XinHua Deliberately Blocked Investor’s Withdrawals

Complained by: Mr. Zhao

Broker: XinHua

Broker’s website: https://www.xhshk.com/

Cause of complaint: investor unable to withdraw

Customer service: out of reach

Website status: unavailable

Mr. Zhao said he first signed up at the forex broker XinHua in August, 2019 and started depositing. Things were fine at first, but before long, Mr. Zhao began having troubles in withdrawals.

Mr. Zhao’s deposit records at XinHua

“I immediately contacted XinHua’s customer service about not being able to log in the withdrawal platform, yet the customer service remained out of reach”, Mr. Zhao recalled. “Later I suddenly realized this could be an illegal broker that deliberately blocked my withdrawals.”

Mr. Zhao’s conversation with the broker’s customer service

Out of ideas, Mr. Zhao contacted the renowned forex media WikiFX in search of assistance to recover his lost funds.

Mr. Zhao complained against the broker XinHua

WikiFX swiftly responded to Mr. Zhao’s complaint against XinHua and started investigation, and we found that although the broker holds a futures brokerage license from SFC(Securities and Futures Commission) in Hong Kong, the broker has yet to be cleared of the suspicion in operating in overrun business and holding cloned license.

Moreover, WikiFX team’s on-spot investigation record shows the actual address of XinHua doesn’t match that from its regulatory information.

Exposures of XinHua on WikiFX App

As a victim of XinHua, Mr. Zhao hoped that peer investors will learn from his experience and avoid being defrauded. WikiFX also reminds investors that as the forex market is a complicated environment where illegal brokers blend with compliant ones, remember to double-check a broker’s profile and compliance before your decision; also, beware of controlling the risks during trading and pay special attention to your assets’ safety. Should you fall victim to scam broker, you can keep the key evidences and contact WikiFX at wikifx@wikifx.com for our assistance to defend your rights.