RCM delayed withdrawal request, its customer service unavailable

WikiFX just got a complaint from investor about RCM. The broker delayed investor' s withdrawal request with customer service out of contact, leaving the investor unable to get a refund.

Ms. Wang complained to WikiFX about RCM

Ms. Wang lodged a real-name complaint against RCM by providing her ID information.

Ms. Wang' s ID card

According to Ms. Wang, She opened an account and started to deposit money to RCM in August, 2018 by a friend' s referral, and made a profit in trading.

But her withdrawal application had still been “in progress” since November 21th, 2018. So she contacted RCM' s customer service, who kept on delaying it. A month later, she still didn' t receive the money, indicating her first withdrawal failed.

This January, after noticing the withdrawal channel was opened on the platform, Ms. Wang filed another application.

However, the request remained unprocessed for over 2 months, during which all Ms. Wang' s attempts to contact the customer service turned out in vain.

1. Ms. Wang opened an account and deposited at RCM on August 29th, 2018.

Record of Ms.Wang' s deposit

2. On November 21st, 2018, Ms. Wang applied for withdrawal once again but failed. She contacted the platform customer service many times, but they always rejected her request due to her incomplete personal information on platform.

On December 6th, RCM denied Ms. Wang' s request and asked her to update personal information.

3. On December 21st, Ms. Wang failed to withdraw money again, which was returned to her MT4 account.

Money was returned to MT4 account

4. Afterwards Ms. Wang contacted the broker once again for withdrawal problem, but they only reply that “Please see the latest announcement on our website”.

RCM replied with“ See the latest announcement on our website” .

5. WikiFX confirms that RCM did post an announcement on their website, saying that all CNY withdrawal channel in China have been closed due to PBOC' s tightening financial regulation. The system will automatically return withdrawn amount to investors' trading account. The notice claimed that this is to ensure the safety of investors' asset and they may resubmit an application if they still wish to withdraw.

Part of RCM' s online announcement

6. In January, 2019, Ms. Wang applied for withdrawal once again, but the application remained in progress.

Ms. Wang' s application remained “in progress”

7. Ms. Wang tried contacting the customer service, but received no response.

Ms. Wang' s messages to the customer service were all ignored

8. To date, Ms. Wang cannot get her money as the money isn' t deducted and her withdrawal application remain unapproved.

Screenshot of Ms. Wang' s account balance

About RCM

Regulatory Information

Screenshot of broker' s regulatory information from WikiFX App

Further investigation shows RCM holds FSPR(NewZealand)' s license for financial service. Without the qualification of Forex brokerage, it operates in overrun business in China, and has substantial risk.

WikiFX Risk Warning

Broker' s risk warnings from WikiFX App

WikiFX shows 2 risk warnings about RCM: operating in overrun business and heavy complaint from investors lately, mostly about withdrawal failure or unsuccessful refund.

Conclusion

We conclude that RCM, with WikiFX rating 3.55 and FSPR(New Zealand)' s license for financial service, operates in overrun business. In addition, the broker has been heavily complained by investors recently for withdrawal failure, putting investors' asset at great risk.

Kind reminder from WikiFX: When making your choice, investor should carefully verify the qualification of the broker in addition to paying attention to its reputation among investors. Please stay away from the brokers with many complaints.