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Global Reach Financial Solutions Inc.
Pyramid scheme complaint
Even the IRD wouldn’t charge such high tax.
The platform gave no access to withdrawal by grinding reasons. If you refuse to add fund, it will froze your account. I haven’t received my first withdrawal in 24 hours, only to find that my account has been froze. The customer service asked me to pay the margin. After so that, they continued to ask for 20.6% of the fund for individual tax. I don’t know what’s your trick next time.
The platform refused my withdrawal request including incorrect bank account number, asking for a 20% margin of 469632 RMB. After that, it will continue to ask you to raise 20 score for credit, with 3000 RMB per score, which needs 600000 RMB in total.
The platform gave no access to withdrawal with grinding excuses including margin, insufficient credit score, etc..
It is a clone company, http://www.encorefxasia.com/ , in which the withdrawal is unavailable.
On the night of December 25th, 2019, I was asked to pay 20% for margin since my bank account number was wrong. The the platform continued to ask for fund with the excuse of inadequate credit score. I need to pay 600 thousand RMB to raise 20 scores, with 3000 RMB per score. After so that, the platform still refused my request, asking for another 20000 RMB. Is the platform legit? Can you ASIC see to these brokers?
The withdrawal applied on January 3rd hasn’t been received in 24 hours. I was asked to pay 61200 RMB as a margin. They promised the fund could be withdrawn within 24 hours. After so that, my withdrawal was still unavailable. Then the customer service continued to ask me to pay 80000 RMB to raise my credit score, with 4000 RMB per score. It’s simply a routine.
Why nobody have addressed my complaint yet? But the platform shows that the complaint has been solved. What happened?
Neither did the platform give access to withdrawal, nor it replied to me. Be aware. It hasn't a bank account.
They give no access to withdrawal by grinding excuses. The first time was the bank account error, they asked me to pay 20% of the fund. At the second time, they claimed that I hadn’t noted the margin, requiring me to pay another 20%. At the third time, with the excuse of insufficient credit score, I was asked to raise the score by 5000, with 100000 RMB per score.After that, they continued to ask me to pay another 25000 RMB, then tax fee...
General Information & Regulation
Global Reach is the successor of EncoreFX, which is founded in 2014, a Canadian-based currency exchange company that provides foreign exchange risk management solutions to investors and global payment services to businesses. EncoreFX filed for bankruptcy in March 2020. Global Reach Group, backed by Inflexion, acquired the assets of EncoreFX. It should be noted that Global Reach is currently not subject to any effective regulation.
Main Business Involved
Global Reach's goal is to help clients proactively reduce the risk that exchange rate fluctuations may pose to their business. Global Reach Reach builds strong partnerships with each of its clients and communicates regularly to ensure that Reach is fully aware of the risks to which its clients may be exposed. Global Reach's institutional team has extensive experience in dealing with funds of all sizes and can tailor the firm's products to suit clients in a variety of suitable asset classes, including private equity, real estate, private bonds, and infrastructure. In addition to fund-level foreign exchange risk, the Global Reach team specializes in designing strategies to manage the impact of volatility on foreign currency management fees, thereby ensuring a reduced impact on client liquidity.
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