Top 10 Most Complained Forex Brokers in August, 2019

As the idiom goes, “every potter praises his own pot”. This is particularly true about the forex brokers that market themselves through false advertising. Usually their products are of poor quality, yet investors tend to be fooled by their misleading advertisements. According to investors feedback, WikiFX posted the list of top 10 most complained forex brokers in August, 2019.

How do unqualified brokers usually promote themselves？

Hypnotizing advertisements

BFS who topped the most-complained list entered the Chinese forex market quite early. Through offering generous bonuses and high leverage, the broker quickly established itself and won over 1 million customers. But last week, news came that the once-prestigious broker might have escaped, which shocked forex investors. Clicking into BFS website, we were drowned by striking advertising banners about the “Super Bonus Campaign”: On the banners were appealing slogans such as “deposit US$ 500 and attend the Golden Lucky Draw”, “deposit US$ 2,000 and attend the Diamond Lucky Draw” and “exchange US$ 1,888 with a full collection of gift-cards”. Illusions created by such a combination of marketing gimmicks blinded investors and emptied their pockets.

Empty promises of “high rebate”

No. 5 of the list HLJY is a member of the Chinese Gold and Silver Exchange Society(CGSE). Claimed to be “regulated” by CGSE, HLJY promised “high rebate” to introducing brokers and successfully defrauded many gullible IBs and investors. The heavily complained broker is now blacklisted by the WikiFX App.

“Sugar coat bullets”

TOKYO, no. 10 on the most complained list, was registered in China and had been in business for less than a year. Though its website claimed that the broker is under supervision of forex regulators VFSC(Vanuatu), NFA(US), FSC(Bulgaria) and FSA(UK), it turned out that none of the regulator‘s website had TOKYO’s information and the broker is unregulated at the moment, with a rating of only 1.14 on WikiFX App. So how did TOKYO fooled investors？ According to the brokers victims, their first several withdraws at TOKYO were all successful, and in the excitement of making profits, investors dropped their vigilance and increased investment, unaware that they had been hit by “sugar coat bullets”.

In addition to the 10 heavily-complained brokers mentioned above, investors also need to mind other brokers with similar tricks and think twice before making a deposit at any broker. You can learn more about the updates of forex brokers from the most-complained brokers list, illegal broker exposures and field survey reports on WikiFX website or App. If you have doubts about the qualification of any broker, please leave a message on WikiFX website or call our customer service.