Abstract：Scams are part of Forex. You can't ignore the fact of this vast market. The foreign exchange market is full of brokers that are just waiting for you to take your money and walk away. They pretend to be real but actually, they are scammers. People are trapped in their false-attractive claims and lose their money.
Scams are part of Forex. You can't ignore the fact of this vast market. The foreign exchange market is full of brokers that are just waiting for you to take your money and walk away. They pretend to be real but actually, they are scammers. People are trapped in their false-attractive claims and lose their money. Such an Incident happened with a user who complaint on Wikifx.
A user of V5 Forex Global broker approached Wikifx and Complaint against V5 Forex Global. Victim told our executive that he last traded on May 23, 2023. In his Complaint, he told, “Around 5 pm my balance was negative and then suddenly it turned 0.” We are sharing Screenshots here so that you can see and be alert.
About V5 Forex Global
V5 Forex Global is a newly-established forex and CFD brokerage company that offers online trading services to global institutional and retail customers. It offers STP/ECN execution with no traders intervening. The company provides access to a range of financial markets, including forex, metals, indices, cryptocurrencies, and shares, through its propriety trading platforms. The broker offers competitive trading conditions, such as low spreads, fast execution, and advanced trading tools, to help traders achieve their investment goals.
V5 Forex Global offers two types of trading accounts, a real account with a minimum deposit requirement of $50 and a demo account with a virtual money of $100,000 in it.
V5 Forex Global provides its clients with two main trading platforms - TradingWeb for PC and TradingWeb for Mobile. TradingWeb for PC is a browser-based trading platform that does not require any software installation and can be accessed from any device with an internet connection.
According to the V5 Forex Global website. It claims that its website is operated by V5 FOREX GLOBAL Limited, registered at 1312 17th St, Denver, CO, United States V5 Global Limited is authorized and regulated by the US Financial Services Commission (FSC) (license number: 31000231951552) and US National Futures Association (NFA), (NFA ID: 0554281). But when we checked on both the regulatory authorities. We discovered V5 Forex Global is not actually registered by any of them. NFA said directly it is not a member of NFA and FSC did not find this firm. Here are the screenshots you may see. Also when we searched about this broker on WikiFX, we noticed it does not have a License.
As our suspicion arouse against this broker. We searched for Public reviews on the Internet. We got shocked when we saw there are many people on the internet who shared positive reviews about this broker though its not an authorized broker. Here are the screenshots.
Traders need to do their due diligence and thoroughly research any potential investments before committing to their funds. Additionally, it is crucial to only work with reputable brokers and to be wary of any promises of guaranteed profits or unrealistic returns. Stay vigilant and protect yourself from falling victim to these scams.
To know about the security and reliability of your chosen brokers you can use Wikifx app. To expand your knowledge and stay informed about the forex market. Download the Wikifx app on your phones. Here is the Link to the download: https://www.wikifx.com/en/download.html
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