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Fairfield is suspected of absconding

Abstract:As an investor, Ms. Yao shared her experience of being defrauded by Forex broker Fairfield.
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  Summary: as an investor, Ms. Yao shared her experience of being defrauded by Forex broker Fairfield.

  Ms. Yao opened account with her friend on Fairfield in 2017 and traded normally for over a year. In last August, her friend was suddenly unable to withdraw, but Ms. Yao didnt take it seriously and told her friend to contact the platform, which replied, a few days later, the withdrawal problem was caused by the third party payment platform. Considering related polity limiting third-party payment platform, she believed what the broker said without doubts.

  When she later inquired Fairfield' s customer service about withdrawal issue, she was was told that withdrawal channel won' t be ready until late March. In late April, she submitted withdrawal application. But she didn' t receive her money, with platform‘s website unavailable, and suddenly realized that she was defrauded at the thought of her friend’s withdrawal problem.

  I' m writing to WikiFX to make a real-name complaint about Fairfield who postponed my withdrawal request. Hopefully, WikiFX exposes the broker' s outrageous behaviors to remind investors to stay away from it.

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  I started trading with my friend on Fairfield in 2017. For a year I could withdraw and deposit normally, making profits or loss from time to time, so I ignored the most crucial step that every investor should keep in mind - check the broker' s compliance before investing.

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  I never doubted the platform before, and kept on depositing for one year though loss is more than profit. So I chose to trust what the platform said, when encountering withdrawal problem.

  In August, 2018, my friend told me she couldn' t receive the money after withdrawal application was approved and money deducted from her account on Fairfield. Her words reminded me that my deposits weren' t very smooth lately but I ignored it, so I asked her to contact Fairfield' s customer service and kept me updated about the progress.

  A few days later, Fairfield replied that withdrawal problem was caused by third-party payment platform due to related policy. But I didn' t take it seriously, considering government indeed limited the third-party payment platform during that time.

  Moreover, the customer service sounded assuring when I asked them about the withdrawal channel occasionally. So without further doubt, I didn' t apply to withdraw and continued to trade on Fairfield.

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  This March, I asked the customer service when I' d receive the money after withdrawal, and he told me the withdraw channel was still under maintenance. So I have to wait till the end of the month. Though my friend still didn' t receive her money, I didn' t doubt it as I believed then that the withdrawal problem was resulted from the third-party payment channel, not form the broker.

  On April 29th, I made a withdrawal application, thinking that the withdrawal channel should be available already as it was late April. But when I logged in the next day, my application remained in process and no deduction was made. I filed another withdrawal application, and found that the applications were processed separately, which means I can file more than one at a time.

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  My applications remained in process for a week. Only when I tried to log in the website and found it closed did I realize that I might have been defrauded. I wished that I had taken the warning when my friend failed to receive the money withdrawn after so long, but I was cheated by the broker' s lame excuses for almost a year, without thinking how the “channel maintenance” could have taken so long.

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  At last, I reluctantly accepted the hard truth that I was cheated. Choosing a legal and compliant broker is the crucial first step to successful investment, especially Forex investment, and I really wish I' d learn the lesson earlier. Though the broker might have escaped already, I still haven' t given up hope of defending my own rights.

  Although I have made some loss in investment, there' s still money in my account, so I hope that by reporting Fairfield to WikiFX, I can get at least some of my money back. But more importantly, I hope my experience can remind investors to stay away from Fairfield and always check a broker' s compliance before making an investment.

  About Fairfield

  Regulatory information

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  Fairfield' s regulatory information from WikiFX App

  As per investigation, Fairfield' s FCA(UK) license for investment consultation service (regulation number 505523) has been revoked, which means the broker is currently unregulated, having significant risk.

  MT4/5 verification

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  Fairfield' s MT4/5 verification from WikiFX App

  MT4/5 verification from WikiFX App suggests Fairfield uses white-label MT4 software with servers set in Taiwan and the US respectively. Being low in cost, white-label brokers usually have considerable risks.

  WikiFX rating

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  Fairfield' s interface from WikiFX App

  Our investigation shows that poorly rated at 2.18, Fairfield currently has no valid regulatory status after its license was revoked and uses white-label MT4/5 trading software, having significant risk. In addition, WikiFX confirms that the broker postponed investor' s withdrawal request while its website has become unavailable. We remind investors to stay away from the broker.

  Conclusion

  Investors need to carefully check broker' s compliance to ensure a safe investment. Stay alert if you suspect the broker is delaying withdrawal, keep the evidence and take prompt actions to protect your rights.

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  • United Arab Emirates Dirham
  • Australia Dollar
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  • 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
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