WikiFX Articles and Updates

[WikiFX]

With the rapid development of the global forex industry, numerous forex brokers of mixed quality also emerge on the market. The illegal brokers without proper qualifications always disguise themselves as compliant brokers through false advertising, and through illicit practices and manipulations they swallow up investors’ assets and undermine the healthy development of the forex circle.


Broker’s name: BDG
Website: http://www.bangdefx.com/zh-cn/
Complainant: Mr. Zhu

Mr. Zhu’s ID card

This March, Mr. Zhu first learned about the broker BDG through the recommendation of its IB agent, Mr. Sun, and made 2 deposits totaling US$ 7,000 at the platform. But 6 months later, Mr. Zhu lost more than half of his money instead of making any profits, with only US$ 1,700 left in his account. What’s more, something weird also happened when Mr. Zhu applied to withdraw. According to Mr. Zhu, he filed a withdrawal application nearly a month ago, but 2 weeks after he submitted the application, it strangely “disappeared” from the platform and Mr. Zhu had to apply again. The long wait and irregularities in the withdrawal process raised Mr. Zhu’s suspicion that the broker may have escaped.

Mr. Zhu’s deposit records

Mr. Zhu’s withdrawal record


Analysis
BDG claims on its official website that it holds IFSC (Belize)’s license with regulatory number IFSC/60/496/FX/17. With a broad business scope, the broker allegedly enables investors to trade a wide range of assets including forex margin, equities on Belize and international stock markets, securities, and cash. Its forex margin services covers currencies, commodities and CFD trading. But we wonder if the broker is telling the truth, particularly about its regulatory status.

BDG’s false claims on its website

After inserting the full name of BDG on IFSC’s website, we did find a regulatory record of the broker, yet it turns out that the IFSC license held by BDG is for general financial consultancy/advisory services, which means the broker isn’t authorized to offer trading in forex, securities, cash or equities. Moreover, the broker’s official site doesn’t match the registered website on IFSC, www.bondexglobal.com, and this self-claimed “top achiever of international finance industry”, strangely enough, doesn’t even have an introduction and web page in English.

Search result of BDG on IFSC website

Summary
According to WikiFX App, BDG is unregulated at the moment and rated at only 1.41. Network diagram of the broker suggests it has 12 related white-label brokers, among which 3 hold suspected cloned license, 3 operate in overrun business, 2 are unregulated and one is illegal. Investors should definitely stay away from this broker to avoid investment risks.

BDG’s rating on WikiFX App

BDG’s network diagram from WikiFX App

Conclusion
The forex market is full of risks, and for inexperienced investors, the greatest risk could come from brokers. WikiFX reminds investors that when choosing a broker, in addition to considering its reputation on the market, it’s also a good idea to do further research and get comprehensive information about the broker, such as whether its claimed regulatory details match with information on the regulation website, whether its license is valid and whether it operates in overrun business. If you have any questions about any broker, you can easily look it up on WikiFX App and avoid potential risks.

 

[WikiFX]

Broker: CMCMarkets
Visited on: October 5th, 2019
Conclusion: broker truly exists.

On-the-spot investigation
Regulatory information suggests the licensed branch of CMCMarkets in Singapore is at 9 Raffles Place #30-02 Republic Plaza Tower, and WikiFX recently visited the broker at the site.

We drove to Market Street and found the striking logo of Republic Plaza, located in a bustling CBD. The building has strict security measures and we weren’t able to check on the broker’s office without reservation. Fortunately, there was a LED board in the lobby showing information of all companies in the building, and through that we learned CMCMarkets is located at room 02 and 03 on the 30th level, which matches address from broker’s regulatory information. We conclude that CMCMarkets’ licensed branch in Singapore really exists.

Analysis
As we wrapped up the visit to CMCMarkets, WikiFX’s on-spot investigation series in Singapore is coming to a close. Although there aren’t so many forex brokers in Singapore due to geographic reasons, most Singapore-based brokers are quite reputable, thanks to the strict regulation system of Monetary Authority of Singapore (MAS).

According to CMCMarkets’ website, the company was established in 1989 and is a leading global CFD provider, boasting over 30 years of rich experience. Listed at the London Stock Exchange in 2016, CMCMarkets now has branches in 15 countries worldwide, handling over 4 million transactions every month. Per checking regulatory information, CMCMarkets is fully authorized in its business, holding retail forex brokerage license from MAS (Singapore) and MM license from FCA (UK), among other licenses.

