|

News

    Homepage   >     Original    >     Main body

    Illegal Broker G-IMFCH Is Showered in Investor Complaints

    Abstract:Nowadays, illegal forex brokers are often exposed in news reports. From disconnecting trading server to causing serious slippage and negative balance through manipulation, the forex brokers keep coming up with new tricks to defraud investors’ assets, leaving them in heavy losses.
    900-510-英.png

      Nowadays, illegal forex brokers are often exposed in news reports. From disconnecting trading server to causing serious slippage and negative balance through manipulation, the forex brokers keep coming up with new tricks to defraud investors’ assets, leaving them in heavy losses.

      Exposure of illegal broker:

      Complainant: Mr. Qiu

      Illegal broker: G-IMFCH

      Cause of complaint: the broker rejected withdrawal applications

      Brokers website: www.gppmarkets.co.nz

    1-1.jpg
    Mr. Qiu’s ID card

    1-2.png

    Over US$ 10,000 in Mr. Qius account remains unavailable at press time

      Mr. Qiu is an investor at G-IMFCH. His withdrawal application, submitted this August, was left unapproved by the broker, and although the customer service kept saying they have “sped up” processing of the issue, Mr. Qiu saw no progress in solving his withdrawal failure after waiting for more than a month. Having had enough of the broker, Mr. Qiu finally decided to file a real-name complaint at WikiFX in order to warn others against G-IMFCH.

    2-1.png

    Mr. Qius conversation with WikiFX

    2.JPG

    Mr. Qiu‘s conversation with G-IMFCH’s customer service

      Analysis

      It turns out that the customer service‘s so-called “expedited processing” of the application is only a lame excuse for the broker to postpone investor’s withdrawal. Meanwhile, the English introduction from the broker‘s website is full of empty brag with little substantial information, and it’s hard to tell from these hypes how exactly is G-IMFCH an “award-winning” broker as it claims.

    3.png
    G-IMFCH brags about itself on the website

      Moreover, G-IMFCH has also posted countless advertorials under titles such as “forex trading strategies” or “handy forex tips” on web-based forums and media portals, in order to gain more media exposure and appeal to more investors who may become its victims later on. This again reminds investors not to rely on a single source of information such as online advertisements and carefully check a brokers credibility through various sources before investment.

    4.png

    G-IMFCH posted many advertorials online

      Summary

      G-IMFCH claims itself to be holding a New Zealands FSP license with regulatory number FSP479826. However, Financial Markets Authority (FMA) requires all forex brokers offering in New Zealand to hold a derivatives license, and having FSP alone means the broker is unauthorized in forex brokerage. Many illegal brokers tend to fool investors from this aspect, claiming that they are compliant brokers under regulation, which is not true.

    5.png

    G-IMFCH claims to be regulated with FSP license

      Conclusion

      By checking the WikiFX App, we learn that both the FMA (New Zeland)‘s license and FCA (UK)’s license that G-IMFCH claims to hold are suspected to be cloned. The broker, currently unregulated, uses white-label MT4/5 software with suspicious server IP and has a poor rating of 1.48 on the WikiFX App. In addition, WikiFX has received over 20 complaints against the broker in the past 3 months, suggesting high risks in the broker.

      You may visit WikiFX‘s website www.wikifx.com to view more exposures of illegal brokers. To report a broker scam, please contact us at wikifx@wikifx.com. Let’s work together and nip more illegal brokers in the bud.

    6-英语.jpg

    G-IMFCH is rated at 1.48 on the WikiFX App

    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

    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
    Current Rate  :
    --
    Amount
    United States Dollar
    Convertible Amount
    -- United States Dollar
    Risk Warning

    The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.

    Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click "Complaints "and "Correction" to inform us. We will check immediately and release the results.

    Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

    Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.

    ×

    Select Country/Area