ADMFX rejected the trader’s withdrawal request and even asked for unacceptable demands.

What is ADMFX？

Admfx is a forex broker based in Hong Kong. This broker offers various market instruments for trading. Traders can engage in Forex trading with a wide range of spot and forward FX currency pair CFDs, including popular options like EUR/USD and GBP/USD. The company also provides opportunities for futures trading on major indices, such as gold, oil, and silver. Additionally, Admfx allows traders to speculate on the price movements of stock indices through CFDs, including national stock indices and sector-specific indices like the Nasdaq 100 Index. Cryptocurrency trading is also available with Admfx.

Is it legit？

According to WikiFX, this broker is not regulated by any regulatory institution. And we dont advise you to invest in this broker. WikiFX has given this broker a low score of 1.06/10.

Unable to Withdrawal

One trader, who preferred to remain anonymous, shared his frustrating experience with ADMFX's withdrawal process. Having initially deposited funds in USD, they made a withdrawal request for $70. Surprisingly, ADMFX responded by insisting that the trader increase their account balance to an astonishing $5000 before being allowed to withdraw any funds. Such a demand appears disproportionate and counterintuitive, leaving traders puzzled and wary of the firm's intentions.

Lack of Contact Information

Adding to the growing list of concerns is ADMFX's apparent lack of accessible contact information. Traders have reported frustration in attempting to reach out to the firm regarding their issues, with no discernible address or phone number available. This absence of direct communication channels raises suspicions about ADMFX's commitment to addressing customer inquiries and complaints.

More to Concern

Furthermore, traders have expressed uncertainty about the legitimacy of documents received from ADMFX via messaging platforms like WhatsApp. The authenticity of these documents is essential for ensuring that traders' interests are protected and that the firm operates within legal boundaries. Additionally, concerns have been raised about the platform “textdly” that connects traders to ADMFX, warranting a thorough examination of its legitimacy and adherence to industry standards.

When investors contact ADMFX customer service and want to get their money back, Instead, the broker asks the investor to pay “the financial transaction income tax of 20% of the withdrawal amount”, which is 1020 US dollars. Investors said that ADMFX could deduct the money directly from the funds already stored, but ADMFX asked investors to pay separately for “violation of financial regulations.” This is ludicrous because the broker was not regulated at all. Asking investors to pay additional fees is a common trick used by scam brokers to refuse investors' withdrawal requests and extort more money.

Later, the investor approached WikiFX and hoped that WikiFX would help him. See the screenshots below.

Conclusion

Traders have taken proactive measures to document their transactions, providing valuable evidence for their claims. Some have turned to third-party platforms like wikiFX to share their experiences, allowing for a broader audience to assess the situation. Such transparency is critical in fostering a community of informed traders who can collectively hold brokerage firms accountable.

In the face of mounting concerns, it is incumbent upon ADMFX to address these issues promptly, demonstrate transparency in their operations, and take steps to rebuild the trust of their trading community. In the broader context, traders are reminded to exercise due diligence, rely on verified sources, and collectively hold brokerage firms accountable for their actions.