Conclusion
WikiFX App shows CMCMarkets to be under valid regulation, holding MM licenses from ASIC (Australia), FCA (UK) and FMA (New Zealand) respectively and retail forex licenses from BAfin (Germany), BDF (France) and MAS (Singapore) respectively. The long-established broker has a high-rating of 9.68 on WikiFX App, suggesting high credibility, and investors may entrust your assets to CMCMarkets.

 

[WikiFX]

In the last quarter of 2019, are you still considering where to invest your money? The illegal brokers, targeting investor’s mindset to make a fortune on the forex market, fan their anxiety of being “left behind” through advertising hype such as “precious metal continues to soar, it’s the perfect time for going long”, “profit effortlessly on the bullish gold market” or “start trading gold with only ¥1 through leverage”.

Gold price chart in October, 2019

Dubious as these slogans may sound, there are many gullible investors who fell victim to the traps of these brokers. According to WikiFX’s list of most-complained forex brokers in October, more than half of those listed involves gold-trading.

Davinci who topped the most-complained list received 65 investor complaints in the past 3 months, and is rated at only 1.89 on WikiFX App.

Davinci’s score on WikiFX App

Both Davinci and KVB, who ranked second on the list, operate in overrun business.

Risk warnings against KVB on WikiFX App

The third-most-complained broker HLJY is related to over 20 different white-label brokers, of which 3 are suspected to hold cloned licenses, 13 operate in overrun business, 3 are unregulated, one is in offshore regulation and one is illegal.

HLJY’s network diagram from WikiFX App

PTFX who took up the 4th place is an illegal broker that WikiFX has warned investors against several times. Please stay away from this very risky broker.

DSY and HX who are new to the list both have low ratings, with DSY holding a suspected cloned license and HX under offshore regulation.

Notably, plenty of investor complaints suggest that the illegal brokers often lure investors into their traps by taking advantage of investors’ eagerness to profit. Usually they allow clients to make small profits at first, and after gaining investors’ trust, these brokers coax their victims into making greater investments, even when suffering heavy losses. Here are the typical warning signs of illegal brokers that investors should beware of:

Enticing investor into opening account;
Trading on the investor’s behalf;
Having serious slippage issue;
Offering misleading trading signals;
Causing investor heavy loss that results in negative balance;
Showing misleading market trend;
Taking investor’s money with a private account;
Failing to execute investor’s stop-profit/stop-loss accordingly;
Frequent disconnection/ server malfunction of the trading software.

If you have ran into similar problems during investment, you can download WikiFX App and sign up as our VIP member to seek professional assistance from WikiFX team.

 

[WikiFX]

How Will Fed’s Rate Cut Affect Forex Market in November

Coming to November, a series of major global events such as ECB President Draghi’s farewell speech, the Fed’s 3rd interest rate cut in the year and the general sluggish trend in global manufacturing continues to stir up the forex market. Here’s a quick look at what’s going on recently that may affect the forex trend.

Draghi made his farewell speech
In the evening of October 24th (GMT+8), European Central Bank (ECB) President Mario Draghi spoke at his last press conference as the central bank’s leader after the policy meeting, while ECB decided to keep 3 key interest rates unchanged, in line with the market expectation. In addition, ECB also reiterates its plan to resume monthly bond-purchase of €20 billion, starting from November 1st, saying that the bond-purchase will carry on until the next interest rate increase, as long as the bank sees it necessary.

After the decision was announced, Draghi noted at the press conference that according to latest statistics, Eurozone economy remains weak on the long run with significant down-slope risks, and inflation may continue to decline. Draghi said the ECB may need to maintain large degree of quantitative easing for a longer period and be ready to adjust the policy tools accordingly. Advocating for a gradual expansion approach in financial policy, he also calls for the governments of EU members with more fiscal space to take actions and accelerate economic reform.

The Fed is expected to cut interest rate for the 3rd time this year
US president Donald Trump voiced disappointment about the Federal Reserve’s monetary policy on October 24th in a tweet, implying the Fed is too slow in cutting interest rates. As weakening economic indicators recently confirmed US economy is struggling with inadequate investment, the market had expected FOMC to lower the target range of interest rate by 1.5% to 1.75, and the prophesy has been proved as the Fed decided to cut rates once again after much deliberation, in order to tackle the current economic challenges.

