WikiFX APP: Global Forex Broker Regulatory Inquiry APP
Latest Blacklist of Forex Brokers: Please Stay Away from Unregulated Platforms! Part I
Each month ends up with a new list of forex brokers that have received the most consumer complaints, a blacklist concluded by WikiFX for all of you! Lets see the tricks used by these illegal platforms and protect ourselves from them!
1. MOGAFX
This is a new platform set up by USGFX, an Australian broker which was complained against and went bankrupt afterward. The situation led to the birth of MOGAFX with the aim of business transfer. Established in 2018, this forex platform applied for a general financial permit authorized by the Australian Securities and Investments Commission (ASIC) whereas the operation of the business in margin trading exceeded the authority of its license. At present, MOGAFX has been operating its business without permission.
2. Uee International Limited
Its website address is https://www.ueeglobal.com/zh-cn/. According to WikiFX, Uee ages only half a year under no valid regulation at the moment!
3. NYFX
It plans to put a halt to its businesses in some Asian regions and notifies users involved to complete their applications for withdrawals ahead of the due date which wont be processed if overdue. According to users, the broker has neither got their applications processed nor given them an exact due date so far.
4. XS
The platform is not effectively regulated as its license doesnt have permit access to regulation though this broker is an authorized financial service provider (Licence No. 081) regulated by the Chinese Gold and Silver Exchange Society (CGSE).
5. EB
According to WikiFX, the rating of EB is 1.91. The forex broker claims to hold a general financial permit issued by the National Futures Association (NFA) but it is not authorized. Countless consumer complaints swarmed into this platform from 2018 to 2019, and harmed investors have indicated that EB, a runaway broker, even induced its staff to invest!
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The brokers involved in the article
Lots of Complaints
MOGAFX
Score1.77
1-2 years | Regulated in Australia | Common Financial Service License | MT4/5 full license
Regulated
XS
Score5.51
1-2 years | Regulated in China Hong Kong | Type AA License | MT4/5 White Label
Exceeded
NYFX
Score2.77
1-2 years | Regulated in Cambodia | Common Financial Service License | MT4/5 full license
No Regulatory
FOREX UEE
Score1.21
1-2 years | Suspicious Regulatory License | MT4/5 White Label | Chinese market only
Suspicious Clone
UEE
Score1.06
Within 1 year | Suspicious Regulatory License | Non MT4/5 Software | Suspicious Scope of Business
No Regulatory
EB
Score1.92
2-5 years | Regulated in United States | Regulated in United States | Regulated in United States
9Naija 