WikiFX Scam Alert: FCA Was Disgusted by The SMI Trade's Behavior!

Anyone who invests in the forex market has to bear some of the risk, but that is no reason for brokers to commit fraud. But unscrupulous brokers think otherwise.

In recent years, with the widespread fraud of brokers, fraud cases have occurred frequently. The British authorities receive different complaints of fraud on a daily basis and the FCA draws up a blacklist of scam brokers based on investor complaints, among which SMI Trade is also included. SMI Trade was officially warned and blacklisted by Britain's FCA on November 3rd.

“ This firm is not authorized by us but still was providing financial services to the public in the UK, the FCA says adding that you will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS), so you are unlikely to get your money back if things go wrong”.

WikiFX also paid a visit to the brokers official website to learn more. So far, its official website is still accessible, proving that the financial scam is continuing.

According to its website, it's clear that the company is attempting to flout the FCA's warning to prove it was a legitimate company. However, as a UK-registered forex company, it must be authorized by an authoritative UK financial institution, rather than a warning from the FCA.

Please bear in mind that this is totally a scam uncovered by the authorities. All information on its official website is baseless and untrustworthy. No matter how well the terms and conditions on its website and the trading platform are presented, remember that these are decoys that are trying to lure you in -- once you've deposited your money, the elaborate traps are just beginning.

With such complex regulatory information, how should investors distinguish between good and bad traders？ It's as simple as typing the name of the broker into WikiFX before you invest, you will see every aspect about this broker. WikiFX also provides a comprehensive score based on license, business, risk control, software and regulatory, which is benefit for investors to make judgments. Compared with official financial regulators which might lag behind, WikiFX is better at monitoring risks related to certain brokers.

WikiFX reminds you that forex scam is everywhere, you'd better check the broker's information and user reviews on WikiFX before investing. You can also expose forex scams on WikiFX. WikiFX will do everything in its power to help you and expose scams, warn others not to be scammed.

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 WikiFXs official website (https://www.WikiFX.com/en？source=fiona) or download the WikiFX APP through this link (https://www.wikifx.com/en/download.html？source=fiona) to evaluate the safety and reliability of this broker!