A sluggish global manufacturing sector
US is not alone, as the whole world faces the challenge of economic slowdown. The Purchasing Managers’ Index (PMI) indicates sluggish manufacturing across the globe. Japan’s PMI registered the largest decline in 3 years, falling for 5 months in a row, while Australia’s PMI dropped to a record low to just above 50. In the Eurozone, PMI for France also dropped while Germany’s only recovered slightly from a decade’s low in last month.

As the world's largest financial market, the forex market is constantly affected by global economic policies. WikiFX will closely track the market dynamics while providing trader comprehensive information of brokers, in order to offer you a safer investment experience. For more information, please visit the WikiFX website or App.

 

[WikiFX]

WikiFX Visited CIMB Bank in Malaysia

Name of the company: CIMB Bank
Address: Level 14(A), Main Office Tower, Financial Park Complex, Jalan Merdeka, 87000 Labuan F.T., Malaysia.
Visited by: WikiFX team

CIMB’s location

Background
As Southeast Asia speeds up its pace of opening up its financial market to the world, forex trading has become a popular type of investment. The number of forex investors is growing every year as forex becomes increasingly available for people. According to The Edge Markets, a leading business and financial media in Malaysia, CIMB Group’s annual growth rate of net profit reached 25.1% for 3 consecutive years during fiscal year 2015-2018, the highest growth rate among all entities with market value over 10 billion ringgits in Malaysia’s financial service sector. In recent years, CIMB Bank’s influence on the Southeast forex market expands rapidly, making it a reputable forex broker among investors. In order to help investors learn about the broker in detail, WikiFX decided to visit the licensed branch of CIMB Bank in Malaysia.

CIMB Group’s net profit

On-the-spot investigation
According to the address from regulatory information, WikiFX team reached Financial Park Labuan Complex. Local residents told us that the complex, covering 12 acres, is the largest business landmark on the Labuan Island. After entering the building, we filled out the visitor registration form as instructed and followed the direction signs to level 14, where we found CIMB Bank’s licensed office in Malaysia. Through the glass door of the office, we saw around 10 cubicles inside, and the working environment looked neat and organized.

Floor directory

Direction signs of companies located at level 14

CIMB Bank’s Reception



Investigation summary
We confirm after the visit that CIMB Bank’s licensed branch in Malaysia is indeed located at the address from its regulatory information and is currently in business.

The regulatory record of CIMB Bank from LFSA website

Conclusion
Per checking WikiFX App, CIMB Bank is rated at 5.76 and its 2 MM licenses from Labuan Financial Service Authority (LFSA) are both in valid regulation. Investors may safely choose this compliant broker.

CIMB Bank’s rating on the WikiFX App

Up till now, WikiFX team has visited thousands of brokers across the world, with many visit reports now presented with VR technology. In addition, the WikiFX App has recorded the profiles of over 13,000 forex brokers in order to offer investors comprehensive forex information.

 

[WikiFX]

Company’s name: Hirose Financial
Visited on: October 17th, 2019
Visited by: WikiFX team
Location: U0067, 1st Floor, Jalan OKK Awang Besar ,87000 Labuan F.T, Malaysia.

Previous on-the-spot investigation
On our last investigation trip, we visited CIMB Bank in Malaysia and confirmed that the company is at the address from its regulatory information and is in business under LFSA regulation. As the “eyes” and “ears” of global investors, WikiFX team conducts spot check on forex brokers and record the results on WikiFX App for the reference of our clients. Upon investors’ request, we’re checking out the forex broker Hirose Financial in Malaysia this time.

About the company
Hirose Financial is the fully-funded subsidiary of leading Japanese forex company Hirose Tusyo Inc. which has branches in 4 countries offers quality services for over 200,000 global clients.

On-the-spot investigation:
According to the address from regulatory information, WikiFX team came to the bustling Jalan OKK Awang Besar Street. After searching amid countless shops and buildings, we found the entrance to the building where Hirose Financial is located. As we were walking up the stairs, we found many signs of different sizes, but did not find the name of Hirose Financial. In order not to miss anything, we turned around the first floor and finally saw Hirose Financial’s name next to u0066. Since the door was closed and no one entered or exited, we could not confirm whether someone was working in the office.

