Top 10 Most Complained Forex Brokers in April, 2019

WikiFX released the top 10 most complained Forex brokers list in April, 2019, offering a reference for investors to avoid the risks in a complex Forex market.

The brokers listed are commonly complained against for the following problems such as postponing or rejecting withdrawal, causing heavy loss for investors due to misinformation of the signal-provider, arbitrarily closing investor' s account, deliberately blowing up investor' s account and having serious slippage.

It is worth noting that most of them have low WikiFX rating, which are labeled “warning” by WikiFX. So investors can avoid the risk by examining the broker' s rating and compliance information by WikiFX App before investment. WikiFX reminds investors again to minimize your investment risk by carefully checking broker' s information.

Here are the top 10 most complained brokers in April:

Ho-Forex, unregulated broker with WikiFX rating 1.24;

VALANT, illegal broker with WikiFX rating 1.44;

UBFX, regulated broker with WikiFX rating 7.31;

Myfx Markets, regulated broker with WikiFX rating 5.55;

deVere, escaped broker with WikiFX rating 1.89;

GMQ Group, unregulated broker with WikiFX rating 0.91;

FIONA JUDD, illegal broker with WikiFX rating 1.19;

JUMBO LUCK, unregulated broker with WikiFX rating 1.11;

ACY, illegal broker with WikiFX rating 2.16;

Tickmill, regulated broker with WikiFX rating 6.94.

There are only 3 brokers who have valid regulatory status in the list, while the rest are unregulated brokers, among which 3 are labeled illegal brokers, 3 unregulated ones and 1 escaped. Investors should mind the risk and keep away from low-rating brokers.

Topping the list, Ho-Forex has already been exposed by WikiFX in the article - Watch out! Stock Lecturers could be a group of scammers. With WikiFX rating 1.24, the broker is unregulated as its NFA license for generic financial service is no longer valid, suggesting significant risk.

The following 3 brokers are illegal:

Rated at 1.44 on WikiFX, VALANT uses pirated MT4/5 software with suspicious license, bearing significant risk. WikiFX exposed the broker for rejecting withdrawal and closing investor' s account in 2018, while plenty of similar complaints at WikiFX Exposure indicate such issue is common for VALANT and investors should stay away from it.

VALANT' s interface from WikiFX App

FIONA JUDD, another illegal broker, has also been exposed for rejecting withdrawal requests and maliciously manipulating investor‘s account by WikiFX in the report - Investor Made Loss due to FIONA JUDD’s “Automatic Trading”. Rated at 1.19 on WikiFX, the broker is heavily complained by investors who failed to withdraw, so please stay away from the broker.

The last illegal broker ACY is rated at 2.16 and has been exposed for delaying investors withdrawal requests in past reports by WikiFX. Investors are advised to keep away from ACY.

ACY' s interface from WikiFX App

In addition, investors should also watch out for 2 risky brokers with unregulated status.

GMQ, with WikiFX rating 0.91, currently has no valid regulatory status and uses non-MT4/5 software.

GMQ Group' s interface from WikiFX App

JUMBO LUCK, rated at 1.11 on WikiFX, uses white-label software with server set up in Hong Kong and has no valid regulatory status.

JUMBO LUCK' s interface from WikiFX App

Conclusion

It appears that these low-rating brokers, most of which have already been exposed, are labeled “warning” by WikiFX. But there are still many investors who fell victim to broker‘s traps. We kindly remind investors to carefully check broker’s compliance information and risk assessment on WikiFX App before making your investment, in order to avoid risks and safeguard your assets.