IRC hold investor's money for being complained?

Investor's account has been frozen due to complaining the brokers.

He withdrew the complaint but no choice; still cannot get the money back.

WikiFX received an investor's complaint of IRC recently for the suspension of his account arbitrarily.

Though he was forced to drop the complaint, he cannot withdraw the money till now.

Investor lodged a real-name report against IRC

Photo of the investor's ID card

Mr. Fu reported IRC by presenting his ID card.

Mr. Fu's terrible experience

Mr. Fu's shared his terrible experience with WikiFX

Mr Fu said that he started to deposit on IRC by April 2018 and had made severe loss caused by analyst information.

Since he lodged the complaint about the broker's integrity and compliance issue to the third party, WikiFX. IRC received the reports and promised to compensate part of his loss if he withdrew the complaints beforehand.

After several conversations, he followed it but no choice. However, the platform could not be reached after cancellation of complaint; and he cannot withdraw the money till now.

WikiFX's investigations

1. Mr. Fu's deposit records

Screenshot of Mr. Fu's deposit record

Mr. Fu has deposited money on IRC several times since April 2018.

2.Mr. Fu received IRC's email

Screenshot of IRC's email

Mr. Fu received IRC's email stating that his account had been suspended and would be released upon withdrawal of complaint.

3. Mr. Fu cannot withdraw his money from the account

Screenshot of Mr. Fu's account

Mr. Fu noticed that he couldn't withdraw money from his account anymore.

4. Mr. Fu contacted their customer service afterwards

Screenshot of the conversation between Mr. Fu and platform customer service

Mr. Fu contacted IRC for several times and was replied that he needed to cancel the complaint in case he wanted to release the account.

IRC even added that he can make another complaint if he still cannot withdraw the money.

5. Mr. Fu contacted their customer service after dropping his complaint

Screenshot of the conversation between Mr. Fu and platform customer service

Mr. Fu had no choice but dropped his complaint of IRC. However, he could not reach them anymore after dropping out.

6. Mr. Fu's account balance

Screenshot of Mr. Fu's account balance

Mr. Fu cannot withdraw the money till now.

Why did IRC agree to compensate if they didn't commit any illegal practice？

Threatened the investors to freeze their account for making complaint!

Investor withdrew the complaint but no action being taken as promised.

Apparently, this is not a legal and regulated platform.

WikiFX verification of IRC

>>>>Regulatory information of IRC

Screenshot of Regulatory Information from WikiFX

WikiFX found out that IRC holds VFSC(Vanuatu)'s regulatory license. Since it is regulated by an offshore island country, their regulation authority is rather weak and has potential high risk.

>>>>MT4/5 identification

Screenshot of MT4/5 identification from WikiFX

Per our identification, IRC uses main-label MT4 trading software with the server set up in Hongkong, indicating that their brokerage business is in China only, and has potential risk.

Warning from WikiFX

Screenshot of IRC interface from WikiFX

After the investigation by WikiFX, IRC is offshore regulated by VFSC(Vanuatu), with the servers set up in Hongkong, and has considerable risk. Meanwhile, it is illegal to suspend investor's account arbitrarily. RIC rating is just 3.38 with two warning notifications by WikiFX.

Investors are strongly advised to keep themselves away from the brokers with low ratings to avoid further loss.

Conclusion

WikiFX suggests investors keep yourself update of WikiFX information, especially those risk notifications; it helps you to minimize the risk of loss.