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Spread refers to the difference between the selling price (bid) and buying price (ask) of the base currency. The smaller this gap is, the smaller the cost is for the investor. Stay tuned as #WikiFX brings you more #ForexABC

The forex market has seen a series of big events since the beginning of October: US Federal Reserve released the monetary policy meeting minute, China and US conducted a new round of high-level trade talks and Britain is mapping out its way to leave the European Union. Amid the big news, forex brokers are still busy competing for market exposure through advertising campaigns. In WikiFX’s 20 largest ad-spending brokers ranking in October, the high rated brokers account for more than half of the list. However, 3 low rated brokers still got listed and even saw their rankings go up. Here’s the list of October’s top 20 ad-spending brokers. The top 5 on the list remain unchanged compared with last month, while the No. 1 largest ad-spender XM has topped the list for 4 months in a row ever since it rose to the position in July. Headquartered in Cyprus and established in 2009, XM holds MM licenses from ASIC(Australia) and CySEC(Cyprus), as well as retail forex brokerage licenses from IFSC(Belize) and FSA(UK). With nearly a decade’s rich experience, the broker is now one of the front-runners of the industry. FXTM which takes up the second place is also a broker of considerable strength. Once the lasting champion of ad-spending list like XM, FXTM is a fully compliant licensee of FCA(UK), CySEC(Cyprus) and other regulation authorities. Forex brokers FBS, Alpari and AVATRADE ranked the third, fourth and fifth respectively. Overall, high-rating brokers take up an overwhelming majority of the list. Brokers who just enter the list such as easyMarkets and BCR all have pretty high ratings as well. But a few low-rating brokers are still trying to expand their market share. A typical example is IC Markets whose ranking soared from No. 20 in September to No. 6 this month, suggesting considerable market exposure of the broker. As IC Markets receives heavy complaints from investors lately on the WikiFX App and has tremendous risks, WikiFX has put the broker on blacklist. Another illegal broker BTCC Global dropped out of the list last month but returned to October’s ad-spender list, and the WikiFX App shows its NFA(US)’s license for generic financial services is suspected to be cloned. The broker has poor rating and investors are suggested to stay away from it. The top ad-spending brokers list in October has significantly less illegal brokers comparing to previous ones, indicating that the overall environment for forex investment is improving. But a few illegal brokers are still making large advertisement spending which investors should beware of. As a leading forex media, WikiFX have now recorded information of more than 13,000 forex brokers, and investors can verify the information they received from a broker’s advertisements by searching the broker on the WikiFX App. If you have been defrauded by illegal broker and suffered loss, you can contact WikiFX and we will try our best to help you recover the fund. Please view recent articles of WikiFX for more information.

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 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.

Broker: AGRODANA (Indonesia) Visited on: August 23rd, 2019 Conclusion: the broker really exists On-the-spot investigation Regulatory information suggests AGRODANA’s licensed branch in Indonesia is at Menara Batavia Lantai 3A, Jl. KH. Mas Mansyur Kav. 126, Jakarta Pusat, and WikiFX recently visited the broker at the site. Menara Batavia is a magnificent office building. We took the elevator to the 3rd floor and found AGRODANA’s sign. Following the direction, we soon arrived at AGRODANA’s office. Information on the two posters at the entrance corresponds to that of the company’s website. The office looks bright and spacious with about 30 office cubicles. After a brief communication with the staff members, we concluded that AGRODANA’s Indonesian office truly exists. Analysis SE Asia has become an emerging forex market in recent years, and the forex industry in countries such as Malaysia and Indonesia continues to thrive. Amidst the proliferation of forex brokers, investors remain unfamiliar and skeptical about brokers from this region due to slack regulation policy and authorites’ relatively weak enforcement of rules. Therefore, WikiFX is visiting brokers in Indonesia and other SE Asian countries to bring investors more reliable details about them. According to AGRODANA’s official site, it’s a licensed Indonesian futures brokerage company established in May, 2000, with headquarter in Jakarta and branches in Bandung, Surabaya and Lampung. Focused on forex, commodities, and stock indices in Asia and around the world, the company is well-versed in finance and has acquired licenses and membership from financial institutions including BAPPEBTI (Commodity Futures Trading Regulatory Agency), ICDX (Indonesia Commodity & Derivatives Exchange), The Business Information & Communication Centre and JFX (Jakarta Futures Exchange). Regulatory information from BAPPEBTI shows AGRODANA holds retail forex license and is authorized for conducting retail forex brokerage. Conclusion Per checking the WikiFX App, AGRODANA is under Indonesian regulation and holds BAPPEBTI’s license for retail forex brokerage. It uses main-label MT4 trading software and has a WikiFX rating of 6.25, suggesting moderate credibility. However, since AGRODANA has been in business for less than a year, the overall qualification of the broker remains to be tested and investors should be cautious during investment to ensure the asset safety.

