Latest Blacklist of Forex Brokers in May: Please Stay Away from Unregulated Platforms! Part II

May ends up with a new list of forex brokers that have received the most consumer complaints, a blacklist concluded by WikiFX for all of you! Lets see the tricks used by these illegal platforms and protect ourselves from them!

GMG

The trick used by the broker is escrow. Although a one-year funds trusteeship agreement has been concluded and entered into by it and its users, GMG compels them to transfer the contract into Plan A that features a longer duration before the expiry date of the original one, causing their losses to snowball. This agreement cannot be terminated until liquidated damages are paid by clients. However, the broker doesnt respond to their applications for withdrawals even if the contract expires.

Capital Securities

The broker announced its reopening in early 2021 after skipping town at the end of 2020. According to WikiFX, this forex platform isnt effectively regulated, thereby being extremely risky!

Dukascopy

Two regulated licenses the forex broker claims to hold are cloned and it is under no valid regulation!

TPS

It claims to hold the license of the Financial Service Provider (FSP) authorized by the Financial Service Providers Register (FSPR) whereas the permit is suspected to be cloned. The broker isnt effectively regulated. At present, TPS is suspected to run away with its ill-gotten gains.

ALPHA TRADEX

The platform has been complained against by customers for a long time, reasons for which include the vicious deletion of users data and unavailable withdrawals. However, the customer service on this website has been out of touch from beginning to end and is suspected to go into hiding.

WikiFX, a forex broker info search tool, is popular among global senior investors! (bit.ly/wikifxIN)