WikiFX Articles and Updates

[WikiFX]

Background
This July, Deutsche Bank announced its strategic transformation plan to exit equities sales & trading business and cut business costs, significantly downsizing the investment bank as a result. The big step immediately made headlines around the world. As an international bank with 150 years of history, Deutsche Bank was named the “Best Private Bank in Germany” for 3 years in a row and had a market share as high as 15.68%. The company’s strategic restructure not only became a global market focus, but also raised investors’ concerns about how Deutsche Bank’s forex business will be affected. Upon investors’ request, WikiFX visited Deutsche Bank’s licensed office in Malaysia.

Broker’s profile
Name: Deutsche Bank
Location: Malaysia
Regulatory status: in regulation
Conclusion: the company truly exists
Website: https://china.db.com/china/index.html
Address: level 9 (g2) main office tower, financial park complex, jalan merdeka, 87000 labuan F.T

On-the-spot investigation
As per regulatory information, WikiFX team arrived at Financial Park Complex where Deutsche Bank is located. We got to level 9 according to the floor directory and found the licensed office of Deutsche Bank at g2, level 9. The office appeared spacious and had about 10 office cubicles. However, we weren’t admitted into the office as we didn’t make an appointment in advance.


Further investigation
From the website of Labuan Financial Services Authority (LFSA), we learned that Deutsche Bank holds MM license from the institution and is in business under valid regulation.

In addition, the annual survey on forex industry by international finance magazine Euromoney shows Deutsche Bank’s global market share in 2019 reached 8.41%, advancing 6 places year-on-year and ranking second, next to JP Morgan whose market share amounted to 9.81%. The fact that Deutsche Bank’s forex market share had increased rather than dropped suggests the strategic restructure has scarcely affected its forex business. Besides reduction in exchange business, the company also intends to step up investment in its leading businesses, including forex products and services.

Conclusion
We conclude from the visit that location of Deutsche Bank’s Malaysian licensed office corresponds to its address from regulatory information, and the company is in business under regulation. As Werner Steinmueller, Deutsche Bank’s Asia Pacific CEO observed, Deutsche Bank’s transition, though significantly downsizing its investment bank in Asia Pacific, will lead to an even more steady development of the company.

Conclusion
WikiFX App indicates Deutsche Bank is rated at 6.02 and holds the MM license issued by LFSA, currently in valid regulation. If you’re interested in finding out more about forex brokers, please visit WikiFX website www.wikifx.com or WikiFX App, as we continue to bring you more forex and brokers’ information.

 

[WikiFX]

Broker: AILEN
Regulatory status: overrun
Complainant: Mr. Jin
Cause of complaint: blocking investor’s withdrawal

Nowadays, the proliferation of brokers on the forex market makes it harder for investors to make a choice. Without knowing about the brokers thoroughly, investors can be easily swindled by illegal brokers. Recently, Mr. Jin reported the illegal forex broker AILEN to WikiFX and shared his experience.
Event recap
In early June this year, Mr. Jin signed up at AILEN who claimed to be regulated by NFA(US) and started trading. Coaxed by a signal-provider, he made several deposits that added up to over US$400,000 earlier in his investment; yet the large input failed to bring proportional profits, as he lost approximately US$70,000 in trading. Feeling much discouraged, Mr. Jin began to withdraw his money. Having successfully withdrawn US$200,000 through separate applications, Mr. Jin again applied to withdraw US$5,000 on July 27th. But unlike before, the application remained “in progress” for 3 days. Completely disappointed, Mr. Jin decided to withdraw his remaining balance on July 30th, and the application was once again ignored. Mr. Jin tried to contact the signal provider, who offered no solution besides claiming that “he was also a victim", which sounded like a lame excuse. Meanwhile, Mr. Jin also contacted AILEN’s customer service but failed to get any reply. To date, Mr. Jin still has US$16,000 in his account yet to be withdrawn. AILEN has defrauded investor by ignoring withdrawal applications and detaining investor’s capital.
Analysis
Mr. Jin fell victim to the scam largely because AILEN called itself a broker under NFA(US)’s strict regulation, yet further investigation of the broker’s profile proved the statement unreliable.
Firstly, AILEN’s regulatory information is inconsistent with its official website
AILEN’s official website claims it holds NFA license with regulatory number 0502205, but upon checking NFA website, the license belongs to a company named ACERICH, which is not in business at the moment. Strangely enough, AILEN’s information can be found on NFA website and its regulatory number is 0520444. Though the reason for this inconsistency is yet unknown, one thing certain is that AILEN’s information on its website doesn’t match the regulatory information.