https://www.wikifx.com/sg_en/ Broker: Megagrowth (Indonesia) Visited on: December 5th, 2019 Conclusion: the broker truly exists Before the visit As an emerging power on the global financial market, Indonesian brokers are gaining greater visibility on the international stage in recent years and have attracted growing attentions from investors. Indonesia, the most populous of Southeastern countries, has been home to hundreds of forex brokers so far. Today, WikiFX is visiting the broker Megagrowth. On-the-spot investigation According to regulatory information, the forex broker Megagrowth’s licensed branch in Indonesia is located at Gedung Menara Kuningan Lt. 28 Jl. H. R. Rasuna Said Blok X 7 Kav. 5Setiabudi, Jakarta Selatan 12940. We drove to Gedung Menara Kuningan, a building with a striking logo outside. We entered and took the elevator to level 28. Floor directory showed that about 5 brokers have offices set up here, including Megagrowth that we planned to visit, and we followed the direction to its office. The company has a bright and spacious reception with a notable logo. We looked at the office and counted about 25 cubicles. Through this visit, we confirm the licensed branch of Megagrowth really exists. About Megagrowth Megagrowth is a compliant broker specialized in businesses involving forex, crude oil and stock indices. Holding a license on futures brokerage issued by BAPPEBTI, Megagrowth is also a regulated member of multiple Indonesian financial authorities including ICDX, JFX and KBI. Conclusion In fact, while many Indonesian brokers hold forex brokerage license issued by the local regulation authority BAPPEBTI, the strength and credibility of BAPPEBTI’s supervision remains unsatisfactory, which partly accounts for investor’s lack of confidence in Indonesian brokers. In short, the local regulation authorities still have a long way to go to improve reputation of Indonesian forex market. WikiFX App shows that Megagrowth is currently in valid regulation, and it’s 6.00 rating suggests acceptable reliability. To find out more about the broker, investors may check WikiFX App or visit our official website.

https://jump.wikifx.com/83348CF26389B46D [Previous on-the-spot investigation] Last time, we visited UOB Branch in Malaysia. It turned out that the location of its Malaysian licensed office corresponds to the regulatory information. The company is in business under the regulation of LFSA. As an “eye” of global investors, we conduct spot checks on forex brokers and present all the info on the WikiFX app to better serve forex investors, helping them find the reliable forex brokers while keeping them away from illegal ones. Today, we're visiting DBS in Malaysia. [Forex Broker Profile] Corporate name: DBS Registered country: China Address: level 10(A), Main Office Tower, Financial Park Complex, Jalan Merdeka, 87000 Labuan F.T., Malaysia. [Forex Broker Highlights] - “World’s Best Digital Bank in 2018” award--by Euromoney - “Safest Bank in Asia” award for ten consecutive years--by Global Finance - The bank's "AA-" and "Aa1" credit ratings are among the highest in the Asia Pacific. [On-the-spot investigation] According to the regulatory address, WikiFX team came to the Financial Park Complex. According to the local people, it is the largest business complex in the Federal Territory of Labuan, covering approximately 12 acres. After entering the building, we filled out the visitor registration form, followed the directory and successfully found DBS’ Malaysian branch on the 10th floor. Through the glass door, we could see a neat and posh office with around 10 cubicles. [Summary] From this visit, we confirm that the address of DBS is consistent with its regulatory address and the company is in business normally. [Conclusion] WikiFX App indicates that DBS is rated at 8.60 and holds two MM licenses issued by LFSA and FCA, currently in valid regulation. Investors can choose this forex broker safely. Up till now, we have visited hundreds of brokers, many of which are presented in multiple angles with the help of VR technology. Apart from that, we have archived over 14,000 brokers on the WikiFX App, offering tremendous forex information for investors.

https://www.wikifx.com/sg_en/ Unregulated brokers who block withdrawals can count as one of the worst nightmares of forex investors. Bear in mind that there's no such thing as a free lunch. Don’t be fooled by empty promises of scammers and focus only on profits, because when you indulge yourself in the illusion of becoming rich, you can easily neglect the huge risks and potential losses that hide behind. Recently, an investor from China reported the illegal broker AGX on WikiFX exposure forum. Victim: Mr. Shen Illegal broker: AGX Cause of complaint: unable to withdraw money Mr. Shen’s case review: Last April, I met a “signal provider” in a stock discussion group. I followed his advice to open an account on AGX to make deposits, and since then I had been trading on the platform according to the "signals" he provided. But after trading for a week, I lost more than 10,000 US dollars rather than making any profits. Realizing this broker was extremely suspicious, I immediately submitted a withdrawal request on the AGX platform, but they kept on postponing my withdrawal. Neither could I reach the signal provider. But I didn’t want to give up, as I still had a large balance in my account unable to be withdrawn. Finally, I decided to put pressure on AGX by exposing it on the WikiFX forum. According to Mr. Shen, after he took the measure, AGX finally contacted him and asked him to post a clarification note on WikiFX exposure platform, promising that they would return his money; however, after Mr. Shen did so, AGX again disappeared, and the so-called "refund" became no more than an empty promise. Many investors may have such questions: since there are all kinds of forex scams, how can I identify illegal brokers? What are their common tricks? How can I protect myself from such scams? Firstly, what types of FX brokers that we should avoid? -Any FX broker who has received a warning from regulator. -Any FX broker who keep on nagging you to make deposits. -Any FX broker holding a cloned license. -Any FX broker who claims to be regulated while it’s actually not. -Any FX broker that makes you pay fees that aren’t even in any term or condition. -Any FX broker that doesn’t allow withdrawals and blocks you as soon as you ask for a withdrawal. Secondly, the following methods are commonly used by illegal brokers to defraud investors: -Inducing account opening; -Giving wrong trading signals deliberately; -Trading on the investor’s behalf; -Causing severe slippage; -Causing negative balance through manipulation; -Blocking withdrawal; -Suspending investor’s account. Finally, how to protect ourselves from forex scam? In fact, for investors, the best way to avoid being cheated is to learn more about how to trade correctly. It takes a lot of time, education, patience and wisdom to gain profit in forex trading. Another very simple method is to check the broker’s regulation. When dealing with forex brokers or IB agents, don't believe in their empty promises such as "small investment, big return" or "no risks". Instead, the first step you need to take is to check their company’s regulatory information and background. WikiFX App not only presents the regulatory information of more than 15,000 brokers, but also releases a large number of exposure cases for the reference of investors.

