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    FCT “Disappeared” After Blocking Investor’s Withdrawal

    Abstract:Recently WikiFX received a complaint against non-regulated Forex broker FCT. Per an investor's trading experience, she signed up and made deposit to FCT upon recommendation of an IB agent. Unexpectedly, now she still cannot receive the money withdrawn over 6 months ago, while the broker's login page becomes inaccessible.
    微信封面英文.jpg
    Recently WikiFX received a complaint against non-regulated Forex broker FCT. Per an investor's trading experience, she signed up and made deposit to FCT upon recommendation of an IB agent. Unexpectedly, now she still cannot receive the money withdrawn over 6 months ago, while the broker's login page becomes inaccessible.

    1.jpg

      Ms. Ma's ID card

      Ms. Ma was introduced to FCT by an IB agent, called Jiang whom she met last October. Agent Jiang guided her through all the deposit processes at FCT.

    2.jpg

      Ms. Ma's deposit record

    3.jpg

      Ms. Ma's conversation with agent Jiang

      Ms. Ma could deposit and withdraw normally within the two months after opening an account at FCT.

      On January 7th, 2019, Ms. Ma submitted a withdrawal application with US $4,087, which was left “in process”.

    4.jpg

      Ms. Ma's withdrawal record

      Ms. Ma contacted agent Jiang she trusted, and he replied that there was no withdrawal problem, assuring that she would receive the money.

      The issue was not resolved as the agent promised, and Ms. Ma's further inquiries were met with prevarications from agent Jiang. By the end of January, agent Jiang tried to delay Ms. Ma's withdrawal request submitted 20 days ago by presenting FCT's announcement that all withdrawals are not available during the Lunar New Year holiday. And agent Jiang did not give any explanation when Ms. Ma pointed out that her withdrawal application was submitted before the holiday.

    5.jpg

      Ms. Ma's conversation with agent Jiang

    6.jpg

      FCT's announcement about withdrawal during the Lunar New Year

      4 months after submitting the withdrawal application, Ms. Ma still didn't receive her money. Therefore she kept on questioning agent Jiang, who eventually agreed to refund her by personal transfer.

    7.jpg

      Ms. Ma's conversation with agent Jiang

      But Ms. Ma didn't receive the money from agent Jiang, nor was she able to reach him anymore. Moreover, the FCT website also became unavailable when she tried to log in.

    8.jpg

      Ms. Ma's conversation with agent Jiang

    9.jpg

      FCT's login page unavailable

      Ms. Ma tried to contact FCT's customer service about the login problem, but didn't get any reply, while her attempts to reach agent Jiang also failed.

      To date, Ms. Ma still has US $4,087.75 in her trading account, which is unlikely to be refunded due to FCT's login problem.

    10.jpg

      Ms. Ma's FCT account

    11.jpg

      Ms. Ma's account balance

      About FCT

    监管-英.jpg

      FCT's regulatory information from the WikiFX App

      The information on WikiFX App shows FCT's license for providing financial services from FSPR(New Zealand) has been revoked, which means the broker has invalid regulatory status and bears significant risks.

    MT4-英.jpg

      FCT's MT4/5 software verification from the WikiFX App

      The investigation also suggests FCT uses white-label MT4 and MT5 software with servers set in Hong Kong, and white label brokers usually have greater risk due to their relatively low cost.

    族谱=英.jpg

      FCT's network diagram from the WikiFX App

      Network diagram from WikiFX indicates FCT is related to 2 white-label brokers, among which VCFX has been labeled as illegal and DFX holds suspected-cloned license. Investors should beware of the risks.

    FCT-英.jpg

      FCT's interface from the WikiFX App

      Per searching the WikiFX App, FCT is rated at only 1.91 and currently has invalid regulatory status, bearing tremendous risks. Ms. Ma further confirms that the broker has blocked her withdrawal for several months and their website cannot be accessed. Please stay away from the risky broker.

      Conclusion

      WikiFX reminds investors to check a broker's compliance before investment and stay away from the low-rating brokers to avoid potential risk.

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    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand
    Current Rate  :
    --
    Amount
    United Arab Emirates Dirham
    Convertible Amount
    -- United States Dollar
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