BIZ delayed in processing withdrawal with frivolous service

BIZ delayed investors withdrawal submitted for a few days and the customer service staff even passed the buck to others. As this broker involves in overrun business, it is rated at 5.72; investors should be aware of it.

Recently, WikiFX received a real-name complaint of BIZ as they delayed in processing money withdrawn for quite a long time. The broker hasn't taken any solutions for that and the case still unresolved.

Photo of investor's ID card

The investor complained BIZ by presenting his ID card.

The investor's terrible experience

The investor shared his terrible experience with WikiFX

Per Mr. Ji's said, he deposited money on the platform by friends referral on November 2017. He submit the withdrawal application on next month but the status always shown “being process” and the amount hasn't been deducted from the account.

He contacted the platform's customer service several times, but got the same reply - the withdrawal is being processed. Mr. Ji cannot withdraw money from his account till now.

WikiFX's investigation and evidence

1. Mr.Ji deposited on BIZ

Screenshot of Mr. Ji's deposit record

Mr. Ji has kept on depositing money to BIZ since November 2017.

2. Mr. Ji submitted the withdrawal application

Screenshot of Mr. Jis withdrawal record

Mr. Ji submitted the withdrawal application on December 2018 but was still no progress.

3. Mr. Ji contacted the platforms customer service afterwards

Screenshot of the conversation between Mr. Ji and platform customer service

Mr. Ji kept contacting the platform about withdrawal but there is still no solution for it.

4. Mr. Ji's account still have money but cannot withdraw

Screenshot of Mr. Ji's account

Mr. Ji cannot withdraw any money till now.

WikiFX identification of BIZ

>>>>Regulatory information of BIZ

Screenshot of regulatory information from WikiFX

After investigation, BIZ hold two licenses – FSPR (NZ) and NFA (US), among which its FXPR license is for company financial service, and NFA license is for general financial service only. Two licenses has no authority in operating Forex brokerage business, implying the platform is in overrun business in China. Investing in this platform is in high risk.

>>>>MT4/5 identification

Screenshot of MT4/5 identification from WikiFX

Per verification by WikiFX, BIZ was suspected of using white label trading software, including two MT5 and two MT4 with the server set up in Hongkong, Japan and China.

The investment cost of white-label broker is relatively low and may have higher risk in nature.

>>>>Network diagram

Screenshot of network diagram from WikiFX

Per investigation, BIZ has close relationship with 7 Forex brokers in white-label :

AMK

CDFX

VEGLFX

deVere

LampeFX

RAMFX

BNZ

Warning from WikiFX

Screenshot of BIZ interface from WikiFX

After investigation, BIZ's overrun business in China considered to be high risk. Meanwhile, it is illegal to delay or ignore to process investor's withdrawal request.

So WikiFX reminds investors should keep themselves away from the broker to avoid risk for further property loss.

Conclusion

In short, Forex brokers overrun business has high risk. Investors is strongly suggested to do more research and pay extra attention on regulatory information of brokers to avoid risk.