Secondly, a newly registered domain name
Per investigation, AILEN’s official website was registered only about half a year ago on January 24th, 2019, suggesting low credibility and insufficient experience of the broker.

Thirdly, Trading software
According to the WikiFX App, AILEN uses white-label MT4/5 software with servers set up in Singapore and Hong Kong respectively. White-label brokers usually have higher risks, so investors must be careful in choosing such brokers.

Conclusion
WikiFX App shows AILEN holds an NFA(US) license for generic financial services and is currently operating in overrun business. The broker with a WikiFX rating of 1.20 has low credibility, and WikiFX suggests investors to stay away from it.

The example once again reminds investors to check a broker’s compliance, regulation and other information through reliable sources before making an investment decision.

 

[WikiFX]

WikiFX recently established strategic partnership with Vietstock, one of the largest financial media in Vietnam. By deepening cooperation online and offline, the two partners aim to popularize forex education in Vietnam and promote local financial development and prosperity.

Building on profound analysis and research of the Vietnamese financial market, the partnership helps Vietstock to draw on WikiFX’s forex expertise as a supplement, while allowing WikiFX to open up the Vietnamese market and carry out the company’s strategic blueprint in SE Asia by leveraging Vietstock’s local influence in finance. Both sides can significantly benefit from each other’s complementary strength, reaching a win-win cooperation.

WikiFX has been well-prepared to globalize its services, offering over 10 language streams for different countries and regions in WikiFX App. But besides such favorable conditions, to further open the market in a foreign country also requires the support from local media. In light of the new partnership, Vietstock will post WikiFX’s search box for forex brokers on its website.

Local users can find WikiFX’s broker search on the homepage of Vietstock. They can easily look up a broker by inserting keywords, such as broker’s name, license number or website. The WikiFX portal also enables Vietnamese investors to access WikiFX’s other service in full dimension, such as forex industry news and exchange platform for both investors and brokers.

On September 21st, 2019, WikiFX’s offline exhibition brand WikiEXPO will host the Wiki Finance EXPO in Ho Chi Minh City(HCMC) at Windsor Hotel. Vietstock will fully support the exhibition by harnessing its advantages to increase media exposure of the event, while Vietstock’s CEO will also present a keynote speech during this forex celebration.

Through Vietstock’s all-round report, the Wiki Finance EXPO will win more attention from local investors and well-established global forex brokers. This not only increases investor’s awareness of WikiFX’s services and helps to enhance the forex environment by exposing illegal brokers, but also serves to boost local forex market by attracting well-established brokers to Vietnam to expand their business.

In joining hands with Vietstock, WikiFX has taken another stride towards expanding its business on the SE Asian market, an step well-paved by previous preparations, such as the launch of WikiFX App (Vietnamese version) and establishment of WikiFX’s Vietnam branch. Looking ahead, WikiFX will continue to root itself on the local market and expand its business to contribute to a thriving forex industry in Vietnam.

WikiFX Vietnam timeline:
March 12th, 2019 - WikiFX App (Vietnamese version) was launched;
July 10th, 2019 - WikiFX’s Vietnam branch established in HCMC;
July 26th, 2019 - WikiFX and Vietstock entered strategic partnership
September 21st, 2019 - Wiki Finance EXPO rolls out in HCMC, Vietnam......

 

[WikiFX]

The strict regulation of UK regulator FCA is a major reason that investors favor British forex brokers. However, the unpredictability of forex market means unexpected incidents can happen to any broker. Last Monday, WikiFX got many investors’ reports that they couldn’t access the platform of SVSFX. The notice on SVSFX website revealed a surprising news: the broker, regulated by FCA and was in business for over 10 years, was bankrupted on the same day, and information on FCA’s website also confirmed the news. The incident shocked the forex circle and worried many investors at SVSFX.

