A Reliable Broker Got Me Scammed. What Should I do?

WikiFX has been working hard to assist traders in resolving difficulties with their brokers. The WikiFX Right Protection Team is available 24 hours a day, 7 days a week to address your concerns. One of the traders claimed being duped by the broker, whose name is Eightcap. Eigthcap has a high rating on WikiFX and just a few complaints from traders worldwide. WikiFX will ensure that all essential evidence has been received for verification before taking any first action on this. We are all aware that scam brokers abound on the internet, and most of them are clones of legitimate brokers. They are unlicensed brokers. (See the picture below.)

Example of Cloned Brokers

The Reported Case

Trader deposited $10,000 to trade for US oil, according to the traders' report. He asked that part of his profits be withdrawn from the broker after receiving some earnings. Unfortunately, instead of making a profit, the broker removed his deposited money plus his earnings, and he only received the amount previously deducted. However, we can deduce that this was taking place. Before taking any action, the WikiFX team is currently requesting further evidence from the trader.

The trader did the right thing by exposing the broker's illicit conduct so that other traders are informed. WikiFX, on the other hand, would want to assist the trader in resolving the situation. It is now gathering proof from a trader so that the authorities may verify it from the broker since the broker is licensed and regulated by ASIC, FCA, VFSC, and SCB.

What is Eightcap？

Eightcap is an international CFD and FX broker. Users may trade over 250 financial products with ease using the MT4 and MT5 trading platforms, as well as two competitive accounts. This evaluation may assist you in deciding whether to establish an account since it covers spreads, leverage, as well as the mobile app and demo account.

An Overview of the Eightcap Corporation

Eightcap was established in 2009 and is headquartered in Melbourne, Australia. The Australian Securities and Investment Commission (ASIC) and the Vanuatu Financial Services Commission regulate the corporation (VFSC).

Eightcap has swiftly expanded and now has offices globally, including a big multilingual customer support staff situated in the United Kingdom, Bulgaria, China, and Thailand, among other places.

Actions on WikiFX

WikiFX gets several complaints from traders all around the world and is presently in compliance with the resolutions. Some of the issues are simple to settle owing to the broker's regulation, which is that no license has been presented and it is genuinely uncontrolled. The authorities have halted the activity and will ensure that all traders get their deposited funds. Unregulated brokers will only resume business if they have shown that they are regulated. You may discover how many instances and how much money have been settled by visiting WikiFX Right Protection.

For individuals who are unsure how to report incidents like these,

Step 1: Go to your browser and launch the WikiFX App, which is also available on your mobile phone.

Step 2: Navigate to the Navigation menus and click on “Exposure.” (See picture below)

Step 3: Once on the exposure form, enter the title of the problem, and the kind of issue, search for and input the relevant broker, and finally, describe your experience with the broker.

Visit WikiFX Exposure Page to check out more exposure news

Everyone should be aware.

WikiFX's objective is to encourage customers to first examine the broker via the WikiFX app before investing. WikiFX lists over 36,000 brokers, both legal and unregistered. Choose a broker prudently, and we recommend searching for a broker with no complaints from traders. You may also visit the WikiFX forums to see what traders are saying about the broker.

Forex trading, as we all know, is a high-risk activity in which you might lose all of your money in a single deal. The money we're talking about investing in internet trading is no laughing matter. Elite traders often spend a large amount of cash to achieve a large profit on each trading position they take. That is why WikiFX has worked to bring traders and brokers together.

If you want to stay up to date with broker news while on the road. WikiFX app is available for free on the App Store and Google Play Store.