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https://jump.wikifx.com/83348CF26389B46D Near the end of 2019, investors all wish to see their trading go smoothly and wrap up the year in a satisfactory way, yet the illegal brokers are always trying to mess up with investors’ plans. By reviewing the recent investor complaints against illegal brokers, WikiFX made a list of the most-complained brokers in November. PTFX which topped the list has drawn much attention, while other heavily-condemned brokers on the list are equally worth-noting. Here’s the list of most-complained brokers in November. PTFX has been in the spotlight frequently this month. Many investors have complained against the broker in succession for withdrawal failure within a short period, while the customer service offered excuses rather than solution, indicating that the broker is blocking withdrawal on a large scale. Moreover, PTFX claimed on the official website that it has acquired IGM Forex, a Cyprus forex broker just lifted out of suspension, and successfully renewed its media exposure, while continuing to lure investors with new tricks such as “high bonuses” or “professional traders team”. Undoubtedly, the ultimate goal of PTFX is to swindle investors’ assets, yet many introduce brokers of PTFX are still trying to advertise for it. According to WikiFX App, PTFX is rated at only 1.56 and has been labeled as illegal broker. Please stay away from it. Shi Jin Investment which ranked second on the list is another scam broker frequently complained by investors recently. According to the investors, the platform first brainwashed them with the so-called "signal providers" , and then blocked their accounts and rejected withdrawals. Through its marketing campaigns, the broker had attracted a considerable group of investors earlier on, which partly accounted for the recent outbreak of complaints against Shi Jin Investment on such a large scale. WikiFX found that the dealer has no valid regulation and has been in business for less than one year. When choosing a broker, investors must pay close attention to its regulation, as well as other information. In addition, investors also need to watch out for KP, a broker with suspected cloned-license, and IC Markets, heavily complained by investors, both of which frequently appear on the most-complained list. Other heavily complained brokers on the list include FXGM, GPAK, Stone Lion, Doo Prime, PGWG and Csgold. The forex market in 2019 is still full of twists and turns, while the illegal brokers never stop their evil steps. WikiFX remains committed to exposing the unscrupulous practices of illegal brokers, and strives to create a safer forex investment environment through joint efforts with investors. You can learn more about the compliance and other information of brokers thoroughly by downloading WikiFX App, and if you notice any irregularity of a broker during your investment, you may post it in WikiFX App’s exposure column to warn more investors against it.

https://jump.wikifx.com/83348CF26389B46D The US dollar index(USDX) is a major indicator for measuring currency movements and strength. Based on the performance of USDX before and after the seven major U.S. holidays (New Year, Easter, Memorial Day, National Day, Labor Day, Thanksgiving and Christmas) from 2007 to 2018, the National Day is the holiday when the U.S. dollar index has the best performance (after July 4), followed by Thanksgiving. Statistic shows that from 2007 to 2018, US dollar index rose after Thanksgiving in 7 years and dropped in 4 years, which is a rather impressive performance.

https://jump.wikifx.com/83348CF26389B46D Japan’s retail sales in October saw the greatest decline in four-and-a-half years, while falling consumer spending due to increased consumption taxes flashed a warning signal for weakening domestic demand. The Japanese government has raised consumption tax from 8% to 10% since October 1st in hope of alleviating the country’s heavy debt from public spending. Japan faces the heaviest debt burden among industrialized countries, with a public debt more than twice its GDP. With slumping exports and production, raising consumption tax can dampen the momentum of economic growth. Demand for clothing and big ticket items such as automobiles and large home appliances has weakened, with sales in department stores falling significantly.This has been the greatest drop since March, 2015, when the sales was down 9.7%. Statistics from earlier this month showed that Japan’s economic growth in Q3 has been the slowest in the year, while October’s exports saw the greatest decline in 3 years. US dollar has risen 0.45% against the yen to 109.54. The trend has been strong for the 6th trading day in a row, overtaking the high point of 109.49 earlier this month and reaching a new height since May 31st. On the other hand, the yen has experienced the longest downslope trend since May, 2018. USD/JPY daily pivot points 109.32---109.44 S1: 109.16 R1: 109.73 S2: 108.81 R2: 109.95