Hirose Financial’s licensed branch in Malaysia

Visit Summary
WikiFX team confirms after the visit that the location of Hirose Financial's licensed branch in Malaysia is consistent with its regulatory address. Its MM license from Labuan Financial Services Authority (LFSA) is under valid regulation and investors may safely choose this broker.

Hirose Financial’s rating on WikiFX App

Conclusion
Until now, WikiFX has recorded profiles of tens of thousands of brokers, while offering investors vast forex information. Stay tuned as WikiFX presents you visit reports of more forex brokers.

Stay tuned as WikiFX presents you visit reports of more forex brokers.

 

[qwe123]

US Federal Reserve will soon release the minutes for October‘s monetary policy meeting, which had directly led to the Fed’s third rate cut in the year- an action much in line with the market‘s general expectations. On the other hand, the Fed has removed “taking appropriate action to maintain economic expansion” from the interest rate statement. The expression has been in the interest rate statement since June, paving the way for the Fed’s rate cuts. Given that the US economy has rallied more than the market had expected, this change of wording suggests that the threshold for a further rate cut is very high.

On November 13th (EST), the US Federal Reserve Chair Powell once again emphasized his optimism about the US economy. He said, “sustained expansion of economic activity, a strong labor market, and inflation near our symmetric 2% objective as most likely.” At the same time, Powell also admitted that uncertainties in the trade sector continue to plague US corporate confidence and business investment, while foreign economic slowdown can also hinder US growth. Policymakers will closely observe all types of economic data to see whether they remain in line with market expectation.

In addition, the Fed is not worried about inflation. Although Powell still believes that the inflation rate is close to the 2% target set by the Fed, it is clear that the historical model of the relationship between price and the weak job market no longer prevail. The Fed used to consider a 5% unemployment rate was almost full employment, but now economists must admit that the US economy can operate at a much lower unemployment rate.

Besides the Federal decision of interest rate cut announced at the end of October, several key indicators are being released in the US recently: The core CPI rose 0.2%, in line with expectations; PPI rose 0.4%, higher than the expected 0.3%... a series of breakthroughs in important economic data indicate the US economy is rallying, and Fed officials are generally optimistic about the countrys economic situation. Survey data showed that the market estimates a 96% probability for the Fed to hold interest rate unchanged, the remaining 4% implied odds are for 25 basis points.

With the release of the Fed‘s meeting minutes at the corner, what’s your view about the monetary policy in the future？ Stay tuned as WikiFX presents you more forex dynamics and market trend analysis that add to your investment success.

 

[KasiRecipe]

　　Gold is bullish as of 9th November 2021 as the U.S markets start the week. A weaker U.S dollar coupled with global inflation concerns has given the yellow metal the boost to break past the $1,800 trading range. It has been in a rally mode since Thursday, after hit hitting support at 1758 the day before. Although that rally was stopped near the downside resistance line taken from the peak of August 6th,2020. The metal remains below that line, but it also trading above an upside line taken from the low of August 9th, this year. Thus, as long as it remains between those two lines, we will stay neutral.

XAUUSD,
　　For us to start examining further advances, we need to wait and observe a break above the crossroads of the aforementioned long-term downside line and the key resistance level of 1834, which has been acting as a temporary ceiling since July 15th. Another stop may be the 1857 line, marked by the inside swing low of June 4th, the break of which could pave the way towards the peak of June 11th, at 1903, or the high of June 1st, at 1917. If none of the territory is able to stop the advance, then a break higher could see scope for extensions towards the high of January 6th, at 1959. But changing our attention to our daily oscillators, we can observe that the RSI rebounded from slightly below 50 and is now close to 70, while the MACD lies above both its zero and trigger lines, pointing up. Each of the indicators discover decent upside speed, recommending that the metal may have the necessary capability to overcome the downside line this time around.

　　While On the downside, we would like to see a dip below 1758 before we start examining whether the bears have stollen the bulls‘ swords. Such a move could also confirm the break below the upside line taken from the low of August 9th, and perhaps initially allow declines towards the low of September 30th, at 1721. If that barrier doesn’t hold either, then we could see the fall extending towards the low of August 9th, at 1683, a territory that provided strong support back in March as well.