https://www.wikifx.com/sg_en/ Broker: 33option Visited at: 1, Kosta Hadjikakou, Kyriakos Tower, 1st Floor. Agios Athanasios, CY-4107 Limassol, Cyprus Conclusion: The broker’s office doesn’t exist On-the-spot investigation Near the end of the year, forex market is still busy as ever, while the illegal forex brokers are taking the opportunity to defraud investors. Forex scams related to exchange rates are difficult to curb despite the regulatory efforts. Upon investors’ request, WikiFX team recently visited the licensed branch of forex broker 33option in Cyprus. According to the address from regulatory information, with the assistance of GPS and local passerby, WikiFX finally found Kosta Hadjikakou Street where 33option is located. We noticed that the street runs through a residential neighborhood without any office building or company. After searching from door to door, we found the place matching 33option’s regulatory address - a house with the number “1” on the door. However, the door was locked and no one answered when we knocked. The place didn’t seem like a regular company in business, and people living next door also said this was a normal residence and the owner only comes home at night. Through checking WikiFX App, we found that 33option uses non-MT4/5 software and has a low rating of 1.84. The broker’s license from CySEC has been canceled and it currently has no valid regulation. Investors should mind the risk and avoid falling victim to it. WikiFX reminds investors that binary option brokers will often disguise themselves as online financial and investment service providers to assume “legitimacy”. These binary option brokers are usually registered overseas with overseas servers, while they don’t have any actual business location or executable assets within the country. Should the service provider breach the contract, investors will not be able to defend their rights through legal actions against the broker.

Broker: IG (Singapore) Visited on: August 29th, 2019 Conclusion: the broker truly exists On the spot investigation According to the address from regulatory information, WikiFX recently visited the Singapore office of licensed forex broker IG, located at 9 Battery Road #01-02 MYP Centre. Upon arriving at MYP Centre, we saw IG’s office on the ground level. The office of another famous forex broker FOREX.com sits next door, sharing the same level with IG, which was quite a surprise for us. The building appeared modern and well-furnished inside. Though we couldn’t enter IG’s office without appointment, we saw many staff members of both IG and FOREX.com, chatting and relaxing themselves in the public lounge nearby. We thus concluded that IG’s Singapore office truly exists. Analysis Singapore is a major financial hub in the SE Asia region as well as around the globe. The recent forex market boom in Singapore has attracted many prestigious forex brokers to open a branch here, while the reputable regulation of MAS (Monetary Authority of Singapore) also adds to the strengths of these brokers. IG is an example of such brokers. The official website suggests that IG, established in London, UK in 1974, has been the world’s first company to offer CFD trading. As a forerunner of the industry, IG now has offices in 14 countries across the globe and helps clients to grasp trading opportunities through the pioneering trading platform and App developed, developed by the company. Per checking MAS’ website, IG holds retail forex brokerage license from MAS, and the information on its website corresponds to the regulatory information. In recent years, MAS has improved its WOM through providing secure and efficient regulatory infrastructure and highly transparent market information, attracting many world-renowned brokers to Singapore. Their arrival in turn promotes enhancement of the MAS regulatory mechanism. Conclusion The WikiFX App shows that IG holds forex brokerage licenses issued by regulators including ASIC (Australia), FCA (UK), FSA (Japan), FMA (New Zealand) and MAS (Singapore). With over 15 years of professional experience, IG is a compliant broker of considerable size and strength under regulation of multiple institutions. It has a high rating of 9.20 on the WikiFX App, and investors may safely choose the reliable broker.

