The Most Complained Brokers in October 2023!

In this article, WikiFX will reveal 7 brokers that have received the most complaints in Malaysia within October 2023! Beware users!!!

Wisemarket

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

Established in 2022, Wisemarket is a forex and CFD broker registered in St. Vincent and the Grenadines, a jurisdiction known for its lenient regulations on forex trading. However, Wisemarket operates without a valid license, making it a cause for concern.

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

Aximtrade

Aximtrade WikiFX profile: https://www.wikifx.com/en/dealer/7341492416.html

International online broker Aximtrade is a devoted Alfa Romeo F1 team sponsor. WikiFX's database shows that they have only been in business for two to five years, during which time they have accumulated more than 100,000 active customers. They allow their clients to trade forex, metals, energies, stocks, indices, and commodities using CFDs, along with perks like flexible leverage and a trading instrument selection that exceeds 100. Although Aximtrade claims to be multi-regulated, WikiFX discovered that out of 3 licenses, only one is valid.

Below are the recent complaints WikiFX received regarding issues at Aximtrade:

Trader Team Malaysia

Trader Team Malaysia WikiFX Profile: https://www.wikifx.com/en/dealer/1229811592.html

Established in 2022, Trader Team Malaysia is an online broker that offers trading services for currencies, stock indices, and commodities. However, the official website of this broker lacks transparency and crucial information required for traders to make informed decisions. This includes details on deposit and withdrawal options, types of accounts, spreads, commission charges, and the availability of live chat support. WikiFX's investigation reveals that Trader Team Malaysia is unregulated, as it does not possess any regulatory licenses. Moreover, given that the broker was founded in 2022, its audacious assertion of being “one of the oldest and most respected names in online binary trading” raises a significant red flag that should not be taken lightly.

Below is the recent complaint WikiFX received regarding issues at Trader Team Malaysia:

Foxiv

Foxiv WikiFX Profile: https://www.wikifx.com/en/dealer/1380737522.html

As declared on its official website, Foxiv is an online brokerage firm headquartered in London, with additional offices in America, Vanuatu, and Australia. Foxiv provides a comprehensive range of trading options, including currency pairs, stocks, indices, commodities, cryptocurrencies, precious metals, and energy, all accessible through a single trading account and platform.

However, despite the company's claims of being under the regulation of reputable authorities, a WikiFX investigation has revealed that Foxiv is, in fact, an unregulated broker.

Below is the recent complaint WikiFX received regarding issues at Foxiv:

GlobalFX Miner

GlobalFX Miner WikiFX Profile: https://www.wikifx.com/en/dealer/5161877102.html

GlobalFX Miner, founded in 2017 in the United States, presents a professionally designed website. This broker claims to have a substantial clientele, with over 2.5 million users hailing from more than 180 countries. Their array of trading products encompasses currency pairs, gold, real estate and agricultural trading, as well as cryptocurrencies. However, despite the company's claims of being under the regulation of reputable authorities, a WikiFX investigation has revealed that GlobalFX Miner is, in fact, an unregulated broker.

Additionally, the United Kingdom's Financial Conduct Authority issued a specific disclaimer to caution its residents about GlobalFX Miner.

Below is the recent complaint WikiFX received regarding issues at GlobalFX Miner:

Roboforex

Roboforex WikiFX Profile: https://www.wikifx.com/en/dealer/7211748744.html

Roboforex, established in 2009, was founded by a group of seasoned traders with the vision of providing a user-friendly and reliable trading platform to a global community of traders. The broker quickly gained prominence, primarily owing to its competitive trading conditions, diverse range of trading instruments encompassing forex, commodities, indices, stocks, ETFs, and cryptocurrencies, and its unwavering commitment to fostering innovation.

The company is duly registered in Belize and holds multiple regulatory certifications, but its regulatory status is confined to that of an offshore regulated broker, which may suggest a comparatively lower level of oversight. However, it is noteworthy that the Securities Commission of Malaysia has officially cautioned against this broker.

Furthermore, WikiFX's on-site inspection team has encountered challenges in verifying the existence of the broker's offices in Belize and Belarus.

Below is the recent complaint WikiFX received regarding issues at Roboforex:

WikiFX underscores the importance of having the WikiFX mobile app installed on your device, available for free on both Google Play and the App Store. This application serves as a vital tool to keep you abreast of the latest developments related to brokers and market trends. Whether you choose to use the app or visit our website at www.wikifx.com, you can count on receiving timely alerts concerning brokers globally, extending beyond the confines of Malaysia.

In addition, we wish to emphasize to all our valued users the importance of exercising caution when engaging with online brokers. Always ensure that you click on the link provided in the respective WikiFX profiles of brokers to verify that you are accessing the official and accurate website. Unfortunately, instances of scammers attempting to deceive users by duplicating broker websites have occurred. Protect yourself from potential fraud by relying on the authenticated links furnished by WikiFX.