WIKIFX Alert: Two Unlicensed FX Brokers, VHNX and FxRevenues Has Warned by FMA New Zealand

Investors are familiar with Saint Vincent and the Grenadines Financial Services Authority (SVG FSA). Many forex scams claim to be registered with or “controlled by” the SVG FSA. However, being registered with the government does not guarantee that a broker is regulated. VHNX Limited, a more daring unauthorized FX firm, claims to be real yet its registration with the FSA is suspect.

WikiFX, a trustworthy forex trading search engine tool, can save you from landing on a scammer forex broker. Due to the huge amount of traders worldwide, this app was created to give reliable information on forex brokers. Forex trading, as we all know, has become the most popular and alternative means to earn a livelihood. This is also why many fraudsters operate in the forex market, presenting the finest trading possibilities as a technique to entice traders.

The WikiFX app, on the other hand, has been engaged in a number of concerns that have been handled with the aid of financial regulators. The WikiFX app has over 38,000 brokers, both legal and unregulated, listed. It has been actively collaborating with 30 financial regulators. If you're wondering where this software receives its broker information, go no further. The data in the WikiFX database is sourced from legitimate regulatory bodies like the FCA, ASIC, and others. Fairness, impartiality, and facts are also emphasized in the released information.

WikiFX does not charge public relations fees, advertising costs, ranking fees, data cleaning fees, or any other unreasonable expenses. WikiFX will do everything possible to keep the database consistent and synchronized with authoritative data sources such as regulatory bodies, but cannot promise that the data will always be up to date.

This article explains how shady brokers like FxRevenues and VHNX may dupe you into ridiculously lucrative trades. We'll also tell you how to avoid con artists.

Three Websites Are Currently Operational

VHNX Ltd operates three websites (https://vhnx.com/, https://fxrevenues.com/, and https://fxrevenues.org/) with the same design but distinct logos and names. The corporation owns the trade names VHNX and FxRevenues.

According to the company's website, it is registered with the SVG FSA under registration number 2316 BC 2021.

No firm called VHNX appears when the number is searched in the SVG FSA registration.

Then we looked up the firm name VHNX Limited and discovered a match. However, the result's registration number is 26316. It is unclear if the scam mistypes its number or fraudulently utilizes the registration number of another firm. However, we may classify VHNX's SVG FSA registration as questionable.

Dangerous Leverage

VHNX, like many other bogus forex brokers, promises to give its clients 1:200 leverage.

This level of leverage is far more uncommon on the website of a registered broker. Many forex authorities have implemented severe leverage limitations on the firms they supervise. Even some of the largest foreign exchange firms provide just 1:30 leverage.

New Zealand Has Issued a Warning

The New Zealand Financial Markets Authority (NZ FMA) controls the country's FX activity. It cautions the public that VHNX may be running a scam and that it is not licensed to offer derivative trading services in New Zealand.

Being a forex broker necessitates the possession of a forex license. It is suggested that you deal with brokers who are subject to stringent rules.

How can WikiFX help traders who are having problems with their scam brokers？

The WikiFX staff is working hard to give rapid help in reclaiming cash from fraudulent forex brokers. Furthermore, the software has the possibility of exposing the illicit acts of a certain broker. Simply go to the WikiFX official website and choose Exposure from the navigation bar. You may also contact WikiFX customer care.

Final Words

Based on the facts shown above, we can infer that FxRevenues and VHNX are fraudulent forex brokers. It entails taking improper activities in order to steal directly from its customers by misappropriating monies or assets entrusted to it.

To access it, download the WikiFX app from the App Store or Google Play Store, and stay tuned for more scam news.