Most investors, in particular beginners, are prone to ignore a broker's service attitude when selecting a trading platform. However, the attitude towards customers will significantly affect the trading experience. Therefore, to assist investors in making an informed decision, BrokersView monthly updates the list of brokers and ranks them by complaints satisfaction. We aim to provide useful insight into how they value their clients' opinions and the overall level of customer service they provide.
On top of the permanent topic surrounding withdrawal difficulty, this month's most common complaints we received from investors contained unreasonable account blocking, unresponsive customer support, fake profits, and burdening fees. Below are the lists of brokers involved for reference purposes.
This month, our platform has seen a surge in discussions regarding the fraudulent platform ST5, which was exposed by us, affiliated with another scam USDC Investment (you can refer to here for more details about the scam).
ST5 entices unsuspecting investors with promises of free trades and fake cryptocurrency price charts that display lower-than-actual prices. Victims are forced to maintain a minimum balance at a required level to keep their membership and the so-called trading privileges. When clients attempt to withdraw their funds, ST5 refuses to release the money unless extra fees are paid. However, in fact, ST5 has no intention of returning the funds, as their ultimate goal is to steal money from victims.
Investing in financial markets inherently carries uncertainties and risks. Successful trading demands a mastery of financial knowledge and skills to navigate these challenges. It is crucial for people to understand that there are no guaranteed high profits and remain vigilant when receiving unsolicited messages promising easy, risk-free ways to earn substantial sums in a short time.
This is especially true in forex and crypto trading. Due to their high liquidity, these markets are difficult to monitor and regulate, making them the main targets for fraudulent activities. Scammers exploit these characteristics to their advantage.
Another scam broker we want to draw your attention to is Wise Group.
This entity is only registered with the Financial Services Authority of St. Vincent and Grenadines (SVG FSA). However, the SVG FSA has explicitly stated that it neither grants forex licenses nor issues approvals for forex activities. Consequently, Wise Group operates without proper regulatory oversight, leading to issues like withdrawal delays and unresponsive customer support.
We always underscore the risks of dealing with merely SVG FSA-registered forex brokers. They are basically unregulated and thus often perform poorly. When they go out of business or disappear, their clients are left without recourse to reclaim their funds or seek compensation.
In addition, Pocket Option, FAN HUA GROUP, OmegaPro, WEEX, and HSB FOREX TRADE are scam brokers that have no authorization or regulation. We strongly advise investors to steer clear of 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