WikiFX Scam Alert: CNMV Warns Against Networkfsi!!!

Investors who are still trading forex at Networkfsi had better quit trading ASAP!!! Investors who have been deceived by this broker please contact WikiFX to help you recover your funds!!!

First and foremost, let us start with the most essential, the recent warning issued on November 7th by the CNMV – the official financial regulator in Spain – against Networkfsi, which has obviously targeted unaware victims in the country. Take a look:

CNMV warns the public to avoid any trading or investment proposals if they happen to be cold called or approached with an unexpected e-mail, to avoid pyramid schemes in which they are expected to attract other investors, and to be extremely cautious if they are offered lucrative trading bonuses. And CNMV also warns traders never to give in to time pressure, as quite too often scammers will be pressing you to make an immediate investment decision. In addition the Spanish regulators also warn of unsolicited offers through social media networks, promises of high returns with no investment risk whatsoever, and complex financial products, which you might not necessarily understand.

WikiFX also paid a visit to the brokers official website to learn more. Here is where Networkfsi claims to operate from:

Networkfsi does not present us with a license for either one of these jurisdictions. That makes it difficult to believe the firm has branches there! If Networkfsi were licensed to deal in Belgium it would also meet the requirements of the other EU regulatory body. Of course, it is nothing but another offshore scam!

Also, if we presume that the company is operating legally in the UK, it should be regulated by the local Financial Conduct Authority (FCA). The FCA registry, however, does not have a registered entity under this name.Take a look:

Furthermore, here is the trading platform offered by the broker:

There is also a non-functional distribution of Metatrader 4 that it provides a link to as well – here is what that looks like:

It's a shame that the latter is not working, because MT4 has tons more depth than the simple web trader it offers, plus automated trading is available on it. However, no matter the software, offshore brokers are known to manipulate their platforms. In more extreme cases, they steal your money and make it seem like it is being traded, without anything of the sort being the case. That is why you need to make sure you are only dealing with licensed firms!

According to the website the minimum deposit is €5 000, which in ridiculous and unrealistic. The leverage of 1:200, available to all of the clients of the firm is concerning. Such high amounts are a double edged sword, but also very attractive. Most brokers that offer them without checking the status of the client who wishes to use them are unlicensed and trying to make a quick buck by using them as a marketing trick!

In addition, Networkfsi issues bonuses, which are however bound with the following clause:

It stipulates that withdrawing the funds granted by the company and any profits made with them are not eligible for a withdrawal. The issue is that the broker cannot know what money was made using these non-deposited funds and what money belongs to the client – the clause is only here so it can prevent cashing out any of your profits, it is nothing but a convenient excuse! There is no free lunch, so make sure you only take the promotions of licensed firms!

Now let's search “Networkfsi” on WikiFX APP to find out more about this broker. 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.

As you can see, based on information given on WikiFX, Networkfsi currently has no valid regulatory license and the score is rather negative - only 0.99/10! WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

Investors are advised to search relevant information on WikiFX APP about the broker you are inclined to trade with before finally deciding whether to make investment or not. Compared with official financial regulators which might lag behind, WikiFX is better at monitoring risks related to certain brokers - the WikiFX compliance and audit team gives a quantitative assessment of the level of broker regulatory through regulatory grading standards, regulatory actual values, regulatory utility models, and regulatory abnormality prediction models. If investors use WikiFX APP before investing in any broker, you will be more likely to avoid unnecessary trouble and thus be prevented from losing money! The importance of being cautious and prudent can never be stressed enough.

In a nutshell, it's not wise to invest in Networkfsi. There is an official warning issued by Spains CNMV recently, meaning that, once and for all, Networkfsi is unlicensed and a risk to all!

WikiFX reminds you that forex scam is everywhere, you'd better check the broker's information and user reviews on WikiFX before investing. You can also expose forex scams on WikiFX. WikiFX will do everything in its power to help you and expose scams, warn others not to be scammed.