As in countless forex scam cases like the “1:1000 leverage” of BFS, misleading advertisements of illegal brokers on so-called “high leverage” cause many investors heavy losses. Investors need to pay close attention to the warning signs such as “high leverage”, “low trading threshold” and “great bonus” and other enticing slogans, and check the broker’s compliance and regulatory status to ensure its legitimacy.
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.
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.
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.
Cryptocurrency has definitely become a popular asset among investors. Besides the much-talked-about Bitcoin, there’s Libra, a cryptocurrency introduced this June by the social media giant Facebook. Facebook also plans to implement Libra on its messaging platforms WhatsApp, Facebook Messenger and Instagram. Meanwhile, FCA(UK) warned that investors who are unfamiliar with the field but expect to make a fortune overnight through trading cryptocurrency may be too confident about their understanding of the asset.
On September 21st, 2019, WikiEXPO HCMC will officially kick off in Windsor Plaza Hotel. Hosted by WikiFX and sponsored by forex brokers including ICM, Horseforex and GKFX, it’s the first forex exhibition that WikiFX organizes in Vietnam this autumn. Partnering with Vietnam’s leading financial media VietStock, WikiEXPO promptly releases event updates online and offline, while WikiFX invites top forex gurus in Vietnam to the event to share with investors their analysis of trading strategies and insights on forex market trend. In addition, the participants will have a chance to win wonderful prizes through lucky draws.
In this August, the escalation of Sino-US trade conflict, Federal Reserve interest rate cut and a hard Brexit continues to destabilize the global forex market and fuels into investors’ risk-hedging sentiments. As the RMB plunged, GBP tumbled downhill and US Treasury bonds showed inverted yield curve, the currencies of SE Asian countries were also affected and dropped drastically.
Nowadays, there has been an increasing number of illegal forex brokers with more sophisticated traps. Seeing that some investors have made loss at the bearish stock market and are eager to turn their fortune around in seeking instant profits, the forex scammers target such investors and lure them into carefully-devised traps.
In recent years, CySEC (Cyprus Securities and Exchange Commission) has strengthened its regulatory policies and eventually builds up its reputation in finance regulation. This has enabled Cyprus forex brokers under its regulation to regain the trust of investors.
The Consumer Confidence Index that reflects consumers’ confidence level in economic activity is a key indicator that plays a significant role in overall economy, as it can predict economic trend and consumer spending. A higher than expected reading suggests positive trend for the USD, while a lower than expected Index means the opposite.
As the idiom goes, “every potter praises his own pot”. This is particularly true about the forex brokers that market themselves through false advertising. Usually their products are of poor quality, yet investors tend to be fooled by their misleading advertisements. According to investors’ feedback, WikiFX posted the list of top 10 most complained forex brokers in August, 2019.
A few months ago, the scandal of forex broker FFS and its related introducing broker group stirred up the forex circle, and the issue of introducing brokers became a much discussed topic. Another investor’s report that WikiFX got recently resembles the FFS scandal, as in both cases the trading platform and IB were suspected to be manipulated by a same group of scammers. The investor, Mr. Cheng, shared his experience of being defrauded.
U.S. home sales data had just been released. The existing home sales shows a positive trend, reaching 5.42 million which is slightly higher than the estimated 5.39 million; on the other hand, new home sales turns out to be 635 thousand, which is lower than the forecast of 649 thousand.
On our last investigation trip, we visited UOB in Malaysia and confirmed that the company is at the address from its regulatory information and is in business under LFSA regulation. As an “eye” for global investors, WikiFX conducts spot check on forex brokers and makes overall assessments based on the results, in order to better serve forex investors and help them identify the reliable brokers. Upon investors’ requests, we’re checking out the forex broker ALBUS CAPITAL in Malaysia this time.
Malaysia’s gold price reached its highest level in 6 years and continued to climb against a greatly volatile global market, exceeding 204 Ringgit per gram by August 12th. On the 4th Penang Signature Gold Fair in Malaysia last week, President of FGJAM(Federation of Goldsmiths & Jewellers Association of Malaysia) Steven Siow noted that Malaysia’s gold-product-export increased by 25.6% to reach 3,632 million Ringgit.
Unlike other financial markets, the forex market is not a tangible place in reality where forex deals take place. Instead, It’s a network of transactions between banks, businesses and individuals - a virtual market in which forex brokers play the crucial role of intermediary. The booming forex industry has seen a proliferation of forex brokers of mixed qualities, making it hard for investors to verify brokers’ profiles and decide which is trustworthy. Consequently, investors often fall victim to forex scams during investment.
Last time, we visited Deutsche Bank--the best private bank in Germany. It turned out that the location of its Malaysian licensed office corresponds to the regulatory information. The company is in business under the regulation of LFSA. Today, we're visiting United Overseas Bank Limited in Malaysia.
The releasing of NFP and interest-rate cut stirred up the forex market, causing mixed feelings among investors. During such a time of volatility, WikiFX conducted a massive trial trade among 94 forex brokers and after analyzing and comparing their trading speed and slippage, listed the top 20 brokers. The result of this experiment presents investors the competence of each broker and helps them gain a comprehensive view.
Recently, China’s leading forex media WikiFX officially opened its Vietnam branch in Landmark 81, the tallest landmark skyscraper in SE Asia. This marked another major step of WikiFX to expand its SE Asian market, as well as a countdown for the Wiki EXPO kicking off on September 21st in HCMC.
Do you know the forex market is the largest financial market in the world, with over US$5 billion traded every single day? Driven by high profits, illegal forex brokers take every chance to exploit this 24h/5days market for illicit profits.
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