SCAM BROKER RANKINGS ON JULY 2022 BY WIKIFX

FVP Trade (UK)

Leading the ranking of scam brokers this month is none other than the golden name FVP Trade. On July 18, the incident of not being able to withdraw money from this exchange caused a lot of confusion for the investor community. A series of traders have their accounts frozen for extremely unreasonable reasons. Although the company's leadership has announced that it will resolve the issue as soon as possible, until the time of writing at the end of July, no convincing answer has been given to investors.

Through proof checks, this broker has been verified as illegal, all licenses have expired, and has been listed as an unauthorized trading platform by WikiFX. In recent days, the WikiFX app has received 75 complaints from users about the FVP Trade trading platform.

A current review of FVP Trade on the WikiFX app:

Overall Review Score: 1.80

License Index: 0.00

Business index: 5.86

Risk control index: 0.00

Software Index: 6.91

Management monitoring index: 0.00

LiteForex

LiteForex ranked 3rd in the ranking of scam brokers in July by receiving too many complaints from its clients. In the last 3 months, WikiFX has received 57 denunciations from users against this broker. The WikiFX data system validates that this broker has received a lot of complaints, being blacklisted by WikiFX.

It can be said that only 1 year ago LiteForex was still a name that was quite interested in the Vietnamese trader community. But much negative information about LiteForex was verified, which made the image of this trading platform soon cease to be the same as it was. Automatic deletion of user accounts, bad quality of service, frequent slippage, wrong closing of orders, excessive spread expansion,... These are all reasons why users no longer put their trust in this exchange.

LiteForex's current rating on the WikiFX app:

Overall Review Score: 2.32

License Index: 0.00

Business index: 8.54

Risk control index: 0.00

Software Index: 8.08

Management monitoring index: 0.00

OCEIX

OCEIX has a very low review score on the WikiFX app, ranking 4th on the July scam exchanges ranking. Of the 5 detailed assessment indicators, up to 3 indicators of OCEIX have evaluated 0 points including the licensed index, risk control index, and management monitoring index. This is also quite understandable because, through investigation, the broker is temporarily not recognized with any effective regulatory authority. The NFA license that the broker announced to own has signs of irregularities, the regulatory status is unlicensed.

Just last May, OCEIX was also reported on many media channels because of the fraudulent act of seizing the assets of many investors.

The current review of OCEIX on the WikiFX app:

Overall Review Score: 1.32

License Index: 0.00

Business index: 5.86

Risk control index: 0.00

Software Index: 6.91

Management monitoring index: 0.00