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FTSFX Is A Clone Broker, Blacklisted In Hong Kong SFC

WikiFX | 2022-08-12 16:30

Abstract：FTSFX is an unauthorized broker based in Hong Kong, with a website in both English and Chinese. It lists its benefits as follows: client first, global market financial instruments, separate money deposits, and robust financial regulation. Looking at the general idea, the platform seems appealing. However, it only attempts to deceive investors into believing it is legitimate, while the finest circumstances, even those advertised, are simply indicators of a fraud.

FTSFX is an unauthorized broker based in Hong Kong, with a website in both English and Chinese. It lists its benefits as follows: client first, global market financial instruments, separate money deposits, and robust financial regulation. Looking at the general idea, the platform seems appealing. However, it only attempts to deceive investors into believing it is legitimate, while the finest circumstances, even those advertised, are simply indicators of a fraud.

WikiFX is always watching unregulated brokers owing to the fantastic promotions they provide to traders, as do most fraudsters. Because of the broker's trading chances, traders will generally invest regardless of their unregulated status. The traders will believe they will gain more from it.

About WikiFX

WikiFX is a free forex search engine that gives reliable broker information to traders and those looking to get started in forex trading. WikiFX lists over 38,000+ brokers, both legal and unregistered. They also collaborate with 30 financial regulators. As a result, the WikiFX database is sourced from official regulatory bodies such as the FCA, ASIC, and others. Fairness, impartiality, and facts are also emphasized in the released information. WikiFX does not charge public relations fees, advertising costs, ranking fees, data cleaning fees, or any other unreasonable expenses. WikiFX will do everything possible to keep the database consistent and synchronized with authoritative data sources such as regulatory bodies, but cannot promise that the data will always be up to date.

Domain age of about 100 days

Fraudulent FX organizations often construct sites that are 1 to 2 years old before disappearing to recreate another domain name. The website's domain age (https://www.ftsfx.net/) was formed around 100 days ago and will expire on the same day next year. This is done on purpose since the firm will simply relocate to a new website and continue to modify its image for scamming after 6 to 12 months. It is a frequent deception strategy utilized by con artists.

It claims to be regulated by a few global regulators

FTSFX's online forex trading platform supports a wide range of currency pairings. To boost its credibility with naïve investors, the business claims to be controlled by a variety of municipal and regional regulations:

Authorized by the Financial Conduct Authority (FCA).
Regulated by the Cyprus Securities and Exchange Commission (CySEC).
Licensed by the Financial Services Commission (FSC) of Mauritius.
Registered with the Financial Services Authority (FSA) of Saint Vincent and the Grenadines.

Read abou this article “Why Is Saint Vincent and the Grenadines So Popular For Forex Trading” https://www.wikifx.com/en/newsdetail/202208027034620584.html to learn more about

However, no results were located in the database of the four specified authorities' regulated brokers' list that matched the organization.

That is, FTSFX is lying and operating without a regulatory authorization.

Added to the blacklist of Hong Kong financial regulators

The website cannot be authentic since it violates the rules and regulations that regulate financial service firms. As you can see, the broker is on the SFC's (Hong Kong's financial regulator's) blacklist. Authorities have alerted the public that FTSFX is a clone of a licensed firm. Investors should avoid dealing with FTSFX since it is exceedingly dangerous.

As a result of the aforementioned study, our staff suspects that this broker is a hoax.

The difficulty with an unregulated firm is that it will not follow industry norms, causing customers to lose money.

More on WikiFX

Forex trading is a high-risk investment that may result in the loss of all your funds if you deal with unregulated brokers. WikiFX can assist traders in resolving their illicit trading activities with their brokers. Traders may also report their traders' illegal conduct to WikiFX by visiting the WikiFX official website https://www.wikifx.com and going to the exposure page, or by emailing WikiFX customer service.

Download the WikiFX App from the App Store or Google Play Store for free to get broker news and reviews on the move.

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Related broker

Website：https://www.ftsfx.net/

2-5 years | Questionable Regulatory License | Suspicious Operational Region | High Potential Risk

Score

1.47

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