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  1. https://jump.wikifx.com/83348CF26389B46D Near the end of the year, many renowned brokers on the forex market are starting to release their financial statements. According to the latest 6-month data recently released by the Bank for International Settlements, the nominal value of forex derivatives totaled US$99 trillion by the end of June, 2019. Overall, nominal value of OTC derivatives reached US$ 640 trillion, up 17.6% from the US$ 544 trillion at the end of 2018. but amid the generally growing trend of the forex market, not every broker’s financial statement reveals good news. The renowned forex broker FOREX.com recently released its financial statement for October. After falling to a lowest point in several months, the broker’s forex trading volume rebounded slightly in October. Statistics showed that the company’s forex trading volume reached US$171.9 billion in October, up 13% from US$151.5 billion in September and down 25% from US$231 billion in October 2018; figures in other categories, although slightly better than September’s, have all declined year-on-year in various degrees. As the trading volume is unlikely to experience significant volatility near the end of the year, it seems this largest forex broker in the US have failed to carry on its success in 2018. Polish forex broker XTB also released its Q3 financial data, which suggests a robust performance of the broker. Though the product intervention measures from European Securities and Markets Authority(ESMA) earlier on had hit XTB significantly, latest figures indicate the broker has been recovering. 10,042 new clients were added to XTB in Q3, 2019, up 105.6% year-on-year; trading revenue of CFD totaled 59.93 million Polish złoty, up 26.76% compared with 2018, while other sectors all witnessed different degrees of growth. Like the financial statements of listed companies, brokers’ financial statements also tell much about their operation abilities and business strength, providing a good reference for investors. Getting timely market updates is crucial for investors, and WikiFX will continue to update more forex dynamics for investors, so you can conveniently access all information you need to know from your fingertip.
  2. 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
  3. 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.
  4. 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.
  5. 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.
  6. 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
  7. 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
  8. 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.
  9. https://jump.wikifx.com/83348CF26389B46D Broker: Makasky Location: Malaysia Regulation: suspected-cloned license Status: not at the regulatory address Address: Unit Level 14(C), Main OFFice Tower, Financial Park Complex, Jalan Merdeka , 87000 Labuan F.T Some investors may remember AL-HIDAYAH, a broker that WikiFX visited in August. Although claimed to be located in room 14(B) &(C) at Financial Park Complex, Labuan, Malaysia, AL-HIDAYAH’s office turned out non-exist at the address. The office belongs to a management firm called Regus instead. When browsing broker’s information online, we accidentally found a forex broker named MAkasky which also claims to be located in 14(C) of the above-mentioned office building. Can that be a coincidence, or is it simply another trap for investors? From WikiFX App, we learned that the broker Makasky, rated at only 1.23 and has been in business for less than a year, is suspected to hold a cloned license. This is a risky broker that can cause investors heavy losses, and we decided to fulfil our obligation of safeguarding investors by check the broker on-the-spot. As we have been here several times, we were familiar with the procedures and quickly filled out the visitor registration form. Coming to level 14, we followed the direction signs and found 14(B) &(C). Again we saw Regus, the management firm, in regular business, but Makasky which claimed to operate in 14(C) was nowhere to be found. Thus we may safely conclude that Makasky is just another unreliable forex broker. Its alleged “LFSA license number” MB/16/0012 is only a registration number, and the broker isn’t regulated by Labuan Financial Services Authority (LFSA). Conclusion: Currently, WikiFX has recorded detail profiles of tens of thousands of forex brokers, while striving to offer investors more comprehensive forex information. Stay tuned as WikiFX presents you more brokers’ visit reports.
  10. 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
  11. 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
  12. 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.”
  13. 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.
