Top 10 Most Complained Forex Brokers in July, 2019

This week WikiFX released the top 10 most complained Forex brokers list in July for investors' reference.

Withdrawal failures and losses from copy-trading are still the most common issues among complaint cases in July. Notably the list was composed of low rated brokers without valid licenses and licensed brokers. WikiFX reminds investors to also pay attention to a broker's WOM(word of mouth) in addition to its compliance.

The following are the main complaint issues this month:

1. Withdrawal delayed or rejected

2. Loss caused by broker's misleading trading signals

3. Investor's data cleared or broker escaping

4. Slippage caused by broker's malicious action

FFS Group received heavy complaints with a WikiFX rating 2.09.

GPAK hasn't valid regulatory status with a WikiFX rating 1.93.

GMG Markets has valid regulatory status with a WikiFX rating 6.26.

GCG AISA is an illegal broker with a WikiFX rating 1.63.

Real Time Futures has valid regulatory status with a WikiFX rating 6.38.

MIA is an illegal broker with a WikiFX rating 1.45.

YDF has valid regulatory status with a WikiFX rating 5.71.

HLJY has valid regulatory status with a WikiFX rating 5.37.

Rusdav is an illegal broker with a WikiFX rating 2.46.

Finotec has valid regulatory status with a WikiFX rating 6.63.

According to the list, five brokers are rated below 3 and the rest all got ratings over 5. Investors are advised to stay away from the low rated brokers and be alert to the medium rated brokers before investment.

Per the investigation, FFS Group which topped the list in July is rated at 2.09 on the WikiFX App. Its FSPR(New Zealand) financial service license has been revoked and the VFSC(Vanuatu) retail Forex brokerage license is in offshore regulation. The broker has recently been heavily complained by investors. And many investors are said to be taking legal actions to protect their rights, so please watch out for it.

FFS Group's interface on the WikiFX App

GPAK ranked second on the list with a WikiFX rating 1.93. Without valid regulatory status at the moment, the broker bears serious risks. Therefore, investors should stay away from it.

GPAK's interface on the WikiFX App

GCG ASIA, rated at 1.64 only on the WikiFX App, is marked as “illegal” and investors should keep themselves from the broker.

GCG ASIA's interface on the WikiFX App

MIA, with a WikiFX rating 1.45, is another illegal broker that investors should stay away from.

MIA's interface on the WikiFX App

Rusdav is rated at 2.46 on the WikiFX App and labeled as “illegal”. Please stay away from it.

Rusdav's interface on the WikiFX App

For the five brokers in valid regulatory status, investors can find the details of brokers'regulatory information and related complaints on the WikiFX App.

Conclusion

The list in July consists of low rated brokers and regulated brokers with medium rating. Investors should stay away from the low rated brokers which have been labeled illegal on the WikiFX App and always check brokers' regulatory information in addition to their WOM(word of mouth) before making rational decisions based on overall consideration.