After SVSFX had failed, WikiFX promptly activated the EPC(Eye Protection Centre) program to compensate for investors’ loss. As a highlight of WikiFX, the EPC program is China’s first free forex compensation scheme. Since EPC’s creation, WikiFX has never stopped improving the service, striving to serve investors with EPC’s professional team, maximized coverage, unbiased and fair operation and transparent process. The program has drawn the interests of both forex investors and brokers.

Professional team
The EPC Council and the Arbitration Committee both consist of experts of the forex circle, many of which are former employees of brokers who have accumulated rich experience and expertise during decades of forex trading. With such a professional team, investors’ pressing needs can be addressed with higher efficiency.

Maximized coverage
According to the EPC rules, WikiFX will receive from the compliant broker a deposit that serves as a guarantee fund for its investors. The fund will help reduce investors’ loss even if their broker runs into any problem. In SVSFX’s example, if investors fail to receive compensation from the broker within 6 months of its bankruptcy, WikiFX will assess the criteria of the investors who have signed up for EPC program on WikiFX website, and those eligible will be compensated for up to ¥50,000 per person.

Unbiased and fair operation
WikiFX will estimate the appropriate guarantee fund for a broker according to its WikiFX rating, and brokers with lower ratings generally need to provide higher guarantee fund. In addition, to ensure EPC’s impartiality and guarantee investors’ rights in facing any possible conflict of interests, the EPC Council oversees the operation of EPC Committee, and ensures the Committee as well as the Assessment Panel and Review Panel make independent and impartial decisions based on facts when dealing with compensation claims.

Transparent process
Once the EPC program is activated, WikiFX will publish the detail compensation process and other important information investors need to know on both WikiFX App the official site www.wikifx.com, so investors can easily access them. The compensation includes the following steps:
-The applicant registers and uploads information;
-EPC assesses the applicant’s materials;
-The list of eligible applicants is released to the public;
-The compensation beneficiary signs an agreement;
-The compensation case is made public.
Investors can also scan the QR code and join WeChat group to get a step-by-step guide of EPC compensation application and other information updates.

Conclusion
In the future, WikiFX will continue to carry out the EPC program and live up to the expectations and supports of investors and clients, striving to create a safer and cleaner forex environment.

 

[WikiFX]

WikiFX Protection Project Guards Investors against Broker’s Bankruptcy
The strict regulation of UK regulator FCA is a major reason that investors favor British forex brokers. However, the unpredictability of forex market means unexpected incidents can happen to any broker. Last Monday, WikiFX got many investors’ reports that they couldn’t access the platform of SVSFX. The notice on SVSFX website revealed a surprising news: the broker, regulated by FCA and was in business for over 10 years, was bankrupted on the same day, and information on FCA’s website also confirmed the news. The incident shocked the forex circle and worried many investors at SVSFX.

After SVSFX had failed, WikiFX promptly activated the EPC(Eye Protection Centre) program to compensate for investors’ loss. As a highlight of WikiFX, the EPC program is China’s first free forex compensation scheme. Since EPC’s creation, WikiFX has never stopped improving the service, striving to serve investors with EPC’s professional team, maximized coverage, unbiased and fair operation and transparent process. The program has drawn the interests of both forex investors and brokers.

Professional team
The EPC Council and the Arbitration Committee both consist of experts of the forex circle, many of which are former employees of brokers who have accumulated rich experience and expertise during decades of forex trading. With such a professional team, investors’ pressing needs can be addressed with higher efficiency.

Maximized coverage
According to the EPC rules, WikiFX will receive from the compliant broker a deposit that serves as a guarantee fund for its investors. The fund will help reduce investors’ loss even if their broker runs into any problem. In SVSFX’s example, if investors fail to receive compensation from the broker within 6 months of its bankruptcy, WikiFX will assess the criteria of the investors who have signed up for EPC program on WikiFX website, and those eligible will be compensated for up to ¥50,000 per person.

