Investor Was Refused to Withdraw the Principal by Broker!

The broker refused to withdraw the money gained during trading for investor due to her malicious scalping. Three months later, even her principle couldn't be withdrawn.

Recently, one of investor reported FOMOSO to FXEYE for the broker thought the investor made the money improperly during trading, and finally detained it with the principal together.

The investor reported FOMOSO with ID card.

【Case Review】

Ms. Nong opened an account and deposited on FOMOSO through a salesman in June, during the trading, she made some money.

In August, Ms. Nong submitted withdrawal, but the application was always in the progress waiting to be processed.

Ms. Nong contacted the customer service staff by email, but she received nothing.

Now, there are still over 20,000 USD in her account, which cant be withdrawn.

【Reply of the broker】

After finding withdrawal unavailable, Ms. Nong contacted the person who introduced the broker to her.

The broker said that Ms. Nongs malicious scalping led to the withdrawal unavailable, and admitted that her principal would be returned in the condition that she must confirm to give up the money gained properly by email.

According to the brokers requirement, Ms. Nong sent the email mentioned above.

Although Ms. Nong committed to give up her profit, but she still didnt receive the money. As for it, the manager said that since the broker promised to return the money, she would receive it for sure.

However, she not only was forced to give up the profit, but also couldnt withdraw the principal three months after submitting withdrawal.

【FXEYE identification 】

>>>>The regulatory information of FOMOSO

According to inquiry, without the qualification of forex brokerage, FOMOSO ‘s NFA license is limited to general finance. So the broker’s business in China is illegal, and it had great risk.

>>>>MT4/5 identification

Through identification, FOMOSO is suspected of using the white-label MT4 trading software with the server set up in US. The white-label brokers have certain risk due to low cost.

>>>>Relationship diagram

According to the FXEYE relationship diagram, FOMOSO has the white-label relation with seven brokers, which are BGTFX, JINHUI GLOBAL, Jane international, BKG, Relianzs, KAIJU and RYKAN respectively.

【Warning!】

According to identifying, with business in China illegal FOMOSO is suspected of using white-label trading software, which indicates that the broker has great risk.

Meanwhile, FOMOSO refused to withdraw money due to investor‘s “malicious scalping”, the illegal action which resulted in that investor couldn’t withdraw the profit and principal.

Accordingly, it is advised that investors should keep themselves away from the broker to avoid unnecessary property losses.

Conclusion

With FXEYE rating being 2.93, the brokers business in China is illegal, and it has huge risk. FXEYE reminds investors again to stay away from the broker with low FXEYE rating to avoid risks effectively.