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WikiFX:A list of Eleven fake brokers discovered by Wikifx operating in South Africa

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A list of Eleven fake brokers discovered by Wikifx operating in South Africa

WikiFX · Jan 20, 2022 2:59 AM

Abstract：Due to the increasing interest in Forex trading among South African youths and general citizens, many unscrupulous individuals have created their brokerage firms existing only online to scam new traders. Wikifx has taken the pains to identify some of these Fraud brokers. All South African traders are therefore advised to avoid dealing with these scam brokers identified by Wikifx below.

　　By: Chime Amara

　　

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　　A. Alfla Success Corp.

　　This broker according to Wikifx rankings had scored 1.21/10. They are not regulated by anybody. They only claim to be regulated by the National Futures Market (NFA) in the US which is a false claim as they are not in any way in the list of NFA regulated brokers.

　　Alfla broker has a lot of negative complaints from traders. Virtually all those who deposited money with them couldn't withdraw after the deposit. They have a fake site that goes down at will. Similarly, they have been known to be manipulating the market and blowing traders account so as to be unable to withdraw.

　　B. UFX Market and UFX Bank

　　 UFX Market and UFX Bank has a lot of negative reviews and complaints made by clients. The broker is well known for posting false client reviews on different websites. Wikifx has blacklisted this broker because of its widespread bad reputation and scamming traders. The company is known to adopt common tactics to cheat its traders, the trading manager persuades users to deposit more and more money in their accounts with the requests for fund withdrawals never being processed – to name but a few irregularities.

　　More so, UFX brokers have no customers support. Traders have no way to reach out to their customer support and UFX suggests risky trades to traders which will result in potential losses. When a trader in turn tries to close their account, they are subsequently persuaded into a “last deal” which results in a huge loss and wipes out the traders funds entirely.

　　C. Lego Market LLC

　　This broker has been discovered by Wikifx to have no regulators. They have a very low ranking by Wikifx scoring 1.29/10.

　　Traders are sternly warned to stay away from this broker as a lot of negative complaints surround them. A lot of traders who deposited with them in the past have not been able to withdraw after trading.

　　D. Sunton Capital

　　This broker based on Wikifx findings has no regulators. Wikifx has classified them as a known scam broker with no physical office or branch. All who deposited with this broker were not able to withdraw afterwards. They have a very low ranking by Wikifx scoring only 1.15/10. All South African traders are therefore warned to stay away from this broker and avoid losing their money.

　　E. Tradorax

　　Tradorax has a lot of serious complaints and has received 4 guilty votes in the FPA Traders Court which has led to it being declared a scam. According to Wikifx findings this broker is not regulated. This broker had a track record of freezing traders accounts and blocking users from withdrawing their funds. More so, this broker makes deals without the permission of the user and has been known to be fraudulently charging credit cards. Very often this broker keeps persuading clients to deposit more money before they can be able to withdraw. Wikifx has sternly warned all traders to avoid using this broker.

　　F. Henry

　　This broker according to Wikifx findings has no single regulator. They have a lot of fraud cases and inability to withdraw after depositing money with them. According to the reports of those who deposited with them, it is always very easy to deposit but can never withdraw at the end. Often they go to the extent of freezing traders accounts. Wikifx has given them a very low ranking of 1.13/10. South African traders are advised to stay away from this broker.

　　G. Trade-24

　　Trade-24 has a popular track record of fraud. This broker has no regulator and is associated with regular freezing of traders accounts, almost impossible to withdraw funds, and stealing accounts coupled with further allegations of forgery. Trade-24 states on their website that it was operating under a license from IFSC but this was completely untrue and IFSC of Belize has put up a notice which confirms that they had not issued any license to them. All South African traders are warned to stay away from this particular broker to avoid losing their money.

　　H. Sandwind

　　This broker according to Wikifx findings has no regulator. The name of this broker according to traders reviews is synonymous with the scam. The broker has no physical location and office and simply targets new traders to scam them. Wikifx has placed them on the fraud list and scored them 1.55/10. All traders are advised to avoid using this broker.

