CFX Blocked Investor’s Withdrawal with the Same Trick

Summary:

Recently WikiFX received Mr. Chen's letter about his experience of being cheated by CFX, a business-overrun Forex broker, who blocked his withdrawal request twice after he made profits and coaxed him into making more deposits. Finally Mr. Chen ended up in heavy loss with deep regret.

Mr. Chen's letter:

Ms. Wang, the analyst and manager of Forex broker CFX, added me by WeChat this March and tried to persuade me to open an account at CFX. At first I declined the proposal and said that I had no interest or experience in Forex trading. Afterward she assured that I could profit through copy-trading and promised to offer me bonuses. Eventually I opened an account at CFX on March 27th.

I kept in profiting in the trading at CFX. On April 22nd, I submitted a withdrawal application with US $8,500. But the application was rejected and the money was returned to my trading account that day.

When I contacted agent Wang, she told me to wait as the withdrawal channel was in maintenance, adding that the issue was normal and it was unnecessary to worry about it.

In the following days, she kept on telling me that I could earn more, if I deposited more at the perfect time, and again promised me some deposit bonuses. Without resisting the temptation of profiting as before, I finally believed her and made more deposits.

Instead of profiting as I expected, I began losing money after depositing more, and it wasn’t long before I lost all the profits. I felt pretty upset that my withdrawal attempt was blocked and regretted for making more deposits.

Where there is investment, there is risk. Without the expectation of earning more,  I just hoped to withdraw the money left in my trading account. Therefore, I submitted another withdrawal with US $6,000 on May 27th, but the application was rejected again 3 days later and the money was returned to my trading account.

When I questioned agent Wang why I couldn't even withdraw the remaining money, she pulled up the same excuse of “channel maintenance”, and tried to coax me into making more deposits. By now I have realized that it is a lame excuse for blocking my withdrawal application.

I explained that I didn't plan to step up my investment because of lacking money and not being in very good condition. But agent Wang kept on inducing me to deposit more by offering special benefit, and then blocked my withdrawal. Finally, I suffered heavy loss due to her deliberately misleading trading signals.

Tired of talking to the agent who had caused me heavy loss, I turned the broker and sent CFX an email to complain about my withdrawal failure and the agent's behaviors. But besides a brief auto-replied email, CFX offered no answer to my inquiry.

Until now, I have not received any explanation or solution about my withdrawal failure from either the agent or CFX, leaving hundreds of thousands of money  unavailable for withdrawal. Hopefully WikiFX's exposure of the broker can help me get my money back, while remind investors to keep alert to the brokers who blocked withdrawals. Promptly stop depositing money when you have difficulty in withdrawal at Forex platform, in order to avoid potential losses recurred.

At the end of the letter, Mr. Chen provided his ID card to ensure an authentic complaint.

About CFX

CFX's regulatory information from the WikiFX App

Investigation suggests that CFX operates in overrun business with great risks, as its FSPR(New Zealand) license for financial service has no authorization in Forex brokerage.

CFX's MT4/5 software verification from the WikiFX App

According to the WikiFX App, CFX uses white-label MT4 software with servers set up in Hong Kong. Such white-label brokers usually have considerable risk due to their low cost.

CFX's network diagram from the WikiFX App

In addition, CFX is related to the following two related companies and three white-label brokers respectively:

Two related companies: Iwwasia and ITFX

Three white-label brokers: Regain Capital, Iwwasia and ITFX.

As per the information on WikiFX App, CFX received heavy investor complaints and had a poor WOM(word of mouth).

CFX's interface on the WikiFX App

Per checking the WikiFX App, CFX is rated at only 1.94 on the WikiFX App and operates in overrun business with a license unauthorized in Forex brokerage, having significant risks. Investor further confirms the broker constantly blocked withdrawal and tricked investor to make more deposits, leaving investor in heavy loss. Subject to plenty of investor complaints, CFX has a poor WOM, and we suggest investors should stay away from it.

Conclusion

Always check a broker's compliance when you choose the broker and keep away from low rated brokers. Don't blindly trust the recommendation or induction and stick to your own judgment. Should you notice anything suspicious about brokers, please contact their customer service as soon as possible. If necessary, you should keep evidence and immediately take actions to protect your assets.