Watch Out! The Broker Davinci May Have Escaped!

Broker: Davinci

Regulatory status:operating in overrun business

Complainant: Ms. Wang

Cause of complaint: account deactivated and withdrawal unavailable

Recently, WikiFX received plenty of complaints against the forex broker Davinci,

which is likely to have escaped after defrauding numerous investors. One of the victims Ms. Wang told WikiFX about her experience of being cheated by the broker.

Event recap

Ever since its establishment, Davinci has been promoting its trading app “Wave Smart Investment”. The apps advertisement promised “AI smart analysis + EA quantitative trading technology” and “copy-trading and automatic escrow services”, which attracted many investors including Ms. Wang.

According to Ms. Wang, she was drawn to Davinci by the trading app and made several deposits. Due to the misleading information offered by the so-called analyst at Davinci, she didn‘t apply for a withdrawal at first. On October 11th, Ms. Wang wanted to consult the customer service for some issues in her trading, yet her attempts all failed. Realizing that something’s wrong, Ms. Wang lodged a withdrawal application on October 16th. Though her MT5 trading account showed the money was successfully deducted, Ms. Wang failed to receive the money. Later she found she was no longer able to log into neither of her accounts on Davinci website or the page of “Wave Smart Investment”(Davincis trading app). Until now, Ms. Wang still has a large sum yet to be withdrawn.

Analysis

Clearly enough, Davinci playing an ambitious game to swindle investors‘ money. Through its advertising hype on the app “Wave Smart Investment”, the broker successfully boost the app’s brand awareness even among non-investors, and its no surprise that many investors were drawn to it. However, the illegal brokers had nothing underneath its glamorous appearance. According to Davinci, its office in Hong Kong is located at Room 1506, 15th Floor, Lucky Centre, 165-171 Wan Chai Road, Wan Chai, Hong Kong. However, further investigation shows that the company on this address is Shiqiao Business (Hong Kong), not Davinci, which raises questions about the authenticity of the brokers advertisements.

Conclusion

According to WikiFX App, Davinci currently has invalid regulatory status, operating in overrun business with significant risks under NFA(US)s license for generic financial service. Due to the large number of complaints against Davinci recently, WikiFX has listed the broker as illegal to warn investors against it.