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The WikiFX Score of this broker is reduced because of too many complaints!

TOKEN

United Kingdom|2-5 years|
Suspicious Scope of Business|High potential risk|

http://www.tokenfxmarket.com/zh-cn/

Website

Rating Index

Contact

+852 3706 9586
cs@tokenfxmarket.com
http://www.tokenfxmarket.com/zh-cn/
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

No valid regulatory information, please be aware of the risk!

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Contact number

Chinese (Simplified)

+852 3706 9586

Other ways of contact

Broker Information

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Company Name

TOKEN MARKET LTD

Abbreviation

TOKEN

Platform registered country and region

United Kingdom

Company website

Pyramid scheme complaint

Expose

Check whenever you want

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Warning: Low score, please stay away! 2
Previous Detection : 2024-11-21
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 6 for this broker in the past 3 months. Please be aware of the risk and the potential scam!

WikiFX Verification

TOKEN · WikiFX Survey

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TOKEN · Company Summary

Note: Regrettably, the official website of TOKEN, namely http://www.tokenfxmarket.com/zh-cn/, is currently experiencing functionality issues.

TOKEN Review Summary
Registered Country/RegionUnited Kingdom
RegulationNo Regulation
Market Instruments30+ Forex Currency Pairs; Stock Cfds; Index; Oil; Gold; Silver
Demo AccountNot Mentioned
Leverage1:200
SpreadNot Mentioned
Trading PlatformMT4
Minimum Deposit$1,000
Customer SupportTelephone: +852 3706 9586; Email: cs@tokenfxmarket.com

TOKEN Information

TOKEN positions itself as an international financial trading platform, offering a range of assets such as forex, commodities, indices and stocks with a leverage of up to 1:200. However, it operates without regulatory oversight. Basic legal documents such as the Terms and Conditions are lacking. Investors are unable to understand key details such as fees and withdrawal policies.

TOKEN

Pros & Cons

ProsCons
  • Range of Assets
  • Lack of Regulation
  • Operational Opaqueness
  • Payment Issues

Pros:

Range of Assets: TOKEN offers trading in a wide range of assets, including forex, commodities, indices, and stocks, providing more diversified investment opportunities.

Cons:

Lack of Regulation: TOKEN falsely claims to be regulated, but does not provide any evidence of regulation from reputable bodies.

Operational Opaqueness: The brokers operations lack transparency, including not providing legal documents such as terms and conditions or client agreements.

Payment Issues: The lack of clear information on acceptable payment methods and withdrawal fees, while deposit methods directly affect available refund options, poses a risk to users funds.

Is TOKEN Legit?

Token is not considered legitimate, primarily because it does not have the proper regulatory license. Regulatory oversight ensures that financial service providers adhere to strict standards designed to protect investors. Token has false information. There are user reports of deceptive behavior by Token. In addition, the company has an unclear ownership structure and limited transparency in its business practices. These factors combined make Token a dangerous choice for investors.

No license

Market Instruments

Token offers a wide range of market instruments. These include over 30 FX currency pairs, covering majors, minors and exotics. For those interested in broader market exposure, Token also offers a variety of stock CFDs, allowing traders to speculate on the performance of individual stocks without owning the underlying asset. In addition, Token offers a range of indices. Commodities such as oil, gold and silver are popular among institutional and retail traders seeking opportunities to diversify and hedge against economic uncertainty or inflationary pressures.

Leverage

TOKEN advertises a leverage of 1:200, which is quite high compared to the regulatory limit of 1:30 set by legal brokers in the UK and EU. However, on their platform, they offer leverage levels as high as 1:1000. Such high leverage greatly magnifies potential profits and losses, increasing risk for traders, especially those who may not be able to manage the risks associated with such leverage levels.

Trading Platform

TOKEN claims to provide access to the MetaTrader 4 (MT4) platform, which is widely recognized in the industry for its powerful functionality and user-friendly interface. However, given concerns about TOKEN's legality and regulatory status, it is questionable whether the company actually provides access to the platform as advertised. Without independent verification, it remains uncertain whether traders can effectively use MT4 through TOKEN.

Customer Service

TOKEN primarily provides customer support via a telephone contact number +852 3706 9586 and an email address cs@tokenfxmarket.com. However, given the lack of regulation and questionable business practices associated with TOKEN, the effectiveness and reliability of its customer support services remain questionable. Customers should be cautious with these contact options and make sure to thoroughly research and verify the legitimacy of the broker before making any financial transactions or seeking assistance.

Conclusion

While TOKEN ostensibly offers attractive trading conditions, its lack of regulatory oversight, questionable operational transparency, and reported fraudulent activities present a high-risk trading environment for investors. TOKEN has discrepancies in its advertised features, exaggerated leverage options, and unverified company details. Although the broker claims to offer a wide range of trading opportunities and uses the popular MT4 platform, it fails to provide verifiable information about its operations.

Frequently Asked Questions (FAQs)

Is there negative balance protection on TOKEN?

TOKEN does not provide negative balance protection, which means traders may potentially lose more than their initial investment. This lack of protection can lead to significant financial losses, especially during volatile market conditions.

How about TOKEN's customer support?

