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Recently, the broker OctaFX has become the target of frustrated investors. Many of them reported the broker to WikiFX after suffering varying degrees of losses due to OctaFX’s manipulations. WikiFX recorded one of the victim’s experience of being scammed to remind other investors to avoid choosing this broker.To get more news about WikiFX, you can visit wikifx news official website.
Event recap
The complainant noticed the irregularities of OctaFXs platform on April 14th. When he woke up in the morning to check the trading results, he found that the platform did not execute his limit order at all when the market situation had been obviously in his favor. He immediately sent an email to the platform about the matter and reset the price of the limit order, but the platform did not responded.
Later, he traded EUR/USD and GBP/USD on the platform, but the
market was rising. The investor continued to send emails to the
platform, hoping that the platform would execute his orders at the limit
level he set, so he could keep all his positions, but again the email
was not answered.
The complainant then tried to contact the online customer service of the
platform for several times, and each time they offered a different
expected waiting period for complainant’s request, ranging from 1-3 days
to 10 working days. The complainant sent dozens of emails within four
working days, but none of them was answered.
In addition to this complainant, several investors also reported varying degrees of losses due to irregularities of OctaFX’s platform. According to WikiFX App, OctaFX is currently in valid regulation holding MM license issued by ASIC. However, despite a 7.0 rating on WikiFX App, OctaFX has been frequently complained by customer recently, and investors should be very careful in choosing this broker.WikiFX has recently received several exposure cases against OctaFX. If you have a similar experience with the broker, you can expose the broker to WikiFX and seek assistance for recovering the funds and defending your rights. It’s also recommended to withdraw your trading account balance in time to avoid further losses.
To date, WikiFX App has included more than 17,000 brokers profiles, while offering comprehensive features including Forums, Wiki Fair, and Exposure. Stay tuned for more exciting contents.
Following the regulatory address and navigation, we arrived at Limassol, the second largest city in Cyprus. There, we found the office building Yiota Court at 134 Archiepiskopou Makariou Street. The office environment here looked very nice, with clear signs outside and inside the building. After entering the building, we quickly found the office of BOGO by following the directory sign. We rang the door bell and waited for a while at the BOGO reception desk, before a representative of the marketing department came to greet us. After we explained our intentions, this gentleman showed us around the office. The office was relatively spacious, with about seven or eight people working inside.
Through the visit, we conclude that the office location of BOGO in Cyprus truly exists and that the broker is normally in business. Per checking WikiFX App, the broker’s score reached 6.54, while its CySEC MM license is under normal regulation. In addition, BOGO’s new brand FXJET is also subject to CySEC supervision, with a score of 6.51 on the WikiFX App.
So far, WikiFX App has included profiles of more than 17,000 forex brokers around the world, while integrating broker information query, exposure, news feed and other functions. The App is highly popular among professional investors. Click here to download. bit.ly/wikifx
As the coronavirus pandemic continues to hinder India‘s growth, the domestic financial market also suffers a heavy blow from the lockdown measures. For India’s financial giant Indiabulls, theres no sign of alleviation for their struggle in 2020.To get more news about WikiFX, you can visit wikifx news official website.
Not long ago, news went around India‘s financial circle that Indiabulls’ subsidiary Indiabulls Ventures was investigated by SEBI, while its senior officials were dismissed. While the event is still brewing, another of Indiabulls‘ subsidiary, Indiabulls Housing Finance Limited, infuriated the public by deducting loans from clients’ accounts despite Modi administrations moratorium policy on loans.Indiabulls Housing Finance Limited which contributes approximately 80% of Indiabulls Group‘s revenue is not only India’s second largest housing finance company, but also one of India’s shadow banking giants. It is estimated that one-fifth of India’s new credit, from buying a car or paying for education to developing luxurious properties, is from shadow banking, and the sectors growth remain key to India’s rapid economic growth in the past. However, shadow banking is an unorthodox lending channel after all, and the frequent collapse of lending institutions also triggered concerns among Indian investors and analysts.
Indiabulls Housing Finance borrowers also face huge risks. Since
late September, 2019, the company’s share price has fallen by nearly 50%
due to financing difficulties. In addition, global credit rating agency
Moody’s has downgraded Indiabulls and expressed concern about the
company’s governance standards and financing sustainability.
Do layoffs and unauthorized charges of Indiabulls Group imply the
company is facing serious financial crisis？ Is the subsidiary Indiabulls
Housing Finance Limited in risk of collapsing？ How should investors
keep their money safe？ Stay tuned for follow-up reports brought to you
by WikiFX. For more financial information and brokers dynamics, please
check WikiFX App.
