Watch Out For These Unregulated Brokers Tagged As Unauthorized Firms By FCA - 1/9/2023

Forex scams are schemes that defraud traders of their hard-earned money through various means, such as falsely promising high returns on investments, manipulating software to generate losing trades, and falsely representing themselves as registered firms. These scams can take many forms and may be executed by individuals, companies, or even entire countries.

One common form of forex scam is the “boiler room” scam, in which high-pressure salespeople try to convince traders to open accounts and make large deposits, promising unrealistic returns and using high-pressure tactics to get the trader to make a quick decision. These scams often target new traders who may not have experience in the markets and are not familiar with the risks.

Another form of scam is the “managed account” scam, in which a company offers to trade a trader's account on their behalf, promising high returns for a small initial deposit or a percentage of the profits. In many cases, the account is not traded as promised and the trader loses their deposit.

Forex scams can also be perpetrated by firms that falsely represent themselves as registered and regulated, when in fact they are not. Additionally, Signal selling schemes, Autotrading robots, or any other type of trading with no sound strategy are also Scams.

WikiFX has been exposing scam brokers released by the FCA to warn investors not to invest because they lacked the necessary authorization to conduct financial transactions or investments.

List of newly added unauthorized firms

INVEST KINGDOM

MORGAN FINANCE

WALK CRYPTO

METROINCOMETRADE

RETRO FX PROFIT

PROGRESSIVE TRADE LTD

GFSS LTD

CAPITAL WEALTH

UK TRADING OPTIONS

WIN PROTOCOL

Final Word

It's important for traders to do their due diligence and research any firm or individual they are considering doing business with before depositing any money. It's also important to check regulatory agency such as NFA, CFTC, and FCA to see if a broker is registered and have any criminal records or penalties.

In addition, you should also be skeptical of claims of easy money or overnight wealth, and be wary of anyone who promises unrealistic returns. If something seems too good to be true, it probably is.

Download and install the WikiFX App from the download link below to stay updated on the latest news, even on the go. You can also download the app through the App Store or Google Play Store.

Download link: https://www.wikifx.com/en/download.html