Is It Possible to Recover Money Invested in Scam Brokers?

Since the outbreak, Forex trading has been a possibility for anybody looking to earn money from the comfort of their own homes, even if it involves high-risk investments that might result in the loss of all investment funds in a single transaction. Until now, forex traders have made their way through the evolution of trading chart technology to eliminate slippage and delays and have a smooth and accurate trading experience. A lot of trading chart technology has emerged and is available to traders. One platform that has a lot to offer traders is created by developers located in Hong Kong with one simple mission: to assist traders to become transparent and not spend their time and money investing in an untrustworthy broker. The platform's name is WikiFX app, and it has been running across the web to provide the latest news and events, offer technology such as Expert Advisor with VPS (Virtual Private Server), research the broker's reputation using the search bar, and, most importantly, report any bad incidents that traders from around the world have encountered to the WikiFX Right Protection Center.

In this post, we'll go through how to submit an event to WikiFX and obtain the first steps from the WikiFX investigative team.

What exactly is WikiFX？

WikiFX is a platform for searching worldwide company financial information. Its primary duty is to give the included foreign exchange trading organizations with basic information search, regulatory license searching, the credit assessment, platform identification, and other services.

Wikifx has created a big data solution that unifies data gathering, data screening, data aggregation, data modeling, and data productization using public data from government agencies, sophisticated sniffer systems, and scientific computer algorithms. WikiFX may then assess the supervision and risk levels of the associated organizations across several dimensions and give matching security solutions to individual users, corporate users, and government agencies.

Furthermore, WikiFX has over 36,000 brokers listed and is actively collaborating with 30 financial authorities. WikiFX makes it simple to report brokers that engage in unlawful activity can be accessed in WikiFX Exposure Page. (See picture below)

An Illustration of a Reported Incident

This unable to withdraw occurrence was reported to WikiFX after the trader placed a large sum of money, but after earning some earnings from trading and wishing to withdraw part of it. However, the trader was unable to withdraw and discovered that the broker is not licensed and may be one of the scam brokers on the forex market. The trader was depressed and ready to tell everyone about his experience with the fraudulent broker. Now, WikiFX is requesting verification from traders before taking action, and if this broker is not licensed, it will cease all operations and make the broker refund the money received from their investors. (See picture below)

The Rating of the said broker is on the WikiFX is absoluate a scam and it's not even a regulated one.

How to Report Illegal Activity to WikiFX Right Protection Center

The procedures to interact with the WikiFX team are outlined in the example report above.

Step 1: Go to the WikiFX homepage, which is also available on a smartphone. Simply search for WikiFX in the App Store or Google Play Store.

Step 2: Go to the “Exposure” section of the navigation menu.

Step 3: On the page, click the “Expose” button.

Step 4: Fill out the form with the name of the implicated broker you wish to disclose. Enter the incident's title and a description. We always urge complainants to submit whatever evidence they have so that the WikiFX team can take action immediately away.

Someone will contact you for confirmation after the steps have been done. Then, officials from financial regulators will conduct their investigation into the situation and take the appropriate steps to address it.

Visit the WikiFX Right Protection Center page to see more instances like this one that has been addressed.

The WikiFX app is free to download from the App Store and Google Play Store.