  14. 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
  15. https://jump.wikifx.com/83348CF26389B46D Japan’s machine tool orders, a leading indicator of the Japanese economy, is facing . According to data released by Japan Machinery Tool Builders’ Association (JMTBA) on November 12th , orders in October dropped to 87.4 billion yen, a 37.4% decrease year-on-year. The orders have been lower than the previous year for 13 consecutive months and fell below 100-billion-yen (commonly seen as a crucial mark between flourishing economy and recession) for three straight months. October’s orders fell below 90 billion yen, the last time being six years ago. This is lower than the reading of 88.4 billion yen in August. In more specific terms, domestic orders dropped by 42% to 33.4 billion yen, seeing negative growth for 11 consecutive months. Foreign orders decreased by 34.1% to 54 billion yen, declining for the 13th month in a row. In addition to the orders for electrical and precision machinery that have been declining since last fall due to global trade frictions, orders for auto vehicles and other machinery and equipment have also slowed down. Investors may follow the currency pair of AUD/JPY and seek the right trading opportunity. AUD/JPY daily pivot points 74.58---74.72 S1: 74.37 R1: 74.79 S2: 74.23 R2: 75.07
  16. 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.
  17. 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.
  18. 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.
  19. 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.
  20. 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
  21. Name of the company: CIMB Bank Address: Level 14(A), Main Office Tower, Financial Park Complex, Jalan Merdeka, 87000 Labuan F.T., Malaysia. Visited by: WikiFX team Background As Southeast Asia speeds up its pace of opening up its financial market to the world, forex trading has become a popular type of investment. The number of forex investors is growing every year as forex becomes increasingly available for people. According to The Edge Markets, a leading business and financial media in Malaysia, CIMB Group’s annual growth rate of net profit reached 25.1% for 3 consecutive years during fiscal year 2015-2018, the highest growth rate among all entities with market value over 10 billion ringgits in Malaysia’s financial service sector. In recent years, CIMB Bank’s influence on the Southeast forex market expands rapidly, making it a reputable forex broker among investors. In order to help investors learn about the broker in detail, WikiFX decided to visit the licensed branch of CIMB Bank in Malaysia. On-the-spot investigation According to the address from regulatory information, WikiFX team reached Financial Park Labuan Complex. Local residents told us that the complex, covering 12 acres, is the largest business landmark on the Labuan Island. After entering the building, we filled out the visitor registration form as instructed and followed the direction signs to level 14, where we found CIMB Bank’s licensed office in Malaysia. Through the glass door of the office, we saw around 10 cubicles inside, and the working environment looked neat and organized. Investigation summary We confirm after the visit that CIMB Bank’s licensed branch in Malaysia is indeed located at the address from its regulatory information and is currently in business. Conclusion Per checking WikiFX App, CIMB Bank is rated at 5.76 and its 2 MM licenses from Labuan Financial Service Authority (LFSA) are both in valid regulation. Investors may safely choose this compliant broker. Up till now, WikiFX team has visited thousands of brokers across the world, with many visit reports now presented with VR technology. In addition, the WikiFX App has recorded the profiles of over 13,000 forex brokers in order to offer investors comprehensive forex information.
  22. Coming to November, a series of major global events such as ECB President Draghi’s farewell speech, the Fed’s 3rd interest rate cut in the year and the general sluggish trend in global manufacturing continues to stir up the forex market. Here’s a quick look at what’s going on recently that may affect the forex trend. Draghi made his farewell speech In the evening of October 24th (GMT+8), European Central Bank (ECB) President Mario Draghi spoke at his last press conference as the central bank’s leader after the policy meeting, while ECB decided to keep 3 key interest rates unchanged, in line with the market expectation. In addition, ECB also reiterates its plan to resume monthly bond-purchase of €20 billion, starting from November 1st, saying that the bond-purchase will carry on until the next interest rate increase, as long as the bank sees it necessary. After the decision was announced, Draghi noted at the press conference that according to latest statistics, Eurozone economy remains weak on the long run with significant down-slope risks, and inflation may continue to decline. Draghi said the ECB may need to maintain large degree of quantitative easing for a longer period and be ready to adjust the policy tools accordingly. Advocating for a gradual expansion approach in financial policy, he also calls for the governments of EU members with more fiscal space to take actions and accelerate economic reform. The Fed cut interest rate for the 3rd time this year US president Donald Trump voiced disappointment about the Federal Reserve’s monetary policy on October 24th in a tweet, implying the Fed is too slow in cutting interest rates. As weakening economic indicators recently confirmed US economy is struggling with inadequate investment, the market had expected FOMC to lower the target range of interest rate by 1.5% to 1.75, and the prophesy has been proved as the Fed decided to cut rates once again after much deliberation, in order to tackle the current economic challenges. A sluggish global manufacturing sector US is not alone, as the whole world faces the challenge of economic slowdown. The Purchasing Managers’ Index (PMI) indicates sluggish manufacturing across the globe. Japan’s PMI registered the largest decline in 3 years, falling for 5 months in a row, while Australia’s PMI dropped to a record low to just above 50. In the Eurozone, PMI for France also dropped while Germany’s only recovered slightly from a decade’s low in last month. As the world's largest financial market, the forex market is constantly affected by global economic policies. WikiFX will closely track the market dynamics while providing trader comprehensive information of brokers, in order to offer you a safer investment experience. For more information, please visit the WikiFX website or App.
