Illegal Broker BSI Blocked Investor’s Withdrawal

Broker: BSI

Regulatory status: unregulated broker

Complainant: Mr. Ai

Cause of complaint: withdrawal failure

With the rapid development of forex industry, more young investors are entering this market. However, many of them lack sufficient experience in forex trading. Heres a complaint against the illegal broker that WikiFX lately received from a young investor, Mr. Ai.

Event recap

Mr. Ai first saw BSI‘s advertisement online in December, 2018. BSI claimed itself to be a long-established broker under FCA supervision, so Mr. Ai, inexperienced in forex trading, was fooled by the broker’s advertisements on its website and made US$ 30,000 of deposits at BSI. Having successfully made the deposits, Mr. Ai seized opportunities on the market and made some profits. This August, he applied to withdraw for the first time and filled out the application form according to the platform‘s instructions. But unexpectedly, the system popped up a message which says “thank you for your participation” after Mr. Ai submitted the application, and he later found no record of his withdrawal in his trading account, indicating that the so-called “withdrawal channel” of BSI wasn’t working at all. Later Mr. Ai tried emailing the customer service about the matter, but his email was blocked and couldn‘t reach the broker’s inbox. To date, Mr. Ai still has a large sum in his account unable to be withdrawn.

Analysis

While the age of Internet brings ubiquitous online advertisements into our everyday life, the downsides, such as unverified information and misleading contents, are also hard to neglect. To expand their market share, illegal forex brokers make every effort to attract investors through hype advertisements consist of ambiguous, misleading or even deceptive information. Mr. Ai is clearly among the victims of such advertising pitfalls. Per checking the FCA website, the regulatory number “472164” of BSI‘s alleged license doesn’t exist.

When facing the endless advertisements on the market, investors need to cross-check any information received, rather than relying on a single source, to ensure what you got is authentic and reliable information.

Among the investors who seek WikiFXs help after being defrauded, Mr. Ai is a relatively young one, which further proves the trend that forex investors are getting younger these days. Instead of making risky bets, young investors should learn to stay cool-headed during investment and eventually accumulate trading experience, while choosing a credible and compliant broker by checking its information through multiple sources.

Conclusion

According to WikiFX App, BSI does not have FCA regulation as it claims, and is marked illegal on WikiFX App. Please stay away from the broker.