https://jump.wikifx.com/83348CF26389B46D Exposed broker: Kainos Regulatory status: operating under cloned license Complainant: Mr. Chen Cause of complaint: investor cannot withdraw The cunning illegal broker swindled investors by claiming that they can achieve “financial independence” under the instructions of signal providers; while investors appeared to be profiting, they actually suffered losses in trading. Recently, Mr. Chen shared his experience of being defrauded by the illegal forex broker Kainos. Event recap Mr. Chen first made acquaintance with the “signal provider” Mr. Zhang in early August this year. Coaxed by Zhang’s inciting words about “financial independence” and “the strongest team of international trading professionals”, Mr. Chen signed up at Kainos and added the signal provider recommended by Zhang to his contact. After that, Mr. Chen was hypnotized by the signal provider into stepping up his investments. According to his trading records, he was instructed by the signal provider to place orders frequently within just a few days. And although Mr. Chen appears to be profiting, the commission from his frequent transactions had outweigh his gains, rendering his account in loss overall. Realizing that something’s wrong, Mr. Chen filed 2 applications on August 13th in the afternoon to withdraw his account balance. However, his applications remained unapproved Though Mr. Chen was able to log in his account regularly, he failed to receive the money withdrawn. Analysis Worrying about not making the right decisions in their trading, many investors often turn to so-called “signal providers” for help. Yet many scammers are trying to lure investors into their traps through this self-claimed title of “signal provider”. Mr. Chen’s case is a typical example of “signal-provider scam”, in which the “investment experts” bombarded him with attractive empty promises that eventually hypnotized him. Investors need to watch out for such “experts” that approach you during the investment process. Their remarks, often exaggerative and self-contradictory, are extremely unreliable. As for Kainos, the broker claims on the official website that it holds an MM license (regulatory number: 705428) from FCA(UK); but information from FCA website shows the regulatory number belongs to Trading.com instead, and Kainos is actually operating under cloned license. Conclusion WikiFX App shows that the broker Kainos is currently operating under cloned license without valid regulation. Rated at 1.64 on WikiFX App, the broker is extremely unreliable, and WikiFX suggests investors to stay away from it.

https://jump.wikifx.com/83348CF26389B46D The overnight US dollar rally has continued since last Friday. The US dollar index surged to as high as 98.33 at one point. EUR/USD fell to the 1.10 mark, while USD/JPY rose to the 109 level. These trends before the upcoming US Thanksgiving holiday this week are the results of forex positions adjustments before the end of the month. Compared with the stock market and the bond market, the readjustment of capital flows will have a stronger impact than hedging operations, so it may trigger selling of USD against EUR or GBP near the end of the month. As of November 19th, 2019, the number of speculative net long positions for the ICE USD index decreased by 3,159 to 24,62. Speculative longs decreased by 2,408 to 31,509, and speculative shorts increased by 751 to 6,884. The non- reportable long positions for US dollar increased by 29,649 to 164,004.

What is binary option 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. Booming development followed by crackdown The rapid development of the internet has led to a proliferation of web-based binary option platforms, particularly after 2010. Yet among these emerging brokers, many conduct unauthorized business and make huge profits through their illicit practices. Facing with the overgrown binary option platforms, European Securities and Market Authority (ESMA) made an announcement last year, prohibiting the marketing, distribution and sale of binary options within EU boarders. As countries tighten their regulation, many binary option brokers choose to transfer their businesses to offshore companies in order to carry on their business operations. Visiting Binary.com Binary.com claims itself to be an award-winning front-runner os online binary option with a trade volume of over 2 billion USD, and WikiFX visited the company’s branch in Malaysia upon investors’ requests. We arrived at the shopping centre where Binary.com is located, and found the company’s office. However, it’s empty with no one inside, and there were few people inside the building. According to assessment data from WikiFX App, Binary.com is rated at 3.29. The broker uses non-MT4 trading software, which investors should beware of. In addition, WikiFX App’s risk warning suggests both the VESC (Vanuatu)’s license and FSC (the Virgin Islands)’s license held by the broker are in offshore regulation, while its FSA (Japan)’s license is suspected to be cloned, suggesting high risks. Investors need to be careful in choosing this broker. Choosing a compliant binary option broker Before making an investment, it’s a good idea to do a thorough research on the broker and check its information from all aspects, like its compliance and regulation, authenticity of its claimed regulatory status, whether it manages clients’ assets in segregated account and customers’ feedback on the broker. Stay tuned as we bring you more forex trading strategies (fundamental and technical analysis) and don’t miss out the great forex contents updated on WikiFX.

