and there is no other option for me to receive my money back. I found it very unreasonable and asked them to be rational but they kept on repeating that this is the only option. I told them that I strongly feel that they are not willing to return my money and if there is a justification for sending a paper cheque to the address where I no longer reside. Till date they are responding the same way when I contact them. I really hope and pray that you'll be able to help me and end this phase of XXXX which I am going through. XXXX is holding my funds without my consent for almost 4 months. There is no rational explanation for this.

Company response to consumer: Closed with explanation