While selecting a trading platform, investors tend to focus on factors such as spreads and swap rates but may not give enough consideration to the broker's service attitude, another crucial aspect. Therefore, we monthly update the list of brokers to provide valuable insight into how they value their clients' opinions and the overall level of customer service they provide.
This month's most common complaints we received from investors contained withdrawal scams, poor customer service, account cancellation for no reason, and inability to withdraw. To assist investors, BrokersView publishes the list of brokers involved for reference purposes.
List of specific brokers and their complaints satisfaction:
Brokers Complaints Satisfaction
CPT Markets 100%
PU Prime 100%
EC Markets 100%
OANDA Forex 0%
ALLIANCE FX 0%
We would like to draw your attention to YunikonFX and FBS.
We have recently received numerous complaints and negative feedback from our users about YunikonFX. The majority of these complaints are related to withdrawal issues. It seems that the trading platform has been refusing or ignoring withdrawal requests for a long time, which can be interpreted as a negative sign, suggesting potential issues with the broker's resources. After conducting a thorough investigation, we have confirmed that YunikonFX, despite marking itself as a trusted broker, is, in fact, a scam.
On their homepage, YunikonFX has posted an advertising video claiming that they are registered with the National Futures Association (NFA), a well-known US financial regulator recognized for its stringent regulations. However, our search for the company in the NFA registry discovered that it is not an NFA member and hence not subject to the watchdog's oversight. Additionally, YunikonFX claims to be registered with the Financial Services Authority of St. Vincent and the Grenadines (SVG FSA), but we have been unable to locate a firm called Ynikon Financial Limited, the company YnikonFX purports to belong to, in the SVG FSA register. Such contradictory situations significantly undermine YnikonFX's reliability and serve as conclusive evidence of its fraudulent nature.
We have published a detailed report regarding YunikonFX, and we encourage you to subscribe to our website to stay updated on this matter.
Now turning our attention to FBS, while it is regulated by the Belize Financial Services Commission (Belize FSC) and the Cyprus Securities and Exchange Commission (CySEC), it is important not to overlook the fact that it has been warned by the Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC) for carrying on unlicensed capital market activities of dealing securities and derivatives. When making an investment decision, it is crucial to consider not only the licensing data but also warnings issued by recognized financial regulators. Although a licensed broker does operate under certain oversight, it just carries a relatively lower risk than a non-regulated one. If a regulated broker receives a warning from a financial regulator, investors must stay vigilant and reconsider the reliability of the trading platform.
In addition, ALLIANCE FX, OANDA Forex, Advancia, Bit, Umarkets, and Paxful are scam brokers that have no authorization or regulation. We strongly advise investors to avoid these platforms.
BrokersView wants to highlight the importance of staying informed about broker-related complaints which, along with regulatory information, can serve as helpful indicators when it comes to selecting a broker. Taking complaints into account helps reduce risks. In case of any suspected violations, investors can file a complaint through BrokersView. Acting as a third party to protect your rights at no cost, we will assist you in communicating with the broker or help you send emails to the regulator.
Submit a complaint via this link to BrokersView: https://www.brokersview.com/complaint