With the rapid development of the global forex industry, numerous forex brokers of mixed quality also emerge on the market. The illegal brokers without proper qualifications always disguise themselves as compliant brokers through false advertising, and through illicit practices and manipulations they swallow up investors’ assets and undermine the healthy development of the forex circle.
US dollar dropped against euro last week after September’s retail sales data turned out lower than market expectation, with total retail sales down by 0.3% and core retail sales down by 0.1%.
Binary option is one of the most common forms of option. Compared with forex trading, binary option doesn’t involve trading lots, margin or leverage. Instead of actually trading an asset, binary option investors bet on whether the price of an underlying asset will be above or below the set mark at a certain time. Binary option bears considerable risks, as its mechanism is very similar to gambling.
Nowadays, illegal forex brokers are often exposed in news reports. From disconnecting trading server to causing serious slippage and negative balance through manipulation, the forex brokers keep coming up with new tricks to defraud investors’ assets, leaving them in heavy losses.
From regulatory information, we learned that OANDA’s licensed branch in Singapore is at 50 Collyer Quay #04-03, Oue Bayfront. WikiFX recently visited OANDA at the location.
The fast-growing forex market in recent years has seen a proliferation of brokers, who apply all sorts of marketing strategies in order to attract more investors. Ambiguous or even misleading information is not uncommon in the advertisements of brokers, which can be shown in a recent complaint case WikiFX has received.
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.
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