Unbiased and fair operation
WikiFX will estimate the appropriate guarantee fund for a broker according to its WikiFX rating, and brokers with lower ratings generally need to provide higher guarantee fund. In addition, to ensure EPC’s impartiality and guarantee investors’ rights in facing any possible conflict of interests, the EPC Council oversees the operation of EPC Committee, and ensures the Committee as well as the Assessment Panel and Review Panel make independent and impartial decisions based on facts when dealing with compensation claims.

Transparent process
Once the EPC program is activated, WikiFX will publish the detail compensation process and other important information investors need to know on both WikiFX App the official site www.wikifx.com, so investors can easily access them. The compensation includes the following steps:
-The applicant registers and uploads information;
-EPC assesses the applicant’s materials;
-The list of eligible applicants is released to the public;
-The compensation beneficiary signs an agreement;
-The compensation case is made public.
Investors can also scan the QR code and join WeChat group to get a step-by-step guide of EPC compensation application and other information updates.

Conclusion
In the future, WikiFX will continue to carry out the EPC program and live up to the expectations and supports of investors and clients, striving to create a safer and cleaner forex environment.

 

[WikiFX]

Introduction
In the age of internet, advertisements have become ubiquitous in people’s daily life. Forex brokers also attach great importance to advertising and make large spending on this point to increase their market exposure and attract more investors. Broker’s market share can reflect the overall investment environment to some extent: a market is positive when there are more high-rating brokers, while the market environment declines if the opposite is true.

On WikiFX’s list of top ad-spending brokers in August, high-rating brokers are doing great, suggesting that the forex market is generally improving. However, investors should also beware of the illegal brokers, such as ACY, which continue to enter the ad-spending list. Below is the top 20 ad-spending brokers in August.

Analysis
The list shows that among the 10 largest ad-spenders, HFGFX is the only one rated below 7 while the rest all have high WikiFX ratings above 7, indicating a favorable market environment for investors.

British broker XM topped the list for the second month in a row, keeping up its marketing effort. High-rating broker FXCM returned to the list after falling out last month and ranked no. 7. AVATRADE rose from the last on July’s list to no. 6 this month, and the rest top 10 brokers either maintained their positions of last month or moved up.

The illegal brokers appeared from no. 11 to no. 20. Like high-rating brokers, they also compete for their share of the pie on the profitable forex market.

Illegal broker ACY was on the list for 2 consecutive months and kept the same ranking as in July. Given that many high-rating brokers have also stepped up their marketing efforts, it’s clear that ACY has kept a large advertisement spending in order to maintain its market exposure. Investors should be careful about the broker’s advertisements and related information to avoid its traps.

Other 3 illegal brokers BULLTRADERS, IC Markets and BTCC Global are also among the largest ad-spenders, investors should stay alert about their marketing campaigns. ACY currently has no valid regulation and receives heavy complaints from investors recently. Rated at 2.36 on WikiFX App, ACY has been labeled an illegal broker. BULLTRADERS, with WikiFX rating 1.21, is not regulated. IC Markets, though under regulation with valid license, is heavily complained by investors and has a poor WOM. Its WikiFX rating is 3.20. BTCC Global is rated at only 1.14 on WikiFX App and its alleged NFA license for financial service is suspected to be cloned, having tremendous risks.

Conclusion
The top ad-spending list this month mostly includes high-rating brokers. XM’s lasting championship and FXCM’s return to the list help to boost market dynamism and investor’s confidence. Meanwhile, investors should beware of ACY that remain a large ad-spender for the second month as well as other 3 illegal brokers on the list, all of which maintained considerable market exposure despite fierce competition from high-rating brokers. Be careful about their commercials and keep away from such risky illegal brokers.

WikiFX reminds investors that besides high-rating brokers, illegal brokers also attach much importance to marketing campaigns, in hope to lure more investors into their traps by spending heavily on advertisements. When facing the all-pervasive advertisements, remember to base your judgement on information collected from various sources, rather than intuitive feelings. You can also check the broker rankings that WikiFX releases every month to find out more about forex market trends and brokers’ information.

