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Abstract:WikiFX just received a complaint from investor that MAXO blocked withdrawal applications. And investor couldn’t reach the broker anyhow.
WikiFX just received a complaint from investor that MAXO blocked withdrawal applications. And investor couldn' t reach the broker anyhow.
Investor reported MAXO to WikiFX
Investor provided ID card to ensure an authentic complaint.
Investor' s ID card
1. Opened account
Mr. Wu heard about MAXO from a friend and opened an account on the platform in early 2018, making loss or profit in trading now and then. As platform deposit and withdrawal service work normally, he made a few more deposits to MAXO.
Mr. Wu' s deposit record
2. Withdrawal attempts blocked
Until March 1st, 2019, Mr. Wu was able to receive money promptly after submitting withdrawal request. But unexpectedly, his withdrawal request filed on April 8th was delayed for days by MAXO.
Mr. Wu' s withdrawal record
3. Emergency Announcement
When Mr. Wu tried to find contact information at the website of MAXO, he found an emergency announcement that they were communicating with MT4 provider about related software problem, and started to upgrade their system at 7 am (GMT+8), April 8th, 2019 to avoid investment risk and trading information interruption.
Emergency announcement on MAXO' s website
4. Customer service out of reach
Mr. Wu tried to contact MAXO through different ways including QQ, phone call and email, but failed.
QQ message history
Later, Mr. Wu contacted MAXO by phone, but couldn' t get through.
Contact information on MAXO' s website
Phone call history
Mr. Wu didn' t receive any email reply.
5. Money in account can' t be withdrawn
With customer service out of contact, MAXO kept on delaying Mr. Wu' s withdrawal request by system upgrade. Now, he still cannot withdraw the money in his account.
About MAXO
Regulation Information
MAXO' s regulation information from WikiFX App
Further investigation shows MAXO holds FCA(UK)' s license for investment consultation services. Without authorization in Forex brokerage, it operates in overrun business, having considerable risk.
MT4/5 Verification
MAXO' s MT4/5 software verification from WikiFX App
Verification from WikiFX App suggests MAXO uses white-label MT4 software with servers set up in China and the US respectively. WikiFX reminds investors that white-label brokers are usually low in cost and therefore bear considerable risk.
Network Diagram
MAXO' s network diagram from WikiFX App
Network diagram shows MAXO is related to 2 white-label brokers, MX and FXPHC.
In the article posted on August 27th, 2018, WikiFX had already exposed FXPHC for rejecting investors withdrawal request. Once again, we remind investors to beware of potential risk.
MAXO' s interface from WikiFX App
Rated at 4.25, MAXO operates in overrun business and has closed its withdrawal channel with the excuse of system maintenance, leaving investors unable to withdraw, while its customer service is unavailable. All these indicate significant risk. WikiFX reminds investors to stay away from overrun brokers to avoid potential risk, and carefully check broker' s compliance before investing to ensure the safety of your assets.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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