Having Withdrawal Issues? Tips on Identifying Related Scams



Withdrawal issues frequently occur in the complicated forex market. But many traders are unable to judge whether the one they encountered is solely a delay or a scam. In this paper, WikiFX will introduce some practical knowledge about withdrawals.
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1. Normal process
Popular methods to withdraw funds include credit transfer, bank transfer and wire transfer. While the first two ways are interest-free, wire transfer will charge you some fees.
Bank transfer enables traders to receive their funds within one day at the earliest, while credit transfer and wire transfer will take three to four days at the latest. With that said, your funds may be at risk if cannot be withdrawn within one week.
2. Excuses for delayed withdrawals
Common types of withdrawal failures:
a). Delaying clients' fund withdrawals with various excuses
b). Setting limits on the amount of withdrawals and number of transfers
c). Paying in the form of cryptocurrencies instead
d). Requiring additional fees
Here are a few examples of such undue delay:
EIGENFX claimed that it had suspended all deposit and withdrawal requests in order to cooperate with the investigation of the regulator.
MCFX and SCEID claimed that the payment channel had been blocked due to senior-level incidents.
Similar excuses include server upgrades, the large volume of withdrawal applications, etc. Once these withdrawal issues are not well handled within one week, traders should report to the police and take rights-defending actions.

The brokers involved in the article
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EIGENFX
Score1.25
1-2 years | Suspicious Regulatory License | Non MT4/5 Software | Suspicious Scope of Business
About More
No Regulatory -
SCEID
Score1.29
Scam Brokers | 1-2 years | Regulated in United States | Suspicious Regulatory License
About More
Scam Brokers -
MCFX
Score1.76
2-5 years | Regulated in United States | Suspicious Regulatory License | MT4/5 full license
About More
Lots of Complaints
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- 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
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- Saudi Arabian Riyal
- Swedish Krona
- Singapore Dollar
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