The Three Most Complained Brokers in Pakistan in September 2023

Three brokers in Pakistan found themselves facing a significant number of complaints from dissatisfied customers. In this article, we will explore the most complained about brokers in Pakistan during that month and discuss the implications of these complaints for investors and the financial industry.

SAXO

Saxo is a multi-asset broker that offers access to a wide range of financial instruments, including forex, stocks, bonds, ETFs, futures, options, and more. The broker provides trading services through its advanced trading platforms and caters to both retail and institutional clients. Saxo operates as a hybrid broker, offering both direct market access (DMA) and market making services. SAXO is regulated and WikiFX has given this broker a decent score of 8.34/10.

However, forex trading is one of the most beneficial as well as risky business in the financial world. Recently we have received a lot of complaints against Saxo, many investors told WikiFX that this broker blocks the withdrawal request. Traders. Especially traders from Pakistan, should understand the potential risk.

Hiltonmetafx

Hiltonmetafx is a newly established trading platform based in the Philippines. They claim to offer users access to over 2100 trading products, with leverage of up to 200. However, it's important to note that this broker is not regulated by any valid regulatory authority. This broker has been reported to be a clone of scam broker V5 Forex Global. We believe that Hiltonmetafx is a Ponzi scheme. WikiFX has given this broker a low score of 1.07/10. Recently, we received a lot of complaints against this broker.

PU Prime

PU Prime is a forex and CFD broker that was founded in 2016 and is based in Australia. The broker offers a wide variety of trading instruments, including Forex, Indices, Commodities, Cryptocurrencies, Metals, Shares, Bonds, ETFs. PU Prime provides five different account types to cater to the diverse trading needs of its clients. These account types include Cent, Standard, Prime, Pro, Islamic, with each account offering different features and benefits such as minimum deposit requirements, spreads, and leverage.

Unfortunately, we recently received nearly 30 complaints against this broker. Although WikiFX has given this broker a decent score of 6.39/10, it does mean this broker is absolutely safe to trade with.

Conclusion

The surge in complaints against brokerage firms in Pakistan during September 2023 serves as a wake-up call for investors. While the financial industry can be lucrative, it is equally important to ensure that your broker is reliable and trustworthy. Conducting thorough research, staying informed about regulatory developments, and monitoring your investments can help you avoid potential pitfalls and make informed decisions in the ever-changing world of finance. If you encounter issues with your broker, don't hesitate to report your concerns to WikiFX.