WikiFX Scam Alert: Please stay away from Forextro!!!

Investors who are still trading forex at Forextro had better quit trading ASAP!!! Investors who have been deceived by this broker please contact WikiFX to help you recover your funds!!!

Breaking news! Forextro has attracted the attention of the National Securities Market Commission (CNMV) in Spain, which warns on September 21th that Forextro is an entity that is not authorised to offer financial services. You may check the warning on the screenshot below. Source: Forextro | CNMV

CNMV said it published the list because international regulators had received warnings about unregistered entities. In order to prevent more investors from getting scammed, the National Securities Market Commission (CNMV) command to stop illegal activities including the provision and execution of investment services to the Spanish public through the website and related pages.

As the most authoritative regulator in Spain, the warning issued by the CNMV should be considered the ultimate proof of fraud. Therefore, we have to enhance our vigilance and stay away from entities that are blacklisted by authority regulators.

WikiFX also paid a visit to the Forextros official website to learn more. Forextro claims to be a binary options, forex/cfd and cryptocurrency broker with excellent binary option platform, fully regulated and governed by the European MiFID regulations.

Actually, we should be vigilant when binary options appear on websites, this is most likely a hoax. The Financial Conduct Authority in the UK issued a statement as early as 2017, the sale of all binary options to retail consumers is now banned. If you are offered binary options, it is probably a scam.

This follows the European Securities and Markets Authority‘s (ESMA) temporary ban on the sale of binary options to retail consumers across the EU, since 2 July 2018. Our ban includes certain binary options that were excluded from ESMA’s temporary ban.

In addition, WikiFX tried to access the MiFID website to verify the accuracy of the regulatory information , but there was no MiFID domain site. The only way to find information is on the CFI page (https://corporatefinanceinstitute.com/). Still, we tried to search for “Forextro” and were disappointed to find no company or brokerage named Forextro there.

Besides, Can you trust a regulator that doesn't even have an official website？ What about the recognition and authority of the so-called MIFID regulation and whether they can provide protection for investors？

What's more, the site shows only an index chart that does not change, and no other important information. It did not provide any detailed registration details of the company, nor did it obtain theterms and conditions, customer agreements, regulatory information or other documents. There's no doubt that when investors want to choose a platform, it's more than just this information posted!

In fact, as an average investor who wants to get to know a broker better, you don't need to bother so much. We can just search for brokers through WikiFX and get all the information we want. Now let's search “Forextro” on WikiFX APP to find out more about this broker. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX(https://www.wikifx.com/en/dealer/9533906520.html), Forextro currently has no valid regulatory license and the score is rather negative - only 0.99/10! WikiFX will give brokers a composite score in five categories: license index, business index, risk control index, software index and regulatory index. Since Forextro does not have any supervision and does not obtain a regulatory license, the license index, risk control index and regulatory index all score 0, and the final total score is 0.99 (out of 10). Investors can see the overall situation through WikiFX, with higher scores indicating a more reliable broker.

From all the above information we can know that trusting a broker like Forextro is simply not worth it – you will certainly end up robbed. The so-called brokerage is nothing more than an outright scam. WikiFX reminds you that forex scam is everywhere, you'd better check the broker's information and user reviews on WikiFX before investing. You can also expose forex scams on WikiFX. WikiFX will do everything in its power to help you and expose scams, warn others not to be scammed. In addition, scam victims are advised to seek help directly from the local police or a lawyer.

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