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Warning! FOX FX does not allow a Nigerian investor to withdraw. The victim has something to say.
Abstract：FOX FX is an online forex broker that is newly established, recently one Nigeria investor, Mr. Ishaq told WikiFX that this broker refused his withdrawal requirements. And even worse, FOX FX asks this trader to pay an extra deposit if he cannot meet the conditions and terms of FOX FX. Protecting the legitimate rights and interests of forex traders are always the primary concern of WikiFX. In this article, we will expose how FOX FX scammed Mr.Ishaq’s money based on the evidence gathered by WikiFX.
About WikiFX
WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.
About FOX FX
FOX FX is an online forex broker registered in Saint Vincent and the Grenadines. It has only experience of one year. WikiFX has given this broker a low rating of 1.07/10 as it is not regulated by any regulatory institution.
Mr. Ishaq, who is from Nigeria, is the victim of this case, he told WikiFX about the situation he met while investing in FOX FX. This is real-name reporting. And above is the victims ID card. Mr. Ishaq contacted WikiFX and reported the fraud of FOX FX to WikiFX. He hoped to get WikiFX's help.
Description of the case in brief
Mr. Ishaq wants to withdraw. However, FOX FX told him that he needs to meet the Conditions before withdrawing without paying extra money. Otherwise, Mr.Ishaq must pay a deposit of at least $500 in order to withdraw the full profit. When Mr. Ishaq met the conditions. the agents still made excuses to prohibit him from withdrawing. Some agents of this broker even block Mr. Ishaq.
Evidence gathered by WikiFX
On July 6, 2022, Mr. Ishaq wanted to withdraw from this broker. But FOX FX asked this victim to complete 5 standard lots and made a profit of 250 before he can withdraw.
FOX FX TERMS AND CONDITIONS
FOX FX requires a deposit when the clients want to withdraw. However, if the clients dont want to make a deposit, they have to consistently trade for 30 days. The clients also need to complete 15 standard lots and cover 1000 pips.
According to the above, this agent of FOX FX told the victim that he needs to make at least a 500$ deposit if he wants to withdraw full profit.
From the above, we can see that the customer service of FOX FX is extremely terrible. The agent of this broker called Mr. Ishaq a fool, which is unacceptable. According to the Conditions and Terms of this broker, If Mr. Ishaq wants to withdraw without a deposit, he has to wait for 30 days. And during this period, he has to trade every day.
The agent of FOX FX, Jemisha, asks Mr.Ishaq for an account login to check Mr.Ishaqs trading history. Which is abnormal.
Jamisha eventually blocked Mr. Ishaq.
The agent, Adam, of FOX FX claimed that FOX FX is a regulated broker. And it is regulated by SVG FSA. However, according to WikiFX, this broker is an unregulated broker. Saint Vincent and the Grenadines is an attractive place for financial companies to operate through an offshore company. There is no sharp regulation or overseeing of the company operation implemented. The SVG broker can run its activity and accept forex payments through credit cards but is not overseen.
Conclusion
Many scam brokers like to make an excuse and ask the clients to deposit more money when the clients want to withdraw. We believe that FOX FX is getting involved in a scam. The reason why WikiFX exposed this case to the public is to remind all traders of the potential risks. After all, what happened to Mr. Woodburn could happen to any of us. All traders should be vigilant when investing in a broker.
WikiFX is actively reaching out to the victim and other traders hoping to find more evidence to help him resolve the problem. Please stay tuned for more information.
WikiFX keeps track of developments, providing instant updates on individual traders and helping investors avoid unscrupulous brokers. If you want to know whether a broker is safe or not, be sure to open WikiFXs official website (https://www.WikiFX.com/en) or download the WikiFX APP through this link (https://www.wikifx.com/en/download.html) to evaluate the safety and reliability of this broker!
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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