Abstract:As we all know, confirming a broker's license is a must before an investor agrees to trade with the broker. However, some astute con artists may try to expose the fact that it is not being monitored by any authority. Checking the blacklist of forex regulators may be useful in this circumstance.
This year, the Canadian forex regulator, the Investment Industry Regulatory Organization of Canada (IIROC), has barred the following illegal forex brokers:
1. TradingSpace
Website: https://www.tradingspace.pro/
2. Velocitytradefx.com
Website: https://www.velocitytradefx.com/
3. Ontario Invest
Website: https://www.ontarioinvest.com/
4. MaxiCapital
Website: https://www.maxicapital.group/
5. Lucros Financeiros
Website: https://www.lucrosfinanceiros.finance/
“Be knowledgeable, investors,” IIROC urges traders. “Don't be deceived by fraudsters misrepresenting themselves.”
How can you prevent joining up with unregulated brokers?
When investing, the first thing you should do is verify the broker's license. WikiFX is an app that will provide you with all of the information you want about a broker. When seeking broker information, we often visit many websites, which is not a good strategy and may lead to confusion. WikiFX is a forex trading search engine that enables traders to check data in a single app. It contains information on about 38,000 licensed and unregistered brokers. Due to the high number of online fraudsters doing business in the forex market, WikiFX has been collaborating with 30 financial agencies to address traders' trading concerns and prevent a broker's illegal acts.
Keep an eye out for additional regulatory updates.
WikiFX App may be downloaded through the App Store or the Google Play Store.