Top 10 Most Complained Forex Brokers in September, 2019

Illegal forex brokers always try to defraud investors with all kinds of tricks, but none of the tricks can fool investors all the time. To help investors avoid the traps of illegal brokers, WikiFX reviews investors reports of broker scams in September and lists the top 10 most-complained forex brokers as follows.

KP which ranks no.1 on the list got 31 complaints this month, mostly for deceiving customers through misleading advertisements. Investigation suggests the broker forged the cooperation deals with TRADE REAL and other companies on its website. According to the WikiFX App, KP‘s ASIC license for financial services is cloned and the broker is unregulated, while its website has lied about KP’s trading software, which is not MT4 software. The broker offers deceptive advertisements and deserves no trust.

JINRONG is the second-most-complained broker in September. According to investors, JINRONG lured investors into making deposits by promising so-called “bonuses”, gave misleading signals that left investors in heavy loss and even deactivated investor‘s account for no reason. Per investigation, deposits of investors ended up in the broker’s private account instead of segregated account supervised by CGSE(Chinese Gold and Silver Exchange). Although WikiFX App shows that JINRONG holds an AA license from CGSE, this type of license isnt strictly regulated, so investors should stay alert about the broker.

ShengTong which had been exposed not long ago is also listed. Investor accused it for wiping out his account balance of 6,000 USD within a month, while trying to pass the buck to “the problem of third-party withdrawal channel”. The WikiFX App shows that ShengTong, rated at only 1.26, has no valid regulation at the moment and bears significant risks.

Notably, a high-rating broker MARKETS also appears on the list. As many investors recently complained against MARKETS for their withdrawal failure, the broker faces serious trust crisis. Per checking the WikiFX App, MARKETS holds MM license from ASIC(Australia) and has been in business for over 5 years. However, the frequent investor complaints it has been getting suggests even high-rating brokers are not 100% risk-free, so investors need to be extremely careful.

The forex industry is a lucrative market where many illegal brokers also scramble for a share of the pie. In releasing the monthly brokers rankings, WikiFX wants to help investors, whether beginners or those with more experience, to choose a reliable broker and avoid the traps of illegal brokers. For more forex information and updates, please download the WikiFX App or visit WikiFX website.