 

[WikiFX]

Do you know the forex market is the largest financial market in the world, with over US$5 billion traded every single day? Driven by high profits, illegal forex brokers take every chance to exploit this 24h/5days market for illicit profits.

Watch out! You may be targeted by forex scams
The forex market may seems lucrative, but it's never easy for investors to profit. Adequate trading skills, long-term practice, sound risk management are all essential for successfully reaping the financial gains. Unfortunately, there are many unscrupulous illegal brokers who try to swindle individuals through forex trading scams. WikiFX notices that investors usually fail to identify the warning signs of a forex scam, until their withdrawal attempts are constantly blocked.

How to identify forex scams - the example of TOKYO
Suppose you’re a forex scammer yourself, what would you do ? It is, without doubt, a hard thing to persuade an investor to deposit at a forex platform, not to mention you are just strangers who have never met each other. But why so many victims are still being cheated unconsciously? Nowadays, illegal brokers are becoming more sophisticated, finding new ways to trick investors. So, how to identify these scams? let’s look at the case of an illegal forex broker ---TOKYO.

Mr. Lu was one of the victims of TOKYO. He reported TOKYO to WikiFX in his real name, in hope to warn other investors against the broker. TOKYO, registered in China, has conducted business for less than a year. From WikiFX App, we found TOKYO’s score is only 1.12, and its risk warning shows TOKYO has no valid license.

So why would Mr. Lu be deceived by such an unlicensed broker with a poorly designed web page? As we could see from the complaint and transfer records, Mr. Lu had never doubted the compliance of TOKYO, trusting the broker completely. This may be for the following 2 reasons:
1.Forged regulatory information
TOKYO's website claimed the broker is supervised by four top international financial regulators, namely VFSC(Vanuatu), NFA(US), FSC(Bulgaria) and FSA(UK), thus deceiving Mr. Lu completely. But through investigation, WikiFX staff did not find any information of TOKYO on the official websites of those regulators, indicating the broker’s regulatory information was forged.

2.The first few withdrawals were successful
Mr. Lu's first four withdrawal were successful, while the later withdrawals all failed. Apparently TOKYO made much efforts to assure Mr. Lu the safety of the investment at first, in order to induce Mr. Lu to increase the amount of investment.

How to avoid forex scams?
Illegal forex brokers tend to target forex beginners. The best way to avoid forex scams is by getting an all-round trading education, so you are well-prepared before you enter the forex market. Besides, compliant brokers can always prove their legitimacy. If you suspect that a forex broker is lying about its regulation, you can ask a regulatory authority to provide a list of regulated brokers. You can also search the forex broker’s name on the WikiFX APP to find out its detailed information as well as the recent exposure cases of illegal brokers. This will tell you which forex brokers to avoid.

 

[WikiFX]

Recently, China’s leading forex media WikiFX officially opened its Vietnam branch in Landmark 81, the tallest landmark skyscraper in SE Asia. This marked another major step of WikiFX to expand its SE Asian market, as well as a countdown for the Wiki EXPO kicking off on September 21st in HCMC. Owing to the success of the last 2 exhibitions in Sydney and Kuala Lumpur during the past months, there has been a high anticipation for the HCMC exhibition as the public expect even more highlights and useful information for investors.

Looking back to the Kuala Lumpur Expo that successfully wrapped up not long ago, the event received wide acclaim, with over 3,000 attendees, more than 30 exhibitors and over 25 guest speakers. Investors from Kuala Lumpur as well as other cities across Malaysia were attracted to the event to directly communicate with the exhibitors and learn more about the market trends efficiently, while the exhibitors took full advantage of this platform to showcase their quality services, explore the demands of target clients and increase market exposure. As a major highlight of the exhibition, such positive interaction can encourage the sound development of the forex market environment in Malaysia. In addition, the informative speeches from forex gurus and finance experts drawn enthusiastic investors that filled the speaker hall and workshops, inspiring vibrant discussions among participants. The Kuala Lumpur Expo had a positive implication for the local forex industry, while benefiting investors and brokers alike.

