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    FXCC Blocked Investor’s Withdrawal for No Reason

    Abstract:Since the outbreak of the epidemic, the volatility of the financial market has increased significantly, and many investors were thus tempted to enter the forex market, hoping to benefit from exceptional market fluctuations.

      Exposed broker: FXCC

      Supervision state: Under supervision

      Complainant: Anonymous

      Reason of complaint: Unable to withdraw

      Since the outbreak of the epidemic, the volatility of the financial market has increased significantly, and many investors were thus tempted to enter the forex market, hoping to benefit from exceptional market fluctuations. However, this was also an “opportunity” for some illegal brokers. Recently, WikiFX has received a complaint that the complainant was unable to withdraw money after making a profit on the trading platform FXCC, and he has suffered a huge loss. The following is the complainant's experience.

      Event recap

      The complainant joined FXCC since February, 2020 and has been trading at the platform for about 4 months. Initially, the complainant made some money through trading and conducted a series of withdrawals, which would usually be processed and settled within 1-2 days.

      However, after the complainant submitted the latest withdrawal application on May 28, 2020, he still failed to get the withdrawal until now (over 14 working days). The complainant contacted the brokers customer service through online chat as well as by email, but their only reply was that they were reviewing the matter. The complainant asked them how long it would take for the reviewing process, but he failed to get a reply.

      Later the complainant closed all positions, while there were still 11691.61 euros in the his MT4 account, which did not include the pending withdrawal of 2207.13 euros since May 28, 2020. The complainant had officially submitted a complaint to FXCC on June 8, 2020, and he was still waiting for their reply. According to their terms and conditions, they must reply the complainant within 5 working days. However, the complainant seriously doubted whether they would comply with the regulations.

      The complainant's trading activities did not involve scalping or hedging, but only buying and selling within 1-2 weeks when the market trend was in his favor. The complainant has read many comments about FXCC, and it seems that withdrawal failure has always been a major issue.

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      About FXCC

      The broker FXCC was established in 2010, and its team consists of a group of forex professionals. FXCCs ECN/STP model offers clients freedom to trade in a fairer competitive environment. FXCC advertises on its official website that it has been regulated by CySEC and VFSC. According to our investigation, its supervision under CySEC is true, but its regulatory license in VFSC has been canceled not long ago, so there are considerable risks about the broker.

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      Conclusion

      According to WikiFX App, the broker FXCC is currently under valid supervision and it holds CySEC's STP license and FCA's authorized representative (AR) license. FXCC's score is 5.96. Due to the recent increasing client complaints, WikiFX reminds investors to mind the risks of this broker.

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