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Abstract:As we know so far, forex trading is one of the most profitable businesses in the financial market. However, it doesn’t mean everyone can win big while trading forex. instead, many people suffer a heavy loss in the forex market. The biggest challenge for them lies in seeking a solid broker. Based on WikiFX’s official website, we have listed the 5 FX scam brokers in August 2022 to protect you from getting scammed.
Check the scammers list by WikiFX App
There are a lot of scam brokers in the forex market. It is hard for us to verify them by ourselves. WikiFX offers you a visual way to see the scammers list. But how to do that?
First of all, download the WikiFX App
On WikiFX App, click the “Scams” button.
Then switch to the “Frauds” category.
Scam Brokers List
Topping the Scam broker list this month is FVP Trade. As we know so far, FVP Trade has recently caught so many people‘s attention. WikiFX has exposed the cases of FVP Trade’s freezing funds. And we believe that it is a scam broker getting involved in a Ponzi Scheme. WikiFX has given this broker a low score of 1.80/10. If you want to know more about this broker, you can check this link. https://www.wikifx.com/en/newsdetail/202207299924230394.html
Bold Prime is an offshore broker that opened on March 1st, 2021, registered in Saint Vincent and the Grenadines (SVG). Tradable instruments available on the Bold Prime platform include forex currency pairs, commodities, indices, and stocks. There are too many traders complaints against this broker. Therefore, WikiFX has given this broker a low score of 1.73/10.
Launched in 2020, BKYHYO LTD is an online forex broker registered in the United Kingdom, offering its clients access to the worlds most trading platform-MT4, a wide range of trading instruments, leverage up to 1:500. WikiFX has given this broker a low score of 1.27/10.
VOREX is said to be established in Georgia in 2008, offerings its clients access to a series of financial markets, including Global Stocks, Cryptocurrency, Commodity Futures, Foreign Exchange. VOREX provides its trading services with clients ranging from seasoned and novices to fund managers and institutional clients. WikiFX has given this broker a rating of 1.06/10.
Lilium
Accroding to WikiFX, Lilium is online forex broker getting involved in a Ponzi Scheme. It is claimed itself to be regulated in the UK, but we find out that the regulatory status of this broker is Unauthorized.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
WikiFX, as a globally leading forex investment ecosystem service platform, has always been committed to providing fair and authoritative broker verification services for forex investors, while offering solid rights protection support for every victim of forex investment. On February 26, 2025, WikiFX once again launched its annual "3·15 Forex Rights Protection Day" event, aiming to empower forex investors to speak out and defend their rights through open, transparent, and robust means.
BSP tightens rules on offshore forex trades, including NDFs, to reduce systemic risks and peso volatility. Stakeholders’ feedback due by March 26.
Gold prices soared to an all-time high, nearing the key $3,000 per ounce threshold, as investors responded to heightened tariff uncertainty and growing expectations of monetary policy easing by the U.S. Federal Reserve.
Baazex is a relatively new broker registered in the United Arab Emirates, with an operating history of between 2 to 5 years. Despite its claims of offering over 1500 trading instruments—from foreign exchange pairs like EUR/USD, GBP/USD, and AUD/JPY, to major stocks including Apple, Meta, Disney, LVMH, and Tesla; as well as commodities (oil, gold, silver, coffee), indices, cryptocurrencies, and futures—investors should be aware of some critical risks.