WikiFX

More details at WikiFX App , which is available on Apple Store and Google Play . Illegal broker: E-Trans Regulatory status: cloned-license Complainant: Mr. Zhu Cause of complaint: withdrawal failure Brokers with cloned license account for quite a large proportion of illegal forex brokers. Recently, WikiFX got an investor’s complaint against such a broker E-Trans, who unscrupulously copied the high-rating broker Etrans from logo to company’s name, in order to defraud investors. Here’s how Mr. Zhu became a victim of the illegal broker. Investor’s ID card Event recap When Mr. Zhu downloaded MT4 trading software this July, someone who claimed to be introducing broker of Goldman Sachs Bitcoin found Mr. Zhu and recommended the broker E-Trans, telling him he can sign up at the platform and then select E-Trans in the MT4 software to start trading. On July 9th, Mr. Zhu successfully opened an account on E-Trans and made deposit, and the broker sent him a confirmation email. H...

More details at WikiFX App , which is available on Apple Store and Google Play . US and European Union start a new wave of interest rate cut Central banks around the world are stepping up their quantitative easing efforts to stimulate an economic recovery. On September 12th, European Central Bank (ECB) announced after decision meeting to further cut the deposit reserve rate from -0.4% to -0.5%, while restarting the quantitative easing scheme from November with a plan to purchase €20 billion-worth of bonds each month. On September 19th, US Federal Reserve will also release its decision on interest rate, which is expected to be down by 25 basis points in September.  WikiFX global finance calender Emerging economies in Asia may be next Since the beginning of this year, the manufacturing in Asian countries and regions have experienced low tides due to trade war and other financial incidents. With the Purchasing Managers' Index (PMI) dropping below the 50 mark, many emerg...

More details at WikiFX App , which is available on Apple Store and Google Play . WikiFX Visited Forex Broker Blackrock in Singapore Forex broker: Blackrock Visited on: August 28th, 2019 Conclusion: the broker truly exists On-the-spot investigation Regulatory information shows that the office of licensed forex broker Blackrock in Singapore is at 20 Anson Road, and WikiFX team recently visited this office of Blackrock. We arrived at Anson Road, a well-known CBD that accommodates many shopping centers and office buildings, and found the magnificent office building on 20 Anson Road. The building runs strict security check on visitors, with a modernized access-control system and 2 guards to check visitors’ identities. Near the building entrance, we found Blackrock’s logo on a directory, which showed the company to be on level 18, and the receptionist also confirmed that Blackrock is on level 18. We concluded that Blackrock’s office in Singapore truly exists. Analy...

More details at WikiFX App , which is available on Apple Store and Google Play . Investors may still remember that in last September, the European Union issued a new regulation which prohibits any leverage higher than 1:30 being offered to trading accounts under its regulation. Yet some unscrupulous brokers tried to dodge the EU restriction on leverage through offshore branches, in order to attract investors with higher leverage. Recently the forex media Finance Magnates interviewed 10 Europe-based forex brokers supervised by Cyprus or Britain regulators. 5 of these brokers were willing to offer higher leverage and provided a link to registration page or website of offshore branch. The risks of excessive forex leverage If you have ever traded forex, you’d know that forex price moves slightly, which means it takes a large investment and more time to profit. But with forex leverage, the minute changes of forex price can be converted into larger profits of investors more efficiently....

More details at WikiFX App , which is available on Apple Store and Google Play . On September 6th, US Bureau of Labor Statistics released Nonfarm Payrolls (NFP) for August, 2019. Actual NFP reached 130,000, less than the forecast 160,000, while the previous was revised down from 164,000 to 159,000. Federal Reserve Chair Jerome H. Powell observed in his recent talk that the US economy faces notable risks, and the actual NFP, as well as other indicators pointing to a down-slope economy, seemed to support his conclusion. Besides message from Powell, economists also predict the Federal Reserve is likely to cut interest rates in September. US economist Michael Feroli thinks the latest NFP removed the last barrier for Federal Reserve to cut interest rate by 0.25%. But according to Eric Rosengren, the president of Federal Reserve of Boston, easing financial policy may be a good choice if the risk of potential economic downturn becomes reality, but interest rate cut is not necessary at ...

More details at WikiFX App , which is available on Apple Store and Google Play . Broker : BSI Regulatory status: unregulated broker Complainant: Mr. Ai Cause of complaint: withdrawal failure With the rapid development of forex industry, more young investors are entering this market. However, many of them lack sufficient experience in forex trading. Here’s a complaint against the illegal broker that WikiFX lately received from a young investor, Mr. Ai. Mr. Ai’s ID card Event recap Mr. Ai first saw BSI’s advertisement online in December, 2018. BSI claimed itself to be a long-established broker under FCA supervision, so Mr. Ai, inexperienced in forex trading, was fooled by the broker’s advertisements on its website and made US$ 30,000 of deposits at BSI. Having successfully made the deposits, Mr. Ai seized opportunities on the market and made some profits. This August, he applied to withdraw for the first time and filled out the application form according to the platform’s ...

More details at WikiFX App , which is available on Apple Store and Google Play . Broker: Alfa Capital Visited on: August 18th, 2019 Conclusion: the broker truly exists On-the-spot investigation Regulatory information shows that Alfa Capital, holder of CySEC(Cyprus)’s MM license, is at the 4th floor of Julia House on 3, Themistokli Dervi in Nicosia. Themistokli Dervi is a main street in the pedestrian zone of Nicosia’s CBD, where many renowned global companies are located. We reached Julia House and noticed the logos of Alfa Capital and Alfa Forex as soon as we entered the lobby. Taking the elevator to level 4, we soon found the office of Alfa Capital and Alfa Forex. From what we saw while we communicated with the company staff, the office has about 40 cubicles and is of considerable size. We confirm that Alfa Capital’s office in Cyprus really exists. Analysis Alfa Capital’s websites shows the company to be a subsidiary of ABH Financial Limited. The company has been unde...