　　I. Panamoney

　　This broker stages a High-Yield Investment Programs which promises traders high returns which seems too good to be true and never fulfilled in the end. The Financial Industry Regulatory Authority (FINRA) has issued a warning back in 2010 against the schemes, calling the operators ‘con artists’. Panamoney has also been known for deducting amounts from accounts and forfeiting all profits for false ‘early fund withdrawal’ requests which were never actually made by users. Often this broker blocks traders‘ accounts without any reason and they will take all of an investor’s money along with it. Panamoney has been blacklisted by Forex Peace Army and cautions against investing in HYIPs. All South African traders are advised to avoid this broker.

　　J. NetoTrade

　　NetoTrade is at the top of the list when it comes to receiving warnings from various regulatory bodies – globally! The National Securities Market Commission in Spain has issued a warning against the use of this company as it does not carry a license and the Swiss financial regulator FINMA has included it in its public Warning List. Wikifx has identified this as a scam broker without any regulator. Traders who deposited with them in the past have not been able to withdraw till today. All traders are advised to avoid dealing with this broker.

　　K. Onderson

　　This broker has been discovered by Wikifx to be a scam broker without any regulator. According to traders review, it is always very difficult to withdraw from this broker as it keeps saying “insufficient funds” each time one tries to withdraw after depositing. Wikifx has given them a very low ranking of 1.09/10 and placed them on the list of scam brokers. All South African traders are enjoined to stay away from this broker.

https://wap.wikifx.com/en/

WIKIFX

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Bitcoin Flies to $11,000: Central Banks Warn of a Bubble

Bitcoin steamed past the huge psychological barrier of $10,000 yesterday. Since then, it’s shown little sign of letting up. Less than 24 hours since it reached five-figures for the first time, the world’s most popular cryptocurrency continued on its rise topping out at around $11,500 on Wednesday afternoon. It has since retraced somewhat to around $11,000 at the time of writing. Of course, it wasn’t long before representatives of central banks passed comment on the historic moment of BTC reaching five-figures.

The rise of Bitcoin throughout 2017 has been spectacular. Since January, the digital currency has delighted investors with its incredible 11x gains. In fact, without including other cryptocurrencies, Bitcoin is without doubt the hottest investment of the last twelve months. If the current trend is anything to go by, it’ll likely go down as the biggest money spinner of the entire decade too.

Whilst the story told by the market is clearly one of immense optimism, not everyone is quite so positive. Neil Wilson, the senior market analyst at ETX Capital referred to “the madness of crowds” when referencing the dramatic rise. He went on to tell the Guardian:

[Bitcoin’s] up more than 14% today alone and the year-to-date chart is simply staggering. There are no fundamentals or technicals that explain this other than it being a massive speculative bubble.

Meanwhile, deputy governor of the Bank of England, Sir Jon Cunliffe, told BBC Radio 5 Live that he didn’t think of Bitcoin as a currency at all. Curiously, he based this on a lack of a central bank backing it up. He prefers to term Bitcoin a commodity. However, it’s classified, the central banker went on to say that the market capitalisation of it wasn’t sufficiently large enough to pose a risk to the global economy should it burst. Unfortunately, he didn’t comment on how much a risk cryptocurrencies in general pose those who control the global economy, however.

Meanwhile, William Dudley of the Federal Reserve echoed Cunliffe’s sentiment. He advised caution because “it’s not a stable store of value” – quite rich coming from the president and chief executive of a central bank that outright refuses to be audited. 

Some commentators had a less dismissive outlook for Bitcoin, however. Dennis de Jong of the online currency brokerage UFX suggested an even higher short term price of $15,000, and even hinted at greater stability in the future:

“Until bitcoin becomes a commonly used payment source, it’s very possible that it could hit $15,000 and beyond based on its current desirability… If bitcoin falls into wider circulation, and becomes accepted into more conventional funds and exchanges, we are likely to see a normalisation of its value.”

  Image: PixaBay

            The post Bitcoin Flies to $11,000: Central Banks Warn of a Bubble appeared first on NEWSBTC.