Broker：Kresna Futures Visited on: October 21th, 2019 Conclusion: broker truly exists. On-the-spot investigation Regulatory information suggests the office of Kresna Futures in Indonesia is at Kingland Tower, 2nd Floor 18 Parc SCBD Jl. Jend. Sudirman Kav. 52-53 Jakarta Pusat, and WikiFX recently visited the broker at the site. Following the regulatory information, WikiFX team drove to Kingland Tower and immediately saw the striking sign of Kresna outside the building. We entered the building and easily found Kresna Futures’ office, and noticed a huge screen at the reception that showed live market data. Through brief communication with the staff of the company, we learned that Kresna Futures takes up the entire second floor, with around 50 cubicles inside the office. We thus confirm through investigation that Kresna Futures’ office really exists in Indonesia. Analysis With a population of 200 million, Indonesia has a booming forex industry and is gaining more visibility on the global financial market in recent years. And on this trip as part of WikiFX’s serial broker visits in Indonesia, we continue to bring you more information of local brokers. According to its official website, Kresna Futures (fully known as PT Kresna Investa Futures) is a branch of Kresna Corporation, a leading commercial investment firm in Indonesia. As a member of the Jakarta Futures Exchange and Clearing House Indonesia, Kresna Futures provides both local and international investors online access to futures trading, including alternative trading system ( SPA ) and primary commodities (multilateral), as well as other financial services on local commodity market, forex market and global stock indices market. Per investigation, the broker holds a valid retail forex license from BAPPEBTI. Its regulatory information is authentic and Kresna Futures is qualified for conducting forex brokerage business. Conclusion WikiFX App shows that Kresna Futures is under valid regulation with a retail forex license from BAPPEPTI. The broker’s WikiFX rating is 6.28, suggesting acceptable credibility on the growing Indonesian forex market. Nonetheless, investors need to pay close attention to asset safety during your investment.

https://www.wikifx.com/sg_en/ Broker: AFX Address: Arch. Kyprianou 2 & Ayiou Andreou, G.Pavlides Building, 3rd Floor, 3036, Limassol, Cyprus Visited by: WikiFX team Background of the visit: AFX Group is a retail forex broker licensed by the FCA(UK) and CySEC(Cyprus). In July last year, the Cyprus Securities and Exchange Commission(CySEC) suspended the license of forex broker AFX Capital Marekets for 10 days, because the broker violated customer funds protection regulations and caused negative impact on the orderly and stable development of the market. Later, the British Financial Market Conduct Authority(FCA) also suspended the company's license. In order to protect investors' assets safety, WikiFX team visited AFX Group in Cyprus. Geographical location: Limassol is located on the southern coast of Cyprus and is the second largest city in Cyprus. In recent years, because of a regulation more relaxed than that in Europe and America, Cyprus has attracted many forex brokers to register here. On-the-spot investigation According to the regulatory address, WikiFX team came to the center of the old town of Limassol and found an weathered multi-storey building. we entered the office building and found a company sign. According to the directory, level 3 to level 5 of this office building belong to AFX. We then took the elevator directly to Room 301 on the third floor, and found AFX’s logo at the door. But no one answered when we rang the doorbell or when we went upstairs and knocked on the door. We waited for nearly an hour at the entrance, but saw no one entering or leaving. Conclusion: Per investigation, we found that although AFX’s office was indeed in Cyprus, the broker didn’t seem to be in business. According to WikiFX App, AFX is rated at 3.32, and its MM license from CySEC(Cyprus) and appointed representative license from FCA(UK) have both been canceled by the issuing authorities, while the broker’s investment consultation license from FCA isn’t authorized for forex brokerage business. Investors need to be aware of the risks with this broker. Up till now, WikiFX has archived profiles of over 15,000 forex brokers. Investors can type in the name of the broker to easily look up its full profile and detailed visit report on WikiFX App.

The latest Triennial Central Bank Survey issued by the Bank of International Settlement (BIS) shows that compared with in 2016, forex spot trading has grown by 20% in the past 3 years, while swap trading has increased over a third and outright forwards increased 43%. The forex market has been recovering from the downdraft in 2016, thanks to the momentum offered by strong growth in swap and forward trading. Meanwhile, the forex market has seen several good news this week. Sterling surges in the prospect of an orderly Brexit This Thursday (October 10th), Irish Prime Minister Leo Varadkar announced after meeting with his British counterpart that the two countries may reach an agreement about Brexit by the end of the month. “I think it is possible for us to come to an agreement, to have a treaty to allow the UK to leave the EU in an orderly fashion, and to have that done by the end of October,”he said. The news drove GBP/USD up over 200 points, the largest daily increase since March. Sino-US trade war may cool down and US may delay raising tariffs Representatives of China-US trade negotiation said the trade talks went well after meeting on Thursday. US business associations also expressed optimism about easing of the trade tension and a delay of the tariff raise scheduled for next week. Investors are betting that the two side may reach agreements in some aspects and ease the trade tension, leading to a subside of risk aversion. Despite the good news, investors should still closely follow the global forex market and particularly be careful of “black swans”, in order to fend off the possible risks during investment. The macroeconomic policies of global central banks have significant impact on currency rates, so investors can predict forex market trends by analyzing these policies. In addition, investors should pay attention to key financial data and market sentiment indicators, as they also influence foreign exchange rates. In order to better serve investors, WikiFX is offering the latest forex market trends and analysis, and you can check these updates in the WikiFX App.

