International Customers

The search feature was not working for me, so I am not sure if this was addressed in another thread, but are customers from other countries (outside NZ) allowed to participate in iPredict?

I am a US customer and was looking for an alternative since Intrade is closing shop for US customers.

If a US customer trades on iPredict that is a breach of US law. We strongly emphasise that this is a New Zealand site and anyone trading offshore must ensure they are complying with the laws of the country in which they are in and do so at their own risk or any legal consequences within that country.

I may be mistaken here, but I believe it is only a breach of US law if American citizens are betting on sporting events or unregulated commodity / financial markets.

The recent incident with InTrade was due to them allowing US citizens to bet on commodities and stock options markets. At least that is what was outlined in their suit. Nothing was ever mentioned about other markets and no criminal charges were brought against InTrade or American customers... only a civil suit against InTrade. I believe the CFTC warned InTrade back in 2005 about allowing Americans to participate in these specified markets as well.

Either way, it is at your own risk I guess.

How do international customers withdraw money? The withdraw money page does not seem to ask enough information for international bank transfers.

You will need a New Zealand bank account in order to withdraw funds from ipredict.

admin Wrote:
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> You will need a New Zealand bank account in order
> to withdraw funds from ipredict.

From the help page:
Withdrawing Funds Is Quick and Easy
You can withdraw cash from your iPredict account into your own bank account any time. iPredict processes withdrawal requests every Tuesday and Friday. Go to My Account and click Withdraw Funds.
Note that a small withdrawal fee of 2% or $2 (whichever is greater) is levied on withdrawals, but only if you have positive earnings on iPredict.

No where are we told about the restriction that withdrawals can be made to only NZ bank accounts. I guess we'll just have to reverse the transaction, declaring your site fraudulent--unless you have some other advice.

The issue of fraud is not relevant because the funds in your account are still available to you and because Terms of Service 1.5 makes it clear that ipredict is not offering or inviting trading by persons outside New Zealand. ipredict has an efficient mechanism for processing transfers to New Zealand bank accounts, but makes no provision for transfers to bank accounts outside New Zealand. However, ipredict will investigate the lowest cost mechanism to transfer funds from your account should you request them, though this transfer may not be electronic. This investigation cannot commence until 7 January, as most staff are on the New Zealand Christmas/ New year vacation until then.

It would be worth updating that section of the help with emphasis that it applies to NZ bank accounts only.