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[joshuajacksonlyblog]

Bitcoin Flies to $11,000: Central Banks Warn of a Bubble

Bitcoin steamed past the huge psychological barrier of $10,000 yesterday. Since then, it’s shown little sign of letting up. Less than 24 hours since it reached five-figures for the first time, the world’s most popular cryptocurrency continued on its rise topping out at around $11,500 on Wednesday afternoon. It has since retraced somewhat to around $11,000 at the time of writing. Of course, it wasn’t long before representatives of central banks passed comment on the historic moment of BTC reaching five-figures.

The rise of Bitcoin throughout 2017 has been spectacular. Since January, the digital currency has delighted investors with its incredible 11x gains. In fact, without including other cryptocurrencies, Bitcoin is without doubt the hottest investment of the last twelve months. If the current trend is anything to go by, it’ll likely go down as the biggest money spinner of the entire decade too.

Whilst the story told by the market is clearly one of immense optimism, not everyone is quite so positive. Neil Wilson, the senior market analyst at ETX Capital referred to “the madness of crowds” when referencing the dramatic rise. He went on to tell the Guardian:

[Bitcoin’s] up more than 14% today alone and the year-to-date chart is simply staggering. There are no fundamentals or technicals that explain this other than it being a massive speculative bubble.

Meanwhile, deputy governor of the Bank of England, Sir Jon Cunliffe, told BBC Radio 5 Live that he didn’t think of Bitcoin as a currency at all. Curiously, he based this on a lack of a central bank backing it up. He prefers to term Bitcoin a commodity. However, it’s classified, the central banker went on to say that the market capitalisation of it wasn’t sufficiently large enough to pose a risk to the global economy should it burst. Unfortunately, he didn’t comment on how much a risk cryptocurrencies in general pose those who control the global economy, however.

Meanwhile, William Dudley of the Federal Reserve echoed Cunliffe’s sentiment. He advised caution because “it’s not a stable store of value” – quite rich coming from the president and chief executive of a central bank that outright refuses to be audited. 

Some commentators had a less dismissive outlook for Bitcoin, however. Dennis de Jong of the online currency brokerage UFX suggested an even higher short term price of $15,000, and even hinted at greater stability in the future:

“Until bitcoin becomes a commonly used payment source, it’s very possible that it could hit $15,000 and beyond based on its current desirability… If bitcoin falls into wider circulation, and becomes accepted into more conventional funds and exchanges, we are likely to see a normalisation of its value.”

  Image: PixaBay

            The post Bitcoin Flies to $11,000: Central Banks Warn of a Bubble appeared first on NEWSBTC.

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[michaelbennettcrypto]

Bitcoin Flies to $11,000: Central Banks Warn of a Bubble

Bitcoin steamed past the huge psychological barrier of $10,000 yesterday. Since then, it’s shown little sign of letting up. Less than 24 hours since it reached five-figures for the first time, the world’s most popular cryptocurrency continued on its rise topping out at around $11,500 on Wednesday afternoon. It has since retraced somewhat to around $11,000 at the time of writing. Of course, it wasn’t long before representatives of central banks passed comment on the historic moment of BTC reaching five-figures.

The rise of Bitcoin throughout 2017 has been spectacular. Since January, the digital currency has delighted investors with its incredible 11x gains. In fact, without including other cryptocurrencies, Bitcoin is without doubt the hottest investment of the last twelve months. If the current trend is anything to go by, it’ll likely go down as the biggest money spinner of the entire decade too.

Whilst the story told by the market is clearly one of immense optimism, not everyone is quite so positive. Neil Wilson, the senior market analyst at ETX Capital referred to “the madness of crowds” when referencing the dramatic rise. He went on to tell the Guardian:

[Bitcoin’s] up more than 14% today alone and the year-to-date chart is simply staggering. There are no fundamentals or technicals that explain this other than it being a massive speculative bubble.

Meanwhile, deputy governor of the Bank of England, Sir Jon Cunliffe, told BBC Radio 5 Live that he didn’t think of Bitcoin as a currency at all. Curiously, he based this on a lack of a central bank backing it up. He prefers to term Bitcoin a commodity. However, it’s classified, the central banker went on to say that the market capitalisation of it wasn’t sufficiently large enough to pose a risk to the global economy should it burst. Unfortunately, he didn’t comment on how much a risk cryptocurrencies in general pose those who control the global economy, however.

