Top 20 Largest Ad-spending Forex Brokers in September, 2019

WikiFX recently released the 20 largest ad-spending brokers in September, 2019.

First, lets look at the regulated brokers with largest ad-spending this month.

Forex brokers XM, with WikiFX rating 9.24, and FXTM, rated at 8.55, both enjoyed high rankings on the list, with XM topping the list for 3 months in a row. As a world-renowned forex broker, XM received countless awards during its 10 years in business, offering forex, CFD, stock indices, crude oil and gold trading to investors. Earlier this year, WikiFX team had visited XMs headquarter in Cyprus and confirmed its real address corresponds to the address of regulatory information. Investors may entrust their assets to this reliable broker.

In addition, several brokers including FBS, AVATRADE, FXPRO, MARKETS, Tickmill, FOREX.com and GO MARKETS all saw their rankings went up, indicating their increased advertising spending to secure a place on the market in the fierce competition.

Besides high-rating brokers, many dangerous brokers also entered the top ad-spending list.

IC Market which received heavy complaints last month continues to make large marketing investment, while WikiFX has got 46 investors complaints against the broker about margin closeout, serious slippage and blocking withdrawals in the past 3 months. Another heavily complained broker is Pepperstone, which fell out of the list last month yet returned in September as a top 10 ad-spender with renewed marketing efforts.

Other 2 risky brokers BULLTRADERS and Q8 Trade are both offshore brokers without valid regulation at the moment. Q8 was registered in Kuwait and BULLTRADERS was registered in Saint Vincent and the Grenadines. Investors should note that unlike full regulation, offshore regulation only needs brokers to provide a fiscal report and documents proving the companys financial status, and the requirements are generally loose. Meanwhile, many areas offering offshore regulation also charge lower corporate income tax. Per investigation, Q8 Trade is rated at 1.07 on WikiFX App and ranked no.18 on the ad-spending list, followed by BULLTRADERS which is rated at 1.25 on WikiFX App. Investors need to watch out for such illegal brokers.

Conclusion

Many illegal brokers are taking advantage of the relatively slack offshore regulation environment to engage in their unscrupulous practices. Investors should be very careful in choosing offshore brokers and verify the broker‘s compliance and regulatory status before your investment. If you’re not sure about a broker, you may easily look it up on WikiFX App by inserting the brokers name. WikiFX will continue to weed out illegal forex brokers to create investors a better and safer environment.