The Most Complained Brokers in September 2023!

In this article, WikiFX will reveal the top 5 brokers that have received the most complaints in Malaysia within September 2023! Beware users!

Wisemarkets WikiFX profile: https://www.wikifx.com/en/dealer/2699104886.html

Established in 2022, Wisemarket is a forex and CFD broker registered in St. Vincent and the Grenadines, a jurisdiction known for its lenient regulations on forex trading. However, Wisemarket operates without a valid license, making it a cause for concern.

Below are the recent complaints WikiFX received regarding withdrawal issues at Wisemarket:

Aximtrades WikiFX profile: https://www.wikifx.com/en/dealer/7341492416.html

International online broker Aximtrade is a devoted Alfa Romeo F1 team sponsor. WikiFX's database shows that they have only been in business for two to five years, during which time they have accumulated more than 100,000 active customers. They allow their clients to trade forex, metals, energies, stocks, indices, and commodities using CFDs, along with perks like flexible leverage and a trading instrument selection that exceeds 100. Although Aximtrade claims to be multi-regulated, WikiFX discovered that out of 3 licenses, only one is valid.

Below are the recent complaints WikiFX received regarding issues at Aximtrade:

Blue Oceans WikiFX profile: https://www.wikifx.com/en/dealer/6257186132.html

Blue Ocean is an online broker registered in Saint Vincent and the Grenadines under registration no. 26176 BC 2021. Blue Ocean offers a diverse range of market instruments to meet the needs of different traders. These instruments include forex, shares, indices, precious metals, energies, commodities, and cryptocurrencies. Although Blue Ocean claims to be regulated by both ASIC and LFSA, WikiFX discovered that both licenses appeared suspicious clones.

Below are the recent complaints WikiFX received regarding issues at Blue Ocean:

GCMAsia or GCMs WikiFX profile: https://www.wikifx.com/en/dealer/0001254788.html

GCM Asia (also known as GCM) offers a wide range of trading instruments, including over 50 forex currency pairs, stocks, indices, commodities, gold, silver, other metals, and oil. However, GCM Asia has been accused of being a fraudulent broker. Despite claiming to be regulated by the UK Financial Conduct Authority (FCA) under license number 609970, there is evidence to suggest that this FCA regulation is a clone. A clone license is a fake license that scammers use to trick potential victims into thinking that they are dealing with a legitimate broker.

Below is the recent complaint WikiFX received regarding issues at GCM:

TenX Primes WikiFX profile: https://www.wikifx.com/en/dealer/1915404762.html

TenX Prime is an offshore scam broker registered in Saint Vincent and the Grenadines, one of the most notorious addresses for fraudulent brokers. Although this broker claims that it operates with an FSCA license, WikiFX discovered that this license has exceeded its validity. Therefore, it can be concluded that this company has no license to offer financial services and is not subject to any regulations. Additionally, the company's website lacks basic information about the company, which is another major red flag.

Below are the recent complaints WikiFX received regarding issues at TenX Prime:

WikiFX wants to stress the significance of having the WikiFX mobile app installed on your device, which is available for free on both Google Play and the App Store. This application will keep you updated on the latest developments related to brokers and market trends. Whether you opt for using the app or visiting our website at www.wikifx.com, you can receive timely alerts regarding brokers worldwide, not just limited to Malaysia. Furthermore, we want to remind all our esteemed users to exercise caution when dealing with online brokers. Always make sure to click on the link provided in the broker's respective WikiFX profiles to verify that you are accessing the official and accurate website. Regrettably, there have been cases of scammers trying to deceive users by duplicating broker websites. Protect yourself from potential fraud by relying on the verified links provided by WikiFX.