While energy markets are starting to stabilize, the pandemic-fueled collapse in demand continues to hammer the oil and gas industry.Hundreds of bankruptcies are on the horizon, according to the research firm Rystad Energy. Whiting Petroleum and Diamond Offshore Drilling are the latest two companies to file. The rating agency Fitch shared data with Business Insider on the top 25 “bonds of concern” in the energy industry, amounting to almost $30 billion in outstanding debt.California Resources Corp. and Unit Corp. are the most likely companies to file for bankruptcy protection on the list, a Fitch analyst said.Visit Markets Insider to view the latest on oil prices.To get more news about WikiFX, you can visit wikifx news official website.
One year from now, the US energy industry might be hard to recognize.“What you’re seeing is a rapid shrinkage of the industry,” said Adam Waterous, the former head of energy and power for North America at Scotiabank.There will be a handful of mergers, loads of debt-for-equity swaps, and plenty of bankruptcies in the wake of low oil prices, said Waterous, who now runs the investment firm Waterous Energy Fund. If the price of US crude remains at or below $20 a barrel — where it spent much of the last few weeks — Chapter 11 bankruptcy cases could reach 140 this year and increase to almost 400 in 2021, according to an analysis by Rystad Energy, published in March.
Click here to subscribe to Power Line, Business Insider’s weekly
clean-energy newsletter.And for some companies, it’s no longer a
hypothetical.Whiting Petroleum and Diamond Offshore Drilling have
already filed for bankruptcy, while Chesapeake Energy and Unit Corp. are
preparing to potentially follow suit, according to reports from Reuters
and the Wall Street Journal. Chesapeake Energy and Unit Corp. didn’t
respond to requests for comment.
The oil and gas exploration and production company Chesapeake Energy is
preparing a potential bankruptcy filing, according to Reuters. Here, one
of the company’s natural gas well pads in Litchfield Township,
Pennsylvania.
Brett Carlsen/Reuters
Energy companies make up half of Fitch’s ‘top bonds of concern’In an April report, Fitch Ratings found that defaults by energy companies are expected to exceed $30 billion this year.More remarkably, energy firms account for nearly half of Fitch’s April list of “top bonds of concern” — which includes the companies most likely to default.Fitch updates the list regularly based on things like ratings, market information, and input from the firm’s analysts, according to Eric Rosenthal, senior director of leveraged finance at Fitch.
Energy bonds were “especially impacted by the decline in crude oil prices,” Rosenthal said in April. “Timing will play a key role,” he added. It’s possible that the “2020 rate could top the prior record depending on crude oil prices.” Three companies are most likely to fileRosenthal said California Resources, Unit Corp., and Ultra Petroleum are most likely to file for bankruptcy, whereas a handful of others will do a distressed debt exchange, which Fitch considers a default for rating purposes.In a debt exchange, creditors typically offer a company more favorable terms, rather than risk getting wiped out in bankruptcy.
“The vast majority of the names on the list will file rather than do exchanges,” Rosenthal said. In late March, the Los Angeles Times reported that California Resources is considering bankruptcy after “efforts to rework its debt out of court fell short amid a crash in energy prices,” citing people familiar with the matter. Colorado-based Ultra Petroleum is preparing to seek Chapter 11 protection, for the second time since 2016, as is Oklahoma-based Unit Corp., the Wall Street Journal reported.California Resources and Ultra Petroleum did not respond to a request for comment in time for publication.
Regulatory information shows that Hantec’s Australian office is located at Citigroup Centre Level 18, 2-26 Park Street SYDNEY NSW 2000.To get more news about WikiFX, you can visit wikifx news official website.
Located on Park Street 2-26, the 47-storey high-rise building of Citigroup Centre is one of the best landmark office buildings in Sydney CBD, which is why we looked forward to visiting it so much.
We arrived at the office building, and after completing the visitor registration at the front desk, took the elevator to the 18th floor.
The floor map outside the elevator suggested that our destination was indeed here. To our surprise, the building also hosts offices of many other well-known companies such as Saxo.
Following the directions of the sign, we soon found the office of Hantec. Having such a large office in an CBD business complex had indicated the company’s impressive strength and capacity. We conclude that the office of Hantec in Australia truly exists.Hantec was founded in 1990 and is headquartered in Hong Kong, China. It is a multinational enterprise specializing in providing financial services. In 2008, the Group underwent a major business reorganization, focusing more on forex-related services and products.
The broker holds forex brokerage license granted by multiple regulators, while its Australian division holds an MM license granted by ASIC. According to WikiFX App, broker Hantec is currently in valid regulation. The broker holds forex brokerage license granted by regulators in Australia, UK and other countries. Hantec is among the top-ranking brokers with a score of 9.07 on WikiFX App, boasting high credibility. Risk warning: the brokers Vanuatu license is in offshore regulation.
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Speaking to reporters after a cabinet meeting on Wednesday, Heiko Maas said all countries concerned met those criteria except Norway due to an entry ban and Spain, where he said parliament was deciding whether to extend an entry ban.
