FCT “Disappeared” After Blocking Investor’s Withdrawal

Ms. Ma's ID card

Ms. Ma was introduced to FCT by an IB agent, called Jiang whom she met last October. Agent Jiang guided her through all the deposit processes at FCT.

Ms. Ma's deposit record

Ms. Ma's conversation with agent Jiang

Ms. Ma could deposit and withdraw normally within the two months after opening an account at FCT.

On January 7th, 2019, Ms. Ma submitted a withdrawal application with US $4,087, which was left “in process”.

Ms. Ma's withdrawal record

Ms. Ma contacted agent Jiang she trusted, and he replied that there was no withdrawal problem, assuring that she would receive the money.

The issue was not resolved as the agent promised, and Ms. Ma's further inquiries were met with prevarications from agent Jiang. By the end of January, agent Jiang tried to delay Ms. Ma's withdrawal request submitted 20 days ago by presenting FCT's announcement that all withdrawals are not available during the Lunar New Year holiday. And agent Jiang did not give any explanation when Ms. Ma pointed out that her withdrawal application was submitted before the holiday.

Ms. Ma's conversation with agent Jiang

FCT's announcement about withdrawal during the Lunar New Year

4 months after submitting the withdrawal application, Ms. Ma still didn't receive her money. Therefore she kept on questioning agent Jiang, who eventually agreed to refund her by personal transfer.

Ms. Ma's conversation with agent Jiang

But Ms. Ma didn't receive the money from agent Jiang, nor was she able to reach him anymore. Moreover, the FCT website also became unavailable when she tried to log in.

Ms. Ma's conversation with agent Jiang

FCT's login page unavailable

Ms. Ma tried to contact FCT's customer service about the login problem, but didn't get any reply, while her attempts to reach agent Jiang also failed.

To date, Ms. Ma still has US $4,087.75 in her trading account, which is unlikely to be refunded due to FCT's login problem.

Ms. Ma's FCT account

Ms. Ma's account balance

About FCT

FCT's regulatory information from the WikiFX App

The information on WikiFX App shows FCT's license for providing financial services from FSPR(New Zealand) has been revoked, which means the broker has invalid regulatory status and bears significant risks.

FCT's MT4/5 software verification from the WikiFX App

The investigation also suggests FCT uses white-label MT4 and MT5 software with servers set in Hong Kong, and white label brokers usually have greater risk due to their relatively low cost.

FCT's network diagram from the WikiFX App

Network diagram from WikiFX indicates FCT is related to 2 white-label brokers, among which VCFX has been labeled as illegal and DFX holds suspected-cloned license. Investors should beware of the risks.

FCT's interface from the WikiFX App

Per searching the WikiFX App, FCT is rated at only 1.91 and currently has invalid regulatory status, bearing tremendous risks. Ms. Ma further confirms that the broker has blocked her withdrawal for several months and their website cannot be accessed. Please stay away from the risky broker.

Conclusion

WikiFX reminds investors to check a broker's compliance before investment and stay away from the low-rating brokers to avoid potential risk.