Meanwhile, William Dudley of the Federal Reserve echoed Cunliffe’s sentiment. He advised caution because “it’s not a stable store of value” – quite rich coming from the president and chief executive of a central bank that outright refuses to be audited. 

Some commentators had a less dismissive outlook for Bitcoin, however. Dennis de Jong of the online currency brokerage UFX suggested an even higher short term price of $15,000, and even hinted at greater stability in the future:

“Until bitcoin becomes a commonly used payment source, it’s very possible that it could hit $15,000 and beyond based on its current desirability… If bitcoin falls into wider circulation, and becomes accepted into more conventional funds and exchanges, we are likely to see a normalisation of its value.”

  Image: PixaBay

            The post Bitcoin Flies to $11,000: Central Banks Warn of a Bubble appeared first on NEWSBTC.

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[rashidqu70]

Is UFX a Scam Broker? Discover In This UFX Review

Before proceeding onward to choose whether UFX is a trick handle, we should discover everything that you have to think about this intermediary in this UFX audit.

UFX Review – Overview

UFX is a worldwide exchanging firm that has taken order on its notoriety since it was built up in 2007. UFX works on a Straight-through-Processing (STP) plan of action and doesn't take resistance positions in the market to that of their customers' exchanges. UFX guarantees to meet the majority of their customers' exchanging needs, while in the meantime they are putting forth steady and focused spreads for them.

UFX Review – Regulations

UFX Global works under the locale of Vanuatu Financial Services Commission. It is controlled under permit number 14581. Talking about its notoriety, we will say that UFX has earned a great deal of regard throughout the years; driving industry commentators have perceived the dealer for its exceptional administrations and item contributions. Since 2012, UFX has won different acknowledgment titles for its administrations to the exchanging business.

UFX Review – Trading Platforms

UFX brings to the table different exchanging stages for its dealers. It offers ParagonEx Web Trader 4.0 and the MetaTrader 4 (MT4) stage. How about we see what they have:

ParagonEx Web Trader 4.0

ParagonEx Web Trader is the conspicuous exchanging stage, and its most recent rendition is embraced by UFX in which there is an assortment of highlights and capacities to satisfy merchants' needs. It utilizes the inventive MassInsights™ Technology to give merchants all the required data about the overarching patterns in the Forex markets. Also, it is an electronic rendition, which implies it doesn't require any download of the product. Dealers can get to it legitimately through the web from anyplace, whenever.

Meta Trader 4

UFX supports and offers Meta Trader 4 to its dealers, which is the unmistakable stage on the planet at the present time. It gives an assortment of highlights like; it has a graphing bundle with a wide cluster of specialized pointers, and it has language-customization, that is the reason the dealers are generally utilizing it over the world in various nations with various dialects. It likewise permits computerization exchanging with the utilization of Expert Advisors (EAs) to enable dealers to execute an exchange when they're physically not ready to do it because of any reason. MetaTrader 4 is accessible in a work area form and is accessible for various working frameworks, for example, Windows, Linux, and MacOS. In the event that you use work area a great deal, this is the best decision of the exchanging stage dependably as it is additionally received by 80 to 90 percent of the specialists on the planet.

[clydeprado87-blog]

Are you looking for the UFX experience? If yes, here you can find some major points telling how they affected the commodity markets and global currency. The market has gone through many leaps and bounds but most of traders have made the best deals for them.

[omcik-blog]

New Post has been published on OmCik

New Post has been published on http://omcik.com/forex-brokers-eye-u-s-market-as-trump-vows-to-deregulate-reuters/

Forex brokers eye U.S. market as Trump vows to deregulate | Reuters

By Gertrude Chavez-Dreyfuss and Dion Rabouin | NEW YORK

NEW YORK Retail currency brokers are considering operating in the United States after a nearly seven-year absence, if President Donald Trump is able to carry through on his pledge to deregulate financial markets.

The prospect of lighter regulations has revived interest in the country among foreign exchange brokers such as UFX and Alpari, which cater to small and individual investors. It has also brightened the outlook for an industry that has struggled and lost market share to places with looser regulations in Asia and Europe.

“Key players in the vast retail FX market are gearing up for a hopeful re-entry,” said Paul Sirani, chief market analyst, at online currency broker Xtrade in Limassol Cyprus. He declined to identify those retail FX players.

