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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 service number

      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 with the 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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    • 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
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