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Anzo Lim

Outrageous AAFT GLOBAL Exploited Investor’s Account

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Broker: AAFT GLOBAL

Regulatory status: currently unregulated

Complainant: Mr. Lin

Cause of complaint: broker blocked withdrawal and manipulated account without authorization

 

The fast-growing forex market in recent years has seen a proliferation of brokers, who apply all sorts of marketing strategies in order to attract more investors. Ambiguous or even misleading information is not uncommon in the advertisements of brokers, which can be shown in a recent complaint case WikiFX has received. Mr. Lin, an investor from Malaysia, accused forex broker AAFT GLOBAL of posting misleading advertisements, blocking withdrawals and manipulating his account, causing him heavy losses.  

 

Event recap

This April, Mr. Lin was introduced to AAFT GLOBAL by an investment consultant of a financial institution. After signing up at the platform, he made several deposits under the so-called consultants suggestion. By closely following the market trend, Mr. Lin was able to make some profits in his later investment, though he didnt trade frequently. His several withdrawals during this period were all promptly handled by the broker. In July, Mr. Lin suddenly need to withdraw a sum from the trading account, but after his application was successfully submitted, he failed to receive the money. Whats more, after his withdrawal requests remained undealt with for a week, Mr. Lin found his account was being manipulated without his authorization, which soon wiped out his entire account balance.

 

Mr. Lin contacted the consultant who recommended the broker, but the guy first said Mr. Lins own maloperation was to blame and then said it was the problem of the MT4 software, and it wasnt long before he stopped answering Mr. Lins questions. Mr. Lin also tried to contact AAFT GLOBALs customer service, but failed to get any helpful answer either. 2 months after the incident, Mr. Lins account remains empty and he still cant get his money back.

 

Analysis

Notably, the brokers name that Mr. Lin mentioned in the first place was FIDUCIAN, which couldnt be found in WikiFXs database; Through further investigations, WikiFX team found its introduction on the website of AAFT GLOBAL, though the connection between AAFT GLOBAL and FIDUCIAN remains unclear, the website seems to suggest that FIDUCIAN which swindled Mr. Lin is in fact AAFT GLOBAL itself. The brokers website offers introduction in Chinese and English, and the Chinese version was not only poorly-worded but also give confusing and blurry description in terms of the brokers regulatory status. The English introduction also appears suspicious.

 

Per checking the WikiFX App, AAFTs profile and qualification doesnt match its claim on the official site. It has been in business for less than a year and is currently unregulated. With a low WikiFX rating of 1.10, the broker is very dangerous and investors are suggested to stay away from it.

 

Conclusion

WikiFXs powerful database currently includes information of over 12,000 broker regulated by authorities from more than 30 countries world wide and is constantly being updated. As choosing broker is a crucial step during investment, if youre not sure about validity of the brokers information you received from other channel, you can always look up the broker on the WikiFX App or our official website to gain a better perspective.

 

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