The role of Wikifx in regulating the forex market in South Africa

By: Chime Amara

Facts about Wikifx

Wikifx is an independent global forex regulator with their headquarters in Hong Kong China. Similarly, the regulator has established their branch offices across the globe especially in Wikifx has set her branch office across the globe especially in Hong Kong, Australia, Indonesia, Vietnam, Thailand, Cyprus and Nigeria. At present this broker has extended its services in South Africa too. They provide a wild range of services for traders such as:

Fighting Forex Scams

Wikfx helps to fight Forex scams in South Africa by carrying out thorough investigation about the existence of a particular broker, online trading platforms and exchanges that feature in South Africa. Often, when brokers present their certificates as being regulated by a particular countrys financial authority, wikifx goes the extra mile to verify the authenticity of such certificates presented.

Similarly, Wikifx helps the defrauded to regain their capital by exposing the fraudulent brokers and tracing them to their niche as to repay their victims. All South African traders are invited to report their experience of scam brokers and exchanges to Wikifx as to fight their battle for them and help them regain their investments.

Visiting Brokers offices:

Occasionally, Wikifx sends her agents to visit the different brokers existing online and inviting traders to invest with them. Here, wikifx engages such broker once identified to learn more about their services and the insurance put in place for the security of investors funds. Afterwards wikifx proceeds to rate these brokers from their discoveries as either existing or non existent. Traders really need to confirm always from the wikifx site visits and surveys that the broker they intend to invest with really exist before ever they do so.

Reccomendation of brokers

To guide traders in making the right choice of a good broker to invest with, wikifx always provides a general ‘ranking’ of brokers based on their confirmation of their existence and quality of services they offer. This is always updated on the wikifx website daily. South African traders are enjoined to check out wikifx high ranking brokers for investment to avoid scams.

Forex Education/Articles

Another interesting service provided freely by wikifx to South African traders is free forex education. Wikifx have experts who provide daily education and insights into the forex markets published frequently on their website. Also all the latest news in the forex industry are published at wikifx websites too. Therefore it is highly recommended that every South African trader should visit wikifx website daily to learn more about the forex market.

Confirmation of Regulation

Similarly, wikifx tries to make sure that all brokers are registered with the different existing countrys financial service regulators. This is to provide insurance and security for investors funds against accidents. Different countries have their own forex regulatory body. It is therefore very necessary that every trader should ensure that the broker they intend to trade with is duly approved by wikifx as being regulated by at least one or more from the lists of the financial service regulators below:

FCA (UK), ASIC (Australia), NFA (United States), FMA (New Zealand), SFC (Hong Kong), CGSE (Hong Kong), CYSEC (Cyprus), FSPR (New Zealand), CFFEX (China), VFSC (Vanuatu), FSC (Virgin Island), FINMA (Switzerland), FSA (Seychelles), CIMA (Cayman), MFSA (Malta), DFSA (Arab Emirates, Dubai), SCB (Bahamas), BaFin (Germany), FSA (Japan), BDF (France), CBR (Russia), NBRB (Belarus), FSCA (South Africa), CBI (Ireland), FSC (Mauritius), CNMV (Spain), IFSC (Belize), BAPPEBTI (Indonesia), SECC (Cambodia), and MAS (Singapore).

To find the complete list of all the brokers registered with these Forex Regulatory bodies, kindly download Wikifx app and check under the “Regulator” icon.