Illegal Broker Suspended Investor’s Account after Deposit Was Made

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

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