WikiFX Ranking: The Top 5 Most Dangerous Brokers in February 2023

There are many scam brokers in the forex market. With the passing of February, WikiFX has listed the top 5 most disreputable brokers in February 2023 to warn you of potential pitfalls.

1. FVP Trade WikiFX Score 1.84/10

On the top of our list is FVP Trade, an infamous broker that WikiFX has exposed multiple times in the last year. This broker is confirmed by the publicity as a Ponzi Scheme. The information about this broker on its website is mostly fake. Many traders in Southeast Asia have lost massive money because of this broker. FVP Trade has ruined many peoples lives. We advise you to stay away from this broker.

FVP Trade claimed it to be regulated by FCA, NFA, and ASIC. However, we found that its regulation is not efficient. As of March 1, 2023, WikiFX has received 91 complaints against this broker within three months.

2. BKYHYO WikiFX Score 1.33/10

The second one on our list is the broker called BKYHYO. Launched in 2020, BKYHYO LTD is an online forex broker registered in the United Kingdom, offering its clients leverage up to 1:500. WikiFX has given this broker a very low score as WikiFX received 53 complaints against this broker recently. In addition, the United States NFA regulation (license number: 0539341) claimed by this broker is suspected to be a clone. The problem that traders complained about the most is withdrawal rejection. You need to understand the risk of investing in this broker.

3. TriumphFX WikiFX Score: 2.02/10

TriumphFX has been accused of delaying investors withdrawal. TriumphFX was founded in 2009 and is based in Cyprus, providing professional online trading services to investors, traders, and institutional clients through a robust NDD and STP order processing model. However, we find that this broker is running a business mainly in the Southeastern Asian market. WikiFX considers this broker a Ponzi Scheme.

TFX Coin

TriumphFX launched its own coin called TFX Coin which is currently under its own exchange. By using TFX coin, customers' asset were dominated by TriumphFX.

4. Bedrockfx WikiFX Score 1.93/10

Bedrockfx is a United States-based broker with a score of 1.93/10. Although this broker has more than 2-year experience in trading, it still cannot be relay on as its regulatory status is unauthorized. And WikiFX considers this broker an absolute scam.

5. winterSnow Forex WikiFX Score 1.16/10

Last but not least, winterSnow Forex is on the list as its scam behavior has tripled with a lot of investors in the market. It is not the first time that we talk about this broker for its disgraceful behavior in trading. WikiFX also marked this broker as a “Ponzi Scheme.” A 1.16/10 score has displayed the reputation of this broker. WikiFX has received more than 30 complaints against this broker in last three months.

Conclusion:

Check the score on WikiFX for the broker you are interested in to prevent yourself from scams. There are more scam brokers than what we list here. 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 to find the most trusted broker for yourself.