EB Refused to Withdraw Money for the Boss Was on a Business Trip

      The withdrawal application an investor submitted wasnt reviewed, and then it was rejected after the money in his account was deducted. As for the situation, the person in charge replied that the investor needed to wait patiently because the boss was on a business trip.

Recently, one of the investors reported EB to WikiFx for the broker rejected his withdrawal application after arbitrarily deducting his money, and especially for the people in charge was careless about it.

　　The investor reported EB with his real name

Photo of the investor’s ID card

The investor reported EB with his ID card.

　　Case review

Mr. Gao shared his terrible experience with WikiFx

Mr. Gao registered an account and deposited on EB through a salesman in September this year. During the trading, he made some profit.

Records of Mr. Gao’s deposit

In October, Mr. Gao submitted withdrawal, and the application was always in the progress “waiting to be processed”.

Records of Mr. Gao’s withdrawal

On November 13th, Mr. Gao found that the money in his account was all deducted.

Screenshot of account informatio

Mr. Gao thought that his withdrawal application hadbeen approved, so he waited for receiving his money. However, two days later, he received the notice from EB saying his two withdrawal applications were all rejected.

　　Now, the money in Mr. Gao‘s account has been deducted, but he still doesn’t receive it.

Brokers reply

After knowing that withdrawal application was rejected and the money in account was deducted, Mr. Gao contacted the person in charge of EB, who replied that it was necessary for Mr. Gao to wait because the boss was on a business trip.

Screenshot of the conversation between Mr. Gao and the person in charge of EB

The person in charge promised that Mr. Gao would receive the money, at least the principal was available for withdrawal. As the boss was on a business trip, Mr. Gao had to wait. But over one month has passed since the withdrawal application was submitted, and Mr. Gao still doesnt receive it now.

Withdrawal is unavailable due to the boss‘ being on abusiness trip. Such excuse was never heard before. Is it impossible for the trading system to operate normally when the boss is on a trip？ Moreover, is it reasonable for the broker to deduct the investor’s money and reject his withdrawal application？

　　WikiFx identification

1. The regulatory information of E

Screenshot of regulatory information from WikiFx

According to inquiry, the NFA‘s license held by EB is limited to general financial service. Without the qualification of forex brokerage, EB’s business in China is illegal, which has great risks.

2. MT4/5 identificatio

Screenshot of MT4/5 identificatio

Through the identification, EB uses white-label MT4 trading software, with the server set up in US. And the white-label broker has certain risk due to its low cost of investment.

Screenshot of relationship diagram from WikiFx

According to the relationship diagram of WikiFx, EB has the white-label relation with one broker, JF PRIME.

　　Warning

Screenshot of EB interface from WikiFx

According to the identification, EB‘s business in China is disqualified, and the broker uses white-label software, thus it has huge risk. At the same time, it is illegal for the broker to refuse to withdraw money for investor and arbitrarily deduct the money in investor’s account.Thus, WikiFx reminds that investors should keep themselves away from the broker to avoid unnecessary property losses.

       Conclusion

Before selecting the brokers, investor should learn their qualification and regulatory information and be alert to those brokers with low WikiFx rating so as to avoid risks.