https://jump.wikifx.com/83348CF26389B46D On November 24th, 2019, WikiEXPO successfully wrapped up at Marriott Marquis Queen’s Park Hotel in Bangkok, Thailand. With over 5,000 attendees, over 30 forex brokers and 30 well-known keynote speakers of the forex industry, the event has been a roaring success. With its constantly growing influence, WikiEXPO aspires to join hands with investors and forex professionals to create a safer forex investment environment. Bangkok is the third and last stop of WikiEXPO’s serial expositions in Asia this year. In order to offer the investors and professionals the best participating experience at the event, WikiEXPO team spends approximately 2 months preparing for every exposition. Following the last exposition in HCMC, Vietnam, WikiEXPO Bangkok was hosted at an even larger venue covering 3,000m2, in order to offer brokers, investors and other professionals a high-quality platform to share their expertise and forge business connections. Meanwhile, WikiEXPO’s collaboration with 5 prestigious local forex media groups had enabled local investors to further understand the forex market through more diversified channels. On 24th at 9am local time, attendees entered the venue after registration and the host opened the event with a splendid welcoming address. WikiEXPO understands the significance of market exposure for exhibitors and strove to provide the 30+ participating brokers more branding opportunities in the agenda and venue arrangement. As the host of the event, WikiEXPO had shown much dedication and consideration, which was evident in many details at the venue. From the posters on the pillars to logos on charging stands and drink booths, the exhibitors were given more opportunities to display their brands and logos, and investors can learn about them more directly to engage in more efficient interactions with brokers. Taking full advantage of the venue, WikiEXPO thoughtfully arranged 2 speech sections and 3 salon sections that allowed brokers’ presentations and KOL speeches to run in parallel, thus increasing time efficiency of the Exposition. Investors had more choices during the same period, while more brokers also benefited from having adequate time to introduce their brands. Guest speakers shared their expertise and insights about forex trading, market trend and global financial context through fascinating speeches, such as “Elliott Wave Made Easy”, “Money Management” and “Forex Industry Trends Nowadays”, kindling wild applause in a warm and lively atmosphere. During the event, WikiEXPO also arranged tea breaks for the participants, as well as several lucky draws that offer great prizes such as HUAWEI Mate30 Pro and Huawei P30 Pro. Investors were very pleased as they not only learned plenty about forex but also got the chance of winning exciting prizes. At 6pm, the event concluded in a warm and pleasant mood. The successfully close of the Bangkok Expo also marked a satisfactory ending of WikiEXPO’s journeys in 2019. WikiEXPO team will review the achievements in 2019 and get ready for the upcoming events next year. In the past, WikiEXPO left its trace in Kuala Lumpur, Ho Chi Minh City and Bangkok; looking ahead, WikiEXPO will continue to carve out more new frontiers and achieve even greater success.

https://jump.wikifx.com/83348CF26389B46D The euro hit a 10-day low against US dollar on Monday, and investors remain cautious about the short-term economic outlook of the Eurozone. Although German business confidence improved slightly in November, the Eurozone still faces uncertainties in its economic prospects, while business growth in the region has been almost stagnant this month. European Central Bank President Lagarde and other ECB members may step up bond purchase or cut interest rates further to support the weak Eurozone economy. Taking into account the overall weakness of the Eurozone economy, the ECB is expected to reduce interest rates by another 10 basis points to -0.60% at the December policy meeting. Hedge funds are betting on the euro to fall and increased their short positions, and last week's data showed that overall net short positions increased slightly. The European Central Bank has restarted its bond purchase program and further lowered the interest rate to negative in September. However, these stimulus measures appeared to be ineffective, as the euro has dropped 1.5% this month. Economic signals are worrying and the euro remains weaken against the US dollar. EUR/USD daily pivot points: 1.1013--1.1017 S1: 1.0999 R1: 1.1027 S2: 1.0987 R2: 1.1043

https://jump.wikifx.com/83348CF26389B46D US will enter the holiday shopping season on November 29th and although some people expect the sales this season to break the trillion-dollar mark unprecedentedly, other negative factors such as shortened term, market volatility and a traditional retail sector facing much difficulties may still limit holiday sales growth. The holiday season from Thanksgiving to Christmas is 6 days shorter compared with last year, which means both consumers and businesses will have to quicken their pace in shopping/selling in this year’s shortened holiday season. According to US Commercial Department, US retail sales was up 0.3% in October, yet consumers’ purchase of big-ticket appliances have dropped, which dampens the outlook for a strong holiday shopping season. October’s core sales (energy and other consumption excluded) grew by only 0.2%, less than the 0.4% market expectation. As US consumers cut back on purchase of large appliances and clothing, market expectation for the holiday shopping season may be tempered. Of the 13 sub-indicators for October’s retail sales, 7 have experienced a decline,indicating an expanding sluggish trend of the retail sector. Daily pivot points for USDX: 98.06---98.20 S1:97.95 R1: 98.45 S2: 97.63 R2: 98.63

