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In speaking of investment, broker scams in forex trading seem to be a recurring theme. As with many industries, the fast growing forex industry also has plenty of predators, who look to take advantage of newcomers. The following story is shared by a Korean investor who sought WikiFX’s help after being defrauded by Robinhood. He reported the illegal broker to warn other investors against it.
News
As of November 26th, 2019, speculative net shorts for the British pound increased by 4,673 to 36,576. Among them, speculative longs decreased by 559 to 38,646, and speculative shorts increased by 4,114 to 75,222.
News
Against the backdrop of expanding negative bound yield,gold may gain greater appeal among central banks worldwide in 2020 as a unique type of asset.
Induced Fraud
1.By wrapping itself, the facade company induce clients to trade. The trading software is also manipulated by the company. 2 As long as clients make profits, the platform will freeze their accounts, thus the share-selling will be unfeasible. Then the trader will modify the price to make clients suffer losses. 3. In their wonderful phrase, they will will close positions compulsorily to avoid losses when you make profits. At this time, clients have no idea since they don’t know the numbers of the company. 4. By controlling the trading platform, they inject the virtual fund and manipulate the market to make clients suffer losses. 5. By enlarging the trading leverage of 10 or 100 times, they operated the market to make clients suffer losses.
Induced Fraud
Pretending to be a female investor looking for clients—building a group—talking about stocks—shifting to gold trading—beginning a class—dividing the bonus—manipulation—causing losses and dismissing the group—the scammer disappeared. At the beginning, scammers will attract clients by livestreaming stock. After acquiring their trust, scammers would induce them into their platform to trade London Gold. 1.Instruction: Some scammers acquire clients’ trust by acting as stock analyzers. 2. Deposit induction: through group promotion, they invite victims to invest in scam platforms. 3. Create the atmosphere: By making them profit, they gradually eliminate clients’ concerns. 4. Start a discussion: Let the victim profit and propose the dividend sharing in order to acquire their trust. 5. Second scam:Without dividing the share, they induce victims to deposit in the platform. 6. Betrays: The platform will increase the rate of losses by manipulation. As long as clients profit, it will cancel their account and covet their fund.
Induced Fraud
A stranger called me, recommending some stock. Since I trade stock in daily, I passed his friend’s request. Then he pulled me into a group, in which the teacher gave stock analysis and recommendation. The teacher added me, saying that he was doing research on a bull stock, and told me to follow him. Though the result wasn’t as exaggerated as expected, I didn’t suffer losses. Following him, I made some profits. Then he recommended CICC Futures and encouraged us to follow him. Having seen many members profiting, I joined and deposited 50000 RMB. Within half month, I earned a lot. I added 500000 RMN or so to profit more, however, I made a loss of over 300000 RMB within 2 days. The teacher comforted me and promised to recover the losses for me. He said that I could sell my share by high price, while the funding channel was always stuck. He pretended to be telling the trader to control the price, at which time, I realized that the market could be manipulated. While I made a withdrawal, it was unavailable.
Industry
Only 40% of respondents in the Financial Times poll said that the stock market had gone up this year. The S&P 500 has soared about 26% in 2019.
The financial services industry is a popular place for job seekers, but artificial intelligence could wipe away a million banking jobs.
Industry
Celadon declared bankruptcy on Dec. 9, and that collapse is poised to leave thousands of truck drivers jobless and away from home.
Industry
Contactless transactions are a major part of Canada's payments landscape – making up 19.5% of the country's 21.1 billion transactions in 2018.
Industry
eToro plans to roll out a debit card in Q2 next year – allowing users to spend their eToro earnings via the card and set up recurring payments.
The Russian finance ministry said on Monday it remained confident that the UK Supreme Court would rule in Moscow's favor in a Russia-Ukraine $3 billion Eurobond case, it said in a statement. The debt was borrowed six year
Industry
Goldman's top equity strategists have a reality check for investors near the end of a phenomenal year for the stock market.
Lyft CEO Logan Green says the company tried to slow down its aggressive discounts recently, but had to stop since Uber didn't follow.
Observers predict more digital media companies will be sold in 2020 as many small, independent outlets still face a sour business climate.
Industry
"That's why you should be playing defense right now," says Doubline Capital CEO and renowned "Bond King" Jeffrey Gundlach.
Argentine President-elect Alberto Fernandez unveiled his cabinet on Friday evening, laying out his core team days before the center-left leader takes office where he faces a stalled economy, rising debt fears and painful i
An investment from Stroll could help boost the company's prospects as it seeks to turn around a poor performance.
Industry
Major UK financial regulatory bodies have put out a shared policy summary aimed at preventing prolonged tech problems in the banking sector
Industry
October's 1.7% fall means that in the last year output has fallen 5.7% — the steepest year-on-year decline since 2009.
15-20 years | Regulated in United Kingdom | Market Making(MM) | MT4/5 full license | Regional Brokers
15-20 years | Regulated in Australia | Retail Forex License | Non MT4/5 Software | Suspicious Scope of Business | Medium potential risk
15-20 years | Regulated in United Kingdom | Market Making(MM) | Non MT4/5 Software | Suspicious Scope of Business | China Hong Kong Futures & Forex License Revoked | Suspicious Overrun | Medium potential risk
5-10 years | Regulated in Singapore | Retail Forex License | Non MT4/5 Software | Suspicious Scope of Business | Medium potential risk
5-10 years | Regulated in Belize | Retail Forex License | Non MT4/5 Software | Suspicious Scope of Business | Medium potential risk | Offshore Regulatory
15-20 years | Regulated in New Zealand | Market Making(MM) | MT4/5 full license | Regional Brokers
15-20 years | Regulated in Singapore | Retail Forex License | MT4/5 full license | Regional Brokers | High potential risk
5-10 years | Regulated in Australia | Retail Forex License | Non MT4/5 Software | Suspicious Scope of Business | Medium potential risk | Offshore Regulatory
10-15 years | Regulated in United Kingdom | Market Making(MM) | Non MT4/5 Software | Suspicious Scope of Business | Suspicious Overrun | Medium potential risk
10-15 years | Regulated in China Hong Kong | Futures License | MT4/5 full license | Chinese market only | Suspicious Overrun | Medium potential risk
Negative Comment
The investigators, based on the result of the field trip, confirmed that TP FinTech’s real address failed to match with the one in its regulatory information. Its financial service provider license (regulatory number: 562026) issued by Financial Service Providers Register is suspected to be a clone one. In case of money losses, investor should be serious in choosing this broker.
Good
The investigators, based on the result of the field trip, confirmed the authenticity of IB’s address in the regulatory information. The broker holds a MM licenses (regulatory number: 453554) by Australian Securities and Investment Commission, a MM license (regulatory number: 208159) by Financial Conduct Authority and a retail license by Financial Services Agency (regulatory number: 4010001100892).
Negative Comment
A field survey based on the address in its regulation details did not find MYFXPLAN’s office. The broker claims to hold a full license from the Australia ASIC (226199), but we suspect that the registration and licensing details could be fraudulent. Since the broker is not under any effective regulation, we do not recommend you to invest with them.
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