Receiving 600+ complaints! The Financial Commission is playing with its credibility

The Financial Commission is a good example. It does not charge or request any fee from forex traders and broker members and also helps traders when they have a property dispute with brokers. However, more than half of the broker members listed on the regulators website are illegal brokers running illegal investment business, who maintain their normal operations through defrauding investors.

Olymptrade and Binomo are both illegal brokers and both are members of Financial Commission. According to data from Similarweb, the official websites of Olymptrade and Binomo attract quite a large traffic worldwide.

It can be seen that Olymptrade and Binomo are well-know in a few countries in the world. However, Olymptrades score is only 1.03/10 on WikiFX and Binomo only has a score of 1.25/10. Both of them are without regulation, and neither uses MT4/5 Software. Why are these two brokers so popular？ They know how to disguise themselves and make the world believe that they're well-established forex brokers.The most important is that they could say they have regulatory license issued by Financial Commission.

Nigeria is the hardest-hit area. WikiFX received more than 600 complaints against Olymptrade and Binomo within two months. The total amount of money involved nearly reached 80,000 US dollars.

Why is the certification of the Financial Commission quite useful in Nigeria and why were a huge amount of Nigerians scammed by Olymptrade and Binomo？ Two sides that can be considered.

Firstly: The forex market in Nigeria is chaotic and unregulated. Due to the grim environment, any broker can claim that it‘s regulated and show the license to traders, and so does the regulatory body. If a regulatory body said it’s authorized by the government, it will not be questioned. Compared with European and American markets with strict regulations, the intensity of regulation in Nigeria is not worth talking about. This is why the certification of Financial Commission is popular in Nigeria‘s forex market. Traders won’t even consider whether the authority of the Financial Commission is reliable or not.

Secondly: The forex industry is a novelty in undeveloped countries. People are poorly educated and with a lack of knowledge on how to safely operate forex, they do not even know what is regulation, and most traders engage in forex as a means of making a living in Nigeria.

Not like FCA, an unknown regulatory body is easy to establish in undeveloped countries. The following picture shows broker members of the Financial Commission. Per investigation, few brokers among these are legal. Therefore, the regulatory effectiveness and authority of the Financial Commission should be questioned, and WikiFX advises all traders not to trust the brokers who are regulated by the Financial Commission.

The following are three channels forgetting real-timeinformation about exposurearticles.

1: WikiFX official website: https://www.wikifx.com/us_en/.

Choosing News column Original special topic series.

2: WikiFX App: Using the App will make it easier to read articles.

Read on the APP in the same way as the official website.

3: WikiFX official Facebook: the new exposure articles will also be posted on Facebook, a main social media account, at the same time. If you are a social media user, you can follow WikiFXs Facebook page.

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

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

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

If you have ever been defrauded by illegal broker, you can contact WikiFX. WikiFX will assist you in your exposure. You need to hold enough evidences to prove the broker is illegal.

Evidence requirement: (Chatting history records, Trading history records, Banking Transaction records and video recordings from victim).

In order to help you better. There are two ways to upload evidencesfor exposure.

1: WikiFX App:

Log in the App, choose Exposure on home page click on blue light bulb-Expose,

The types of Fraud Choose fraud broker Just write down your experience of being deceived and upload the relevant evidences here.

2: More brokers‘ information will be updated on WikiFX. If you can not find the broker that you want to report, there is another way to contact WikiFX by Facebook Messenger. You can leave your message on messenger. WikiFX’s staff will review the broker that you wanna report and the relevant evidences you submitted. You will get the feedback in the following 3-5 working days.

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

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

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

Declaration:

The evidences in WikiFX exposure articles are verified via the following processes:

1: Evidence Collection: (Chatting history records, Trading history records, Banking Transaction records and video recordings from victim).

2: These evidences will be evaluated and verified by experts who have been work in forex industry for many years.

3: The editor will review it again before the article is published.

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

Worried about missing out latest trends in the volatile market？ WikiFX ‘News Flash’ is here to help!

With 24-hour real-time update of forex market data by minute, you

can seize the opportunity of every bullish market! Bookmark the link

below and follow the market trends immediately!

UK Area：https://live.wikifx.com/uk_en/7x24.html

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

Nigeria Area：https://live.wikifx.com/ng_en/7x24.html

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