https://jump.wikifx.com/83348CF26389B46D Broker: ATRI Regulatory status: unregulated Complainant: Mr. Liu Cause of complaint: investor couldn’t withdraw Brokers on the forex market always strive to present their clients a perfect image, but sometimes such a flawless image may turn out to be a lie. Recently, Mr. Liu told WikiFX about how ATRI, a deceptive illegal broker, had rejected his withdrawal and suspended his trading account for no reason. Event recap This August, Mr. Liu was introduced to ATRI by an IB and started investment on the platform. Though still young and not very experienced, Mr. Liu still made considerable profits within a month through his keen sense about the market trend. Yet when he applied to withdraw part of the fund, the illegal broker’s risk control department suspended his account for alleged violation of platform’s restrictions, apparently not willing to let Mr. Liu claim his investment profits. Not only couldn’t Mr. Liu take his profits, he wasn’t even able to withdraw the initial deposit. After that, he contacted the broker’s IB agent for several times, but the latter offered no concrete solution besides prevarications and soon stopped answering his questions altogether. Up till now, Mr. Liu’s account remains unavailable and he still can’t withdraw his money. Analysis After receiving Mr. Liu’s report, WikiFX checked ARTI’s official website and its regulatory information and found the following 2 aspects that appeared suspicious. Firstly, The broker’s official website has both English and Chinese versions, but we noticed that the Chinese version claims the broker has NFA regulation, while the same information was missing from the English version. Secondly, we searched NFA(National Futures Association)’s official site and found that ATRI, despite its claim, is not among the brokers under NFA regulation. When looking at ATRI’s website, we noticed that it has made great efforts to impress investors as a compliant and strong broker. The broker claims to be a settlement member of prestigious global exchanges such as CME(Chicago Mercantile Exchange) and NYMEX(New York Mercantile Exchange), while boasting other highlights such as MT4 trading software and fixed spread. Fooled by the sense of superiority created by such false claims, inexperienced investors like Mr. Liu often end up suffering heavy losses from the illegal broker’s trap. But the false regulatory information reveals more about ATRI’s real status than any of its deceptive self-proclaimed advantages. Therefore, investors need to verify and cross-check a broker’s profile through multiple sources to ensure it’s truly compliant and credible. Do not rely solely on information from broker’s official site or advertisements. Conclusion According to WikiFX App, ATRI which is currently unregulated has been in business for less than a year and uses white-label MT4/5 trading software. The broker is rated at only 1.68 on WikiFX App, bearing significant risks, and WikiFX reminds investors to stay away from it.

https://jump.wikifx.com/83348CF26389B46D The AUD is very sensitive to the international trade negotiation situation as a major commodity currency, and given Australia’s nature of an export economy, the situation can be a growing concern for the Reserve Bank of Australia(RBA). The Reserve Bank Board emphasized that they’re ready to ease the monetary policies if necessary, which means the RBA may take additional measures to cushion the impact on Australian economy. According to the RBA’s latest meeting minutes, the board reviewed on November’s meeting the reasons supporting a further rate cut against a weaken global economic outlook. Meanwhile, board members noted that a faster increase of wages will be needed to keep inflation in the 2%-3% target range, indicating the RBA will remain in a quantitative easing cycle. As RBA is still assessing the effectiveness of previous QE measures, whether it will hold the interest rate unchanged at the meeting on December 3rd remains a question. If international trade negotiation come to a standstill, the RBA may further cut interest rate in 2020.

https://jump.wikifx.com/83348CF26389B46D Broker postpones withdrawal with all sorts of excuses; Broker ignores investor’s withdrawal application; Broker blocks withdrawal process; Investor fails to receive withdrawn funds; Investor can’t withdraw profits; Broker’s exchange rate for deposits and withdrawals vary disproportionately Broker and the customer service remain out of reach; Broker frequently experiences “system maintenance”; Broker frequently experiences “withdrawal channel maintenance”.... ... Have you or your friends ever experienced any of the above-mentioned circumstances? Maybe you remained silent and decided to give up any further attempt to recover your funds, or perhaps you took the broker’s words and believed that it was simply a temporary breakdown of the third-party channel that blocked your withdrawal? Perhaps you hadn’t lost the faint hope that you may eventually receive your money after waiting for a few days or a few months, or have you heard the broker had escaped and thought you could do nothing about the situation? In the recent few days, WikiFX has received over 30 complaints against the forex broker Davinci from investors. Mr. Xiao is among the victims of the scam, and he told WikiFX that he didn’t receive the fund withdrawn from Davinci after waiting for a long time. At first he thought it was because he didn’t follow the right procedures, so he filled out the withdrawal application form as the customer service told him, but he still couldn’t receive the money, while the broker’s customer service eventually stopped replying to his inquiries of the matter. According to WikiFX App, the forex broker Davinci is rated at only 1.89. Information shows the broker is registered in Hong Kong and with its current NFA(US) license No.0514866, it operates in overrun business. WikiFX has labeled it as a heavily complained broker to warn investors against it. As a leading forex media, WikiFX sticks to the truth and bravely stands up for investors’ rights in face of the numerous forex brokers of mixed qualities. We have recorded detailed information of over 13,000 brokers in 30 countries, including past scandals of illegal brokers. Our investor-right-protection team is experienced in handling withdrawal failure, unjustified losses and IB scams, and we will do our best to restore your defrauded assets. You may download WikiFX App and register to become a WikiFX VIP member, and get professional assistance in recovering the lost funds.