And now, Wiki EXPO is making every preparation for the up-coming Finance Expo in HCMC. Building on the success of previous exhibitions, the HCMC Expo taking place at Windsor Plaza Hotel on September 21st will create an even better experience for investors. The venue that covers 1,000m2 will welcome over 3,000 participants and over 30 forex brokers including samtrade, NatureForex, FXPRIMUS, Horseforex, TLC and MUST HK LTD. Some of the brokers will present keynote speeches introducing the latest financial technology in forex industry. Moreover, Wiki EXPO will invite more than 80 renowned financial analysts and forex trainers for the first time to share their insights over regulation policies, domestic and international forex environment, trading techniques and crypt currency in forex. During the event, participants can relax themselves during tea break and enjoy the comfortable lounge, while the lucky draw offers wonderful prizes for the winners.

The Wiki EXPO in HCMC also marks the beginning of full business operation of WikiFX’s Vietnam branch. Seizing the great opportunities offered by Vietnam’s rapid development in recent years, WikiFX made the wise decision to set its first branch of the SE Asia region in HCMC, Vietnam’s economic center. And the branch will offer full support to the exhibition in HCMC, in order to provide local investors better access to forex basics and market information and help improve the local forex environment.

As the international offline exhibition brand of forex media WikiFX, Wiki EXPO aims to build a platform of knowledge sharing and business exchange for forex brokers, investors and other professionals. With the vision of “Connecting Asia and Building Mutual Trust”, WikiFX will continue to carve its business frontiers in Asia by exploring the Vietnam market. Through the HCMC Expo, Wiki EXPO will offer more opportunities of knowledge sharing to Vietnamese people, allowing them to learn more about forex market and global financial environment. Let’s expect the Expo in HCMC to be another success record of WikiFX.
Time of the Expo: September 21st, 2019
Location: Windsor Plaza Hotel, HCMC, Vietnam
Contact: [email protected]（e-mail） 4006888219（phone）
Official website: https://www.wikiexpo.net/VietNam/index.html

 

[WikiFX]

Cardano fell bellow the $0.049183 level by Tuesday (18:47 GMT), down 1.91% on the day. It was the largest one-day percentage loss since August 14. The move downwards pushed Cardano's market cap down to $1.27598B, or 0.45% of the total cryptocurrency market cap. At its highest, Cardano's market cap was $23.91700B.

Elsewhere in cryptocurrency trading: Bitcoin was last at $10,729.8, up 0.10% on the day. Ethereum was trading at $196.10, a loss of 1.87%. Bitcoin's market cap was last at $191.84406B or 68.36% of the total cryptocurrency market cap, while Ethereum's market cap totaled $21.11930B or 7.52% of the total cryptocurrency market value.

#Cardano #Down #cryptocurrency #WikiFX

 

[WikiFX]

EURUSD approaches the monthly-low (1.1027) as Germany’s central bank warns “economic activity could decline slightly again in the current quarter,” and signs of a looming recession may push the ECB to implement more non-standard measures as the central bank struggles to achieve its one and only mandate for price stability.

It seems as though the ECB will continue to push monetary policy into unchartered territory even though the central bank prepares to launch another round of Targeted Long-Term Refinance Operations (TLTRO) in September as Governing Council member Madis Muller insists that the weakening outlook “may mean that the central bank will have to add stimulus.”

In turn, a growing number of Governing Council officials may show a greater willingness implement a negative interest rate policy (NIRP) for the Main Refinance Rate, its flagship benchmark for borrowing costs, and the account of the ECB’s July meeting may ultimately prepare European households and businesses for a more accommodative stance as the central bank “stands ready to adjust all of its instruments, as appropriate, to ensure that inflation moves towards its aim in a sustained manner.”

However, it remains to be seen if the Governing Council will make a major announcement at the next meeting on September 12 as President Mario Draghi steps down at the end of October.

With that said, the monthly opening range sits on the radar for EURUSD, with recent price action raising the risk for a run at the August-low (1.1027) as the exchange rate searches for support.