WikiFX Scam Alert: FCA Issued A Warning Against Activefxtrade!

Breakings! Activefxtrade has come to the attention of the Financial Conduct Authority in the UK, which warned on November 24th that Activefxtrade was not licensed but was providing financial services to the public in the UK. You can see the warning in the screenshot below.

“Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorized or registered by us”, the FCA says adding that “this firm is not authorized by us and is targeting people in the UK. You will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS), so you are unlikely to get your money back if things go wrong.”

In addition, WikiFX also paid a visit to the official website to get a better idea of Activefxtrade. But when I opened the site, Google was reminding me that it was not a secure site and could invade your privacy. Keep in mind that it will not be recorded by Google and given such a warning if it has not done anything against the rules. No matter what, you should be cautious, for the sake of your privacy and the security of your money.

After being forced onto its website, Activefxtrade is trying to convince visitors that it was a legitimate broker, but the result was quite the opposite.

Activefxtrade promises an advanced digital asset trading platform. However, the download link is nowhere to be found throughout the website and WikiFX could not even reach this trading platform. Obviously, this is just a ruse by Activefxtrade, which doesn't have a “world class trading platform” like MT4, the industry standard. Actually, this is a red flag because legitimate brokers always allow clients to sign up, open a demo account, and test trading software before depositing it.

Activefxtradehave the right to seize the use or provision of services and products at any time.

“Customers and the Company have the right to seize the use or provision of services and products at any time. The only physical product program in which the customer can reverse the subsequent investment. You must contact our customer support before resolving your complaint to your payment processing”.

This instruction is undoubtedly a bandit clause. When you contact their customer service for support, they ask you to deposit more money to meet their withdrawal limit. Once you do what they ask you to do and deposit more money, they will tell you that you have violated their rules and refuse your withdrawal. WikiFX receives many cases of similar scams. It's really an effective way to get investors into their elaborate traps, which is why fraudulent companies like Activefxtrade are on the rise.

With such complex regulatory information, how should investors distinguish between good and bad traders？ It's as simple as typing the name of the broker into WikiFX before you invest, you will see every aspect about this broker. WikiFX also provides a comprehensive score based on license, business, risk control, software and regulatory, which is benefit for investors to make judgments.

Now let's search “Activefxtrade” 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(https://www.wikifx.com/en/dealer/1458984028.html), Activefxtrade currently has no valid regulatory license and the score is rather negative - only 1.33/10! WikiFX will give brokers a composite score in five categories: license index, business index, risk control index, software index and regulatory index. Since Activefxtrade does not have any supervision and does not obtain a regulatory license, the license index, risk control index and regulatory index all score 0, and the final total score is 1.30 (out of 10). Investors can see the overall situation through WikiFX, with higher scores indicating a more reliable broker.

Please note that WikiFX is also reminding the majority of users: low scores, please stay away!

From all the above information we can know that trusting a broker like Activefxtrade is simply not worth it – you will certainly end up robbed. 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. In addition, scam victims are advised to seek help directly from the local police or a lawyer.