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    STARFINTEX' s Three Related Companies Are Found Fraudulent!

    Abstract:Recently WikiFX received complaint from investor about STARFINTEX. With website shut down and customer service out of contact, the broker is suspected of running away. Per investigation, we find that STARFINTEX' s 3 related brokers are all illegal.

      

      Investor cannot access the account of STARFINTEX.

      Platform customer service' s number dialed doesn' t exist.

      None of the 3 related brokers is in regulation.

      Platform is suspected of absconding.

      Recently WikiFX received complaint from investor about STARFINTEX. With website shut down and customer service out of contact, the broker is suspected of running away. Per investigation, we find that STARFINTEX' s 3 related brokers are all illegal.

      Investor reported STARFINTEX to WikiFXInvestor lodged a real-name complaint

      Mr. Li lodged a real-name complaint against STARFINTEX

      Mr. Li lodged a real-name complaint against STARFINTEX by providing his ID card.

      Event Recap

      1. Mr. Li opened an account and deposited money to STARFINTEX.

      Email confirmation of Mr.Lis deposit

      Mr. Li opened an account and made a deposit at STARFINTEX on February 2nd, 2019.

      2. Trading account inaccessible

      Screenshot of login page

      On February 27th, Mr. Li found that STARFINTEX closed their website so that he couldn' t file any withdrawal application.

      3. Mr. Li contacted platform customer service.

      Customer service contact information on STARFINTEX' s website

      Screenshot of Mr. Li' s phone calls

      Mr. Li' s email to STARFINTEX

      Mr. Li tried to reach STARFINTEX by phone and email, but failed for the customer service number on website turned out non-exist, while he didn' t get any email reply.

      4. Money can' t be withdrawn from his account

      Screenshot of Mr. Li' s account balance

      Mr. Li can view his account balance through the trading App only till now. And he is unable to withdrawal money for the platform' s website has been closed and customer service is out of contact.

      About STARFINTEX

      Regulatory Information of STARFINTEX

      STARFINTEX' s regulatory information from WikiFX App

      According to regulatory information, STARFINTEX holds NFA(US)' s license for generic financial service. Without the qualification for Forex brokerage, it operates in overrun business in China and has significant risk.

      MT4/5 identification

      MT4/5 identification interface from WikiFX App

      According to our verification, STARFINTEX uses white-label MT4 software with servers set up in the US. Such white-label brokers usually have higher risks as the cost is generally lower.

      Network Diagram

      STARFINTEX' s network diagram from WikiFX App

      Further investigation shows STARFINTEX is related to FXDY(fraudulent), FFG(suspected license-cloned) and DCM(suspended), all three are illegal platforms which investors should be aware of. In addition, it has 12 related white-label brokers, namely Onew, Zenith, frmarkets, KOV, RL, OZ, ZMSFX, SINKSFX, EternalFX, SYMFX, Best Hot and MMIG respectively.

      We exposed MMIG in our report, MMIG suspended investor' s account and refused his withdrawal request. Investors are strongly advised to stay away from illegal brokers to avoid potential risks.

      Screenshot of STARFINTEX' s interface from WikiFX App

      With rating 3.15, STARFINTEX holds NFA(US) license for generic financial service and operates in overrun business in China. Meanwhile, it uses white-label MT4 software and has significant risk.

      Per network diagram on WikiFX App, we find that its 3 related platforms are all illegal.

      In addition, investor cannot withdraw money from STARFINTEX for they closed website and their customer service is out of contact, indicating the platform' s potential risk of runaway.

      We reminds investors to stay away from STARFINTEX to avoid further loss recurred.

      Conclusion

      We suggest that investors should pay more attention to the compliance of related brokers per network diagram when checking broker' s information in order 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
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