Flofxyhk is a Chinese investment platform that the SFC has flagged down. The Securities and Futures Commission state FLO Finance Limited is an unlicensed entity. Those who have signed up and invested with the platform are in for a rude surprise. According to the SFC, this platform is transferring funds to offshore bank accounts. The SFC gives full details as to who owns the platform. For more on Flo FX YHK, read our compelling and detailed FLOFXYHK Review.
On their about us page, they claim Flofxyhk is a fast-growing diversified enterprise. What they fail to mention is the people behind it. Once you land on their about us page, you see how well they have painted the platform.
The platform boasts of providing global derivatives and trading services. It also claims to provide individual and institutional clients with a globally integrated forex exchange platform. And they make a statement claiming their headquarters in London, UK.
What they paint is a picture showing how the platform works in over 40 different countries. The platform claims to commit itself to innovation and sustainable development. Apart from that, they also profess to have award-winning trading software.
Their main focus is to provide high performance and professional trading platform. The mission behind this platform is to provide real-time market features. All this doesn’t point to the fact that the SFC still blacklists them.
Here are some of the red flags we spotted during our investigation on Flo Finance Limited.
There’s no mention of the available packages on the platform. We believe the platform offers a single account for all transactions. Once you sign up, you are free to choose which service you want to use.
And this puts investors and traders at risk as they go in not knowing the trading conditions. The platform fails to list the available leverage and spreads. Members also get to know the assets available for trading.
These assets include currency pairs and precious metals. Gold and silver are the major assets to trade with on this platform. With the claim they are expert miners, we believe they have other services on the side.
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With a Chinese investment platform listed as a high risk, investors should be extra careful. When opening an account, it all seems easy. All you have to do is fill in your contact details and names.
Once this is done, you are free to deposit funds and start trading. The red flags start appearing when you send a withdrawal request. That’s when the platform changes tune and asks for verification documents.
You should note the platform does not request the documents until you send a withdrawal request. The documents include a copy of your ID, bank statements, and credit card information. Why would they ask for these documents when they can use other means to verify accounts?
Matt Mosley, a cyber-security expert, warns the platform could be harvesting data from investors. The platform is probably creating new personas or about to charge your credit card with online purchases.
Flofxyhk also claims to offer automated trading software like no other. The automated platform comes in 23 different languages with a high success rate. Some of the features of their software include allowing hedging and trailing stop loss.
With their expert advisors, investors get a promise of delivering high win rates. The price for their EA is not mentioned. Those who test it claim it only works on the demo version. When you use the EA on live accounts, they fail to yield any positive results.
Flo Finance Limited is the business name we are told owns this platform. According to the homepage, the Company resides in Hong Kong. We did a thorough check with the company register in Hong Kong.
There’s no such company on the official database of Hong Kong’s official registry. We could not even find the name of anyone working for the company. The CEO or CFO remains a mystery.
And this makes FLO Finance Limited an anonymous Chinese investment platform. The combination alone should make you think twice before signing up with them. There’s a good reason Hong Kong financial authorities have blacklisted the platform.
Another red flag is their one-way support process. On their contact page, there’s a contact email with no direct access to support. There’s no phone number listed on the entire website.
When it comes to investing, it’s imperative staff members are available on call. There’s no live chat option where one can directly consult support. And that’s the mark of an investment website that wants to fool naïve investors.
Flofxyhk is not a registered entity and has a warning from Hong Kong’s Futures regulator. With the warning, it shows the platform does not comply with industry regulations. Make sure to stay away from unregulated platforms for security reasons.
Without any oversight, the platform is free to operate in any manner they deem necessary. It includes using harsh trading conditions to force investors to deposit more funds. Despite their claim of having offices in Asia and Europe, there’s no license document.
You would expect the platform to post documents from host countries. If the platform has offices in London, you expect a license from the Financial Conduct Authority (FCA). It’s not the case that makes this a terrible platform.
The platform fools investors by providing a demo account that offers a win/loss outcome. With this feature, investors are likely to place successful trades. The difference is this is not how trading works.
There are a lot of missing features on the demo account. It doesn’t portray real trading conditions. And this gives the user a different mindset from what actual trading looks like. That’s a fault on the platform’s developer.
Depositing funds with Flo FX YHK is easy, and the process takes less than five minutes to complete. There are several depository options, including bank transfer, Bitcoin, credit and, debit cards.
Withdrawing funds is near impossible with Flofxyhk. No member has come out with proof of withdrawing funds with the platform. And this is what makes the platform a hard sale. Without withdrawal, a lack of concept is evident.
The platform offers an MT5 trading platform which is ideal when trading. Other platforms of choice include MT4 and MT5. The only issue is that even if you use these platforms to your advantage, there’s no withdrawing.
Without the backing of a regulator, the security of funds is out of the question. The platform fails to provide a safety net to investors. There’s no insurance cover for deposits made. Once you deposit funds, there’s no telling where they store them.
We mean this platform does not do segregation of accounts.
By adding this platform to our blacklist, we will have protected our ardent readers.
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If you have any comments, feel free to drop them below.
No. The SFC blacklists the company
The platform only lets you leave a message. There's no direct way to communicate with support.
The platform doesn't allow withdrawals
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