Initial withdrawal blocked by “withdrawal
channel maintenance”
Withdrawal attempt failed again after a
long wait
The “minimum withdrawal threshold” cannot
be justified
The business-overrun Forex broker has tons
of excuses to reject investors’ withdrawals
Mr. Huang from Taiwan complained to WikiFX
about his difficult withdrawal at the Forex broker TSKFX to seek help. WikiFX
got Mr. Huang’s experience and verified the related evidence.
 |
Mr. Huang’s ID card
Mr. Huang told WikiFX that he deposited
$12,000 to TSKFX on May 7th, 2019 and showed his deposit record.
 |
| Mr. Huang’s deposit record |
After trading several times, Mr. Huang
applied to withdraw $12,000 on May 27th in need of money. But the application
wasn’t approved on the day. Mr. Huang didn’t take it seriously and decided to
check again the next day.
 |
Mr. Huang’s withdrawal record
|
But the application remained “in progress”
for 3 days, so Mr. Huang contacted TSKFX’s customer service, named Carlin, on
May 30th and offered his account ID in hopes of knowing his withdrawal status.
But Carlin told Mr. Huang to wait for further updates as “the withdrawal
channel is under maintenance”.
By June 3rd, Mr. Huang finally got a reply
from Carlin, saying that TSKFX had changed its minimum withdrawal threshold to
$20,000, suggesting that Mr. Huang is not eligible for a withdrawal. When Mr.
Huang argued that it’s unreasonable to require additional deposit before he can
withdraw his deposit with $12,000, he was told that “this is an express
withdrawal channel and we appreciate your understanding”.
 |
| Mr. Huang’s conversation with Carlin |
Mr. Huang also emailed TSKFX about the
minimum withdrawal threshold, but received no reply.
 |
| Mr. Huang’s email to TSKFX |
So Mr. Huang tried coordinating with Carlin
again in hopes that TSKFX can approve his withdrawal, yet she could do nothing
about the problem as the withdrawal threshold won’t change until the end of the
third quarter.
 |
| Mr. Huang’s conversation with Carlin |
To date, Mr. Huang’s withdrawal application
remains unapproved and no deduction has been made from his trading account,
while the broker insists no withdrawal under $20,000 will be processed under
the minimum withdrawal threshold rule, which ends on October 1st this year.
 |
| Mr. Huang’s account balance |
Upon checking TSKFX’s compliance, WikiFX
found the broker operated in overrun business:
 |
| TSKFX’s regulatory information from the WikiFX App |
According to regulatory information on the
WikiFX App, TSKFX operates in overrun business as its NFA(US) license for
generic financial service has no authorization for Forex brokerage, having
significant risk.
MT4/5 trading software verification:
 |
| TSKFX’s MT4/5 software verification from the WikiFX App |
Investigation shows TSKFX uses white-label
MT4 software with servers set in mainland China and Hong Kong respectively, and
white-label brokers are usually risky due to their relatively lower cost.
In addition, TSKFX is related to 15
white-label brokers: KUN, KPF, OVR TRADING, BS, OTT TRADING, PHY, ZhanHuang,
Ceres, Golden Hall, Arnofx, SODOFX, Finle, FAITH, ICANFX and BVBFX
respectively.
 |
| TSKFX’s network diagram from the WikiFX App |
Notably, the broker ICANFX has already been
exposed in WikiFX’s article last May for blocking withdrawal and suspending
investor’s account. Investors should keep yourselves away from it.
According to information from the WikiFX
App, TSKFX has a rating of only 1.54 and operates in overrun business.
Meanwhile, it uses white-label MT4 software with servers set in China,
indicating significant risk. Therefore, investors should stay away from TSKFX.
 |
| TSKFX’s interface from the WikiFX App |
Conclusion
The business-overrun brokers have no
substantial regulation and, therefore, bears significant risk, jeopardizing
investors’ assets. Investors should beware of the risk and stay away from them.
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