https://jump.wikifx.com/83348CF26389B46D ECB Chief Economist Philip Lane said on Wednesday that the central bank is about to decide on launching a monetary policy review. Despite massive fiscal stimulus in the past years, the ECB policy makers still face many challenges in boosting inflation of the Eurozone. The ABN AMRO Bank noted that as industrial production and business confidence have been declining in the past 6 quarters, the fixed investment can be affected by several factors in the upcoming quarters, and the total investment of the Eurozone may continue to decline for quarters to come. Technically, the euro-dollar rate is currently at 50% of the declining trend from November 4th to November 14th, which is a key position; whether it can break through the major resistance of 1.1080 will be crucial for the future performance of the currency pair. EUR/USD daily pivot points: 1.1066---1.1072 S1: 1.1058 R1: 1.1086 S2: 1.1041 R2: 1.1097

https://jump.wikifx.com/83348CF26389B46D No matter who wins the general election next month, the British government will face a new wave of debt up to 1.6 trillion pounds. British Prime Minister Johnson pledged to raise public spending to the highest level since the 1970s, ending the partys decade-long focus on restoring public finance. According to data from the International Monetary Fund (IMF), UK’s debt equaled 87% of economic output in 2018, more than double of that before the financial crisis in 2008-2009. Britain’s budget deficit peaked during the crisis, slightly above 10% of the GDP. Domestic investors such as pension funds and insurance companies, together with the Bank of England, held the majority of British government bond, thus offsetting the risk of foreign investors sell-off when the circulation increased. In 2017, foreign investors accounted for only 25% of those holding British government bonds. This relatively low share reflects the pound’s declining position on the global market. Foreign institutional investors such as sovereign wealth funds and central banks are instructed to hold only a small amount of pound assets such as British government bonds. Britain no longer has a triple-A rating, and a deterioration of the public finance outlook means that the downgrade is considered a risk, and this does not take into account the election expenses. Daily pivot points for GBP/USD: 1.2931---1.2939 S1 1.2901 R1 1.2961 S2 1.2875 R2 1.2995

https://jump.wikifx.com/83348CF26389B46D US Federal Reserve will soon release the minutes for October’s monetary policy meeting, which had directly led to the Fed’s third rate cut in the year- an action much in line with the market’s general expectations . On the other hand, the Fed has removed “taking appropriate action to maintain economic expansion” from the interest rate statement. The sentence has been in the interest rate statement since June, paving the way for the Fed’s rate cuts. Given that the US economy has rallied more than the market had expected, this change of wording suggests that the threshold for a further rate cut is very high. On November 13th (EST), the US Federal Reserve Chair Powell once again emphasized his optimism about the US economy. He said, "sustained expansion of economic activity, a strong labor market, and inflation near our symmetric 2% objective as most likely.” At the same time, Powell also admitted that uncertainties in the trade sector continue to plague US corporate confidence and business investment, while foreign economic slowdown can also hinder US growth. Policymakers will closely observe all types of economic data to see whether they remain in line with market expectation. In addition, the Fed is not worried about inflation. Although Powell still believes that the inflation rate is close to the 2% target set by the Fed, it is clear that the historical model of the relationship between price and the weak job market no longer prevail. The Fed used to consider a 5% unemployment rate was almost full employment, but now economists must admit that the US economy can operate at a much lower unemployment rate. Besides the Federal decision of interest rate cut announced at the end of October, several key indicators are being released in the US recently: The core CPI rose 0.2%, in line with expectations; PPI rose 0.4%, higher than the expected 0.3%... a series of breakthroughs in important economic data indicate the US economy is rallying, and Fed officials are generally optimistic about the country’s economic situation. Survey data showed that the market estimates a 96% probability for the Fed to hold interest rate unchanged, the remaining 4% implied odds are for 25 basis points. With the release of the Fed’s meeting minutes at the corner, what’s your view about the monetary policy in the future? Stay tuned as WikiFX presents you more forex dynamics and market trend analysis that add to your investment success.

