Suspicious forex supervision: Why is The Financial Commission needed additionally besides FCA?

The significance of regulators to forex is like that of legislation to a country. A country without law will be full of danger. The same is true of the forex industry. Forex companies without regulators seem like a dangerous bomb, and your assets can be swallowed up at any time. However, the forex industry has lots of illegal brokers and informal regulatory bodies also exist at the same time. These regulatory bodies are not qualified enough to regulate a forex broker. Many so-called financial regulators come from a variety of backgrounds in order to make money. Some exist in the form of companies that provide regulatory services and are not subject to local government administration. Some are directly independent, advertising and disguising themselves as official regulators. A real regulatory body must be one that is established, administrated and authorized by the government.

WikifX received many complainants from Nigerians, and found that lots of illegal brokers active in the forex market hold unknown regulatory licenses, and the most popular license among these is from The Financial Commission of the United Kingdom. Many brokers under its regulation listed on its official website are also found illegal.

Illegal brokers regulated by the Financial Commission

So, is the Financial Commission a formal regulatory body？

After investigation, WikiFX found the Financial Commission is an informal regulatory body, or to say this “Financial Commission” is simply a self-claimed title. However, they claimed to operate in a way where transparency, swiftness, and education are the paramount values to protect each traders interests and to solve their asset disputes of forex, cryptocurrency and blockchain.

The following two points explain why it is an informal regulatory body.

Firstly:

The Financial Commission is called “FINACOM PLC LTD” on their website. This is unreasonable, because a regulator should be part of the government rather than a private-own business. The forex regulatory body should be authorized by the local government. In other words, the forex regulator belongs to the government, and isn‘t a private company. Therefore, if you see a regulator with a company name like LTD, it shows that it’s unreliable and illegal.

Secondly:

As we all know, the Financial Conduct Authority (FCA) is a well-known regulator in the UK. And every country only has one regulator as a government body.

Even when the government has many regulatory authorities, those authorities work in different financial fields. It can be said that generally there‘re no more than 2 forex regulators in a country or region. The Financial Commission offers forex regulatory services, but it’s a private company. Here, it is worthy to say that the companies that are not recognized officially will turn to private ones, which are relatively more free to provide the so-called regulatory service.

Furthermore, from the official website of “our member” it can be seen that they have list all forex brokers that they regulated. However, most of these forex brokers have low credit scores on WikiFX, or have even been exposed by WikiFX already, such as Olymptrade and Binomo.

It can be seen from the following picture that nearly all the brokers from this website have poor score on WikiFX. Most brokers have scores less than 2.

All in all, compared with FCA, its hard to say whether the Financial Commission aims to seek more benefits in the name of regulators or provide a really effective solution for traders, but according to the above analysis, the Financial Commission does not have the characteristics and attributes of a credible regulatory body. Moreover, it is an indisputable fact that the brokers under its regulation have defrauded traders many times.

WikiFX App is a third-party inquiry platform for company profiles.WikiFX has collected 17001 forex brokers and 30 regulators and recovered over 300,000,000.00 USD of the victims.

It, possessed by Wiki Co., LIMITED that was established in Hong Kong Special Administrative Region of China, mainly provides basic information inquiry, regulatory license inquiry, credit evaluation for the listed brokers, platform identification and other services. At the same time, Wiki has set up affiliated branches or offices in Hong Kong, Australia, Indonesia, Vietnam, Thailand and Cyprus and has promoted WikiFX to global users in more than 14 different languages, offering them an opportunity to fully appreciate and enjoy the convenience Chinese Internet technology brings. WikiFXs social media account as below:

Facebook:

USA Area：https://www.facebook.com/WikiFX.US/

UK Area：https://www.facebook.com/Wikifx.UK/

Nigeria Area：https://www.facebook.com/WikiFX.ng

Twitter：

Areas where English is an official language：https://twitter.com/WikiFX_Eng

More details about how to download WikiFX App:

Please download WikiFX APP from links below or scan QR code ：

iosAppStore: https://apps.apple.com/us/app/fxeye/id1402501387？l=zh&ls=1

Googleplay: https://play.google.com/store/apps/details？id=com.foreigncurrency.internationalfxeye

If you have any questions, please feel free to contact us at wikifx@wikifx.com

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USA Area：https://live.wikifx.com/us_en/7x24.html

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Wiki Forum Forum Function:

In order to help more investors, WikiFX has launched the “WikiFX Forum” forum, which aims to provide urgently needed and professional services to Nigerian forex investors.

The exposure function of “WikiFX Forum” includes the following features:

1: Allow investors who have been defrauded by illegal broker to complain directly in the forum (as shown in the screenshots)

As long as there is sufficient evidence, a review panel and an executive team will contact the broker to discuss the complaint or expose it directly through the media. Here are the exposure channels:

2: Block low score brokers from entering the forum

3: Monitor suspicious communication in real time, and directly spot and deal with suspicious fraud;

4: Negotiate with highly reliable brokers selected by WikiFX in the secure environment of WikiFX Forum.

WikiFX APP exposure channel: https://activities.wikifx.com/gather/indexng.html

Information page to understand forex scam and exposure channel: https://activities.wikifx.com/gather/indexng.html

Website exposure channel: https://exposure.wikifx.com/ng_en/revelation.html