Snail rejected investor’s withdrawal and abused their customer?

Investor was insulted by the platform when submitting withdrawal application.

Platform customer service delayed investor’s application arrogantly.

Platform has no valid regulatory status with rating only 1.13.

Stay away from it.

Investor cannot withdraw money and has been insulted again and again by platform customer service, which definitely drives people crazy. Recently, WikiFX has received real-name report about Snail for they objected investor’s withdrawal application and didn’t provide any solutions. And the investor was abused by customer service in the process of communication. He still cannot withdraw money in his accounts now.

Investor lodged a real-name complaint against Snail

Photo of the investor’s ID card

Mr. Cheng made a real name report of Snail by presenting his ID card.

Mr. Cheng’s terrible experience

Mr. Cheng’s shared his terrible experience with WikiFX

As per Mr. Cheng’s said, he deposited money to Snail through a friend’s referral in November last year. He made some loss in trading and then submitted withdrawal application in January this year; However, the platform refused his applications many times for inaccurate information. Per platform customer service’s instruction, he modified the information, but still couldn’t withdraw the money. And he has been insulted many times by customer service in their communication.

WikiFX’s investigations

1. Mr. Cheng submitted withdrawal application

Screenshot of Mr. Cheng’s withdrawal record

Mr. Cheng submitted the withdrawal application on January 16th this year, most of applications were rejected, and the last withdrawal request has always been “under approval” .

2. Mr. Cheng contacted the platform’s customer service

Screenshot of the conversation between Mr. Cheng and platform customer service

Per platform’s instruction, Mr. Cheng modified the bank information and has been repeatedly accused by customer service. And he still doesn’t receive his money now.

3. Mr. Cheng cannot get the money back from his account

Screenshot of Mr. Cheng’s account balance

At present, Mr. Cheng cannot withdraw money from his account.

WikiFX identification of Snail

Regulatory information of Snail

Screenshot of Snail interface from WikiFX App

Per investigation, Snail has no valid regulation status, meaning they have higher risk.

MT4/5 identification

Screenshot of MT4/5 identification from WikiFX App

Per investigation, Snail uses white-label MT4 trading software. The investment cost of white-label Forex brokers is relatively low, and they have a higher risk.

Warning from WikiFX App

Screenshot of Snail interface from WikiFX App

After the verification by WikiFX, Snail has no valid regulatory status and uses white-label trading software, and may have higher risk. Meantime, It is also illegal to  reject and delay investor’s withdrawal request for a long time. Investors are, therefore, strongly advised to stay away from this broker to avoid further loss incurred.

Conclusion

WikiFX has already marked Snail as invalid brokers with less than one year of business experience. Investors are strongly suggested to check WikiFX regularly before investment and should be aware of those suspected brokers to avoid loss.