forex Mind These Broker’s Traps Lest You Lose a Million

[Anzo Lim 0]

Background

Previously we confirmed through on-the-spot investigation that Malaysian forex broker Albus Capital Inc. doesn’t exist at its claimed address and has no valid regulation. Due to the relatively weak regulation over finance and forex industry in Southeast Asian, such illegal brokers are everywhere in the region and with little efforts, they can lure unwary investors into their traps.

 

A successful case of recovering defrauded fund

Ms. Aisyah is a victim of Albus Capital Inc., who at first postponed her withdrawal request with various excuses and then deactivated her account with no reason.

 

Felling quite desperate, Ms. Aisyah sought WikiFX’s help to retrieve her money. WikiFX team immediately contacted her after receiving the message and checked all detail information of the incident.

 

As a large amount of money was involved and Ms. Aisyah was eager to get it back, WikiFX promptly reviewed all evidences she provided and came up with an action plan the very same day. With WikiFX’s generous support, Ms. Aisyah was able to recover her deposit of US$ 250,000 (equivalence of over 1 million Ringgits).

 

How do illegal brokers usually trick investors?

With the fierce competition on forex market, illegal brokers are also “upgrading” their traps. WikiFX made a list of the typical tricks used by illegal brokers, and whether you’re still thinking about forex investment or have started trading already, it’s a good idea to watch out for these issues during your investment:

 

Giving wrong trading signals deliberately;

 

Analyst giving misleading information;

 

Manipulating investor’s account and causing loss;

 

Trading on the investor’s behalf and causing loss;

 

Causing loss or negative balance due to serious slippage/ network delay;

 

Failing to execute stop-profit or stop-loss orders;

 

Blocking investor’s deposit leading to negative balance;

 

Blocking investor’s access to trading account and causing loss;

 

Showing misleading market trend and causing loss;

 

Showing misleading price due to technical issues and causing loss.

 

 

Conclusion

Dedicated to the grand mission of safeguarding investors and their assets, WikiFX strives to improve the forex market environment for investors by weeding out the illegal brokers. Through years of unremitting efforts, WikiFX has exposed tens of thousands of illegal brokers, receiving wide acclaims among investors for these achievements.

 

If you’d like to report a broker scam and defend your rights, please leave a message on the WikiFX App and seek help from our professional team. We will also update latest information of investors’ complaints against illegal brokers.