Business-overrun TSKFX Rejected Withdrawal Under $20,000

Initial withdrawal blocked by “withdrawal channel maintenance”

Withdrawal attempt failed again after a long wait

The “minimum withdrawal threshold” cannot be justified

The business-overrun Forex broker has tons of excuses to reject investors withdrawals

Mr. Huang from Taiwan complained to WikiFX about his difficult withdrawal at the Forex broker TSKFX to seek help. WikiFX got Mr. Huangs experience and verified the related evidence.

Mr. Huangs ID card

Mr. Huang told WikiFX that he deposited $12,000 to TSKFX on May 7th, 2019 and showed his deposit record.

Mr. Huangs deposit record

After trading several times, Mr. Huang applied to withdraw $12,000 on May 27th in need of money. But the application wasn‘t approved on the day. Mr. Huang didn’t take it seriously and decided to check again the next day.

Mr. Huangs withdrawal record

But the application remained “in progress” for 3 days, so Mr. Huang contacted TSKFXs customer service, named Carlin, on May 30th and offered his account ID in hopes of knowing his withdrawal status. But Carlin told Mr. Huang to wait for further updates as “the withdrawal channel is under maintenance”.

By June 3rd, Mr. Huang finally got a reply from Carlin, saying that TSKFX had changed its minimum withdrawal threshold to $20,000, suggesting that Mr. Huang is not eligible for a withdrawal. When Mr. Huang argued that its unreasonable to require additional deposit before he can withdraw his deposit with $12,000, he was told that “this is an express withdrawal channel and we appreciate your understanding”.

Mr. Huangs conversation with Carlin

Mr. Huang also emailed TSKFX about the minimum withdrawal threshold, but received no reply.

Mr. Huangs email to TSKFX

So Mr. Huang tried coordinating with Carlin again in hopes that TSKFX can approve his withdrawal, yet she could do nothing about the problem as the withdrawal threshold wont change until the end of the third quarter.

Mr. Huangs conversation with Carlin

To date, Mr. Huangs withdrawal application remains unapproved and no deduction has been made from his trading account, while the broker insists no withdrawal under $20,000 will be processed under the minimum withdrawal threshold rule, which ends on October 1st this year.

Mr. Huangs account balance

Upon checking TSKFXs compliance, WikiFX found the broker operated in overrun business:

TSKFXs regulatory information from the WikiFX App

According to regulatory information on the WikiFX App, TSKFX operates in overrun business as its NFA(US) license for generic financial service has no authorization for Forex brokerage, having significant risk.

MT4/5 trading software verification:

TSKFXs MT4/5 software verification from the WikiFX App

Investigation shows TSKFX uses white-label MT4 software with servers set in mainland China and Hong Kong respectively, and white-label brokers are usually risky due to their relatively lower cost.

In addition, TSKFX is related to 15 white-label brokers: KUN, KPF, OVR TRADING, BS, OTT TRADING, PHY, ZhanHuang, Ceres, Golden Hall, Arnofx, SODOFX, Finle, FAITH, ICANFX and BVBFX respectively.

TSKFXs network diagram from the WikiFX App

Notably, the broker ICANFX has already been exposed in WikiFX‘s article last May for blocking withdrawal and suspending investor’s account. Investors should keep yourselves away from it.

According to information from the WikiFX App, TSKFX has a rating of only 1.54 and operates in overrun business. Meanwhile, it uses white-label MT4 software with servers set in China, indicating significant risk. Therefore, investors should stay away from TSKFX.

TSKFXs interface from the WikiFX App

Conclusion

The business-overrun brokers have no substantial regulation and, therefore, bears significant risk, jeopardizing investors assets. Investors should beware of the risk and stay away from them.