BV Trading claimed complaint may induce account suspension

Recently, WikiFX received investor’ s complaint about withdrawal failure at BV Trading. Withdrawal failure, one of the most common complaints, was obviously demonstrated by the typical process, excuse and attitude of BV Trading. We remind investors to watch out for similar illegal brokers.

Last May, Mr. Zhou opened an account at BV Trading and started to make deposit through a third-party payment platform, which turned out very problematic later when he tried to withdraw.

Mr. Zhou' s deposit record from bank statement

By June, things started to go wrong.

First, the money withdrawn was never received.

Mr. Zhou applied to withdraw ¥7,812, which was approved on BV Trading, but he failed to receive the money after waiting for a few days. He then applied to withdraw ¥664, ¥6,670 and ¥5,137.92 respectively, which were all approved with notification that the money had been transferred.

Mr. Zhou' s withdrawal record

However, Mr. Zhou didn’t receive the larger sum withdrawn three times, apart from ¥664 - the smallest sum withdrawn. Though BV Trading claimed that the withdrawal failure was due to third-party payment platform temporarily frozen per related policy, it’s unreasonable that a small sum could be refunded while a large sum couldn’t.

Second, BV Trading soon issued a tough announcement, which was no less than a warning.

BV Trading’s announcement

It declared that deposit was unavailable through third-party payment platform due to related policy, and investors needed to wait patiently. They also stated that complaint may result in permanent suspension of account, quoted from their legal adviser.

From June, 2018 to January, 2019, Mr. Zhou has been waiting for at least 7 months, one month longer than the deadline when BV Trading promised to refund the money of Mr. Zhou on their announcement. However, the broker blamed the problem on the related policy, for which the third-party payment platform’s fund was frozen. When Mr. Zhou contacted BV Trading in March, their customer service didn’t reply anymore.

 

Mr. Zhou’s conversation with the customer service

Mr. Zhou provided 11-consecutive-month bank statement and his ID card to complain against BV Trading for they kept on delaying withdrawal requests.

Mr. Zhou’s bank statement

Mr. Zhou’s ID card

We can say that BV Trading offered a textbook example of how illegal brokers swindle investors by delaying withdrawal request with tons of excuses.

Per checking WikiFX App, we know BV Trading’s compliance information:

Risk warning of BV Trading from WikiFX App

Per investigation, BV Trading doesn’t have any valid regulatory status. Investors are strongly advised to stay away from the broker with considerable risk of absconding.

BV Trading MT4/5 verification from WikiFX App

WikiFX App shows that BV Trading uses white-label MT4 software with server set up in the US, and white-label brokers have considerable risk as they are usually low in cost.

BV Trading network diagram from WikiFX App

According to network diagram from WikiFX App, BV Trading is related to a white-label broker FX INDEX, which investors should also beware of.

BV Trading interface from WikiFX App

BV Trading, rated at 1.60 on WikiFX App, has no valid regulatory status and uses MT4/5 white-label software. Moreover, the broker kept on delaying investor’s withdrawal request arrogantly while the customer service was out of contact. We remind investors to stay away from it.

Conclusion

Checking a broker’s compliance should be the first step of your investment. If you sense any risk of withdrawal failure, keep evidence and take prompt actions to protect your rights.