The Once High-profile PGWG Is Now Showered in Complaints

Another forex broker is caught in scandal, and this time its PGWG, a broker that used to be high-profile and popular with its name shown on Time Square.

PGWGs billboard on Time Square

We learned that PGWG is a forex broker registered in Australia and New Zealand that claims to be regulated by multiple authorities, offering financial services including securities insurance, fund and forex trading. Yet the broker has been frequently complained against and exposed. Could all its honors and highlights be nothing more than a bluff？

Heres the story of an investor at PGWG.

Ms. Xu is a victim of PGWG. She said that she was first introduced to PGWG by Li Jinxi and under Mr. Lis strong recommendation, Ms. Xu signed up at PGWG and made several deposits, which brought in moderate profits. But since this August, withdrawals first took longer than usual, and then Ms Xu began receiving one withdrawal through several separate transactions. Finally, she could no longer make any withdrawal. She contacted the broker several times about the matter but received no reply.

Ms. Xus email complaint to PGWG

Ms. Xus conversation with Li Jinxi

Ms. Xus trading record

WikiFX experts conducted a risk assessment on PGWG and found that the broker has significant risks.

Per checking WikiFX App, we found that PGWG's score is only 2.14 and operates in overrun business, as it‘s not qualified for forex brokerage holding ASIC(Australian)’s license for investment consultation and FSPR(New Zealand)s license for financial service provider. The broker is currently unregulated and has been marked by WikiFX as a risky broker!

PGWGs rating on WikiFX App

In recent years, illegal forex brokers have attempted to disguise themselves as compliant and regulated brokers through publicity campaigns on multiple media channels. Many investors have thus fall victims to these traps. Not knowing enough about illegal brokers is at the root of investors‘ gullibility, so if you want to find out whether the broker you’ve chosen is compliant, or if you need to recover your losses after defrauded by scam brokers, you can become WikiFX App member and enjoy our professional assistance and services.