​Three Common Scams on Forex Platforms!

Forex trading characterized by convenience and freedom is attractive to numerous investors. At the same time, myriads of swindlers flock into this market. Therefore, three patterns of fraud that are commonly used the most are disclosed to help you be more alert!

Fictitious illegal forex platforms

Generally, websites of this type only consist of a home page and a register page. After visiting them, users will be lured to a chat interface, followed by the experience of being swindled by the platform staff.

Instead of being linked to any forex brokers, these platforms employ simulating technology to fabricate trading data that can be manipulated, in order to induce users to invest more!

Regulated forex platforms can play tricks

Licensed platforms may conduct fraud for the sake of profits. For example, USGFX took advantage of the license authorized by the Australian Securities and Investments Commission (ASIC) to transfer users‘ funds to its subsidiaries. Tricks that worsen users’ losses also include profiting from new investors, overstating returns, and betting against clients.

Platforms in this category are often licensed and regulated efficiently. As such, a comprehensive search on them is required!

Pyramid schemes

Pyramid schemes are a Ponzi scheme in essence, profiting from new investors, training inferiors, and absorbing traders capital. Forex platforms in this case will skip town after bankruptcy, leading harmed investors to a complete wipe-out!

Please take it easy though swindlers are detestable. WikiFX APP assists you in your search on the information of forex platforms, including the status of regulation, the situation of exposure, and reputation with an extremely simple operating process, in a bid to protect you from potential risks and leave you a safer environment of investment!