WIKIFX Broker's Review on FxNextGen

Whether you trade currencies or invest in the financial market, losing money to fraudsters may be devastating. While most investors recognize market risk and are ready to accept it to some level, no one wants to be dumped by their brokers. As a result, regulatory agencies closely monitor financial intermediaries in order to safeguard investors from potential financial fraud. Scammers like FxNextGen, on the other hand, have always found a way to con people. Let us explain why we think FxNextGen is a dishonest broker.

WIKIFX, a trustworthy forex trading search engine app based in Hong Kong, has been monitoring unregulated companies as the number of forex brokers has skyrocketed. Forex trading, as we all know, has become the most popular alternative means to gain money. Many fraudsters and forex brokers are now operating illegally in the forex market.

About WikiFX

WikiFX has over 38,000 brokers, both legal and unregistered, listed on the site. They've been collaborating with 30 financial regulators. The data in the WikiFX database is sourced from legitimate regulatory bodies like as 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.

A Quick Overview of FxNextGen

FxNextGen (https://www.fxnextgen.com/) is a forex and CFD broker situated in Georgia. The firm provides retail trading services in a variety of financial markets, including FX, commodities, stocks, indices, and cryptocurrencies. Apart from access to the industry-standard MT4 and MT5 trading platforms, the firm also provides educational materials with basic knowledge on the currency and stock markets. A fund management service is also offered for a $100 minimum deposit. Other services and features include different deposit and withdrawal options and variable account kinds.

Is FxNextGen Regulated？

FxNextGen is not governed. Though the firm claims to have regulatory control over the Hualing Free Industrial Zone in the Republic of Georgia, when we sought to check its licensing status on the local authority's website, the search results came up empty.

Upon checking the registration stated on their official website 404574769 FxNextGen is registered. However, the specified Georgian agency does not control or provide forex licenses.

Notably, the broker is neither licensed nor regulated in any other jurisdiction.

One of the scam's offices, according to the website, is in Vanuatu. And its trading servers are based in London, United Kingdom. So we looked at the currency regulators in these two countries, the Vanuatu Financial Services Commission (VFSC) and the UK FCA. As a consequence, the two authorities have barred the broker from providing forex services or selling forex products.

Furthermore, the Austrian Financial Market Authority (Austria FMA) has informed Austrian investors that FxNextGen lacks the necessary authorization to execute FX transactions.

What Do Traders say about FxNextGen？

Among investors, FxNextGen has a bad reputation. Clients have regularly complained about the company's harmful code of behavior. You may also read customer comments or feedback on WikiFX official website and on several social media platforms. The majority of customers say that the firm does not allow them to withdraw their monies. The broker is also chastised for providing poor customer service. The screenshots below were taken from several platforms.

Visit the FXNextGen dealer page on WikiFX: https://www.wikifx.com/en/dealer/6571596771.html

What Makes FxNextGen a Questionable Broker？

While there are several aspects that make the organization seem dubious, let us highlight a few.

First, the broker claims to be registered with and licensed by the Hualing Free Industrial Zone, despite the fact that it is not. Second, the broker's website contains deceptive information about contact information. For example, the firm gives two addresses to contact it on the main page. On the contact page, however, it provides a completely different address.

Furthermore, there is no phone number to call to speak with the broker.

Above all, the company's customer feedback speaks for itself.

How can you tell whether a broker is legitimate？

Brokers' homepages normally provide comprehensive information such as the company's founding date, regulatory status and the names of different regulatory bodies, the company's registration and license number, funds safety measures, contact information, and so on.

You may look up the company's registration number in the database of the relevant regulator. For example, if a corporation promises to follow FCA guidelines. The FCA's registry, as seen in the picture below, may be used to confirm its license status.

By checking the regulation status of a broker using WIKIFX App.

How does WikiFX help traders who have been scammed by unregulated broker like FxNextGen

WikiFX's team is working hard to provide prompt assistance in retrieving funds from fraudulent forex brokers with the help of Financial Authorities. Furthermore, the program has the potential to reveal a particular broker's illegal activities. Simply go to the official WikiFX website and choose Exposure from the menu bar. You may also contact WikiFX's customer service.

In Conclusion

Financial fraud is irreversible, despite stringent rules. Scammers are constantly up to something new. The most important thing you can do is be watchful and take the required safeguards. Sign up with regulated organizations that are ideally based in your local nation. Although the rule does not ensure that your payments are completely secure, it does provide you with legal protection.

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