Watch out! “Stock Lectures” could be a group of scammers

Recently, WikiFX got a complaint from investor that Ho-Forex has been delaying investor' s withdrawal application, with customer service out of contact.

Investor reported Ho-Forex to WikiFX

Investor provided her ID to ensure the authenticity of complaint.

Investor' s ID card

According to Ms. Qi' s experience, she was recommended to invest on Ho-Forex by a stock lecturer, and kept on losing money in trading overall. On March 25th, 2019, she submitted a withdrawal application, which remained unapproved for two weeks. She tried calling the platform customer service by the contact number on Ho-Forex' s website, but couldn' t get through. Meanwhile, her attempt to reach the above-mentioned lecturer and his assistant was also failed.

1. Ms. Qi deposited money to Ho-Forex several times.

Screenshot of Ms. Qi' s deposit record

2. Ms. Qi' s withdrawal application submitted on March 25th, 2019 has not yet been approved.

Screenshot of the withdrawal record

3. She tried calling the customer service number on Ho-Forex' s website, but couldn' t get through.

Screenshot of Ho-Forex' s customer service number

Calls to Ho-forex customer service didn' t get through

4. Out of ideas, she turned to the stock lecturer who recommended Ho-Forex for help, but that also turned out to be a dead end.

She tried contacting the lecturer' s assistant, who only provided a Wechat contact and then immediately deleted her.

Screenshot of Ms. Qi' s conversation with the assistant

Later, Ms. Qi contacted the lecturer, but received no reply.

Screenshot of Ms. Qi' s conversation with the lecturer

Ms. Qi added the stranger recommended by assistant, but didn' t get any solution.

Screenshot of the conversation between Ms. Qi and “Candy”

5. To date, Ms. Qi' s money still hasn' t been deducted from her account, so she doesn' t receive it.

Screenshot of Ms. Qi' s account balance

About Ho-Forex

According to regulatory information from WikiFX App, Ho-Forex' s unauthorized NFA(US)' s license for generic financial service indicates its considerable risk.

Regulatory information of Ho-Forex from WikiFX App

Further investigation shows the broker uses white-label MT4 software with server set up in mainland China. White-label brokers usually have considerable risk as they are low in cost.

Screenshot of Ho-Forex' s MT4/5 verification from WikiFX App

Network diagram from WikiFX App shows Ho-Forex is related to 4 white-label brokers, which are Prolio, Kingsforex, Top Half and TedForex respectively.

Screenshot of Ho-Forex' s network diagram from WikiFX App

Conclusion

With rating 1.21 on WikiFX App, Ho-Forex has invalid regulatory status for its unauthorized NFA(US)' s license for generic financial service. Moreover, it uses white label MT4 software with server set in mainland China. All these indicate significant risk which investors should be aware of.

Screenshot of Ho-Forex' s interface from WikiFX App

WikiFX has reported lots of cases that investors lost money or couldn' t withdraw due to fraudulent Forex platform recommended by stock lecturer. We remind investors to carefully check broker' s information before investing to avoid potential risk and safeguard your assets.