Forex market is the largest and the most liquid market in the world, with around US$5.3 billion daily trading volume. There are many benefits of trading forex, including convenient market hours, high liquidity and the ability to trade on margin, that appeal to investors. Despite its huge size, forex trading is much scattered without a centralized global regulator. Driven by high profits, illegal brokers try to cheat investors by all means, such as presenting cloned licenses. Mr. Yang filed a real-name complaint against forex broker Furdfx, hoping that WikiFX can expose the illegal broker and warn investors against it. Complainant: Mr. Yang Broker: Furdfx Website: www.furdfx.com Account balance: US$3,000 Withdrawal status: in process Customer service: unavailable Investor’s complaint I was enticed to sign up at Furdfx and deposited US$ 3,000. Later I was suddenly in urgent need of the money, so I submitted two withdrawal applications in the evening of July 11th and morning of July 12th respectively. Unexpectedly, my applications remained in process for 10 days. Feeling anxious, I immediately contacted the customer service and the salesman about my withdrawal status, but the customer service simply told me “the system is in maintenance and being upgraded” and disappeared, while the agent never bothered to reply. My attempt to get a solution by emailing the platform also failed, and it finally struck me that I was cheated. Analysis 1. Furdfx’s website is highly suspicious. Though Furdfx claims to be a global broker, its only website in Chinese doesn’t show any contact information, while its address in Cyprus tends to be a fake one. All these suspicious points suggest Furdfx is highly unreliable. 2. Furdfx is operating under cloned license Furdfx claims it is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC), with regulatory number 272/15. But WikiFX found through checking CySEC website that license no. 272/15 belongs to another forex broker Forex TB Ltd. More surprisingly, Furdfx’s website is nearly identical with that of Forex TB Ltd except for its banner. It even copied Forex TB’s logo. 3. Furdfx uses white-label instead of real MT4 software MT4/MT5 software is the trading software used by compliant brokers worldwide, as the software ensures fair trading by allowing all investors to trade in the same market, while investors’ trading data is protected from malicious manipulation. However, Furdfx’s trading software is in fact just a white-label MT4 software with server set up in the US. Such white-label brokers are usually more risky due to their relatively lower costs. Summary Within a week, WikiFX received many investors’ complaints about Furdfx’s blocking withdrawals. From these examples, we conclude that Furdfx first tried to befriend investors in the name of “stock recommendation” and then coaxed them into investing forex at its platform, “disappearing” soon after defrauding investors of their deposits. Through misleading advertisements such as “low-risks” and “high-profits guaranteed”, Furdfx lures investors into its trap. Though they might gain small profits, the investors will eventually lose their deposits under Furdfx’s manipulation and end up in heavy loss. Investors need to beware of the indicators of high-risks when choosing a broker and conduct all-round inspection of broker’s website information, compliance, risk control level etc. to avoid potential risks. Conclusion Per investigation, Furdfx is an illegal broker with a WikiFX rating of only 1.32. WikiFX has labeled it as a cloned-license broker, as its self-claimed license from CySEC belongs to another broker and it has no valid regulation currently. If you wish to learn more about how to chose a reliable broker, avoid the pitfalls of illegal brokers and defend your rights against broker scams, or are interest in other WikiFX exposure of illegal brokers, please check WikiFX’s official website at www.wikifx.com. To report illegal brokers, please contact WikiFX at wikifx@wikifx.com. Together, we can nip more illegal brokers in the bud and improve the forex market environment.

https://jump.wikifx.com/83348CF26389B46D In speaking of investment, broker scams in forex trading seem to be a recurring theme. As with many industries, the fast growing forex industry also has plenty of predators, who look to take advantage of newcomers. The following story is shared by a Korean investor who sought WikiFX’s help after being defrauded by Robinhood. He reported the illegal broker to warn other investors against it. Victim: anonymous Account balance: 3 million KRW Illegal broker: Robinhood IB information: NAVER blog name: 이동민 전문 개인투자자 (Investment Expert Lee Dong-min) KakaoTalk ID: dm8068 Tel: 010-2353-8068 I got acquainted to a blogger named Lee Dong-min by chance on NAVER, the largest web portal in South Korea, and I was drawn to the content of his financial planning posts. Through chatting online, I learned that he was a professional investment adviser and led a wealthy life. Lee Dong-min chatted with me every day around 12pm, teaching me how to invest and promised that he could help me get rich. Eventually, I was coaxed into investing on a forex platform called Robinhood, which was recommended by Lee Dong-min. He suggested me to invest 3 million KRW at the beginning for 15 days to 24 days. As I knew little about forex investment, I followed his instructions step by step and deposited 3 million KRW to my account successfully, with the hope of making great profits. But within a month after I made the investment, my account became unavailable, while Lee Dong-min's blog also disappeared coincidentally. I tried to contact him by phone, but his phone was turned off all the time. Only then did I realized it was totally a scam! Investors should watch out for this illegal broker and beware of its tricks. According to WikiFX App, Robinhood is unregulated at the moment and is rated at only 1.31. If you feel you are being scammed, contact us at wikifx@wikifx.com for assistance to recover your money. You can also download “WikiFX App”, a broker inquiry app, at Google play or apple store to conveniently check regulatory status of brokers worldwide and better protect your asset safety.