https://jump.wikifx.com/83348CF26389B46D Forex traders have been selling AUD after the Reserve Bank of Australia(RBA) released its latest monetary policy meeting minutes, as the minutes showed policy makers had considered cutting interest rates in November. The signal was quickly received by the traders who have been paying close attention to Australia’s economic growth. The key point is that the meeting expects economic growth to be even weaker in the future. The minutes show the market that the RBA is more dovish than people have thought. The next indicator to be closely watched is GDP data scheduled for early December. If GDP data turns out lower than expected, the RBA will be under pressure to cut interest rates next month. After the minutes have been released, Australian 10-year bond yield dropped 5 basis points to the lowest level since November 1st. AUD/USD daily pivot points: 0.6805-----0.6809 S1: 0.6793 R1: 0.6817 S2: 0.6783 R2:0.6831

https://jump.wikifx.com/83348CF26389B46D JP Morgans have gave up making any predictions about whether ECB will cut its rate in the rest of 2019. The company’s report on Friday noted that since September’s basket of easing policies kindled fierce public debates among European policy makers, JP Morgan hasn’t made any forecasts; as there hasn’t been further signals for easing, and it takes time to reach consensus within the ECB board, it’s increasingly difficult to predict ECB’s upcoming actions in December. The next step for the European’s central bank can be launching an evaluation on policy strategy. If postponed until mid-2020, the evaluation may become an excuse for ECB’s passiveness in taking actions. It’s estimated that ECB will likely keep its current position in monetary policy. Meanwhile, ECB hawk Muller said last weekend that should the economic situation in the Eurozone continues to deteriorate, the central bank may purchase even more assets, such as government and business bonds, alongside taking other easing approaches. Overall, it appears that the Euro will remain weak on a side-way trend, and investors may seek right opportunities to trade the pair of EUR/AUD. Daily pivot points for EUR/AUD: 1.6213--1.6233 S1: 1.6182 R1: 1.6245 S2: 1.6160 R2: 1.6286

https://jump.wikifx.com/83348CF26389B46D Russia is planning to cut the proportion of US dollars in its US$ 125 billion of sovereign wealth fund. Last year, the central bank have made large withdrawal from dollar assets. According to Russia’s Deputy Minister of Finance Kolychev, “Geopolitical risks are one of the major factors for changing Russia’s foreign reserve structure. It’s safe to say that the share of US dollar will decline, and Russia will consider to enlarge its foreign reserve in other currencies, such as Renminbi or the Euro.” Russian president Vladimir Putin urged Russia to cut reliance on US dollar, as the US had stepped up its sanctions over Russia in the past few years. The Central Bank of the Russian Federation sold off 100 billion of dollar assets and purchased Euro and Renminbi, and the measure to diversify the country’s foreign reserve also made Russia the world’s largest holder of Renminbi reserve. Thanks to the steady inflow of oil revenue, Russian’s sovereign wealth fund have increased to US$124.5 billion, currently consisting of 40% US dollar, 30% Euro and 6% British pound. Dmitri Dorkin is the Chief Economist of the International Netherlands Group. He said: “Because the central bank has considerable amount of foreign reserve, it can satisfy the demand of the Ministry of Finance to change the currency structure without market operations.”

https://jump.wikifx.com/83348CF26389B46D The fifth issue of the London Renminbi Business Quarterly Report, jointly released by the City of London and the People's Bank of China in Europe recently, showed that RMB’s average daily forex trading volume in Q2, 2019 reached a record high of 85 billion pounds, up 8.8% from the previous quarter and a 22.9% increase year-on-year. Coincidentally, the Bank for International Settlements (BIS) concluded from the statistics in the past 6 months that the nominal value of outstanding forex derivatives has been on the rise, while other derivatives have shown a decline. By the end of June 2019, the nominal amount of forex derivatives totaled US$99 trillion, while brokers from emerging market economies accounted for 9% of the nominal amount of outstanding forex and commodity derivatives, up from 7% at the end of June 2016. Undoubtedly, the forex market, already the world's largest financial market, is still growing rapidly. While the world's major economies maintain their dominance of market share, the emerging market economies are showing their potential through accelerated development. This is particularly evident in the Southeast Asian countries which have made great strides in their financial and forex trading sectors. Although some countries have certain restrictions over forex trading for financial security reasons, the ubiquitous impact of forex industry in an age of accelerating informatization and globalization is hard to ignore, and the booming global forex industry is bound to have far-reaching implications over the economic life of people from these countries, sooner or later. The constant advancement of the forex industry is accompanied with enhancement of regulation. Countries around the world are establishing more institutions to regulate the market and guide the sound development of forex industry. But in such a lucrative market, the existence of illegal brokers also becomes inevitable. Investors still have to stay alert in the current investment environment in order not to fall into brokers’ traps. Asset safety is a prerequisite for making profits in all investments. And as the leading media of the forex industry, WikiFX has recorded detail profiles of more than 13,000 brokers, allowing investors to verify brokers’ qualifications from multiple dimensions. Meanwhile, we also provide vast amount of forex information to guide investors towards a safer forex trading experience. For more information, please visit WikiFX’s official website or WikiFX App.

