Abstract：FTSFX is an unauthorized broker based in Hong Kong, with a website in both English and Chinese. It lists its benefits as follows: client first, global market financial instruments, separate money deposits, and robust financial regulation. Looking at the general idea, the platform seems appealing. However, it only attempts to deceive investors into believing it is legitimate, while the finest circumstances, even those advertised, are simply indicators of a fraud.
FTSFX is an unauthorized broker based in Hong Kong, with a website in both English and Chinese. It lists its benefits as follows: client first, global market financial instruments, separate money deposits, and robust financial regulation. Looking at the general idea, the platform seems appealing. However, it only attempts to deceive investors into believing it is legitimate, while the finest circumstances, even those advertised, are simply indicators of a fraud.
WikiFX is always watching unregulated brokers owing to the fantastic promotions they provide to traders, as do most fraudsters. Because of the broker's trading chances, traders will generally invest regardless of their unregulated status. The traders will believe they will gain more from it.
WikiFX is a free forex search engine that gives reliable broker information to traders and those looking to get started in forex trading. WikiFX lists over 38,000+ brokers, both legal and unregistered. They also collaborate with 30 financial regulators. As a result, the WikiFX database is sourced from official regulatory bodies such as the FCA, ASIC, and others. Fairness, impartiality, and facts are also emphasized in the released information. WikiFX does not charge public relations fees, advertising costs, ranking fees, data cleaning fees, or any other unreasonable expenses. WikiFX will do everything possible to keep the database consistent and synchronized with authoritative data sources such as regulatory bodies, but cannot promise that the data will always be up to date.
Domain age of about 100 days
Fraudulent FX organizations often construct sites that are 1 to 2 years old before disappearing to recreate another domain name. The website's domain age (https://www.ftsfx.net/) was formed around 100 days ago and will expire on the same day next year. This is done on purpose since the firm will simply relocate to a new website and continue to modify its image for scamming after 6 to 12 months. It is a frequent deception strategy utilized by con artists.
It claims to be regulated by a few global regulators
FTSFX's online forex trading platform supports a wide range of currency pairings. To boost its credibility with naïve investors, the business claims to be controlled by a variety of municipal and regional regulations:
Authorized by the Financial Conduct Authority (FCA).
Regulated by the Cyprus Securities and Exchange Commission (CySEC).
Licensed by the Financial Services Commission (FSC) of Mauritius.
Registered with the Financial Services Authority (FSA) of Saint Vincent and the Grenadines.
Read abou this article “Why Is Saint Vincent and the Grenadines So Popular For Forex Trading” https://www.wikifx.com/en/newsdetail/202208027034620584.html to learn more about
However, no results were located in the database of the four specified authorities' regulated brokers' list that matched the organization.
That is, FTSFX is lying and operating without a regulatory authorization.
Added to the blacklist of Hong Kong financial regulators
The website cannot be authentic since it violates the rules and regulations that regulate financial service firms. As you can see, the broker is on the SFC's (Hong Kong's financial regulator's) blacklist. Authorities have alerted the public that FTSFX is a clone of a licensed firm. Investors should avoid dealing with FTSFX since it is exceedingly dangerous.
As a result of the aforementioned study, our staff suspects that this broker is a hoax.
The difficulty with an unregulated firm is that it will not follow industry norms, causing customers to lose money.
More on WikiFX
Forex trading is a high-risk investment that may result in the loss of all your funds if you deal with unregulated brokers. WikiFX can assist traders in resolving their illicit trading activities with their brokers. Traders may also report their traders' illegal conduct to WikiFX by visiting the WikiFX official website https://www.wikifx.com and going to the exposure page, or by emailing WikiFX customer service.
Download the WikiFX App from the App Store or Google Play Store for free to get broker news and reviews on the move.
JDC Markets is a Cyprus-registered online forex and CFDs broker， established in 2016. JDC Markets is currently regulated by CySEC in Cyprus and holds an STP license authorized by it under the regulatory number: 316/16.
Registered in the United Kingdom, TradeFxP presents itself as a forex and CFD provider, offering multiple trading instruments to its clients, including Forex, Indices, Stocks, Metals, Energies, Cryptocurrencies through the advanced MT5 trading platform. With the TradeFxP platform, four account can be available, including STP Live account, Islamic account, PPMS Account and DMA account, with the minimum deposit to start trading from $100. TradeFxP is not subject to any valid regulation. trading with an unregulated broker is taking a huge risk of losing your money. please be aware of the risk.
Registered in the United States, Sophie Capital Financial Trading boasts that it is a forex and CFD brokerage house providing easy access to diversified trading instruments, including Forex, Metals, Commodities, Indices, and CFDs through the advanced MT5 trading platform. It has been verified that Sophie Capital Financial Trading is not subject to any regulation, that’s why it receives a pretty low score of 1.26/10 on WikiFX. Trading with an unregulated forex broker is a surefire way to lose your money. Please be aware of the risk.
Registered in the Saint Vincent and the Grenadines, Shinejoin Markets presents itself as a forex broker providing trading-related service. Shinejoin Markets has mentioned nothing about he company behind it, even its name. There is no contact number either, only an address in Saint Vincent and the Grenadines (SVG), an offshore place where forex brokers are not regulated.