https://jump.wikifx.com/83348CF26389B46D Broker: LongAsia Visited on: October 26th, 2019 Conclusion: broker truly exists. On-the-spot investigation Regulatory information suggests LongAsia’s office is at 1 Kim Seng Promenade 15-02 Great World City East Tower, and WikiFX recently visited the broker at the site. Following the GPS direction, we arrived at City East Tower, an office building integrated with a shopping center located outside Singapore’s main financial district. We took the elevator to level 15 and immediately saw LongAsia’s name on the floor directory. We entered the office and saw the striking logo of the company on the wall, while the staff carried on their due business in an orderly manner. The office wasn’t very large, with around 20 cubicles inside. We thus confirm through investigation that LongAsia’s office really exists in Singapore. Analysis WikiFX’s on-spot investigation series in Singapore have almost completed, and the financial regulation of Singapore has left us with a deep impression. However, it turns out that LongAsia we visited this time has been rather disappointing broker. According to the official website, LongAsia is a trans-regional company engaged in a variety of businesses, offering global clients a wide range of services such as securities and futures, foreign exchange, assets management and liquidity clearing through its branches. Per checking regulatory information, LongAsia’s retail forex brokerage license from MAS(Singapore) is valid and the broker is authorized in its business. But according to information from other regulatory authorities, the FPSR(New Zealand)’s financial service license it holds isn’t qualified for forex brokerage, while its common financial service license from HKSFC(Hong Kong) is suspected to be a cloned one. Conclusion WikiFX App shows LongAsia to be under regulation, as both of its retail forex licenses from MAS(Singapore) and ICDX(Indonesia) are valid. However, the rest of LongAsia’s licenses are more or less problematic. The broker is rated at 6.09 on WikiFX App, suggesting acceptable credibility, but as LongAsia has been heavily complained by investors recently, WikiFX suggests investors to stay alert if you have chosen this broker, and beware of the risks during investment.

Broker: OANDA Visited on: September 6th, 2019 Conclusion: the broker really exists On-the-spot investigation From regulatory information, we learned that OANDA’s licensed branch in Singapore is at 50 Collyer Quay #04-03, Oue Bayfront. WikiFX recently visited OANDA at the location. We arrived at 50 Collyer Quay, a magnificent building located in the financial hub at the centre of Singapore and surrounded by several landmarks near Marina Bay. The Oue Bayfront area has a strict access control system to ensure security, so we weren’t able to get into OANDA’s office. But from the building’s reception, we learned that OANDA’s office is indeed located here, and the fact that OANDA has its office inside a building with a modernized and luxuriously-furnished lobby in such an expensive area suggests the company is of considerable size and strengths. We thus conclude that OANDA’s branch in Singapore really exists. Analysis OANDA is yet another broker that WikiFX visited in Singapore. Though the number of forex brokers in Singapore is not very large, most of them enjoy good reputation and decent ratings. This can be largely attributed to the strict regulation system of Monetary Authority of Singapore (MAS). Since its establishment, MAS has been continuously improving its mechanism and innovating its regulatory infrastructures and policies, and all these efforts further consolidated Singapore’s role as a financial centre in Southeast Asia. According to OANDA’s website, it is a leading company in currencies data and forex trading that offers investors and other financial institutions leveraged trading, money transfer and data services. Through its development in the past 22 years, OANDA has grown from a technology start-up to a leading global company with branches in the US, UK and Singapore, holding licenses from 5 major regulators. Per checking regulatory information, OANDA has MAS (Singapore)’s license for retail forex brokerage and is qualified for forex related business. Conclusion The WikiFX App shows OANDA to be under valid regulation. Having been in business for over 15 years, the broker holds MM licenses from ASIC (Australia), FCA (UK) and NFA (US) and retail forex brokerage licenses from FSA (Japan) and MAS (Singapore). OANDA is currently rated at 8.9 on the WikiFX App, suggesting considerable credibility; but as the broker has received 18 investor complaints in the past 3 months, we remind investors to be careful in choosing this broker and ensure their assets’ safety during the investment.