  23. British Prime Minister Boris Johnson’s new Brexit deal could hit the country’s economy harder than leaving EU without a deal, according to the National Institute of Economic and Social Research (NIESR), UK’s prestigious independent economic research organization with the longest history. While UK’s economy is estimated to shrink by 5.6%, the deal which Mr. Johnson and EU had agreed upon will likely cost the country around 70 billion pounds. It’s estimated that according to Mr. Johnson’s proposal, Britain’s economic growth will drop by 3.5% in the next decade, which is as much as taking away the economic production of Wales from the total. Even if no significant change happens to UK’s relation with the EU for a while, UK’s growth from 2019 to 2020, estimated at 1.4%, is still lower than the 1.6% growth in 2018, as well as long-term average growth. The UK in a Changing Europe, another British think tank, also estimated that the PM’s Brexit deal will lead to over 6% of decrease in the country’s average income. GBP/USD daily pivot points: 1.2876--1.2890 S1: 1.2859 R1: 1.2921 S2: 1.2821 R2: 1.2945 Source: WikiFX App
  24. China’s economy shows resilience in September thanks to domestic demand and adjustment in monetary and fiscal policies. According to data released on September 30th by National Bureau of Statistics of China, China’s Purchasing Manager Index (PMI) for manufacturing sector in September reached 49.8%, which rallied 0.3% compared with in August.Production Index,New Orders Index, Main Raw Materials Inventory Index, Employed Person Index and Supplier Delivery Time Index all went up accordingly. In comparing with other economies, China also shows robustness in economy. Manufacturing PMI in the Eurozone fell back by 1.3% to 45.7% in September, while September’s PMI in US, released by the Institute of Supply Management (ISM), dropped 1.3% to 47.8%. Meanwhile, China’s import demand in crude oil matches the overall performance of manufacturing. 41.24 million tonnes of crude oil were imported to China in September, a 11% growth year-on-year. If taking into account the 140 million tonnes of self-produced oil in the first 3 quarters, China’s apparent consumption of crude oil( production plus net imports) reached 510 million tonnes, up by 7.8% year-on-year.The steady growth of China’s consumption and imports helped to prop up oil price. Pivot points for crude oil: 55.22----55.38 S1: 54.73 R1: 56.03 S2: 54.00 R2: 56.60 Source: WikiFX APP
  25. US Treasury noted last Friday (October 25th ) that the Federal budget deficit in the 2019 fiscal year reached its highest in 7 years, while growing revenue has been offset by increase in spending and debt payment. This has been the first time since early 1980s that US sees deficit grow for 4 straight years. The Federal budget deficit in the 2019 fiscal year expanded to US$984 billion and sits at 4.6% of the GDP. Deficit of the last fiscal year was US$779 billion, equivalence of 3.8% of the GDP. While government income is up by 4% at US$3.5 trillion,spending has grown by 8.2% to US$4.4 trillion. US economy registered a 2.9% growth in 2018, yet the economy is losing momentum as stimulating effect of the 1.5 trillion tax cut scheme fades. The prolonged trade war between China and the US hurts business investment, while there has been increased spending in Medicare, Social Security and military. In addition, the country also faces the challenges of an aging population, while spending on social security, federal medicare and pension scheme at the current level is unsustainable.From a long term perspective, a constantly expanding fiscal deficit will weaken the dollar for sure. USD daily pivot points: 97.75---97.79 S1: 97.64 R1: 97.87 S2: 97.54 R2: 98.00 Source: WikiFX App