User blogs
Tag Search
Tag search results for: "the financial commission is playing with its credibility"
The Financial Commission is a good example. It does not charge or
request any fee from forex traders and broker members and also helps
traders when they have a property dispute with brokers. However, more
than half of the broker members listed on the regulators website are
illegal brokers running illegal investment business, who maintain their
normal operations through defrauding investors.To get more news about WikiFX, you can visit wikifx news official website.
Olymptrade and Binomo are both illegal brokers and both are members of Financial Commission. According to data from Similarweb, the official websites of Olymptrade and Binomo attract quite a large traffic worldwide.
It can be seen that Olymptrade and Binomo are well-know in a few countries in the world. However, Olymptrades score is only 1.03/10 on WikiFX and Binomo only has a score of 1.25/10. Both of them are without regulation, and neither uses MT4/5 Software. Why are these two brokers so popular？ They know how to disguise themselves and make the world believe that they're well-established forex brokers.The most important is that they could say they have regulatory license issued by Financial Commission.
Nigeria is the hardest-hit area. WikiFX received more than 600 complaints against Olymptrade and Binomo within two months. The total amount of money involved nearly reached 80,000 US dollars.
Why is the certification of the Financial Commission quite useful in Nigeria and why were a huge amount of Nigerians scammed by Olymptrade and Binomo？ Two sides that can be considered.
Firstly: The forex market in Nigeria is chaotic and unregulated. Due to the grim environment, any broker can claim that it‘s regulated and show the license to traders, and so does the regulatory body. If a regulatory body said it’s authorized by the government, it will not be questioned. Compared with European and American markets with strict regulations, the intensity of regulation in Nigeria is not worth talking about. This is why the certification of Financial Commission is popular in Nigeria‘s forex market. Traders won’t even consider whether the authority of the Financial Commission is reliable or not.
Secondly: The forex industry is a novelty in undeveloped countries. People are poorly educated and with a lack of knowledge on how to safely operate forex, they do not even know what is regulation, and most traders engage in forex as a means of making a living in Nigeria.
Not like FCA, an unknown regulatory body is easy to establish in undeveloped countries. The following picture shows broker members of the Financial Commission. Per investigation, few brokers among these are legal. Therefore, the regulatory effectiveness and authority of the Financial Commission should be questioned, and WikiFX advises all traders not to trust the brokers who are regulated by the Financial Commission.
Olymptrade and Binomo are both illegal brokers and both are members of Financial Commission. According to data from Similarweb, the official websites of Olymptrade and Binomo attract quite a large traffic worldwide.
It can be seen that Olymptrade and Binomo are well-know in a few countries in the world. However, Olymptrades score is only 1.03/10 on WikiFX and Binomo only has a score of 1.25/10. Both of them are without regulation, and neither uses MT4/5 Software. Why are these two brokers so popular？ They know how to disguise themselves and make the world believe that they're well-established forex brokers.The most important is that they could say they have regulatory license issued by Financial Commission.
Nigeria is the hardest-hit area. WikiFX received more than 600 complaints against Olymptrade and Binomo within two months. The total amount of money involved nearly reached 80,000 US dollars.
Why is the certification of the Financial Commission quite useful in Nigeria and why were a huge amount of Nigerians scammed by Olymptrade and Binomo？ Two sides that can be considered.
Firstly: The forex market in Nigeria is chaotic and unregulated. Due to the grim environment, any broker can claim that it‘s regulated and show the license to traders, and so does the regulatory body. If a regulatory body said it’s authorized by the government, it will not be questioned. Compared with European and American markets with strict regulations, the intensity of regulation in Nigeria is not worth talking about. This is why the certification of Financial Commission is popular in Nigeria‘s forex market. Traders won’t even consider whether the authority of the Financial Commission is reliable or not.
Secondly: The forex industry is a novelty in undeveloped countries. People are poorly educated and with a lack of knowledge on how to safely operate forex, they do not even know what is regulation, and most traders engage in forex as a means of making a living in Nigeria.
Not like FCA, an unknown regulatory body is easy to establish in undeveloped countries. The following picture shows broker members of the Financial Commission. Per investigation, few brokers among these are legal. Therefore, the regulatory effectiveness and authority of the Financial Commission should be questioned, and WikiFX advises all traders not to trust the brokers who are regulated by the Financial Commission.