Forex Broker HCKHFX Rejected Investor's Withdrawal Request

Forex broker: HCKHFX

Regulatory status: suspicious cloned FCA license for investment consultation

Complainant: Mr. Song

Cause of complaint: broker blocked withdrawal

Most investors reported brokers to WikiFX for withdrawal problems, such as applications being rejected or postponed or account being suspended. Recently, Mr. Song lodged a complaint at WikiFX against Forex broker HCKHFX who kept on postponing his withdrawal request, hoping WikiFX's exposure of the broker can warn other investors against it.

Mr. Song's ID card

Withdrawal application wasn't processed

According to Mr. Song, he opened an account and deposited to HCKHFX in May upon a friend's recommendation. Having made some profits initially through careful trading, he increased investment by depositing again on June 18th. The next day, he applied to withdraw for personal reasons, thinking that it would soon be approved. But until June 24th, the request was still not processed, while Mr. Song's inquiries about the matter weren't replied by the customer service, leaving Mr. Song unable to withdraw the US$7,796 in his trading account.

Mr. Song's application remained to be processed

Mr. Song contacted the customer service but received no reply.

WikiFX: Broker's compliance really matters for safe investment

Though Mr. Song may be quite skillful in Forex trading, he made two fundamental mistakes. First, he accepted his friend's recommendation too readily and deposited to HCKHFX. Although most investors like to draw from others'trading experience and techniques, it's always a better idea to keep learning about Forex to accumulate expertise and knowledge yourself. If you blindly trust the recommendation from acquaintance or other unreliable source, especially when choosing a broker or following trading signals, you may easily fall into traps.

Second, Mr. Song hadn't been careful enough when choosing the broker, which was an even worse mistake. Before making an investment, investors should always investigate a broker's regulatory information, business strength, customer feedback etc. through various means to ensure it's compliant and trustworthy, but Mr. Song apparently overlooked this crucial step.

According to the WikiFX App, HCKHFX has operated business for less than a year and currently has no valid regulatory status. In addition, it holds a suspicious cloned license and uses pirated MT4/5 trading software, with a WikiFX rating of only 1.12. Therefore, WikiFX reminds investor should stay away from the broker for being untrustworthy.

WikiFX risk alert

HCKHFX's interface from the WikiFX App

According to Mr. Song's experience, WikiFX reminds investors to know more about a broker including its license, regulatory information and current business condition etc before investment.

Investors can find the detail information of more brokers on the WikiFX App or website. Through continuous efforts, WikiFX strives to create a cleaner, safer Forex circle for investors and help you avoid suffering loss from the traps of illegal brokers.