WikiFX Review: what you should know about DerivFx

First let‘s go to the broker’s website to have a look. DerivFx (derivfxtrade.com) is completely anonymous – the website does not provide an owner company name, nor access to Terms and Conditions, Customer Agreement or other documentation. It is stated that the unnamed company is based in New York, United States. But this is completely impossible because US regulations do not allow anonymous websites to offer financial services and products.

To operate as a forex broker in the United States, a company must be registered as a futures commission merchant and foreign exchange dealer with the Commodity Futures Trading Commission (CFTC) and to be a member of the National Futures Association (NFA). There is no company in the NFA database whose name includes “DerivFx”.

The trading platform the company offers is available below. What this platform has to offer is very little – the traders can only place their bets and perform some really rudimentary TA. This is not even comparable to the plethora of features a conventional CFD platform like Metatrader 5 would have available.

DerivFx claims to offer trading in forex, indices, commodities, stocks and cryptocurrencies, but does not provide any information about the terms of this trading. In fact, on the homepage of the website WikiFX sees statements from which it should be understood that DerivFx offers binary options trading. Binary options trading is banned in a number of major markets such as the EU, the UK and Australia. In the US, this trading is still legal but can only be done through the small number of regulated U.S. exchanges, known as Designated Contract Markets (DCMs). As WikiFX has already established, DerivFx has neither the license nor the technological capacity to offer any type of trading in financial instruments.

Deposits in DerivFx are only possible through cryptocurrencies, which are the payment method of choice for most financial fraudsters. The reason for this is that these transactions do not allow the defrauded to ask for a refund or a chargeback.

Now let's search “DerivFx” on WikiFX APP to find out more about this broker. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX, DerivFx currently has no valid regulatory license and the score is rather negative - only 1.00/10! WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

Investors are advised to search relevant information on WikiFX APP about the broker you are inclined to trade with before finally deciding whether to make investment or not. If investors use WikiFX APP before investing in any broker, you will be more likely to avoid unnecessary trouble and thus be prevented from losing money! The importance of being cautious and prudent can never be stressed enough.

In a nutshell, it's not wise to invest in DerivFx. It is a dangerous and unlicensed entity. WikiFX reminds you that forex scam is everywhere, you'd better check the broker's information and user reviews on WikiFX before investing. You can also expose forex scams on WikiFX. WikiFX will do everything in its power to help you and expose scams, warn others not to be scammed.