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    For Your Property Safety,Take this! All in 1 Broker verifying Guide

    Abstract:Generally, forex brokers can be divided into licensed brokers, unlicensed brokers, suspected brokers, illegal brokers, business-overrun brokers, and so on, among which the licensed brokers, illegal brokers and brokers with suspected license are the most common.

      Abstract : Generally, forex brokers can be divided into licensed brokers, unlicensed brokers, suspected brokers, illegal brokers, business-overrun brokers, and so on,among which the licensedbrokers, illegal brokersand brokers with suspected license are the most common.

      Generally, forex brokers can be divided into licensed brokers, unlicensed brokers, suspected brokers, illegal brokers, business-overrun brokers, and so on,among which the licensedbrokers, illegal brokersand brokers with suspected license are the most common.

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      In recent years, with thousands of Nigerian traders were being defrauded by unregulated financial institutions by Ponzi schemes on the Internet, traders have become wary of the forex industry. In fact, many forex brokers already have entities in Nigeria, including InstaForex, Alpari, AvaTrade and FXTM. They bring new rules and standards into Nigeria's forexmarketOfficial website tagging. In order to make it more clear for traders can selected brokers whether have qualifications with dealing or not, this article will introduce three kinds of brokers: licensed brokers, illegal brokers and brokers with suspected license.

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      Licensed brokers:

      They applied for a licensed operation from a regulator. The regulation number can be seen on the official website of regulator. As we all know, the regulators in Australia, the United Kingdom, the United States, Japan and Switzerland, are the first choice for forex traders due to the strict regulation. Here are some good regulators recommended when you choose a forex broker in the further.

      1. UK Financial Conduct Authority (FCA),

      2. American Commodity Futures Trading Commission (CFTC),

      3. Australian Securities and Investment Commission (ASIC),.

      4. Swiss Financial Market Regulatory Authority (FINMA),

      5. German Federal Financial Regulatory Authority (BaFin),

      6. Japan Financial Services Agency (FSA),

      7. Hong Kong Securities and Futures Inspection Commission (SFC).

      

      

      

      Illegal brokers:

      The illegal brokers operate illegal trading activities in forex market, including financial fraud, without license from any regulator.

      Here aresomepointsbelow you need to pay attention to:

      1.The regulatory authority does not have the regulatory capacity or the regulatory qualifications provided are invalid.

      2. Stealing the regulatory number of FSA or NFA and claim to be subject to regulatory comments:

      3. Regular broker will note the supervision number of FSA or NFA on its website.

      4. The deposit account of the illegal broker is a private account (a personal account with a non-customer name) for comment.

      5. The receiving bank involved is a domestic bank.

      6. The address of the illegal broker trading website does not match the place where the company is registered.

      7. Registering a shell company through an intermediary company.

      8. Companies regulated by the Hong Kong Monetary Authority claim to be able to provide 100 per cent leverage.

      Ponzi schemes Case study :

      In a well-known case of fraud, PTFX, which uses the same method as the Ponzi scheme, is an unregulated broker. This case caused a million of people were fraud and lost money even family. All these are due to the lack of formal regulatory mechanisms and the abuse of laws and regulations.

      Here are conversation records between illegal broker with trader.

      If customer services always get back to you they are maintaining or updating system, PLEASE BE CAREFUL THIS IS VERY COMMON EXCUSE TO COVER THEY DO NOT WANT TO GIVE YOU MONEY.

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      Then the next is The website is inaccessible again.

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      Cant withdraw

      The system said the withdrawal request is under review, but the money just wont arrive!

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      Here below two photos shows PTFX is illegal broker after WikiFX have checked with App.

      

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      3: Brokers with suspected license

      The brokers which cloned the regulatory license of other companies operate forex business.

      In Nigeria, due to the lack of regulation of the forex margin market, and at the same time, traders urgently need some methods to ensure the safety of their funds and transactions. So the forex license in other countries has become one of the most important evaluation indicators for traders to choose a reliable broker. Based on these situations, there will be many brokers with pirated MT4 on the market, especially illegal platforms.

      Brokers with suspected license prefer to choose such as FCA in the United Kingdom, ASIC in Australia, and NFA, in the United States. These are all mainstream and relatively well-known regulations.

      A list of Brokers with suspected license published by FCA in the UK

      COZFX

      PCFX

      BSH

      FXSOL

      TechoFX

      CBF

      JY

      MME

      Speed Trad

      AST Forex

      KWFX

      VMGFX

      Eals

      FHCH

      KSF

      SCR

      VEGLFX

      Reton Forex

      Wilsone & Duffus

      HB

      HX

      BillionStone

      DFX

      MB

      FXM

      MDF

      FXPFE

      NBLFX

      GEFI TIME

      MorgenFX

      ZEVIZO

      CLFX

      WinBelieve

      TRM

      DCF

      LIZFX

      GFI

      EastwoodFX

      fandford

      ESTAR

      Zhu Group

      CF

      YHFX

      JH Universal

      BlackPearlFX

      Worrying about meeting scam platforms and there is no place to complain?

      Please download WikiFX APP from below links or scam code :

      iosAppStore: http://bit.ly/WikiFXappios

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      GooglePlay:http://bit.ly/WikiFXappAndroid

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      Want to know more about Forexsecurity?Add WikiFX.NG official social media to keep up with the trend!!

      Facebook:

      https://www.facebook.com/Wikifxng-100222921591879/

      If you have any questions, please feel free to contact us at wikifx@wikifx.com

      The following is the process of how to use app:

      1: Download WikiFX

      You can download the app on Google Play or Apple Store for free.

      2: Register to be a WikiFX member

      Enter your phone number and verification code.

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      3: Select Language and your area

      4:Find “Exposure” section on Homepage

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      5:Edit post and release

      Click the edit icon and choose either type of reason you wanna expose. Then, select the broker you wanna expose, edit your scammed experience and release it.

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    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
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