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Watch out! “Stock Lectures” could be a group of scammers

Abstract:Recently, WikiFX got a complaint from investor that Ho-Forex has been delaying investor' s withdrawal application, with customer service out of contact.

  Recently, WikiFX got a complaint from investor that Ho-Forex has been delaying investor' s withdrawal application, with customer service out of contact.

  Investor reported Ho-Forex to WikiFX

  Investor provided her ID to ensure the authenticity of complaint.

  Investor' s ID card

  According to Ms. Qi' s experience, she was recommended to invest on Ho-Forex by a stock lecturer, and kept on losing money in trading overall. On March 25th, 2019, she submitted a withdrawal application, which remained unapproved for two weeks. She tried calling the platform customer service by the contact number on Ho-Forex' s website, but couldn' t get through. Meanwhile, her attempt to reach the above-mentioned lecturer and his assistant was also failed.

  1. Ms. Qi deposited money to Ho-Forex several times.

  Screenshot of Ms. Qi' s deposit record

  2. Ms. Qi' s withdrawal application submitted on March 25th, 2019 has not yet been approved.

  Screenshot of the withdrawal record

  3. She tried calling the customer service number on Ho-Forex' s website, but couldn' t get through.

  Screenshot of Ho-Forex' s customer servicenumber

  Calls to Ho-forex customer service didn' t get through

  4. Out of ideas, she turned to the stock lecturer who recommended Ho-Forex for help, but that also turned out to be a dead end.

  She tried contacting the lecturer' s assistant, who only provided a Wechat contact and then immediately deleted her.

  Screenshot of Ms. Qi' s conversation withthe assistant

  Later, Ms. Qi contacted the lecturer, but received no reply.

  Screenshot of Ms. Qi' s conversation with the lecturer

  Ms. Qi added the stranger recommended by assistant, but didn' t get any solution.

  Screenshot of the conversation between Ms. Qi and “Candy”

  5. To date, Ms. Qi' s money still hasn' t been deducted from her account, so she doesn' t receive it.

  Screenshot of Ms. Qi' s account balance

  About Ho-Forex

  According to regulatory information from WikiFX App, Ho-Forex' s unauthorized NFA(US)' s license for generic financial service indicates its considerable risk.

1.jpg

  Regulatory information of Ho-Forex from WikiFX App

  Further investigation shows the broker uses white-label MT4 software with server set up in mainland China. White-label brokers usually have considerable risk as they are low in cost.

4.jpg

  Screenshot of Ho-Forex' s MT4/5 verification from WikiFX App

  Network diagram from WikiFX App shows Ho-Forex is related to 4 white-label brokers, which are Prolio, Kingsforex, Top Half and TedForex respectively.

2.jpg

  Screenshot of Ho-Forex' s network diagram from WikiFX App

  Conclusion

  With rating 1.21 on WikiFX App, Ho-Forex has invalid regulatory status for its unauthorized NFA(US)' s license for generic financial service. Moreover, it uses white label MT4 software with server set in mainland China. All these indicate significant risk which investors should be aware of.

Ho-Forex-600.jpg

  Screenshot of Ho-Forex' s interface from WikiFX App

  WikiFX has reported lots of cases that investors lost money or couldn' t withdraw due to fraudulent Forex platform recommended by stock lecturer. We remind investors to carefully check broker' s information before investing to avoid potential risk and safeguard your assets.

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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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