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Abstract:WikiFX just got a complaint against Finotec as investor still didn’t receive the money ten days after the withdrawal application was approved. Now she even cannot access her account. Meanwhile, Finotec dodged the problem with the excuse of system maintenance and the third party’s responsibility, leaving it unsolved for a month.
WikiFX just got a complaint against Finotec as investor still didn' t receive the money ten days after the withdrawal application was approved. Now she even cannot access her account. Meanwhile, Finotec dodged the problem with the excuse of system maintenance and the third party' s responsibility, leaving it unsolved for a month.
Investor reported Finotec to WikiFX
Investor provided her ID card to ensure an authentic complaint.
Investor' s ID card
Ms. Xu opened an account and began to make deposit to Finotec on February 21st, 2019. After trading for almost a month, she decided to short position on March 11th due to urgent need of the money, and submitted withdrawal application the next day. The broker assured that the money could be received within one business day, but Ms. Xu waited for half a month without getting it. Unexpectedly, her account also became inaccessible.
After careful investigation, WikiFX found that Finotec has the following problems:
1. After withdrawal failure, the money returned to Ms. Xu' s account didn' t match with that withdrawn.
Per Ms. Xu' s description, we learned that she had a terrible withdrawal experience that her withdrawal request was rejected and the money was returned to her account, which didn' t match with that withdrawn.
Ms. Xu withdrew ¥44,175, but the amount later returned to her account turned out to be ¥44,169.59. Although there is little difference, it' s unreasonable for Finotec to return the money withdrawn to platform account.
Screenshot of Ms. Xu' s account
Without providing any reasonable explanation, the manager of Finotec simply told Ms. Xu that the money deviation was normal.
Screenshot of Ms. Xu' s conversation with Finotec' s manager
2. Finotec passed the buck about the withdrawal problem
Though Ms. Xu' s money was finally deducted from her account after much negotiation with Finotec, she never received it. So again she contacted the manager, who told her that the money had already been transferred from Finotec and the third party platform should be responsible for the issue.
Screenshot of Ms. Xu' s conversation with Finotec' s manager
When Ms. Xu questioned whether Finotec has fulfilled their duty in checking the third party platform to ensure its credibility, the manager replied the situation was “unexpected” for them as well, offering no concrete solutions other than saying they will “fix the problem”.
Screenshot of Ms. Xu' s conversation with Finotec' s manager
3. Account became inaccessible
While waiting for the refund, Ms. Xu suddenly found that she couldn' t log in her account at Finotec and contacted the manager again. The answer she got was “the system is under maintenance and it won' t affect the withdrawal process”.
Screenshot showing the account was unavailable
Screenshot of Ms. Xu' s conversation with Finotec' s manager
4. Ms. Xu didn' t receive the money withdrawn
Finotec claimed that it only takes one day to complete the withdrawal, but Ms. Xu has already waited for over 30 days without receiving the money, since she filed the application on March 12th.
Ms. Xu' s bank statement
Actions speak louder than words. Although Finotec claimed that they had already processed the withdrawal and promised to solve the problem, all facts, such abnormal withdrawal process, money deviation, unavailable trading account and refund delaying, indicate that the broker' s compliance is highly dubious.
About Finotec
MT4/5 Verification
Screenshot of Finotec' s MT4/5 verification from WikiFX App
Verification shows Finotec uses white-label MT4 software with server set up in Britain. Being low in cost, white-label brokers usually have considerable risk.
Network Diagram
Screenshot of Finotec' s network diagram from WikiFX App
Network diagram from WikiFX App indicates Finotec is related to 2 white-label brokers, NoaPrime and Topwellcg.
WikiFX Rating
Screenshot of Finotec' s interface from WikiFX App
As per our verification, Finotec, rated at 6.65, is in regulation under FCA(UK)' s STP license. But the broker uses white-label MT4 software, and as investor failed to receive the money withdrawn and couldnt access her account of Finotec, we remind investors to beware of such illegal practices and avoid potential risk.
Conclusion
Investors are strongly recommended to carefully check the brokers compliance before investment, in order to avoid potential risk. When encountering with illegal practices of non-compliant brokers, make sure you keep the key evidence and seek police assistance when necessary to safeguard your rights.
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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