Illegal forex brokers always try to defraud investors with all kinds of tricks, but none of the tricks can fool investors all the time. To help investors avoid the traps of illegal brokers, WikiFX reviews investors’ reports of broker scams in September and lists the top 10 most-complained forex brokers as follows.
Wiki EXPO HCMC successfully wrapped up on September 21st. After countless days and nights of hard work, the devoted efforts of WikiFX members had finally paid off as the EXPO turned out even better than our expectations, attracting unprecedented number of attendees and over 50% of the local forex brokers while receiving wide acclaims from exhibitors and investors in unison.
The Reserve Bank of New Zealand (RBNZ) announced on Wednesday, September 25, 2019 its decision to maintain the current official cash rate, clearly showing a hawkish attitude in its public remarks. The short-term price of NZD to USD climbed over 40 pips to a weekly new height of 0.6347.
According to the address from regulatory information, WikiFX recently visited the Singapore office of licensed forex broker IG, located at 9 Battery Road #01-02 MYP Centre.
The forex market is a mixture of both compliant and illegal brokers, which makes it difficult for investors to distinguish between them. Some unscrupulous illegal brokers thus fake their compliance and defraud unwary investors.
On September 18th, local time, US Federal Reserve cut interest rate by 25 basis points, lowering the target range to between 1.75%-2.00%. It’s the second interest rate cut that the Fed made this year, following the last one less than 2 months ago.
On September 21th, 2019, Wiki EXPO HCMC was concluded successfully at Windsor Plaza Hotel. The event welcomed over 3,000 attendees and around 30 forex exhibitors, as well as 25 guest speakers whose presentations kindled enthusiastic response from the audiences.
WikiFX’s Vietnam office set up officially on September 20, which laid solid foundation for the Wiki Finance EXPO Ho Chi Minh City on the next day. In early July, WikiFX team in Vietnam rooted in Landmark 81, the latest building in Vietnam, and conducted a two-month market research.
Many illegal brokers are taking advantage of the relatively slack offshore regulation environment to engage in their unscrupulous practices. Investors should be very careful in choosing offshore brokers and verify the broker’s compliance and regulatory status before your investment.
Brokers with cloned license account for quite a large proportion of illegal forex brokers. Recently, WikiFX got an investor’s complaint against such a broker E-Trans, who unscrupulously copied the high-rating broker Etrans from logo to company’s name, in order to defraud investors. Here’s how Mr. Zhu became a victim of the illegal broker.
Central banks around the world are stepping up their quantitative easing efforts to stimulate an economic recovery. On September 12th, European Central Bank (ECB) announced after decision meeting to further cut the deposit reserve rate from -0.4% to -0.5%, while restarting the quantitative easing scheme from November with a plan to purchase €20 billion-worth of bonds each month. On September 19th, US Federal Reserve will also release its decision on interest rate, which is expected to be down by 25 basis points in September.
Singapore has a well-established financial regulation system as one of the pioneering countries in this aspect. The main regulatory body, Monetary Authority of Singapore (MAS), was established in 1971 and enjoys great independence and authority which allow it to effectively oversee the financial industry in Singapore. In recent years, the institution has further improved its reputation by implementing efficient and safe regulation infrastructure and improving market transparency.
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.
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