WikiFX Review: Why does FSDS catch many traders’ attention recently?

In this article

WikiFX provides inquiry services in the forex field.

WikiFX evaluates the reliability of FSDS based on the facts.

What is WikiFX？

WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry.

WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers.

WikiFX gives you a huge advantage while seeking the best forex brokers. For more information, such as the review and exposure of brokers, please visit our website (https://www.WikiFX.com/en)

1. Evaluate the reliability of FSDS based on its general information and regulatory status

To understand FSDS better, we explore FSDS by analyzing three main perspectives:

A. General Info of FSDS

B. Regulatory Status

A. General Info of FSDS

FSDSs general info has been shown below:

(source: WikiFX)

General Information

Launched in 2020, FSDS Global Limited is an online forex broker registered in the United Kingdom. Although this broker is established relatively young compared with other forex brokers, it still performs quite well in the brokernancial industry.

Founded in 2020, FSDS Global Limited is an online broker

Market Instruments

FSDS Global Limited provides its clients an extensive range of 350 trading assets including currency pairs, cryptocurrencies, precious metals (Gold, Silver, Platinum), energy (Brent, WTI, NAT, GAS), and other financial derivatives are all available through the MT5 platform.

Foreign Exchange-Trade more than 50 currency pairs with this broker;

Share CFDs-go short or long on over 200 ASX shares and over 80 top US shares;

Indices-Access a wide range of index CFD trading via the MT5 trading platform;

Metals-Gold and Silver, Platinum and copper;

Commodities- Trade on the most heavily traded commodity products;

Leverage

The maximum trading leverage offered by FSDS Global Limited is up to 1:500, which is a generous offering. High leverage is ideal for active traders and scalpers, as it presents more overall trading flexibility, which directly impacts profitability. However, since leverage can magnify your profits, but it can also cause to fund losses, especially to inexperienced traders. Therefore, it is essential for traders to choose the proper amount based on their risk tolerance.

B. Regulatory Status

What is a Legitimate License？

• The legitimate license is the business license issued by the financial regulatory institution of each country/region.

• Holding a license means that the broker is recognized and regulated by the regulatory authority, therefore your money is under the protection to some extent.

• Whether a forex brokerage firm holds a legitimate license or not is one of the important factors to evaluate the reliability of forex brokers.

• The content of the regulation and the difficulty of obtaining a license vary with the country and agency issuing the license.

Is FSDS legit？

FSDS was regulated by National Futures Association (NFA) with a license number: 0547899. However, according to WikiFX, the regulatory status is abnormal, the official regulatory status is Unauthorized. Therefore, we cannot consider FSDS as a regulated broker.

(source: WikiFX）

2. Exposure related to FSDS on WikiFX

On WikiFX, the Exposure consists of feedback from traders. A bad track record of brokers can be checked via Exposure. WikiFXs Exposure function helps you get feedback from other traders and remind you of the risks before it starts.

As of July 6, 2022, WikiFX has received a couple of complaints against this broker. Below are some of them.

A Thai investor told WikiFX that he needs to pay taxes and fees to withdraw. FSDS asks this trader to pay 15% tax, and the tax must be paid within 7 working days, otherwise, the trader's account will be permanently suspended. In addition, FSDS also told this trader that a deposit of $30,000 is required to withdraw funds. If what this trader said is true, it seems that FSDS is getting involved in a scam.

This trader from Pakistan claimed that he could not withdraw money from this broker for 9 days. And we can see that the broker claimed its staffs were busy and refused to respond to him.

3. Special survey about FSDS from WikiFX

A. Scoring Criteria

WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

The Scoring Criteria of Brokers on WikiFX

License index: reliability and value of licenses

Regulatory index: license regulatory strength

Business index: enterprise stability and operational capability

Software index: trading platform, instruments, etc

Risk Management index: the degree of asset security

FSDS has been given by WikiFX a low rating of 1.37/10.

(source: WikiFX)

B.WikiFX Alerts

Unavailable Website

As we know so far, FSDS's official website cannot be opened for some reason.

(source: WikiFX)

4. Conclusion:

It is no double that FSDS is not a reliable broker. Investing in this broker is very likely to cause you a heavy financial loss. Besides, FSDS has been listed on WikiFX's top fraud brokers list for June. We advise you to be aware of the potential risks. WikiFX contains details of more than 36,000 global forex brokers, which gives you a huge advantage while seeking the best forex brokers. If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP for free through this link below (https://www.wikifx.com/en/download.html). Running well in both the Android system and the IOS system, the WikiFX APP offers you the easiest and most convenient way to seek the brokers you are curious about.

Click on FSDS' WikiFX page for details