WikiFX Exposure: The 10 most negative brokers in 2023

Forex trading is one of the most beneficial as well as risky businesses in the financial world. As a leading global third-party forex industry information service platform with over a decade of industry experience, WikiFX has the world's largest database of forex brokers. Protecting the legitimate rights and interests of forex traders is always the primary concern of WikiFX. In today‘s list, we will show you ten notorious brokers we found in 2023. Let’s find them out.

No. 10: TP Global FX

Reason for Listing: Although TP Global FX has been in operation for a decade in the industry, it is a broker without regulatory licensing, and moreover, this broker is suspected of engaging in a Ponzi scheme.

WikiFX Rating: 2.11/10

Established in 2017, TP Global FX is a forex and CFD broker registered in Mauritius. TP Global FX offers a diversified range of tradable instruments, which include Forex currency pairs, Metals, CFDs, Indices, Stocks, and more. TP Global FX currently doesn't hold any valid regulatory licenses. TP Global FX has been verified to be illegal and all of its licenses have expired, and it has been listed in WikiFX's Scam Brokers list.

Exposures Received

As of January 2024, we have received more than 20 complaints against this broker. the problem people complained about the most is withdrawal rejection.

No. 9: Aximtrade

Reason for Listing: WikiFX has exposed Aximtrade multiple times. This broker, located in Saint Vincent and the Grenadines, does not have a good reputation in the industry. On the contrary, the broker faced numerous complaints from investors in the year 2023.

WikiFX Rating: 2.01/10

Axim Trade is a forex broker that was founded in 2020 and is registered in Saint Vincent and the Grenadines. The broker offers a range of account types, including Cent, Standard, ECN, and Infinite, which cater to traders with different needs and experience levels.

Exposures Received

As of January 2024, we received more than 90 complaints against this broker. Many investors regret trading with this broker and claim this broker a scam.

No. 8: BlaFX

Reason for Listing: While BlaFX is not a newly established company, its performance in the industry has left many deeply dissatisfied. We suspect that this company may be involved in a Ponzi scheme.

WikiFX Rating: 2.00/10

BlaFX is primarily designed as a platform for foreign exchange (forex) trading. It focuses on providing a robust and user-friendly environment for individuals to engage in forex trading activities. With a wide range of currency pairs available, BlaFX allows traders to participate in the global forex market and take advantage of price fluctuations to potentially generate profits.

Exposures Received

We received more than 270 complaints against this broker recently, this broker is what you should avoid immediately.

No. 7: NovaTech

Reason for Listing: NovaTech is not subject to any regulation, and we have come across numerous negative reviews about this company on social media platforms. It is reasonable to include this broker on our list.

WikiFX Rating: 1.46/10

NovaTech is a Market Making (MM) broker, which means that it acts as a counterparty to its clients in trading operations. That is, instead of connecting directly to the market, NovaTech acts as an intermediary and takes the opposite position to its clients.

Exposures Received

We received more than 20 complaints against this broker, and we warn you of the potential risks.

No. 6: Aether Capital

Reason for Listing: Aether Capital is not regulated, and many investors have complained about its poor trading capabilities and service awareness.

WikiFX Rating: 1.36/10

Established in 2015, Aether Capital is an online forex broker registered in Australia, with more than 25, 000 orders processed every day. Aether Capital's global coverage spreads in the United Kingdom, Hong Kong, Cyprus, and Dubai, offering its clients access to the leading MT5 trading platform, a range of trading assets tradable with leverage reaching up to 1:500, 24x5 customer support.

Exposures Received

We received more than 17 complaints against this broker within 3 months. Many investors told us that this broker is a scam.

No. 5: Omega Pro

Reason for Listing: This company has been the focus of our attention in both 2022 and 2023. This broker is a typical Ponzi scheme.

WikiFX Rating: 1.34/10

Omega Pro is a UK-based forex brokerage firm that has been operating for two years. They offer trading in Forex, CFDs, and cryptocurrencies and claim to provide their clients with access to a range of trading platforms and tools. Omega Pro offers trading in Forex, CFDs, and cryptocurrencies, including popular currency pairs like EUR/USD, GBP/USD, and USD/JPY, major cryptocurrencies like Bitcoin and Ethereum, and CFDs on indices, commodities, and shares.

Exposures Received

In the last 3 months, we received more than 20 complaints. Withdrawal rejection is their biggest problem.

No. 4: CAPPMOREFX

Reason for Listing: In 2023, WikiFX reported multiple times on this broker, and it has caused significant financial losses to many investors. Without a doubt, CAPPMOREFX is a scam.

WikiFX Rating: 1.30/10

Established in 2022, CappmoreFX is a regulated forex and CFD brokerage firm that is registered in Saint Vincent and the Grenadines. CappmoreFX offers its clients access to leading trading platforms, including MetaTrader 4 (MT4), that allow clients to trade a variety of financial instruments, including forex, cryptocurrencies, commodities, indices, and stocks.

Exposures Received

We received more than 30 complaints against this broker recently, and many investors have accused it of withdrawal rejection.

No. 3: V5 Forex Global

Reason for Listing: V5 Forex Global is a bankrupt Ponzi scheme, and a large number of complaints have exposed the fraudulent activities of this company.

WikiFX Rating: 1.23/10

V5 Forex Global is a newly-established forex and CFD brokerage company that offers online trading services to global institutional and retail customers. It offers STP/ECN execution with no traders intervening. The company provides access to a range of financial markets, including forex, metals, indices, cryptocurrencies, and shares.

Exposures Received

We received more than 100 complaints against this broker. the negative impact of this broker is deep.

No. 2: CTRL FX

Reason for Listing: CTRL FX is a suspicious clone broker. It is in your best interest to avoid this broker.

WikiFX Rating: 1.19/10

CTRL FX is an emerging brokerage firm based in the United States. It was established within the past year, positioning itself as a relatively new entrant in the market. traders can access a diverse range of tradable assets, including stocks, futures, crude oil, gold, bitcoin, currencies, and more.

Exposures Received

We have received a lot of complaints against this broker and people cant get their money back after investing in CTRL FX.

No. 1: USDC Investment

Reason for Listing: Like CTRL FX, USDC Investment is an unregulated broker with an extremely low WikiFX Score. This broker will not only bring you a bad trading experience but also a potentially catastrophic financial disaster.

WikiFX Rating: 1.18/10

USDC Investment is a relatively new brokerage firm based in the United States. With its proprietary trading platform, traders have access to a wide range of tradable assets, including forex currency pairs, indices, commodities, stocks, and cryptocurrencies.

Exposures Received

Recently we received 16 complaints against this broker. It maybe not too many, but the risk is obvious

(Note: Because different regions or countries have different levels of regulatory strictness, the score of the same broker might be slightly varied in other regions or countries. For details, please consult WikiFX customer service.)

Conclusion

WikiFX relies on the accumulation of massive data and advanced financial technology. It provides information verification services for global forex traders to over 21 million users in 180+ countries and regions. It offers comprehensive references for investors from multiple dimensions, including regulatory status, licensing qualifications, risk information, credit evaluation, and on-site inspections.

There are still many other notorious brokers in the industry. Unfortunately, we cannot list them all. The WikiFX score of a broker can be increased or decreased if the broker is constantly running the business in a good or bad direction. A high-scored regulated broker is a better option for your trading safety. Before deciding to invest in this broker, make sure to open WikiFX and check the latest updates about this broker, so you may not regret every step you make.

By choosing traders through WikiFX, forex investments become safer. We hope you have a wonderful and safe trading experience in 2024!