WikiFX Scam Alert: Beware of FXwealth Hub!!!

Investors who are still trading forex at FXwealth Hub had better quit trading ASAP!!! Investors who have been deceived by this broker please contact WikiFX to help you recover your funds!!!

Breaking news! FXwealth Hub has attracted the attention of the Spanish CNMV, which warns on July 18th that fxwealthhub.com is not authorized to offer financial services:

CNMV warns that FXwealth Hub has been offering its services illegally in the country, and that it is not licensed by the CNMV to carry out its services.

FXwealth Hub claims to be a reliable forex broker, but this is not true at all. Actually it is a scam that investors should be alert to! Investors are advised to avoid trading with this broker because you risk losing money!

And let's search FXwealth Hub on WikiFX APP to find out more about this broker. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX (https://www.wikifx.com/en/dealer/2990667658.html), FXwealth Hub currently has no valid regulatory license and the score is rather negative.

In addition, based on information given on the official website, FXwealth Hub claims to operate from the United States:

To operate as a forex broker in the US, a company must be registered with the Commodity Futures Trading Commission (CFTC) and to be a member of the National Futures Association (NFA). But there is no trace of FXwealth Hub in the NFA database:

As a result, there is no denying the fact that FXwealth Hub is an unregulated anonymous website that is trying to deceive investors. It's not sensible to put your money in this broker!

FXwealth Hub Trading Platform

FXwealth Hub also claims to offer MetaTrader 4 (MT4) and MetaTrader 5 (MT5), the two most widely used advanced trading platforms in the industry. But the broker does not provide download links for the software. While registering for a new account is easy, it is not possible for a new user to log in before the website administrators have approved it. Therefore, when writing this review, WikiFX was unable to confirm whether FXwealthhub does indeed have trading software.

However, WikiFX doubts it because FXwealthhub is obviously a low-effort scam. On the home page, WikiFX also sees a “demo trader” familiar from many other scams, featuring shares of Apple and Gazprom:

FXwealth Hub Leverage

WikiFX also finds on the FXwealth Hub website a table of suggested leverage levels, which presents further evidence that this could not be a licensed broker. A leverage of 1:1000 is indicated for forex and 1:100 for cryptocurrencies.

Regulated brokers do not offer such levels to retail traders as trading with high leverage carries risks of sudden and excessive losses. A maximum leverage of 1:30 is allowed in the European Union and the United Kingdom and 1:50 in the United States.

This maximum level only applies to trading major currency pairs, with even more limited leverage for more volatile assets. For cryptocurrency trading, leverage is limited to 1:2 in the EU and 1:5 in the US, and in some jurisdictions such as the UK, crypto derivatives trading is prohibited for retail traders.

FXwealth Hub Deposit & Withdrawal

FXwealth Hub claims that the available deposit and withdrawal methods are Bitcoin, Ethereum, Skrill and Western Union. However, the FAQ section states that the broker only uses crypto wallets.

This is typical of financial scammers. Cryptocurrencies are their chosen method of payment because on the one hand it affords them anonymity and on the other hand it prevents the defrauded person from seeking a refund or chargeback.

What's more, the minimum deposit for the available account types is insanely high! Investors might fail to withdraw their money back in the end!

Conclusion

Given what has been discussed above, it can be concluded that FXwealth Hub is not trustworthy at all. All traders should be vigilant when investing in a broker. WikiFX keeps track of developments, providing instant updates on individual traders and helping investors avoid unscrupulous brokers. If you want to know whether a broker is safe or not, be sure to open WikiFX's official website (https://www.WikiFX.com/en) or download the WikiFX APP through this link (https://www.wikifx.com/en/download.html) to evaluate the safety and reliability of this broker!