Bedafx Refused to Refund Money Withdrawn Three Months Ago

With WikiFX rating being 3.37, Bedafx is regulated offshore. And investor didn't receive the money withdrawn on the platform three months ago.

In the process, the customer service staff was out of contact. Accordingly investors should be alert to the broker.

Recently, one of investors reported Bedafx to WikiFX's “Exposure” for the broker didn't refund the money withdrawn and the customer service staff was out of contact.

Screenshot of WikiFX's Exposure&quot

The investor reported Bedafx with real name

Photo of the investor's ID card

Mr. Xu reported Bedafx with ID card.

Mr. Xu's terrible experience

Mr. Xu shared his terrible experience with WikiFX

According Mr. Xu's experience, he started depositing on Bedafx through a friend from September 2017, and made some profit during trading.

In October last year, he intended to withdraw money. However, he didn't receive the money, though withdrawal application was approved. And then he tried to contact the platform by phone and online customer service but got nothing.

Now, there are more than 30,000 USD in his account which can't be withdrawn, even if the application was submitted three months ago.

WikiFX's investigation and evidence

1. Mr. Xu deposited on Bedafx

Records of Mr. Xu's deposit

Mr. Xu kept depositing on Bedafx from September 2017.

2. Mr. Xu submitted withdrawal

Records of Mr. Xu's withdrawal

Mr. Xu has submitted withdrawal three times from October 12th last year, but the application was still in the progress of “waiting to be processed”.

3. Mr. Xu contacted the customer service staff of Bedafx

Screenshot of the conversation between Mr. Xu and customer service staff

Not receiving money for a long time, Mr. Xu tried to contact the broker by phone and online customer service but didnt get any replies.

4. There are still a great amount of money in Mr. Xus account which can't be withdrawn.

Mr. Xu's account balance

Mr. Xu submitted withdrawal three months ago, but he still didnt receive the money.

WikiF's identification on Bedafx

>>>>Bedafx's regulatory information

Screenshot of regulatory information from WikiFX

According to inquiry, Bedafx holds VFSC license, which belongs to offshore regulation of island country. Thus, the broker has certain risk because of the weak regulation.

>>>>MT4/5 identification

Screenshot of MT4/5 identification from WikiFX

According to identification, Bedafx uses white-label MT4 trading software, with the server set up in China. Moreover, the white-label broker has certain risk due to its low cost of investment.

>>>>Relationship diagram

Screenshot of relationship diagram from WikiFX

Through inquiry, Bedafx has the white-label relation with five brokers including :

IFK

MEGBRIGHTFX

IDEAL

Kodera

HERO

And we believe that investors should be familiar with IDEAL, which was exposed twice in the articles, Exposure - IDEAL has kept refusing to withdraw for two monthsand Serial 2 - With Mass Complaints, Ideal Was Exposed Again Due to the Scandal, Withdrawal Unavailable, published by WikiFX. Accordingly, WikiFX reminds that investors should be alert and stay away from the broker.

Warning!

Screenshot of Bedafx interface from WikiFX

According to identification, with WikiFX rating being 3.37, Bedafx is regulated offshore.

Moreover, the broker has huge risk due to using white-label trading software with the server set up in China. Besides, it is illegal for the brokers to refuse to refund money to investor, and the online customer service is out of contact.

Therefore, it is suggested that investors should be alert to risk and keep themselves away from the broker.

Conclusion

With low WikiFX rating, Bedafx has been marked by WikiFX as “offshore regulation”, having two risk warnings. So it is easy for investors to steer clear of risk by searching the information of brokers before investing.