Broker: BSI Regulatory status: unregulated broker Complainant: Mr. Ai Cause of complaint: withdrawal failure With the rapid development of forex industry, more young investors are entering this market. However, many of them lack sufficient experience in forex trading. Here’s a complaint against the illegal broker that WikiFX lately received from a young investor, Mr. Ai. Event recap Mr. Ai first saw BSI’s advertisement online in December, 2018. BSI claimed itself to be a long-established broker under FCA supervision, so Mr. Ai, inexperienced in forex trading, was fooled by the broker’s advertisements on its website and made US$ 30,000 of deposits at BSI. Having successfully made the deposits, Mr. Ai seized opportunities on the market and made some profits. This August, he applied to withdraw for the first time and filled out the application form according to the platform’s instructions. But unexpectedly, the system popped up a message which says “thank you for your participation” after Mr. Ai submitted the application, and he later found no record of his withdrawal in his trading account, indicating that the so-called “withdrawal channel” of BSI wasn’t working at all. Later Mr. Ai tried emailing the customer service about the matter, but his email was blocked and couldn’t reach the broker’s inbox. To date, Mr. Ai still has a large sum in his account unable to be withdrawn. Analysis While the age of Internet brings ubiquitous online advertisements into our everyday life, the downsides, such as unverified information and misleading contents, are also hard to neglect. To expand their market share, illegal forex brokers make every effort to attract investors through hype advertisements consist of ambiguous, misleading or even deceptive information. Mr. Ai is clearly among the victims of such advertising pitfalls. Per checking the FCA website, the regulatory number “472164” of BSI’s alleged license doesn’t exist. When facing the endless advertisements on the market, investors need to cross-check any information received, rather than relying on a single source, to ensure what you got is authentic and reliable information. Among the investors who seek WikiFX’s help after being defrauded, Mr. Ai is a relatively young one, which further proves the trend that forex investors are getting younger these days. Instead of making risky bets, young investors should learn to stay cool-headed during investment and eventually accumulate trading experience, while choosing a credible and compliant broker by checking its information through multiple sources. Conclusion According to WikiFX App, BSI does not have FCA regulation as it claims, and is marked illegal on WikiFX App. Please stay away from the broker.

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.

https://jump.wikifx.com/83348CF26389B46D Recently, WikiFX released the list of top 20 largest ad-spending brokers in November, 2019. Let’s take a look. First of all, let’s look at the largest ad-spenders among compliant brokers. XM (WikiFX rating 9.25) and FXTM (WikiFX rating 8.56) ranked first and second on the list respectively. XM, the No.1 ad-spender for many months in a row, has won countless honors during a decade of business operation. As a world-renowned trading platform, the company allows investors to trade a wide range of commodities including forex, CFD, stock indices, oil and gold. Earlier this year, WikiFX team had also visited XM’s headquarter in Cyprus and confirmed that the company’s office address matches that from the regulatory information. Investors may safely choose this reputable broker. Meanwhile, several other brokers have seen their rankings go up, including Alpari, EightCap, HYCM,FP Markets, FOREX.com, Tickmill and WeTrade, suggesting the efforts these brokers have put into advertising. Advertisement campaign is a generally effective strategy commonly adapted by businesses to increase their brand awareness. However, illegal brokers like BTCC Global are also trying to lure more investors into their traps by increasing spending on misleading advertisement campaign. Investors need to watch out for these brokers and be extremely careful when making investment. Meanwhile, rankings of illegal brokers like FBS, IC Markets and 8BX.COM have all declined compared with last month. These brokers have a series of problems such as holding suspected-cloned licenses, operating without valid license or receiving heavy complaints from investors, and even the large advertisement spending they’ve made can’t cover up their illicit practices or change their non-compliant status. Conclusion As a leading forex media, WikiFX has recorded information of over 14,000 forex brokers. Should you have any questions or doubts about any broker, you may conveniently look it up on WikiFX App to get detailed information about the broker. If you have suffered financial losses from broker scams, you may contact WikiFX customer service and we will try our best to help you recover the lost funds.

https://www.wikifx.com/cn_en/ Having said goodbye to 2019, the forex market soon entered the first trading day in 2020. Due to the long holiday, the market has not been very liquid at the start of a new year. USD may be largely affected by political factors, while the move of other currencies this week has been signaling further trend. Let’s take a look on the forex market in the first week of 2020. EUR/USD With little doubt, USD remains the most followed currency on the market. 2020 is the election year in the US and whether President Trump will remain in office will largely affect the market. From rewriting the North America free-trade agreement to starting a trade war and imposing high tariffs on other countries, Trump’s economic policies during his presidency have significantly reshaped the global economy, and to certain extent are responsible for its slowdown. Trump has been the third US president in history that faces an impeachment, and market views the impeachment result to be a determining factor for his re-election. As for the election, historical data suggests the dollar usually fares well in the election year, falling only twice in all election years during the past 40 years, while what seemed to be a sell-of in 2012 turned out different than it appeared to be. Though history does not always repeat itself, past experience suggests 2020 may be a good year for the dollar. USD/JPY In analysis at the end of 2019, we mentioned that the sluggish US economic indicators could mean the dollar may experience a down period before the economy rallies in 2020, and this has been proved by the decline of USD/JPY in the past week. Since the beginning of trading session in the new year, USD/JPY has been jittering down-slope, and on January 2nd (EST) the pair further dropped to breach the previous low-point support, suggesting that a even worse situation is imminent. It’s estimated that the exchange rate can be moving toward the low-point during October and early November last year. AUD/USD AUD/USD stayed bullish near the end of 2019, closing at its highest level since July on Boxing Day, and again climbed 90 basis points at the end of the year, pushing the rate of AUD against USD above 70 cents. Much in line with previous estimation, the Australian dollar is a first choice for profit-taking. For the first week in 2020, AUD has breached the previous doji low, which signals a reverse of the trend. But the market is still looking for evidence that a low-point higher than the previous one has formed, expecting for another bullish trend. This can be a very psychologically challenging process. As the new year starts with a fresh outlook, knowing the market trend will help you gain greater advantage in forex trading. Stay tuned as WikiFX brings you more forex updates.

