Abstract：A number of cheating forex brokers have been exposed by investors, and Charles Schwab is one of them.
Just now, WikiFX received another exposure from an investor in the United States, who said that the trader could not withdraw money for various reasons with Charles Schwab platform. Here is a screenshot of his remarks.
Actually, we received many requests from investors for help from WikiFX, they complaint that Charles Schwab is a totally fraud while some of investors trust it‘s reliable and convincible. Is Charles Schwab safe broker？ Let’s do some research before we comment.
About Charles Schwab
Registered in the United States, Charles Schwab is brokerage firm, offering an array of trading options in the global markets, including Forex, Commodities, Indices, Stocks and more.
To be a legal and professional broker in the United States, the broker first needs to be regulated and authorized by a U.S. financial institution- the National Futures Association(NFA). Hereby, WikiFX made an attempt to visit the NFA's official website.
As can be seen from the screenshot of search results above, there is a search result about“Charles Schwab Corporation The,” but it is no related with Charles Schwab, and this firm is also not a member of the NFA.
It turns out that the company is neither a member of nor regulated by the NFA. This point just shows that Charles Schwab has a high risk of trading, and it is illegal to engage in any financial activity that is not regulated by the National Futures Association(NFA). Dealing with an unlicensed broker means you will not be end to any protection from the National Futures Association(NFA) in the United States.
In addition, WikiFX made an attempt to visit the brokers official website to find out more information（https://ww38.charlesforex.com/index.html）
But to my surprise, the site is completely anonymous, with no useful information other than three blue ICONS. This is absolutely nonsense as the UK does not allow any anonymous websites to offer financial products and services. Without access to the official website, we cannot know more about their basic information, such as software information and transaction conditions, let alone judge whether their regulations meet the standards of the financial industry. But such a humble website shows that Charles Schwab is running some sort of scam . Charles Schwab might have gone bankrupt and running away with investors money!
When faced with the little information on Internet, we can totally trust and use WikiFX to learn more about forex broker. It is certainly the most convenient and quick inquiry mode for ordinary investors. Now let's search “ Charles Schwab ” on WikiFX APP to find out more about this broker.
As you can see, based on information given on WikiFX(https://www.wikifx.com/en/dealer/1038300926.html), Charles Schwab currently has no valid regulatory license and the score is rather negative - only 1.26/10! WikiFX will give brokers a composite score in five categories: license index, business index, risk control index, software index and regulatory index. Since Charles Schwab does not have any supervision and does not obtain a regulatory license, the license index, risk control index and regulatory index all score 0, and the final total score is 1.26 (out of 10). Investors can see the overall situation through WikiFX, with higher scores indicating a more reliable broker.
From all the above information we can know that trusting a broker like Charles Schwab is simply not worth it – you will certainly end up robbed. The so-called brokerage is nothing more than an outright scam. 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. 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. Compared with official financial regulators which might lag behind, WikiFX is better at monitoring risks related to certain brokers.
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.