Warning! These Are The Most Complained Brokers in Malaysia

In this article, WikiFX will reveal seven brokers that have recently received many complaints from users globally. Beware!

UEZ Markets WikiFX profile: https://www.wikifx.com/en/dealer/2122293665.html

UEZ Markets is a forex broker founded in 2018. The broker claims to be regulated by ASIC and NFA, but WikiFX discovered those licenses were suspicious clones. It offers a variety of trading instruments, including forex, metals, energies, crypto, and indices, through the MT5 trading platform.

Below are the recent complaints WikiFX received regarding issues at UEZ Markets:

Yunikon FXs WikiFX profile: https://www.wikifx.com/en/dealer/2237553165.html

Established in 2020, Yunikon FX is a forex and CFD broker registered in St. Vincent and the Grenadines, a jurisdiction known for its lenient regulations on forex trading. However, Yunikon FX operates without a valid license, making it a cause for concern.

Below is the recent complaint WikiFX received regarding withdrawal issues at Yunikon FX:

WISEMARKETs WikiFX profile: https://www.wikifx.com/en/dealer/2699104886.html

WISEMARKET is an online broker founded in 2022 and registered in Saint Vincent and the Grenadines that provides a wide array of trading instruments, such as forex, CFDs, stocks, indices, and cryptocurrencies. As Wise Markets is a newcomer within the industry, only a little information is available about it online.

Below are the recent complaints WikiFX received regarding withdrawal issues at WISEMARKET:

Wizifxs WikiFX profile: https://www.wikifx.com/en/dealer/2765948814.html

Wizifx is a forex broker that was founded in 2020. It is not regulated by any financial regulator, a major red flag. Wizifx offers a variety of trading instruments, including forex, metals, energies, crypto, and indices, through the MT5 trading platform. The company's website is poorly designed and does not provide any information about its team of executives or its trading experience.

Below is the recent complaint WikiFX received regarding withdrawal issues at Wizifx:

Bao Shengs WikiFX profile: https://www.wikifx.com/en/dealer/9411229292.html

Bao Sheng (also known as Julius Baer), headquartered in China and operating for a duration of 2-5 years, offers a spectrum of trading opportunities spanning stocks, forex, commodities, indices, and cryptocurrencies. However, its lack of regulation raises considerable concerns about investor protection and the oversight it operates under, fueling worries about transparency, investor security, and accountability. Furthermore, reports of users encountering difficulties while trying to withdraw funds have significantly marred the platform's reputation for reliability.

Below is the recent complaint WikiFX received regarding issues at Bao Sheng:

Raynar Groups WikiFX profile: https://www.wikifx.com/en/dealer/1758746282.html

Raynar Group, positioning itself as a trustworthy multi-asset trading platform, raises concerns by withholding vital regulatory and legal information, a practice commonly associated with unlicensed brokers. This stark contrast to reputable brokers, who prominently display their certifications, casts doubt on the platform's legitimacy. Moreover, claiming an address in Ukraine, where no regulatory authority oversees forex trading, Raynar Group's lack of valid regulation renders investors' funds unprotected by law, solidifying its classification as a scam.

Below are the recent complaints WikiFX received regarding issues at Raynar Group:

Soho Markets WikiFX profile: https://www.wikifx.com/en/dealer/4123889808.html

Soho Markets is an online forex broker founded in 2022 and regulated by the Cyprus Securities and Exchange Commission (CySEC). The company is headquartered in Limassol, Cyprus, and offers a variety of trading instruments, including forex, CFDs, and commodities. WikiFX verified the legitimacy of this license. However, a CySEC license is not an automatic indicator of a broker's trustworthiness, making it crucial for traders to meticulously research and assess a broker's track record to ensure alignment with stringent regulatory standards.

Below are the recent complaints WikiFX received regarding issues at Soho Markets:

Attention all users! Ensure you have the WikiFX mobile application downloaded for free on Google Play and App Store to stay updated with the latest information on brokers and market trends. Using the app or our website (www.wikifx.com), you can easily receive timely warnings about brokers operating globally, not just in Malaysia. Additionally, we kindly remind our valued users to exercise caution while interacting with brokers online. Always click on the link in the broker's respective WikiFX profiles to ensure you land on the official and accurate website. Sadly, scammers may attempt to deceive users by cloning broker websites. Protect yourself from potential fraud by relying on the authenticated links available on WikiFX.

Meanwhile, another distinctive and valuable feature of WikiFX's platform is our “Exposure” section (https://www.wikifx.com/en/exposure/revelation/1.html or via the free WikiFX mobile application), which serves as a mechanism for users to submit unresolved complaints they've encountered with their brokers. This interactive space provides a platform for traders to voice their grievances and acts as a bridge to facilitate resolution. By allowing users to share their experiences and concerns, WikiFX empowers ourself as a mediator between traders and brokers, fostering a collaborative environment to address disputes and grievances. This initiative not only enhances transparency within the forex trading community but also underscores WikiFX's commitment to safeguarding the interests of traders and ensuring fair and ethical practices in the forex industry.

Alternatively, contact WikiFX should you need any assistance through the mediums below:

Your safety and financial security are our top priorities!