Latest Blacklist of Forex Brokers in May: Please Stay Away from Unregulated Platforms! Part I

May ends up with a new list of forex brokers that have received the most consumer complaints, a blacklist concluded by WikiFX for all of you! Lets see the tricks used by these illegal platforms and protect ourselves from them!

1. MOGAFX

This is a new platform set up by USGFX, an Australian broker which was complained against and went bankrupt afterward. The situation led to the birth of MOGAFX with the aim of business transfer. Established in 2018, this forex platform applied for a general financial permit authorized by the Australian Securities and Investments Commission (ASIC) whereas the operation of the business in margin trading exceeded the authority of its license. At present, MOGAFX has been operating its business without permission.

2. Uee International Limited

Its website address is https://www.ueeglobal.com/zh-cn/. According to WikiFX, Uee ages only half a year under no valid regulation at the moment!

3. NYFX

It plans to put a halt to its businesses in some Asian regions and notifies users involved to complete their applications for withdrawals ahead of the due date which wont be processed if overdue. According to users, the broker has neither got their applications processed nor given them an exact due date so far.

4. XS

The platform is not effectively regulated as its license doesnt have permit access to regulation though this broker is an authorized financial service provider (Licence No. 081) regulated by the Chinese Gold and Silver Exchange Society (CGSE).

5. EB

According to WikiFX, the rating of EB is 1.91. The forex broker claims to hold a general financial permit issued by the National Futures Association (NFA) but it is not authorized. Countless consumer complaints swarmed into this platform from 2018 to 2019, and harmed investors have indicated that EB, a runaway broker, even induced its staff to invest!

WikiFX, a forex broker info search tool, is popular among global senior investors! (bit.ly/wikifxIN)