https://jump.wikifx.com/83348CF26389B46D Latest statistics show that UK’s GDP inched up 0.3% in Q3, 2019, recovering from Q2’s decline and saved from sinking into a technical economic recession. Yet Britain’s economy still faces quite a worrying outlook. In terms of annual rate, UK’s GDP increased only 1% from July to September, the lowest since Q1, 2010. Service sector has created the most momentum for last quarter’s growth, with a 0.4% increase in its output. Construction industry grew by 0.6% thanks to the increase of construction activities, but manufacturing again turned stagnant without any growth in the quarter. Compared with other developed countries, Britain’s annual growth in Q3 lagged behind the US’ 2% growth and France’s 1.3%, but slightly better than the 0.3% increase of Italy. The country’s economy has experienced much uncertainties and different possibilities of the Brexit outlook have affected growth in one way or another. In fact, It may be a bit of overstatement to call Q3’s economic performance a recovery, as many business activities have taken place before October 31st. 2019’s last quarter will likely weaken as business inventories decline. Though employment can prop up the economy to some extent, the weakening capacity of investors remain a problem. The next government has an obligation to revive the current economic situation. GBP/USD daily pivot points: 1.2840---1.2846 S1: 1.2828 R1: 1.2865 S2: 1.2806 R2: 1.2880

https://jump.wikifx.com/83348CF26389B46D Broker: ACH (New Zealand) Visited on: October 18th, 2019 Conclusion: broker’s office doesn’t exist at the regulatory address On-the-spot investigation Regulatory information shows that New Zealand forex broker ACH is located at Suite 1 Level 2, 20 Northcroft Street Takapuna Auckland, and WikiFX survey team recently visited ACH at the place. Following the map’s direction, WikiFX team soon found the office building in a small business district on the north shore of Auckland. We entered the 2-storey-building, but didn’t find the name of ACH on the directory sign in the first-floor lobby. After coming to the second floor, we still didn’t find the office of ACH. We asked the staff in the nearby office about ACH and was told that they had no idea about this company. Thus we confirm through the visit that the office of the New Zealand broker ACH does not exist at the alleged location. Survey analysis As the country that starts trading earliest everyday on the global market, New Zealand enjoys a significant status on the forex market. In recent years, more and more brokers have chosen to register in New Zealand. However, prudent investors may notice that brokers registered in New Zealand will usually mention 2 different types of regulatory licenses, FSP and FMA, and may wonder about the difference between them. FSP is abbreviation for “Financial Service Providers”, and New Zealand’s legislation requires all individuals and organizations that provide financial services in the country to have FSP registration. Meanwhile, any compliant foreign exchange broker under New Zealand’s regulation must obtain FMA (Financial Markets Authority)’s license for derivative provider, in order to operate on derivatives market. Therefore, a broker with an FSP registration number cannot be considered to be fully compliant; only those who also hold an FMA license are qualified for providing forex-related products and services. Obviously, ACH is taking advantage of investors’ knowledge blind-spot about New Zealand regulation. The broker might have an FSP's registration as it claims, but without a proper FMA license, it is nevertheless unqualified for forex business operations. Conclusion According to WikiFX App, ACH has no valid regulation at the moment and even its FSP registration had already expired. WikiFX has marked ACH as an illegal broker to warn investors against it.

