As we check from the regulatory bodies and found out that these broker has no lisence and they got reported several times. So keep away from these brokers to save your Funds.
1. Premium Fx Option -Premium Fx Option said that it is a trading name of Speed Solutions Limited, a regulated company under the International Financial Services Commission (“IFSC”) with authorization number IFSC/60/391/TS/19. WikiFX contacted with Speed Solutions Ltd and they confirmed that the fake broker is not connected with them.
2.Horseforex – WikiFX has Found that Horseforex is not Working.
- Horseforex claimed to be regulated by Mauritius Financial Services Commission (Mauritius FSC) with license number C118023277. However, We can not find any matching result in Mauritius FSC. Horseforex is not under valid regulation of Mauritius FSC now. It is possible that Horseforex is a scam.
3.LexaTrade – The Polish regulator KNF added LexaTrade into its blacklist
- LexaTrade claims to be operated by Swissone Group Ltd, a company registered in St. Vincent and the Grenadines. Nevertheless, the SVG FSA does not issue any licenses for forex trading or brokerage nor does it regulate, monitor, supervise or license international companies engaging in such activities. So LexaTrade is currently not regulated or not overseen by any financial regulator. That means investors funds in this broker is unsafe and cannot be protected by any laws. Therefore, it is a scam broker.
4. EUROPEFX – CySEC made a decision for the suspension of CIF license of EuropeFX
- On 15 Oct. 2021, CySEC has made a decision for the suspension of CIF license of Maxiflex Ltd (under the trading name of EuropeFX).
- EuropeFX is not regulated by any regulator since the cancellation of its CySEC license. As per the statement shown on CySEC, this broker's CIF license no. 258/14 has been suspended. That means EuropeFX is no longer licensed or regulated by CySEC. Therefore, it is a scam.
5. WikiFX has reviewed that Veracity Markets is an unregulated forex broker.
- Veracity Markets claims to be regulated by South Africa‘s Financial Sector Conduct Authority (FSCA), but it’s actually not regulated by any financial regulator when we checked on FSCA. That means investors funds in this broker is unsafe and cannot be protected by any laws. Therefore, it is a scam broker.
Listing a brokers with suspicious activities are the best way to let traders know who and where to trust their investments.
Proof and eveidence are gathered on this link https://www.wikifx.com/en/search.html？source=fre3 just search the name of the broker and you will see tons of reports and complaints from their clients has been submited.
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