uTrade refused user's withdrawal by showing forged bank receipt

Risk problems have been constantly emerging in Forex transaction, and brokers have various “tricks of rejecting withdrawal application”. Recently, an investor' s report of uTrade really shocked us.

These days WikiFX received investor' s complaint of uTrade for they delayed and rejected investor' s withdrawal application for a long time. The broker even fobbed him off with “forged bank receipt” that was questioned by the investor.

Investor lodged a real-name complaint against uTrade

Ms. Zhao made a real-name report of uTrade by presenting her ID card to ensure the authenticity of the report.

Photo of the investor' s ID card

As per Ms. Zhao' s said, she started to deposit money to uTrade through their online advertisements in December last year, and made some profits in trading.

However, an accident happened. On February 11th afternoon, she submitted withdrawal application, but didn' t receive the money in her account though uTrade said that they had refund her.

Screenshot of Ms. Zhao' s account

Notification email of investor' s withdrawal

Ms. Zhao contacted the platform many times and got that they had refund the money by presenting bank receipt and didn' t give any solutions.

Per the receipt, she checked the related bank statement, but found no information on the money.

Bank receipt provided by uTrade

Screenshot of Ms. Zhao's bank statement from 10th to 12th February 2019

After checking carefully, Ms. Zhao found that the receipt was forged.

Ms. Zhao submitted withdrawal application at 16:00 on February 11th, and the platform deducted the money from her account at around 15:00 on February 12th.

But the bank receipt' s date shows 10:00 on February 11th. Therefore, she confirms this is a forged bank receipt!

Ms. Zhao questioned it and hoped the platform could refund the money as soon as possible, but they insisted that the money had been refunded.

Screenshot of the conversation between Ms. Zhao and platform customer service

According to the evidence provided by Ms. Zhao, she still didn' t receive the money by February 22nd, and even her withdrawal request of the balance in account has been delayed by the platform.

Screenshot of the Ms. Zhao's bank tatement from 12th to 22nd February 2019

Screenshot of Ms. Zhao' s account balance

Screenshot of the conversation between Ms. Zhao and platform account manager

The platform insisted that they has refunded the money by showing “forged bank receipt”. But the money deducted by the platform wasn' t shown in Ms. Zhao' s bank statement. It' s unknown where the money is now.

Per investigation by WikiFX, uTrade uses non-white label MT4/5 trading software and has a higher risk.

Warning from WikiFX

Per network diagram, uTrade' s authority from Alpha Securities is unauthentic.

Network diagram of uTrade

As per the verification by WikiFX and investor' s report, uTrade has no valid regulatory status and uses non-white label MT4/5 trading software with unauthentic authority from Alpha Securities, and may have higher risk.

Meantime, It is also illegal to reject and delay investor' s withdrawal request for a long time and provide the fake bank receipt. Investors are, therefore, strongly advised to stay away from this broker to avoid further loss incurred.

Screenshot of uTrade interface from WikiFX

WikiFX reminds investors that uTrade is rated at 4.63 and has considerable risk. Investors are strongly suggested to check WikiFX regularly and be alert to online advertisement before investment to avoid loss.