Get more: https://jump.wikifx.com/83348CF26389B46D Exposed broker: KP Regulatory status: operating under cloned license Complainant: Mr. Wu Cause of complaint: investor can’t withdraw Event recap At the beginning of 2019, Mr. Wu was attracted by the advertisement of KP he saw online and signed up at the broker to make investment. Unlike usual trading platforms, KP offers investors a cash account and a KP account. While both accounts will generate profits from spread trading, withdrawal can be made only through the KP account. The growing profits in Mr. Wu’s account made Mr. Wu unwary and he wasn’t alarmed even when he failed to get refund of the withdrawal he applied for in April (withdrawal refund will take no more than 6 months, according to the system notice). By the end of September, KP suddenly made a public announcement to all clients, saying that the withdrawal channel is temporary suspended due to system reasons, and Mr. Wu finally realized something must be wrong. After that he contacted the customer service for several times, yet fail to get any reply. Until now, Mr. Wu still can’t withdraw his balance in the account. Analysis It seems that KP well deserved its position on top of WikiFX’s most complained broker list in September, and Mr. Wu’s experience demonstrates how the illegal broker set investors up. On its website, KP kept boasting about the high profits it can generate for investors in order to lure them into making deposits, and once they take the bait, the illegal broker’s trap in the withdrawal process will be ready to swallow up their deposits. Investors also revealed in their complaints that KP’s alleged partnership with renown companies such as TRADE REAL turned out to be fraudulent, while its trading software is not MT4 software as the official site claims. Moreover, the ASIC ( Australia)’s license for common financial services KP holds is suspected to be a cloned license. In short, information that KP offers in its advertisements and on the website is seriously misleading. Conclusion According to WikiFX App, KP currently has no valid regulation, and its ASIC (Australia)’s license for common financial services is suspected to cloned. With less than 1 year in business, KP is rated at only 1.5 on WikiFX App, and WikiFX suggest investors to stay away from this dangerous and unreliable broker.

https://jump.wikifx.com/83348CF26389B46D According to the 5th issue of London RMB Business Quarterly, jointly released by the City of London Corporation and People’s Bank of China(PBoC) on November 11th, 2019, daily CNH forex trading volume in Q2, 2019 totaled a record height of 85 billion GBP, up 8.8% from the last quarter and up 22.9% year-on-year. The daily clearing volume at UK’s designated RMB clearing house(China Construction Bank) totaled 43.97 billion yuan from June to August, up 18.4% from the last quarterly. Since it officially began clearing business in June, 2014, the bank has completed a total clearing volume of 40 trillion yuan. Cross boarder settlement of RMB also resumed rapid growth. By the end of August, 2019, cross-boarder RMB payments and receipts reached 370 billion yuan which equals the total in 2018. The offshore RMB exchange centers in London can generate billions of pounds of revenue each year. According to data from Society for Worldwide Interbank Financial Telecommunication (SWIFT) in December, 2018, UK accounts for 36% of the RMB global transaction while France and Singapore account for 6% each. London now stands as the world’s largest foreign exchange centre and the second largest oversea clearing centre for offshore Renminbi.

Company’s name: Hirose Financial Visited on: October 17th, 2019 Visited by: WikiFX team Location: U0067, 1st Floor, Jalan OKK Awang Besar ,87000 Labuan F.T, Malaysia. https://jump.wikifx.com/83348CF26389B46D Previous on-the-spot investigation On our last investigation trip, we visited CIMB Bank in Malaysia and confirmed that the company is at the address from its regulatory information and is in business under LFSA regulation. As the “eyes” and “ears” of global investors, WikiFX team conducts spot check on forex brokers and record the results on WikiFX App for the reference of our clients. Upon investors’ request, we’re checking out the forex broker Hirose Financial in Malaysia this time. About the company Hirose Financial is the fully-funded subsidiary of leading Japanese forex company Hirose Tusyo Inc. which has branches in 4 countries offers quality services for over 200,000 global clients. On-the-spot investigation: According to the address from regulatory information, WikiFX team came to the bustling Jalan OKK Awang Besar Street. After searching amid countless shops and buildings, we found the entrance to the building where Hirose Financial is located. As we were walking up the stairs, we found many signs of different sizes, but did not find the name of Hirose Financial. In order not to miss anything, we turned around the first floor and finally saw Hirose Financial’s name next to u0066. Since the door was closed and no one entered or exited, we could not confirm whether someone was working in the office. Visit Summary WikiFX team confirms after the visit that the location of Hirose Financial's licensed branch in Malaysia is consistent with its regulatory address. Its MM license from Labuan Financial Services Authority (LFSA) is under valid regulation and investors may safely choose this broker. Conclusion Until now, WikiFX has recorded profiles of tens of thousands of brokers, while offering investors vast forex information. Stay tuned as WikiFX presents you visit reports of more forex brokers.

Bank of England announced on Thursday, November 7th to hold the interest rate at 0.75%, which is much in line with previous market expectation. Less than 6 weeks away from December’s snap election, opinion polls may be more significant than data and monetary policies. If the Tories can secure a majority of votes and Prime Minister Boris Johnson’s Brexit deal won the support of most members of the Parliament, the pound sterling is much likely to go up. Statistics from US Commodity Futures Trading Commission (CFTC)shows that for the week ending October 29th,leveraged funds betting on the pound sterling reduced $2.606 billion in short positions of the pound, a six-month low.Most corporations are hedging risks from the interest rate with bonds and are shorting the pound sterling, which remains one of the most undervalued currencies in developed countries. Source: WikiFX App