On October 17th, Thursday, UK Prime Minister Boris Johnson announced that he and EU leaders had agreed on a new version of Brexit deal. The news led to a surge of GBP. Thursday’s GBP/USD hit 1.2987 at its highest of the day and closed at 1.2889, up by 0.48%. Currently, the price is edging towards 1.30.
The forex market has seen a series of big events since the beginning of October: US Federal Reserve released the monetary policy meeting minute, China and US conducted a new round of high-level trade talks and Britain is mapping out its way to leave the European Union. Amid the big news, forex brokers are still busy competing for market exposure through advertising campaigns.
As a forex investor, you may be once ambitious to make a fortune through trading currencies, or have read piles of books on fundamental and technical analysis in order to grasp the tricks of the trade, yet back to reality, you simply can’t make profits or even keep losing money. You may blame it on yourself, thinking it’s because you’re not good enough, but the truth is you may be a victim of illegal brokers and have stepped into their traps.
Previously we confirmed through on-the-spot investigation that Malaysian forex broker Albus Capital Inc. doesn’t exist at its claimed address and has no valid regulation. Due to the relatively weak regulation over finance and forex industry in Southeast Asian, such illegal brokers are everywhere in the region and with little efforts, they can lure unwary investors into their traps.
According to regulation information, the licensed branch of Plus500 in Singapore is located at 1 Temasek Avenue, #18-07 Millenia Tower, and we recently check out on Plus500 at the spot.
For this week’s global financial market, big events are likely to cause some ups and downs on the currency market dominated by US dollar.
The latest Triennial Central Bank Survey issued by the Bank of International Settlement (BIS) shows that compared with in 2016, forex spot trading has grown by 20% in the past 3 years, while swap trading has increased over a third and outright forwards increased 43%.
In our last visit, WikiFX confirmed that the licensed branch of forex broker XGLOBAL in Cyprus really exists and is in regular business. As the “eyes” and “ears” of global investors, we pay random visits to forex brokers around the world and make comprehensive assessments of brokers base on the results.
Investors might often heard about high leverage in forex investment, and tempting as the so-called “high leverage with high return” may sound, it often accompanies equally high risks, as there’s no such thing as a free lunch. Recently, WikiFX got a report from a victim of such “high-leverage” scam.
Regulatory information suggests AGRODANA’s licensed branch in Indonesia is at Menara Batavia Lantai 3A, Jl. KH. Mas Mansyur Kav. 126, Jakarta Pusat, and WikiFX recently visited the broker at the site.
On Monday, September 16th EST, the US Department of Justice charged 3 JP Morgan traders of gold and other precious metals for alleged market manipulation. The alleged scheme caused investors heavy losses while bringing great profits to the company.
ECB Executive Board member Sabine Lautenschlaeger unexpectedly stepped down with 2 years remaining in her term. She earlier showed unprecedented strong disapproval to the latest stimulus measures of EBC President Mario Draghi , and news of her resignation shocked the market.
Bank of Italy Governor Ignazio Visco said European Central Bank (ECB)’s decision earlier this month to cut interest rate further below zero and resume bond purchase is appropriate for reviving the ailing economy of the Euro Zone.
The US and Japan have just struck a limited trade deal. As the first phase of a more extensive agreement, it opens the Japanese market for US agriculture products worth of 7 billion USD.
Malaysia ringgit rebounded after FTSE Russell announced in the fixed income report its decision to keep Malaysia on the watch list. Earlier this April, News of Malaysia’s potential exclusion from the World Government Bond Index (WGBI) had dampened interests and demand for Malaysian government bonds, which led to a short spike of bond yield. FTSE’s latest decision has been more or less of a comfort for Malaysia.
Last week (September 23-27), spot gold price tumbled due to a surge of USD, falling nearly 20 dollars in a single week. Although US House of Representatives’ scheduled impeachment of President Trump temporarily boosted gold price during the week, other factors such as bullish US dollar and improving risk appetite of the market have weighed on it.
Philippines Pesos went up after BSP( Bangko Sentral ng Pilipinas, Philippine’s central bank) announced its interest rate cut. But USD/PHP didn’t quite respond to BSP’s lowering the benchmark rate by 25 basis points to 4.00%, largely because the move was in line with market forecast, so investors weren’t really surprised about the much expected change.
In the age of big data, it’s increasingly difficult for investors to verify the qualification and compliance of forex brokers. The internet has also become many illegal brokers’ tool for defrauding investors. Some make heavy advertising spending in order to increase market awareness, others set sophisticated traps that unwary investors easily fall into. Some brokers even attempt to cover up the truth and mislead investors by manipulating public opinions, such as deleting the unfavorable comments.
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.
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