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Are we still able to trade foreign exchange?

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Are we still able to trade foreign exchange

As the world struggles with the fallout from the Russia-Ukraine conflict, an energy crisis, and wrenching inflation, the world’s largest financial market—the forex market—remains buoyant. In 2022, the Bank for International Settlements, which looks at data from more than 1,200 banks and brokers in 52 countries around the world, reported that in April, average daily turnover in global forex markets exceeded $7.5 trillion, which is up 14% from the same period in 2019. Traders traded $3.5 trillion a day among themselves, accounting for 46.7% of the global total.

Although the forex market remains prosperous, many fraud cases are happening every day, such as inducing fraud, rejecting withdrawals, and even absconding with the money. According to a survey of 36,000 individual investors, activist demand in the forex and gold investment sector accounts for 90 percent. It seems that the trap of scam platforms has been everywhere since investors began to choose platforms. Before investing, investors are hard to distinguish which broker is a scammer, as they are very stealthy. In the course of trading, scam brokers can use many different tricks to lure investors into making deposits. Nevertheless, the scam platform is likely to gradually shed its camouflage as the fraud becomes obvious. If investors are vigilant, they can recover them. However, calling them a scam cannot force fraudsters to let you withdraw the funds. Here is a reminder: As long as investors encounter withdrawal refusal problems, it is necessary to retain evidence in time to prepare for rights protection.

At the beginning of 2023, a large number of rights protection events poured in.

Raghav Acharya, 41, who lives in Mumbai, India, first enter the forex market in 2020. In 2022, he invested $40,000 in a forex trading platform. Unfortunately, this time he could not withdraw his money as his account was suspended by the scam platform.

Evidence of the scam platforms

Raghav told reporters that when he found out that he could not withdraw money, the customer service of that platform told him that the platform was under maintenance. “Then I thought something does not feel right. When I asked for withdrawing money again, I found my account was blocked,” Raghav said. To this end, he tried to contact the customer service of the platform again, and also tried to contact some rights protection organizations. However, some organizations’ rights protection services could not solve his problem, while others told him that he needed to pay high rights protection fees first.

Luckily, Raghav asked WikiFX for help. WikiFX is a broker supervision inquiry platform headquartered in Singapore. It not only provides authoritative broker scores from five professional dimensions, including license, business, risk control, software, and supervision but also provides free rights protection services for global traders. Raghav got in touch with a WikiFX customer service staff via the WikiFX APP, showing evidence he had reserved. WikiFX immediately negotiated with that platform, and the money has been successfully recovered.

Raghav’s dialogue with WikiFX who is successfully recovering the money

There are many such cases. For example, a trader called Puspita in Jakarta also ran into market problems in 2022. Puspita asked WikiFX for assistance. After receiving the exposure from Puspita, WikiFX contacted the platform immediately, and the problem was properly solved.

The record of deposit and withdrawal

In 2022, WikiFX helped a large number of investors recover money from illegal platforms. The number of complaints reached almost 10 a day, and the amount recovered reached $200 million in total. In the face of investor anxiety, WikiFX was able to respond promptly to help investors recover their losses, which let WikiFX win massive praise and support from investors. It’s worth noting that WikiFX’s rights protection service is completely free. In addition, all of these scam platforms have extremely low ratings on WikiFX, and WikiFX highly recommends that all investors avoid these low-rating platforms.

Faced with a plethora of scam platforms to lure tricks, even the most sophisticated investors who carefully select brokers may fall victim to scam brokers. It is necessary to remain vigilant when seeking a broker. In the new year, we hope all traders can find the right way to protect their rights.

We believe that 2023 will be the year we can say NO to all scam brokers.

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