Cannot withdraw money from ADDEX as well? Two related brokers with white label also closed!

Investor cannot login the account.

Platform cannot be reached.

Two related platform with white labels windup.

Stay alert of this!!

ADDEX terminated investor trading account, making them unable to withdraw money. Investors kept trying to contact the platform but in vain. ADDEX was proved to engage in overrun business with ratings only 4.44. Investors should aware of it.

Investor lodged a real-name complaint against ADDEX

Photo of the investor’s ID card

Ms. Zhao reported ADDEX by presenting her ID card. 

Ms. Zhao’s terrible experience

Ms. Zhao’s shared her terrible experience with WikiFX

Ms Zhao said she was introduced to deposit money to ADDEX on January 23^rd last year through an investment broker and has made some loss in trading. In January this year, she found ADDEX website has already disabled the function of online deposit and withdrawal; she, therefore, sent an email to ask about it but got no reply.

On February 1^st, Ms Zhao could not access her account anymore and the information hasn’t been updated since then. Till now, she is unable to withdraw the money. 

WikiFX’s investigations 

1. Ms. Zhao deposited money to ADDEX

Screenshot of Ms. Zhao’s deposit records

Ms. Zhao deposited money to ADDEX on January 23^rd last year.

2. Ms. Zhao cannot access her account.

Screenshot of Ms. Zhao’ account

Ms. Zhao could not access her account since February 1^st 2019.

3. Ms. Zhao contacted customer service afterwards

Ms. Zhao emailed the platform but no feedback

Ms. Zhao texted the platform but got nothing

Ms Zhao tried every ways and means to contact the customer service of ADDEX for the problem of money withdrawal but also failed.

WikiFX App verification of ADDEX

Regulatory information of ADDEX 

Screenshot of ADDEX’s regulatory information from WikiFX App

Per our investigation, ADDEX holds FSPR(New Zealand)’s license for providing financial service only. ADDEX cannot involve in any brokerage business as they don’t possess any license. Therefore, ADDEX engaged in overrun business which is considered to be illegal in China and has high risk.

2. MT4/5 identification

Screenshot of MT4/5 identification from WikiFX App

 After our identification, ADDEX uses white-label trading software with server set up in HK and US respectively. White label brokers involve lower investment cost but have higher risk usually. 

Network diagram

Screenshot of network diagram from WikiFX App

Per our investigation, ADDEX has connections with 16 Forex brokers, which are BACAPITAL, DeriFin, SA FOREX, GPAC, DEM, ICOFX, K-ross, Minerva Capital, Mahamudra, MFX MARKETS, Juniorfx, Taurus, HC, KS, EBI and KNR respectively.

Among those, K-ross and Mahamudra has already been featured in our “Expose” articles, those are “Investor lodged a real-name complaint against K-ross, a fraudulent license-cloned Forex broker”, “Sequel: 11 related Forex brokers were exposed because of K-ross case”, “Statement: Based on the fact of Mahamudra’s absconding, EPP Starts”. You can refer to the above-mentioned articles to understand more about these two fraudulent platforms. And now, investor also cannot withdraw money from ADDEX as well. Investor should be aware of those suspected platforms and manage your own risk.

Warning from WikiFX App

Screenshot of ADDEX interface from WikiFX App

Per our verification, ADDEX is engaged in overrun business in China and uses the white label trading software, meaning that it is in high risk. Meantime, it is illegal to close investor’s trading account and cut off the connection with customer service.  Two platforms related to ADDEX has also closed already. WikiFX remind the investors to aware the risk and take any necessary action to protect your own interest.

Conclusion

WikiFX always discloses the suspected broker and their related parties in our “Expose” articles to remind the investors about the potential risk. Investors should pay extra attention to those related parties as well to protect your own rights as early as possible.