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

https://jump.wikifx.com/83348CF26389B46D Although the US bond yields went up markedly due to the Fed’s holding of interest rate in November, overseas capital remains enthusiastic about stepping up holding of RMB bonds. In November 2019, overseas institutional investors’ net bond purchase in the interbank bond market amounted 98.8 billion yuan. This means that overseas institutions cumulatively bought more than 970 billion yuan of bonds in the first 11 months of this year, and the figure will most certainly break the trillion mark before 2019 ends. Overseas institutions continued to significantly increase Renminbi bond-holding in November partly because they believe that the recovery in US bond yields is only temporary. As the Fed is expected to resume rate slash in the first half of 2020, the Renminbi’s spread advantage will become even more obvious, so right now is a great time for bottom-fishing. On the other hand, many overseas institutions find that the proportion of RMB bonds they’re holding is far below the ideal level, so they take full advantage of policy bonus, such as cancellation of investment quota limits for QFII/RQFII and rules allowing non-transacting transfer of bonds under the same overseas entity QFII/RQFII and direct entry channels, to increase their holding of Renminbi bonds. The surge in overseas institutions’ purchase of RMB bonds suggests their trading strategies have become more diversified. In the past, overseas institutions mainly profit from buying at a low price and selling when the price goes up. Now they are holding bonds through Bond Connect while buying financial derivatives overseas to carry out hedging or arbitrage. Overseas institutions are willing to step up holding of RMB bonds in November possibly because the want to be more prepared for Federal Reserve’s interest rate cut in the first half of 2020.

[Previous visit recap] In our last visit, WikiFX confirmed that the licensed branch of forex broker XGLOBAL in Cyprus really exists and is in regular business. As the “eyes” and “ears” of global investors, we pay random visits to forex brokers around the world and make comprehensive assessments of brokers base on the results. With these information and assessments, we can better serve investors by helping them to identify reliable brokers and stay away from illegal ones, and we remain committed to this mission despite all difficulties. This time we’re visiting AL-HIDAYAH Broker’s Profile Name: AL-HIDAYAH Location: Malaysia Regulatory status: suspected clone-licensed Status: doesn’t exist at the address Website: alhidayahbank.com Address: level 14(b)&14(C) main office tower, financial park complex, jalan merdeka, 87000 labuan F.T. According to the address from regulatory information, we arrived at Financial Park, the office building where AL-HIDAYAH is supposed to be located. Local Labuan residents told us that this business complex is the tallest in the area, hosting many local banks as well as branches of foreign banks such as Deutsche Bank, Citibank and UOB. Because we didn’t have a reservation, we had to fill out a visitor registration from at the building’s reception and left our ID/business card. After we got to level 14 by elevator, we didn’t find AL-HIDAYAH on the floor directory, but a management firm named Regus instead. The staff members from Regus told us AL-HIDAYAH had moved away, while its former office is also empty with no one working there. We confirm after the visit that AL-HIDAYAH’s licensed branch in Malaysia is not at the address from its regulatory information. Per checking the WikiFX App, AL-HIDAYAH is rated at 1.19 and its MM license from Labuan Financial Service Authority (LFSA) is suspected to be cloned. The broker bears substantial risks and investors should stay away from it. To check out detail information of more forex brokers, you can download the WikiFX App. WikiFX will continue to present you latest market trends and forex information. Stay tuned as we bring you more forex updates.

More info at https://jump.wikifx.com/83348CF26389B46D Although Mr. Trump wants a weaker dollar, as well as a major shift in Fed policy from increasing to lowering interest rates, the dollar remains strong. These factors that strongly favors short positions only prolongs the dollar’s price adjustment period, and the price that jitters uphill indicates a typical bullish trend. Looking at chart of a longer time-span the rebound in 2014-2015 made the US dollar index break through the long-term downtrend line and this trend line functioned as support in 3 circumstances. Of these 3 cases, the most recent scenario in 2018 is particularly worth noting. The dollar index rebounded after hitting the bottom in 2018, and the side-way trend that lasted for about a year is perhaps just an early break before the upcoming sharp rise; if not even the US Federal Reserve and the US president is able to keep the dollar in a weaker position, it is conceivable how powerful the bullish trend is. When the dollar just began to rally in the early 1980s and 1995, it was also the beginning of gold’s significant decline that lasted for decades. Given that the gold price has gone through several years of horizontal trend, it’s more likely that the market will see a situation similar to that in 1995, when the gold price went over its peak in February and continuously dropped, and it wasn’t until after the price had bottomed out that a new round of strong rally began. As gold surged in the past few months, it’s likely that investors will be blinded by the rising momentum and the spreading market optimism, just like those people who bought gold at a high position in early 1995.