WikiFX

With the rapid development of the global forex industry, numerous forex brokers of mixed quality also emerge on the market. The illegal brokers without proper qualifications always disguise themselves as compliant brokers through false advertising, and through illicit practices and manipulations they swallow up investors’ assets and undermine the healthy development of the forex circle. Exposure of illegal broker Broker’s name: BDG Website: http://www.bangdefx.com/zh-cn/ Complainant: Mr. Zhu Mr. Zhu’s ID card This March, Mr. Zhu first learned about the broker BDG through the recommendation of its IB agent, Mr. Sun, and made 2 deposits totaling US$ 7,000 at the platform. But 6 months later, Mr. Zhu lost more than half of his money instead of making any profits, with only US$ 1,700 left in his account. What’s more, something weird also happened when Mr. Zhu applied to withdraw. According to Mr. Zhu, he filed a withdrawal application nearly a month ago, but 2 weeks after he submit...

US dollar dropped against euro last week after September’s retail sales data turned out lower than market expectation, with total retail sales down by 0.3% and core retail sales down by 0.1%. On the other hand, euro soared to its highest in 7 weeks after Britain and EU agreed on a new Brexit deal. But as the Parliament postponed Saturday’s poll to gain more time for further discussion over details, there remains much uncertainty for UK’s withdrawal from European Union, and the market is closely observing how the pound sterling and the euro will go. The European Central Bank announced its interest rate decision and plans for the future, while the resigning President Mario Draghi spoke at his last press conference after the ECB’s monetary policy meeting. Christine Lagarde, appointed by ECB to succeed Mr. Draghi’s position as President, will officially assume office on November 1st. Weak inflation and downslope trend rising from global trade tensions continue to weigh on the ...

What is binary option? Binary option is one of the most common forms of option. Compared with forex trading, binary option doesn’t involve trading lots, margin or leverage. Instead of actually trading an asset, binary option investors bet on whether the price of an underlying asset will be above or below the set mark at a certain time. Binary option bears considerable risks, as its mechanism is very similar to gambling. ESMA’s prohibition on binary options Booming development followed by crackdown The rapid development of the internet has led to a proliferation of web-based binary option platforms, particularly after 2010. Yet among these emerging brokers, many conduct unauthorized business and make huge profits through their illicit practices. Facing with the overgrown binary option platforms, European Securities and Market Authority (ESMA) made an announcement last year, prohibiting the marketing, distribution and sale of binary options within EU boarders. As countries ...

More details at WikiFX App , which is available on Apple Store and Google Play . Nowadays, illegal forex brokers are often exposed in news reports. From disconnecting trading server to causing serious slippage and negative balance through manipulation, the forex brokers keep coming up with new tricks to defraud investors’ assets, leaving them in heavy losses. Exposure of illegal broker: Complainant: Mr. Qiu Illegal broker: G-IMFCH Cause of complaint: the broker rejected withdrawal applications Broker’s website: www.gppmarkets.co.nz Mr. Qiu’s ID card Over US$ 10,000 in Mr. Qiu’s account remains unavailable at press time Mr. Qiu is an investor at G-IMFCH. His withdrawal application, submitted this August, was left unapproved by the broker, and although the customer service kept saying they have “sped up” processing of the issue, Mr. Qiu saw no progress in solving his withdrawal failure after waiting for more than a month. Having had enough of the broker, Mr. Qiu finally de...

More details at WikiFX App , which is available on Apple Store and Google Play . Broker: OANDA Visited on: September 6th, 2019 Conclusion: the broker really exists On-the-spot investigation From regulatory information, we learned that OANDA’s licensed branch in Singapore is at 50 Collyer Quay #04-03, Oue Bayfront. WikiFX recently visited OANDA at the location. We arrived at 50 Collyer Quay, a magnificent building located in the financial hub at the centre of Singapore and surrounded by several landmarks near Marina Bay. The Oue Bayfront area has a strict access control system to ensure security, so we weren’t able to get into OANDA’s office. But from the building’s reception, we learned that OANDA’s office is indeed located here, and the fact that OANDA has its office inside a building with a modernized and luxuriously-furnished lobby in such an expensive area suggests the company is of considerable size and strengths. We thus conclude that OANDA’s branch in Singapore really exist...

More details at WikiFX App , which is available on Apple Store and Google Play . Broker: AAFT GLOBA Regulatory status: currently unregulated Complainant: Mr. Lin Cause of complaint: broker blocked withdrawal and manipulated account without authorization The fast-growing forex market in recent years has seen a proliferation of brokers, who apply all sorts of marketing strategies in order to attract more investors. Ambiguous or even misleading information is common in the advertisements of brokers, which can be shown in a recent complaint case WikiFX has received. Mr. Lin, an investor from Malaysia, accused forex broker AAFT GLOBAL of posting misleading advertisements, blocking withdrawals and manipulating his account, causing him heavy losses.  Mr. Lin’s ID card Event recap This April, Mr. Lin was introduced to AAFT GLOBAL by an investment consultant of a financial institution. After signing up at the platform, he made several deposits under the so-called consultant’s ...

More details at WikiFX App , which is available on Apple Store and Google Play . UK announced a new Brexit deal On October 17th, Thursday, UK Prime Minister Boris Johnson announced that he and EU leaders had agreed on a new version of Brexit deal. The news led to a surge of GBP. Thursday’s GBP/USD hit 1.2987 at its highest of the day and closed at 1.2889, up by 0.48%. Currently, the price is edging towards 1.30. GBP/USD daily market trend Optimism and pessimism coexist While investors are eager to make profits from the pound’s rally, it remains a question whether the new deal will be approved by the British Parliament. It’s worth mentioning that the Democratic Unionist Party (DUP), regarded as a determining force of Brexit, had voiced clear disapproval to the deal, casting a shade of doubt on the Brexit outlook. The waves of skepticism in Britain also led to investors’ hesitation. Marvin Barth, the Macro Strategy Director for Foreign Exchange and Emerging Market from Barclay...