Top 20 Largest Ad-spending Forex Brokers in July, 2019

WikiFX released the 20 largest ad-spending Forex brokers in July, 2019, which was divided into 3 categories of well-known, illegal and risky brokers.

First, let's look at the well-known brokers.

The following are the well-known brokers with large ad-spending, listed in descending order: XM, FXTM, Alpari, FBS and easyMarkets. The rankings changed little compared with last month. XM who ranked second in June topped the list this month, showing its dedicated efforts in marketing. In addition, the places of both BCR and FXPRO climbed significantly.

Illegal brokers are also making large advertisement spending.

With a low rating of 1.70, illegal broker CF keeps on spending money on advertising, ranking 11th on the list this month, followed by another illegal broker, ACY.

Notably, ACY fell out of the rankings last month, but it was listed this month due to the increase of investment in advertising.

In addition, there are risky brokers which investors should beware of.

Rated at only 2.64 on the WikiFX App, Pepperstone received lots of investors' complaints for 3 months in a row, targeted by about 40 complaints for losses caused by malicious manipulation, closing profitable positions, fraudulent conduct of IB. However, the broker is trying to attract more unwary investors into its trap through online marketing campaigns.

As another risky broker with large ad-spending, 8BX.COM tricked many investors into registering trading account by the deceptive advertising on market analysis software, for instance, “open account and get bonus, doubling your profits”. The broker is rated at 3.80 on the WikiFX App and has suspicious cloned license, indicating high risks.

In addition, WikiFX confirms through investigation that Q8 Trade is rated at 1.65 on the WikiFX App, without valid regulatory status. Investors should watch out for such brokers and avoid potential risks.

Conclusion

The complex Forex market makes it difficult to discriminate between illegal brokers and good ones. Although regulation bodies are constantly striving to offer investors better protections, there are always illegal brokers who try to prey on inexperienced brokers with their tricks and traps, which makes it even more difficult for investors to find a trustworthy broker.

Therefore before making investment decision, investors should check the broker's qualification and stay rational to avoid potential risk, and stay away from the high-risk brokers which are unregulated, heavily complained or have suspicious cloned license.