Maas said the travel warning would be replaced with guidelines, adding that Germans would be urged not to travel to Britain when not essential while a 14-day quarantine in place.
“Travel advice is not an invitation to travel - and we want to make clear that the travel guidelines may also strongly discourage travel, for example to Britain as long as there is a 14-day quarantine for all those arriving there,” Maas said.
“We will continue to make the lifting of the travel warning dependent on how the situation on the ground develops,” he said, adding new warnings could be issued if a country records more than 50 newly infected people per 100,000 over seven days.
Matthias von Randow, chief executive of the German Air Transport Association (BDL), welcomed the government's decision to lift the blanket warning, introduced for travel worldwide in mid-March, as “sensible and proportionate”.
“This is a good signal for the many people in Europe who want to go on holiday in the summer or visit friends and relatives abroad,” he said.
“It is also good news for 26 million men and women employed in the European travel and tourism industry”.
The European Commission decided on Wednesday to classify the new coronavirus as a mid-level threat to workers, a move that allows employers in the EU to apply less stringent safety measures in the workplace than if the virus was deemed a high risk.
The decision may have wide economic and health implications as it could have an impact on companies' costs in fully restarting business activity and workers' safety.
Under EU rules, the new coronavirus has been classified as a level-3 hazard in a four-level risk list in which level 4 is the highest.
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.
Speaking at a news conference after marathon talks that extended well into the night, Merkel said the package would amount to 130 billion euros ($146.02 billion) and include lower value-added tax (VAT) to boost consumption.
“The size of the package will amount to 130 billion euros for the years 2020/2021, 120 billion of which will be spent by the federal government,” Merkel said. “So we have an economic stimulus package, a package for the future.”
The stimulus programme follows a 750 billion-euro rescue package agreed in March which encompassed a debt-financed supplementary budget of 156 billion euros.
Germany's measures, which together with liquidity aid and loan guarantees equal more than 30% of its economic output, go substantially beyond any other national emergency programmes launched by other euro zone countries.
Merkel said VAT will be reduced from 19% to 16% for six months starting in July 1. A lower VAT rate for hospitality of 7% would be lowered by two points over the same period.
The package also includes at least 10 billion euros a year to help municipalities struggling with lower tax receipts with public spending on infrastructure and housing.
The sheer scale of Germany's new spending splurge has raised concerns among officials from economically weaker countries that the discrepancy in aid measures could worsen imbalances in the bloc and distort the European Union's single market.
The measures also include a one-time, 300-euro stipend per child to help families as well as a doubling of incentives to promote the sale of electric cars.
Russia's President Vladimir Putin has declared a state of emergency after 20,000 tonnes of oil leaked into a river within the Arctic Circle.To get more news about WikiFX, you can visit wikifx news official website.
The spill happened when a fuel tank at a power plant near the Siberian city of Norilsk collapsed last Friday.
President Putin expressed anger after discovering officials only learnt about the incident two days later.
The plant is owned by a subsidiary of Norilsk Nickel, which is the world's leading nickel and palladium producer.
And in a televised video conference on Wednesday, Mr Putin lambasted the head of the company over the timeliness of its response.
Arctic coal passage to India threatens wildlife
The journey to the 'doomsday glacier'
“Why did government agencies only find out about this two days after the fact？” he asked the subsidiary's chief, Sergei Lipin. “Are we going to learn about emergency situations from social media？”
The region's governor, Alexander Uss, had earlier told President Putin that he became aware of the oil spill on Sunday after “alarming information appeared in social media”.
Mr Putin has ordered an investigation into the accident and a manager at the power plant has since been detained.
Image copyrightAFPImage caption
President Putin expressed shock after hearing officials became aware of the spill days after it happened
In a statement, Norilsk Nickel said the incident had been reported in a “timely and proper” way.
The accident happened when the pillars supporting a fuel tank at a power plant began to sink. The area is built on permafrost which has been melting as the climate warms.
The leaked oil drifted some 12km (7.5 miles) from the accident site, turning long stretches of the Ambarnaya river crimson red.
The state of emergency means extra forces will be sent to the area to assist with the clean-up operation.
Image copyrightAFPImage caption
Experts have warned that the clean-up operation will be difficult
The accident is believed to be the second largest in modern Russian history in terms of volume, an expert from the World Wildlife Fund told the AFP news agency.
It has contaminated a 350 sq km (135 sq mile) area, state media report.
The incident has prompted stark warnings from environmental groups, who say the scale of the spill and the geography of the river means it will be difficult to clean-up.
It is not the first time Norilsk Nickel has been involved in oil spillages.
In 2016, it admitted that an accident at one of its plants was responsible for turning a nearby river red.