Investor Can't Withdraw Money Due to System Upgrading of MGFX

The investor's account information blanked out. And the customer service staff of MGFX replied that it was due to system upgrading, and then canceled the contact who communicated with the staff before by QQ. Now the investor can't withdraw her money.

Recently,one of investors reported MGFX to“Exposure”of WikiFX for the broker refused their withdrawal and the customer service staff was out of contact.

The investor reported MGFX with ID card.

Ms. Huang deposited on MGFX through a friend on December 17th, and the initial trading was doing smoothly.

Suddenly, she found that the market quotation in her account couldnt be updated on 20th this month, so she consigned a friend who introduce the broker to her to contact the customer service staff.

Initially the staff said that the problem was due to system maintenance which may take a few days.

Later, Ms. Huang found that her account information blanked out. At the same time, the staff canceled the contact by QQ, causing that the money in her account couldnt be withdrawn.

1. Ms. Huang deposited on MGFX

Ms. Huang deposited on MGFX in December this year.

2. Ms. Huang's account blanked out

On December 20th, Ms. Huang found that her account blanked out.

3. Ms. Huang contacted the customer service staff of MGFX

Ms. Huang entrusted her friend to communicate with the customer service staff, who replied that the problem was caused by system maintenance and upgrade, which would be finished within 7 working days.

4. The staff canceled the contact, Ms. Huangs friend, by QQ

Ms. Huang kept asking her friend for the problem, who told her that the customer service staff was out of contact.

5. The money in Mr. Huang‘s account can’t be withdrawn

Now, the money in Ms. Huang's account can't be withdrawn.

It is the common trick for the fraud broker to refuse investors withdrawal on the excuse of system maintenance. Accordingly, confronted with withdrawal delay, investors should be alert and maintain their rights as soon as possible.

>>>>The regulatory information of MGFX

According to inquiry, MGFX is suspected as cloned broker, whose NFA regulatory license is copied from the regulatory information of other broker. So it has huge risk.

>>>>MT4/5 identification

Through the identification, MGFX is suspected of using white-label MT4 trading software, with the server set up in China. And the white-label broker has certain risk due to the low cost of investment.

>>>>Network diagram

According to inquiry, MGFX has white-label relation with 13 brokers including: HuiYing, FXCMG, Morhan, TTFX, Wayne, BOFOREX, GGFSG, DEASTFOREX, Magic Markets, Marwill, KOALA, SNSFOREX and GM TRADING. At the same time, the broker has a related broker, Magic Markets.

It is most worth noticing that FXCMG has been exposed twice in articles, Exposure: Investor Didn't Receive 400,000 CNY After Submitting Withdrawal,and Serial 2: FXCMG Was Exposed due to Refusing to Withdraw for Investor Again, released by WikiFX.

So it is suggested that investors should keep themselves away from the broker.

According to the identification, the NFA license held by MGFX may be copied from the regulatory information of other broker.

Moreover, the broker has huge risk because of using white-label trading software. Finally, it is illegal for the broker to refuse investor's withdrawal.

Therefore, WikiFX reminds that investors should stay away from the broker to steer clear of property losses.

Conclusion

With WikiFX rating being 1.49, MGFX has been remarked as “Cloned Broker”. In a word, it is suggested that investors should know more about brokers before investing so as to avoid risks.