OLYMPTRADE Defrauded Investor with Fake License!

How to identity a fake forex regulator？

Nigerian consumers are increasingly targeted by unauthorized forex trading and brokerage firms who offer the service of trading forex, contracts for difference, binary options, cryptocurrency and commodities. These firms promise to offer very high returns and guaranteed profits to investors when trading at their platforms.

At present, there are a total of 30 well-known forex regulators in the world as below , which can be viewed from WikiFXApp.

This article will take the FCA as a example to identify whether a forex regulators is real or not in forex industry.

WikiFX has exposed an illegal broker, called OLYMPTRADE which was mentioned in previous article(The article link will be presented at bottom). Regarding this illegal broker, you will find that its regulated by The Financial Commission (regulation number: HE364695). However, the Financial Commission is informal regulatory institution with low credit.

The specific analysis of the Financial Commission will be divided into two parts as below:

1： The analysis of the Financial Commission official website:

https://www.financial-commissions.org

Firstly:

The Financial Commission is called “FINACOM PLC LTD” on their website. This is unreasonable, because every regulator is a part of government bodies, not xxx LTD. The forex regulatory only authorized by the local government. In other words, the forex regulator belongs to the government, and isnt a private company. Therefore, if you see a regulator with a company name like LTD, it shows that they are unreliable and illegal.

Secondly:

As we all know, Financial Conduct Authority (FCA) is a well-known regulator in UK. And every country only has one regulator as a government body.

Even though government has many regulatory authorities, those authorities work in different financial field. It can be said that there are less than 2 forex regulatory in one place. The Financial Commission offers forex regulatory serviced, but they are a private company. Here, it is worthy to say that the companies that are not recognized officially will choose to be private ones, which are relatively more free to provide the so called regulatory service.

Thirdly:

All staff of the Financial Commission come from forex industry, not from government department. Some employees‘ introduce from its website show that “Some of the distinguished members of our Board of Directors include Michael Greenberg founder and CEO of Forex Magnates, the world’s leading news source for the Financial Industry.” They can offer you a help to identify illegal broker, and, at the same time, deal with broker illegally. The private regulator is not fair and trusted enough. We can see it from the case of OLYMPTRADE. This is why the general regulator is controlled by government.

Institutional nature：Government body

Institutional Introduction:

FCA. were established on 1 April 2013, taking over responsibility for conduct and relevant prudential regulation from the Financial Services Authority.

FCA(Financial ConductAuthority) is the conduct regulator for 59,000 financial services firms and financial markets in the UK and the prudential regulator for over 18,000 of those firms.

Employee: Government staff.

More: Go to link ：https://www.fca.org.uk/about/sector-overview

2： The analysis of illegal broker case: investor cannot withdraw on OLYMPTRADE, which is regulated by the Financial Commission.

OLYMPTRADE was complained by many investors for they cannot withdraw money from the platform. However, OLYMPTRADEs official website shows it is regulated by the Financial Commission. This is contradictory. It can also be seen directly that the broker and the private regulator are all illegal, and their cooperation is based on the mutual interest.

There is no doubt that there are many risks in the forex industry. The best and easiest way to identify risks is to go to check whether the broker is regulated or not. Otherwise, your investment has potential risk of losing.

Download WikiFX App to learn the information of normal regulator.

Please download WikiFX APP from below links or scam code ：

iosAppStore：

https://apps.apple.com/us/app/fxeye/id1402501387？l=zh&ls=1

Googleplay: https://play.google.com/store/apps/details？id=com.foreigncurrency.internationalfxeye

Android:

https://appdl.wikifx.com/internationalapp/WikiFX-1.3.3.apk

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If you have any questions, please feel free to contact us at wikifx@wikifx.com

The following is the process of how to use app:

1: Download WikiFX

You can download the app on Google Play or Apple Store for free.

2: Register to be a WikiFX member

Enter your phone number and verification code.

3: Select Language and your area

4:Find “Exposure” section on Homepage

5:Edit post and release

Click the edit icon and choose either type of reason you wanna expose. Then, select the broker you wanna expose, edit your scammed experience and release it.

Declaration: The article evidence exposed by WikiFX is verified by the following processes:

1: Evidence Collection: (Chatting history records, Trading history records, Banking Transaction records and recording videos from victim).

2: These evidences will be evaluated and verified by expert who has been work in forex industry for many years.

3: The editor will review it again before the article is published.

If you find there are still exist errors in article, we will improve them as soon as possible, and strive to provide consumers with a good and reliable exposure platform. Thank you for your feedback.