Have you ever been deceived by your family members of recommending a licensed-cloned broker to you? Here is the case.

Broker delayed investor’s withdrawal request for a long time.
Investor contacted the platform to follow up but in vain.
But, this broker is recommended by her family members.
Suspected to be a license-cloned broker with ratings 1.63 only.

Among all the cases received by WikiFX, most of victims were choosing the fraudulent platforms that recommended by others. Recently, WikiFX received Ms. Jiang’s complaint about Karen, a suspected license-cloned platform, for delaying her withdrawal applications and failing to contact their customer service. Karen, finally, closed their website and windup. This platform was recommended by her family members and she cannot withdraw any money from there till now.

Investor lodged a real-name complaint against Karen

Photo of the investor’s ID card

Ms. Jiang reported Karen by presenting her ID card.

Ms. Jiang’s terrible experience

Ms. Jiang’s shared her terrible experience with WikiFX

Ms. Jiang was introduced by her family members to deposit money to Karen, a Forex platform, on October last year and kept on making loss from time to time. In January this year, she submitted the withdrawal application but was always in “under-approval” status. She contacted the customer service but in vain. Later, she found the website has been shut down and she cannot withdraw money any more.

WikiFX’s investigations

1. Ms. Jiang submitted withdrawal application in January

Screenshot of Ms. Jiang’s withdrawal record

Ms. Jiang submitted withdrawal application on January 30th this year, but the application was still ”under approval”.

2. Ms. Jiang contacted the customer service

Screenshot of the conversation between Ms. Jiang and platform customer service

As the application was always in “under approval”, Ms. Jiang decided to contact the customer service but in vain.

3. Website closed.

Screenshot of Karen’s website

Karen’s website cannot be accessed anymore.

4. Ms. Jiang’s account balance

Screenshot of Ms. Jiang’s account balance

Ms. Jiang cannot withdraw money from her account till now.

WikiFX verification of Karen

Regulatory information of Karen

Screenshot of Karen’s regulatory information from WikiFX

Per our investigation, Karen holds FSPR(New Zealand)’s license for providing financial service only, which is suspected as license-cloned broker. They simply copied the information from other regulated broker. Without any valid regulatory status, Karen has a very high risk.

MT4/5 identification

Screenshot of MT4/5 identification from WikiFX 

After identification, Karen uses white-label MT4 trading software with the server set up in US. The white-label brokers involves lower investment cost and their risk would be high also.

3. Network diagram

Screenshot of network diagram from WikiFX

After investigation, Karen has relation with 12 companies in white label, which are HK Ruishou, FXDEED, GEEDEY, Sen Hui, DooForex, PPI Forex, ExpandFX, GIB, Wanda Bullion, Intelligence, Anfore FX and Oracle FX respectively. Meantime, Karen has also had relations with 2 companies, Csocofx and Longasia.

Oracle FX has been reported by investors for long time and we have been featured it in the article, Exposure: Oracle FX was out of contact, causing withdrawal unavailable! Pay attention to it, for they rejected investor’s withdrawal application.  Meanwhile, Sen Hui has also been listed on “Most Complaint Forex Broker Chart” for many times with very low rating. Investor are strongly suggested to be alert of those suspected brokers to avoid potential risk.

Warning from WikiFX

Screenshot of Karen interface from WikiFX

Per verification by WikiFX, Karen, a suspected license-cloned broker, uses white-label trading software and may have considerable risk. Meanwhile, they rejected investor’s withdrawal application; and they closed the platform eventually. Coupled with out of contact for a long time, this broker has very high risk of runaway. WikiFX reminds investors to take any necessary actions to safeguard your own rights.    

Conclusion

No matter who introduced you the platform, investors should study carefully and search information from WikiFX that can provide you valuable broker’s information.  Study more to protect your own interest.