WikiFX Visited Forex Broker AL-HIDAYAH in Malaysia

[Previous visit recap]

In our last visit, WikiFX confirmed that the licensed branch of forex broker XGLOBAL in Cyprus really exists and is in regular business. As the “eyes” and “ears” of global investors, we pay random visits to forex brokers around the world and make comprehensive assessments of brokers base on the results. With these information and assessments, we can better serve investors by helping them to identify reliable brokers and stay away from illegal ones, and we remain committed to this mission despite all difficulties. This time were visiting AL-HIDAYAH.

Brokers Profile

Name: AL-HIDAYAH

Location: Malaysia

Regulatory status: suspected clone-licensed

Status: doesnt exist at the address

Website: alhidayahbank.com

Address: level 14(b)&14(C) main office tower, financial park complex, jalan merdeka, 87000 labuan F.T.

According to the address from regulatory information, we arrived at Financial Park, the office building where AL-HIDAYAH is supposed to be located. Local Labuan residents told us that this business complex is the tallest in the area, hosting many local banks as well as branches of foreign banks such as Deutsche Bank, Citibank and UOB.

Because we didn‘t have a reservation, we had to fill out a visitor registration from at the building’s reception and left our ID/business card. After we got to level 14 by elevator, we didnt find AL-HIDAYAH on the floor directory, but a management firm named Regus instead. The staff members from Regus told us AL-HIDAYAH had moved away, while its former office is also empty with no one working there.

We confirm after the visit that AL-HIDAYAHs licensed branch in Malaysia is not at the address from its regulatory information. Per checking the WikiFX App, AL-HIDAYAH is rated at 1.19 and its MM license from Labuan Financial Service Authority (LFSA) is suspected to be cloned. The broker bears substantial risks and investors should stay away from it.

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