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Abstract:Ms. Ren is an ordinary investor, she was introduced to the illegal broker NOVAK in mid-August and made a deposit of US$1,800. But unexpectedly, her account was suspended soon after she made the transaction, while the customer service of NOVAK and the IB that introduced her to it both became out of reach.
Illegal broker exposure
Complainant: Ms. Ren
Name of broker: NOVAK-Trade Limited
Way of attracting investor: offering trade signals through investor discussion groups or livestreaming.
Ms. Ren is an ordinary investor, she was introduced to the illegal broker NOVAK in mid-August and made a deposit of US$1,800. But unexpectedly, her account was suspended soon after she made the transaction, while the customer service of NOVAK and the IB that introduced her to it both became out of reach.
Whats worse, Ms. Ren was suffering from chest pain due to great anxiety and frustration the incident had inflicted on her, and she desperately needed the money back to get medical treatment. However, all her attempts to contact the broker turned out in vain. This unscrupulous broker is truly outrageous! Right now the victim has called the police, while WikiFX team is also doing our best to help Ms. Ren recover her fund.
Ms. Ren filed a real-name complaint against NOVAK
Withdrawal record
Ms. Rens account was suspended
Ms. Rens email to the customer service
Analysis
From Ms. Ren‘s experience, we may notice that many illegal brokers may claim they can help you make a fortune, while in fact they are just trying to empty your pocket. We have exposed illegal broker scams in previous articles like ShengTong Defrauded Investor by Swallowing up Deposits and GPAK Has Been Investigated by the Police, and these cases often reveal rather similar tricks of such illegal brokers - basically they’re targeting investors mindset of making profits overnight and lure investors with unrealistic high profits. Many victims may not even realize they have been defrauded.
If you experience any of the following situations:
Unusual slippage
Account automatically places order
Account suspended by the broker
Unable to withdraw
System is constantly “under maintenance”
Customer service remains unavailable
......
Dont hesitate to contact WikiFX, lest you miss the best opportunity to recover your lost fund.
Conclusion
Per checking WikiFX App, NOVAK is rated at only 1.92 and its regulations have expired. In addition, NOVAK has 8 related white label brokers, with 4 of which unregulated, 3 under suspected-cloned license and 1 operating in overrun business. Investors should definitely stay away from them.
NOVAKs network diagram on WikiFX App
About WikiFX
WikiFX App is a one-stop forex regulation inquiry platform where you can easily look up a brokers compliance, legitimacy, authenticity and other information. We have recorded the profiles of over 15,000 brokers, as well as information of regulation authorities from more than 30 countries and regions worldwide. Just type in the name of any broker and access its profile with a simple click.
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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