The money investor deposited can’t be found in Tickmill account

Investors often complain against brokers for rejecting or delaying withdrawal and blocking account, but WikiFX just got a rather unusual complaint about deposit failure that investor couldn’t find the money he deposited by transferring to his account for almost one month. Although investor emailed Tickmill, the broker replied with auto-reply template, offering no concrete solutions for the issue.

Mr. Li said that on April 13th, 2019, he decided to make a deposit to Tickmill through Alipay after seeing on the website that deposit is available by Alipay transaction.

Tickmill’s deposit page

He deposited $1,000, equivalence of ¥6,704.69, to Tickmill that day. According to the transaction statement of Alipay, the money was successfully transferred to the designated account of Tickmill - a personal account.

Mr. Li’ s Alipay transaction record

But after waiting for several days, Mr. Li didn’t find the money in his account on Tickmill, so he emailed the customer service about the issue. On April 23rd, he got Tickmill’s reply saying that since he made the deposit over a week ago, it would take them longer to find out what was the problem, which meant Mr. Li must keep on waiting.

Tickmill’s email to Mr. Li

Having waited for another 4 days, Mr. Li again contacted the customer service by email on April 28th to follow up on the issue. The next day he got Tickmill’s reply which was essentially the same answer he got last time, telling him to keep on waiting.

Tickmill’s second email to Mr. Li

16 days had past since Mr. Li made the deposit. Though he sent several more email inquiries, he just got the same message without practical solutions. Meanwhile, his emails to other divisions of Tickmill seeking to solve the deposit failure were never replied.

Mr. Li’s email complaint to Tickmill

By May 15th, over a month after the deposit, Mr. Li still didn’t see the money in his account. While Tickmill customer service only replied with the same words without any substantial solution.

Mr. Li’s email to Tickmill

To date, Mr. Li still cannot find the $1,000 he deposited in his account with account balance being zero.

Mr. Li’s account balance on Tickmill

Mr. Li also provided WikiFX his account details and ID information to ensure an authentic complaint.

Mr. Li’s account detail on Tickmill

Mr. Li’s ID card

Curious about the compliance of such a broker, Mr. Li checked Tickmill’s information by WikiFX App and found that though not a low-rating illegal broker, Tickmill has received loads of complaints. Meanwhile, the broker didn’t deal with these complaints positively and has poor WOM.

Information from WikiFX App shows Tickmill is rated at 6.97 with FCA(UK)’s MM license and FSA(Seychelles)’s license for retail Forex brokerage, both in valid status.

Tickmill’s interface from WikiFX App

Tickmill has 2 risk warnings in regards to heavy investor complaints and offshore regulation risk of the FSA(Seychelles) license.

Tickmill’s risk warnings from WikiFX App

Conclusion

While a broker’s compliance should be investor’s primary concern before investment, its WOM must also be taken into account. Investors are strongly advised to check broker’s comprehensive information including compliance and WOM to make rational investmen
t.