Customer feedback indicates that TOKEN's customer support may be slow or unresponsive, with delays in addressing inquiries and resolving issues.

Can I trust the regulatory claims made by TOKEN?

TOKEN falsely claims regulatory oversight in jurisdictions like the UK, which raises significant red flags about its credibility and trustworthiness. Traders should verify regulatory licenses directly with the respective authorities.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.

Review 7

7 Comments
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All(7) Latest Neutral(2) Exposure(5)
Exposure
imtoken e-wallet Simple SOHO platform cannot withdraw money and was defrauded
When applying for a job on Facebook, I encountered an e-wallet with a fraud amount of about 69,236 USDTimToken. I then took the money and went to a physical store in CoinWorld to deposit USDT to buy USDT. After I bought it, he taught me how to use the e-wallet to transfer usdt currency. Finally, he transferred the currency to Taiwan dollars to Simple Soho ( 1. On the platform (website: https://money88.ezsoho.store/), create an account and password that belongs to me, and ask me to come in and see if the amount is correct. If the amount is correct, I will be invited to join Helen Mentor Lai told him. I want to join the class with a guaranteed capital of 1.93 million. After the instructor asked for basic information, he started the operation. The operation time is about 3 hours. After the operation, please go to the platform to see if the profit amount is correct. If there is no problem, go to the simple SOHO platform to set up a bank account. Withdrawal, after I withdraw through the platform operation, I have to rely on online text customer service to tell me how much I want to withdraw, and then the customer service will help with the withdrawal. During the withdrawal process, customer service asked me if my member account was wrong. When I saw it, the account number was wrong. 1 code, and immediately let me know if the account can be modified. At this time, when I entered the Simple SOHO platform, my bank account could not be seen at all. The customer service replied that if I wanted to change my account, I had to report it to Jinliu Fang. Finally, Jinliu Fang replied that the account was frozen. If you want to change your account, you have to pay 10% of the profit and a setup fee. Later, I told the editor-in-chief Winnie that my account was frozen and I couldn’t withdraw it, so I had to pay 10% of the profit and a setup fee. He asked me to go with him first. My friend borrowed money, and then he would help me pay some out. On the night of December 22, he asked me how much I had borrowed. I said it was currently 390,000, and he said he had 2.7 million (e-wallet). He would also help me deposit money as a guarantee without giving up the amount. I was kicked back. At noon on December 23, I asked if I could use 290,000 of the 390,000 to repay the agency fee. He said no. How can you use it to pay the agency fee? How can you use the money to deposit? If you and your husband can’t borrow it, The 40 million was gone. He said I already helped you with 2.7 million. You have to work hard. Otherwise, how about relying on her?? He also asked to borrow money from relatives and friends in other ways. After all, they didn’t understand, so don’t talk about it. There were too many, so I just followed his way. However during the borrowing process, my friend said that you were cheated, and then he asked if the store had made a reservation. I said that I had asked and it hadn’t opened. He said that Taozhu Miao had asked Taipei I also asked, but in the end, I said he didn't open it, so he asked me to deposit money by transfer. He wanted to ask customer service how to do it. I said I couldn't transfer too much of my transfer limit, and he taught me how to increase the transfer limit, and finally asked me to join. One group said that there was an accountant in it, and he asked Mengmeng Accounting for a long time before he was willing to help. The accountant said that he would help me find a currency dealer that I could meet with in person, and then asked me not to answer randomly. If the currency dealer asked me, I would take a screenshot and show it to him. , teach me how to tell the currency dealer that I want to meet in person. The dealer confirmed that my ID card was fine and asked me where I wanted to meet in person. When I first started, I said 12/24 morning, but the editor-in-chief Winnie said it couldn’t be tonight. Why don’t you delay? The amount of rebates that were deducted was hundreds of thousands per day, which was exaggerated. I asked the currency dealer again and he said that it was possible tonight, but the drive to my home would take more than two hours. Winnie asked me to wait and he would wait with me. At about 23:00 on 12/23, he asked me if the currency dealer had arrived. I said so, and Winnie said that he would wait for me to make an appointment with the currency dealer in person. After the interview, he asked me to transfer money to him in the electronic wallet, and he would notify customer service. Transfer the money to the cash flow party as a guarantee. Is this good? Winnie said that the temporary profit department will be rebateed. There is still 930,000 left. She asked me to continue working hard because my friends kept saying that I was cheated, so on 12/24 In the morning, I went online to check the news about the account being locked on the Simple SOHO platform. As expected, I found the same case, so I called the 165 fraud hotline. After asking, they told me that I had been cheated and asked me to report the case. I also When I went to the police station to make a record, Chief Vinnie kept asking me if there was any progress on the funds. I said no. I have no money now and my friends don’t want to borrow money. Then my friend and the loan officer kept asking me for money. I didn’t know what to do. He said I have helped you so much, why do you want to give up on yourself like this? I said this money makes me very stressed, and Winnie said I have helped you to this extent, and you said you want to give up only after Are you kidding me?? I helped you with a lot of money. Winnie called me the e-wallet address of my transfer: 1.TTkJfKQsVn42dHTxpznKnB759sZtvSxQTD2.TUSRm14eZ23GgVZKTgV7LWwVs46hn9ismC
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