Cougar FX Blocked Withdrawal with the “System Upgrade” Excuse

Beginner investors who dive into forex market without doing the basic research are the most susceptible to forex scams. Heres a story shared by Mr. Bao, who experienced withdrawal failure at Cougar FX.

Complained by: Mr. Bao

Illegal broker: Cougar FX

Cause of complaint: unable to withdraw funds

“I signed up at Cougar FXupon my friend‘s recommendation and deposited over 30,000 yuan. Last year on December 23rd, the broker suddenly announced that the system would be upgraded to 3.0 version, with all data transmission completed before January 31st. Later another notice came that the process would take longer.” Mr. Bao didn’t pay much attention to the notice at first, thinking that he can withdraw sometime later. But what happened next was much beyond his expectation.

“My account on the platform could still trade normally, with a remaining balance of US$2,212.44, but the system never approved my application when I applied to withdraw.” Mr. Bao suspected that his account may be manipulated. Meanwhile, the broker kept on dodging his questions, telling him to wait patiently as “the system and the relevant data are still being upgraded, so your account balance is unavailable for the moment” .

I waited and waited, but instead of getting the problem solved, I found my account balance, as well as trading records, were all wiped out by the broker. I tried to contact the customer service several times, but they never gave me any reply and my emails were blocked.

Totally disappointed by Cougar FX, Mr. Bao reported the illegal broker to WikiFX in the hope of recovering the lost funds under our assistance. (WikiFX broker-exposure email: wikifx@wikifx.com)

Per investigation, Cougar FXis currently unregulated with less than a year in business. The broker has a low WikiFX score of only 1, and uses non-MT4/MT5 software. Investors need to beware of the risks involving this broker.

Conclusion:

As the forex market is a complicated environment where illegal brokers blend with compliant ones, remember to double-check a brokers profile and compliance before mak ing your decision; also, beware of controlling the risks during trading and pay special attention to your asset safety. Should you fall victim to scam brokers, you may keep the key evidences and contact WikiFX for the assistance to defend your rights.