Investor’s Withdrawal Application Vanished at BDG

With the rapid development of the global forex industry, numerous forex brokers of mixed quality also emerge on the market. The illegal brokers without proper qualifications always disguise themselves as compliant brokers through false advertising, and through illicit practices and manipulations they swallow up investors’ assets and undermine the healthy development of the forex circle.

Exposure of illegal broker
Broker’s name: BDG
Website: http://www.bangdefx.com/zh-cn/
Complainant: Mr. Zhu

Mr. Zhu’s ID card

This March, Mr. Zhu first learned about the broker BDG through the recommendation of its IB agent, Mr. Sun, and made 2 deposits totaling US$ 7,000 at the platform. But 6 months later, Mr. Zhu lost more than half of his money instead of making any profits, with only US$ 1,700 left in his account. What’s more, something weird also happened when Mr. Zhu applied to withdraw. According to Mr. Zhu, he filed a withdrawal application nearly a month ago, but 2 weeks after he submitted the application, it strangely “disappeared” from the platform and Mr. Zhu had to apply again. The long wait and irregularities in the withdrawal process raised Mr. Zhu’s suspicion that the broker may have escaped.

Mr. Zhu’s deposit records

Mr. Zhu’s withdrawal record

Analysis
BDG claims on its official website that it holds IFSC (Belize)’s license with regulatory number IFSC/60/496/FX/17. With a broad business scope, the broker allegedly enables investors to trade a wide range of assets including forex margin, equities on Belize and international stock markets, securities, and cash. Its forex margin services covers currencies, commodities and CFD trading. But we wonder if the broker is telling the truth, particularly about its regulatory status.

BDG’s false claims on its website

After inserting the full name of BDG on IFSC’s website, we did find a regulatory record of the broker, yet it turns out that the IFSC license held by BDG is for general financial consultancy/advisory services, which means the broker isn’t authorized to offer trading in forex, securities, cash or equities. Moreover, the broker’s official site doesn’t match the registered website on IFSC, www.bondexglobal.com, and this self-claimed “top achiever of international finance industry”, strangely enough, doesn’t even have an introduction and web page in English. 

Search result of BDG on IFSC website

Summary
According to WikiFX App, BDG is unregulated at the moment and rated at only 1.41. Network diagram of the broker suggests it has 12 related white-label brokers, among which 3 hold suspected cloned license, 3 operate in overrun business, 2 are unregulated and one is illegal. Investors should definitely stay away from this broker to avoid investment risks.

BDG’s rating on the WikiFX App 

BDG’s network diagram from WikiFX App

Conclusion
The forex market is full of risks, and for inexperienced investors, the greatest risk could come from brokers. WikiFX reminds investors that when choosing a broker, in addition to considering its reputation on the market, it’s also a good idea to do further research and get comprehensive information about the broker, such as whether its claimed regulatory details match with information on the regulation website, whether its license is valid and whether it operates in overrun business. If you have any questions about any broker, you can easily look it up on WikiFX App and avoid potential risks.

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