Uinvest withdrawals problem, Selected Financial Partners ready to help? RSS - comments

After Liberty Reserve collapse, Uinvest program is in big troubles. This was the last direct payment processor which was available for Uinvestors to make a deposit or to withdraw money. Nowadays all transfers are handled by Financial Partners, who are "trusted uinvestors making money on in/out exchanges within UInvest".

The problem is that more and more uinvestors are trying to withdraw money so some financial partners started to make speculations. It's been a long time since Uinvest cut these speculations. Since yesterday, when the managment chat took place, Alex informed that from now on 25% is the maximum commission fee which any financial partner can set. And a negative commission of deposits was also removed.

So, it means that Uinvest is determined to handle all deposit and withdrawal requests. But how? Personally I have never seen even one offer from Selected Financial Partners even with 25% fee. The Financial Partners idea is not bad, but this third party needs to be controled by Uinvest, because the free market means some speculations, cheats, and a price relation to a demand. Currently more people try to withdraw money so financial partners are not interested to help them and to offer resonable rates, they are also worrying about Uinvest condition.

The current situation give more arguments to opponents who compare Uinvest to a ponzi scheme. I have to agree that if withdrawals are related to deposits volume, this is how a ponzi scheme works. I don't want to judge if Uinvest is a ponzi or not, I tried to do this in the past but without a resolute conclusion. But if the current situation extend, more and more people will start a panic mode.

We know from Alex that there are only 25 Selected Financial Partners (with transactions limits) and thousand of people who try to witdraw even with 25% fee. There is still no solution to them and I don't believe that this problem will be solved day to day, especially if Alex think that direct withdrawals will be not available because of the legal aspects. This is the opinion of Vivat, who was introduced as Uinvest lawyer:

"Uinvest is NOT a broker company. And, as another matter of law, it is not allowed for UInvest to take money directly from uinvestors.".

So the solution to handle withdrawals via UPay.net which was announced earlier is not ready yet and there are doubts if it will be ready at all.

So, lets wait and give a little more time to Uinvest. We should do this for two reasons:

1) Uinvest is working many years on the market and they usually have kept their announcements and promises.

2) We have no other way :) So it is better to not spread the panic until we will be sure that Uinvest is insolvent, it doesn't help anyone.

Personally I know that it is not easy to create a quick solution for so many investors, even if you have money for that. The legal aspects are very important and I believe that they may be a barrier for the quick solution. Let's watch the situation and do not draw too fast conclusions.

 

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