FUB International with Cloned License Swallowed Investor’s Withdrawal

Exposed broker: FUB International

Regulatory status: unregulated

Complainant: Raja (Indian from Singapore)

Cause of complaint: broker blocked withdrawal

Event recap

WikiFX summarized the story of the complainant, who was defrauded by the forex broker FUB International and had called the police. Hopefully investors can draw a lesson from his experience and avoid similar traps.

According to the investors narration, this appears to be another forex scam based on social-media.

In November, 2019, the complainant received a stranger‘s message on WhatsApp, offering some online trading strategies and investment plans and asking the victim whether he was interested. Feeling the “sincerity” of the stranger, the victim dropped his guard and signed up at FUB International to make deposits upon this stranger’s recommendation. Later he also downloaded an MT4 software.

After signing up at the platform, the victim made some profits through trading and eventually began to trust this broker, so he recommended FUB International to his friend. Both of them were able to profit through trading at first. However, when the complainant‘s friend submitted a withdrawal application which was shown successfully processed in his trading account, he didn’t actually receive the fund. After contacting the broker‘s customer service, the agent sent them a remittance advice, saying that the withdrawn fund would be directly sent to the friend’s account, yet the document later turned out invalid. The complainant and his friend tried contacting the broker customer service again, but this time the agent became out of reach, leaving both the complainant and his friend unable to withdraw their balance to date.

Complainant reported the case to local police

Complainants trading record

About FUB International

WikiFX App shows FUB International to be unregulated with a rating of only 0.99. Per investigation, the FCA license (No. 509956) that the broker claims to hold on its website actually belongs to another broker FXPro, which means FUB International has also been marketing with fake advertisements. WikiFX reminds investors to stay away from this dangerous broker.

Conclusion

Social-media-based forex scams have become more common nowadays. While it‘s quite natural to drop one’s guard towards the friendly and sincere gestures of strangers, investors should still stay alert, particularly when facing the recommendation of strangers. If you have any doubts about a broker, you can download WikiFX App to check a brokers compliance and profile in detail and avoid choosing an illegal broker.