Watch Out! Your Expected Forex Trade May Be Trap

The forex market has become the preference for many international investors by its high efficiency and large liquidity. Although the forex sector in emerging markets, including India, tends to be booming in recent years, the corresponding regulation is in a lack. Illegal platforms thus take advantage of the opportunity to get unsuspecting investors into their clutches in the name of authorized brokers.

The following is the experiencesof forex traders from their dictation.

Don't be fooled by a forex signal provider.

“I just want to warn you, my friends, do not join the ProPips Forex channel. It seems to provide forex trading signals but proves to be a scam! It claimed that once you pay $277, you can get ”lifetime access to all 3 VIP signal groups + copy trade vip service + copy trade scalping service“. I did so, but what I got were only three links. An additional $200 per month is required for accessing the trading signals from its group. This is clearly a scam!”

ProPips Forex channel

The so-called fund managercan be a big scammer.

“A few months ago, I was accosted by a user named Forex signal pro, who claimed to be a fund manager of the platform with more than 10 years of experience in forex trading, and that he could help me make a profit in the short term by charging a commission. However, as soon as I handed over my account to him, I lost everything in a day and even owed the platform over $1,700!”

A huge loss within one day

Some investors still suffered malicious losses on the platform even if they have resisted the temptation of the signal channel and turned down the fund manager.

Olympus Markets defrauded me of $6,000

“Olympus Markets is a scam broker, and they don't care what the rules are! Olympus Markets should be shut down and their agents should be sent to jail!”

Olympus Markets only scored 1.28 on the WikiFX APP

We advise investors to verify brokers through the WikiFX APP ahead of the deposit so as to avoid being deceived. Stay calm once find yourself swindled, and then you can save the chat and transaction records involved in the platform and contact us to defend your rights.

So far, WikiFX App has included profiles of more than 21,000 forex brokers around the world, while integrating broker information query, exposure, news feed and other functions, and protecting investors fund safety in forex trading. Stay tuned for more exposure!