　　Disclaimer:

　　The content we produce does not constitute investment advice or investment recommendation (should not be considered as such) and does not in any way constitute an invitation to acquire any financial instrument or product. The Group of Companies of JFD, its affiliates, agents, directors, officers or employees are not liable for any damages that may be caused by individual comments or statements by JFD analysts and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his investment decisions. Accordingly, you should seek, if you consider appropriate, relevant independent professional advice on the investment considered. The analyses and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with the legal requirements for financial analyses and must therefore be viewed by the reader as marketing information. JFD prohibits the duplication or publication without explicit approval.

　　CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68.02% of retail investor accounts lose money when trading CFDs with the Company. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Please read the full Risk Disclosure.

WILL GOLD BREAK ABOVE A LONG-TERM DOWNSIDE LINE SOON?

Gold has been in a rally mode since Thursday, after hit hitting support at 1758 the day before. Today though, that rally was stopped near the downside resistance line taken from the peak of August 6th, 2020. The metal stays below that line, but it also trading above an upside line taken from the...

wap.wikifx.com

 

[KasiRecipe]

　SquaredFinancial Group of multi-asset fintech brokers has today announced its Q3 trading results. Highlights include a 266 per cent growth in volume, a 220 per cent growth in its client base and a 200 per cent increase in gross profits.

　　• Multi-asset fintech broker has grown client base by 220 per cent

　　• Company announces new board, new structure, strong governance and growth

　　• Gold revealed as highest traded instrument in 2021

Squared,
　　The Group has continued to increase its offering during the year, providing immediate access to over 10,000 trading instruments across different asset classes and adding cryptocurrencies to more traditional asset classes such as foreign exchange, commodities, stocks and indices, with Gold being the significant driver of the increase in volume year to date due to its perceived safety in uncertain times.

　　SquaredFinancial Group has also appointed three new board members to further strengthen the governance and future growth of the company. Dirk Van Daele, Vusi Thembekwayo and Philippe Préval will bring a wealth of technology, entrepreneurial and financial board experience.

　　Philippe Ghanem, Founder and Executive Chairman of SquaredFinancial Group, explained:

　　We set out to build something different, listen to what clients want and provide stability and security.

　　In the coming months, we will continue to release new products, new funding channels, more online banking services and asset management, access financial markets and help clients towards achieving financial freedom. Each new member of our Board, each one of them brings a specific and different skillset, strengthening our Corporate Governance, Emerging Markets and Corporate Finance expertise that will help build, grow and promote SquaredFinancial in the coming years.‘’

　　Dirk Van Daele, financial services entrepreneur and new board member of the parent company, commented:

　　This is an exciting time to join SquaredFinancial. A dynamic new model on the convergence of asset management, but with an incredibly experienced leadership team and a clear pathway for progress.

　　“As a global FinTech, SquaredFinancial is able to offer more products and more capabilities than most peers. I look forward to working with Philippe and the team in the years to come and continuing to build the SquaredFinancial brand.”

　　Vusi Thembekwayo, venture capitalist, entrepreneur and new board member of the parent company, stated:

　　“Timing and talent must meet at the intersection perfectly. The world of finance, capital markets and asset management is fast changing, and the most pressing question for customers is how to take advantage and benefit from these challenges. Crypto, broking and asset management have become mainstream, but clients need a trusted, secure provider, and this is where we want to make a difference”.

　　Philippe Préval, CEO of Lusis and new board member of the parent company, said:

　　“My goal is to help change perceptions of how a FinTech company should be operated. With the utilization of Artificial Intelligence in trading as in other business areas such as payment fraud, credit scoring, loyalty and recommendations, SquaredFinancial can provide customers with unprecedented service and access.”

SquaredFinancial Group announces strong Q3 results and Board appointments

SquaredFinancial brings together a wealth of experience and commercial expertise to offer a range of innovative on and offline financial products and services. SquaredFinancial offers sophisticated fintech solutions which give clients easy and unrivalled direct markets access. Experienced...

wap.wikifx.com

 

[tapaksuci]

lama sudah tidak ada update sejak 2021, tolong upayakan artikel tersedia dalam bahasa Melayu akan lebih bermanfaat dan sangat membantu