Sirani’s observation is shared by many market participants such as Javier Paz, senior analyst at research firm Aite Group, and Meir Velenski, a long-time FX practitioner who set up his own financial consulting group.

A return to the United States could mean physically setting up an office in the country as a U.S. entity, or in some cases maintaining an overseas headquarters while soliciting business in the United States.

At the heart of the forex brokers’ optimism is the possible repeal of the Dodd-Frank Act.

Signed into law in 2010 in response to the global financial crisis, the Dodd-Frank financial reform legislation aims to overhaul business practices on Wall Street and protect consumers. But its passage caused the demise of many U.S. retail FX businesses.

In 2006, there were 40 companies operating in the United States offering FX trading to retail customers. After Dodd-Frank, that number has shrunk to three — GAIN Capital Holdings, Inc. GCAP.O; Canada-based Oanda, and TD Ameritrade (AMTD.O).

Under Dodd-Frank rules, enforced by the CFTC, firms offering retail forex trading in the United States must maintain minimum capital of at least $20 million, plus 5 percent of the amount by which liabilities to retail forex customers exceed $10 million.

By comparison, the minimum capital requirement in Cyprus, where many FX brokers have moved, range from 40,000 euros ($42,680) to one million euros ($1.067 million). Cyprus, with many FX brokers under its jurisdiction, has become popular with market participants because its European Union membership allows companies based in that country to provide FX services to other EU members.

Dennis de Jong, managing director of retail forex trading firm UFX in Limassol, Cyprus, said he would “absolutely” be in favor of a move to the United States if the minimum capital requirement is reduced.

“Obviously the regulators need to be very strict in terms of how you protect the client… but in general lowering the (capital) threshold would be good,” he added.

The Trump administration has not said anything specific about FX regulation under Dodd-Frank. But House Financial Services Committee Chairman Jeb Hensarling said in a CNBC interview this week that much of the law could be undone through a number of ways.

“The $20-million bond required of U.S. retail FX business pretty much precludes anyone from founding a start-up in this business,” said Joe Trevisani, chief market strategist, at WorldWide Markets, an online multi-asset trading platform in Woodcliff, New Jersey.

WorldWide Markets, regulated by the Financial Conduct Authority in Britain, does not take U.S. clients.

Trevisani was a partner at currency broker FX Solutions, which exited the U.S. market in 2013, a Dodd-Frank casualty.

Dodd-Frank also prohibited FX overseas firms from soliciting U.S. business.

STANDBY POSITION

Russian currency broker Alpari, which left the United States in 2011 due to onerous regulations, is keen to see what happens with the new Trump administration.

“We are in standby position. Everybody is looking at the U.S. right now for business and we’re curious to see how things change,” said Roberto d’Ambrosio, chief executive officer at Alpari Research and Analysis Limited in London.

D’Ambrosio said Alpari’s decision to return to the United States would hinge partly on easing regulations such as rules on forex reporting.

“The reporting requirement is really, really heavy,” said the Alpari official. If the costs of reporting could be eased somewhat, then this would help, he added.

SHRINKING U.S. MARKET U.S. retail FX trading volume has shrunk since Dodd-Frank, data showed.

In 2016, the U.S. share of the $374 billion daily global retail currency trading volume has been cut in half to just 3 percent, or $11 billion, according to estimates from research firm Aite Group. Prior to Dodd-Frank or in 2009, the U.S. share was 6 percent, or $17 billion, of what was then a global daily retail market of $276 billion.

Some market participants have pointed to the CFTC, Dodd-Frank’s regulator, as the culprit. Dodd-Frank gave the CFTC regulatory powers to oversee the U.S. retail FX sector.

“The CFTC could have created a safe environment in U.S. retail FX by working more closely with the industry,” said Aite’s Paz in Salt Lake City, Utah.

(Reporting by Gertrude Chavez-Dreyfuss and Dion Rabouin; Editing by Megan Davies and Chizu Nomiyama)

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[clydeprado87-blog]

Are you looking for the UFX experience? If yes, here you can find some major points telling how they affected the commodity markets and global currency. The market has gone through many leaps and bounds but most of traders have made the best deals for them.