WikiFX Review: Why You Must Be Alert To TradeFCM !

Anyone who invests in the forex market has to bear some of the risk, but that is no reason for brokers to commit fraud. Recently, WikiFX received a number of exposures from users about bad dealers, the broker TradeFCM is one of them. You may check the exposure by investors on the screenshot below.

TradeFCM is an online forex broker offering a series of financial instruments to its clients across the globe. However, because of recent complaints and not authorized by the national financial institution, WikiFX want to remind you of the risk when investing in TradeFCM.

TradeFCM claimed to be based in British and was registered by the Financial Conduct Authority(FCA) in the UK. To find out what the fact it is, WikiFX paid visit to the FCAs official website.

As we can see from the figure above that the query result is quite negative –no company named “TradeFCM” is shown on the Financial Conduct Authority. It clearly proves that TradeFCM is not authorized but offered financial services and products in the UK. All members of the British public should be careful and stay away from it. Because you are unlikely to get your money back if things go wrong.

In addition, to get a better idea of TradeFCM, WikiFX also paid a visit to its official website. TradeFCM tries to convince you that they are a legitimate and trustworthy broker, but the outcome is opposite.

TradeFCM does not have trading software. The website doesnt even mention this basic forex trading tool and there is no link to download the trading software. In the dashboard WikiFX only sees simple charts with current asset prices that have no trading functionality.

TradeFCM set the leverage ratio as high as 1:500 for investors – no legitimate UKbroker would let you do that. Leverage caps in the EU and England ban brokers from offering leverage higher than 1:30 on forex majors to retail traders. High Leverage trading can be dangerous because it amplifies your potential investment losses. In some cases, it's even possible to lose more money than you have available to invest.

The minimum deposit with TradeFCM is $1000. TradeFCM has four different plans depending on the type of investor. The mini plan requires a minimum deposit of $1,000 and the standard plan has a minimum deposit of $2,000. It is not normal to set such a high minimum deposit , most legit brokers are now accepting clients for as little as $5, which turns TradeFCM into expensive brokerage!

Now let's search “TradeFCM” 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/5101474285.html), TradeFCM currently has no valid regulatory license and the score is rather negative - only 1.45/10! WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

Investors are advised to search relevant information on WikiFX APP about the broker you are inclined to trade with before finally deciding whether to make investment or not. Compared with official financial regulators which might lag behind, WikiFX is better at monitoring risks related to certain brokers - the WikiFX compliance and audit team gives a quantitative assessment of the level of broker regulatory through regulatory grading standards, regulatory actual values, regulatory utility models, and regulatory abnormality prediction models. If investors use WikiFX APP before investing in any broker, you will be more likely to avoid unnecessary trouble and thus be prevented from losing money! The importance of being cautious and prudent can never be stressed enough.

From all the above information we can know that trusting a broker like TradeFCM is simply not worth it – you will certainly end up robbed. 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.