Top 10 Most Complained Forex Brokers in May, 2019

WikiFX released the top 10 most complained Forex brokers list in May, 2019 for the reference of investors.

Most investors’ complaints this month concern reoccurring issues such as broker’s rejection of withdrawal and loss due to deliberately misleading trade signals. Moreover, most of the heavily-complained brokers listed are low-rating brokers with problems of license or regulation, suggesting that investor-complaint level largely depends on broker’s compliance, and non-compliant brokers with suspected license will certainly lead to heavy loss of investors.

Investors’ complaints in May center upon the following issues:

1. The money investor withdrew can’t be received and is constantly returned to investor’s platform account ;

2. Platform delays or rejects withdrawal requests;

3. Investor suffers loss due to deliberately misleading trade signals;

4. Heavy slippage due to broker’s manipulation;

5. Investor’s data being cleared out.

AETOS, with WikiFX rating 3.28, receives heavy investors’ complaints;   

GCG ASIA, with WikiFX rating 1.38, is an illegal broker;       

GMG Markets, with WikiFX rating 7.17, is in regulation;

AINOL, with WikiFX rating 1.67, is an illegal broker;   

Rusdav, with WikiFX rating 2.46, is an illegal broker; 

FXPRO, with WikiFX rating 8.93, is in regulation;

Jojo Markets, with WikiFX rating 1.96, is an illegal broker;

Prestige, with WikiFX rating 5.67, is in regulation;

PROFIT, with WikiFX rating 3.42, is in offshore regulation; 

Kingdom, with WikiFX rating 1.62, currently has no license.

As per the list, only 3 brokers are in regulation while the rest, with their WikiFX ratings below 4, all has compliance issues of some sort. Investors need to stay away from such low-rating brokers to avoid potential risks.

Topping the list this month, AETOS, with WikiFX rating 3.28, holds ASIC(Australia)’s MM license and FCA(UK)’s STP license. Meanwhile, investors should be alert to it due to long-term heavy complaints from investors and inefficiency in dealing with problems.

AETOS’ interface from WikiFX App

After being exposed and targeted by police action this month, there’s no surprise that GCG ASIA should be among the most complained brokers. Investors should definitely stay away from this illegal broker.

 

GCG ASIA’s interface from WikiFX App

AINOL, with WikiFX rating 1.67, has been exposed for blocking investor’s withdrawal and wiping out investor’s data in WikiFX’s recent article. Investors are advised to stay away from it.

AINOL’s interface from WikiFX App

With WikiFX rating 2.46, Rusdav is no longer in regulation after its ASIC(Australia)’s license for investment consultation was revoked. WikiFX has labeled the broker as illegal to warn investors against it.

Rusdav’s interface from WikiFX App

Conclusion

Many of the brokers on the list have low ratings and WikiFX has marked them out to warn investors. Choosing a compliant broker with decent rating can significantly improve your asset safety, so we remind investors to thoroughly check a broker’s license and WOM through WikiFX App to avoid risks and ensure a safe investment.