Clients Reveal SINOXFX is a Scam, Beware As You Could Lose All Your Money

WikiFX | 2022-08-11 11:50

Abstract：SINOXFX has received several unfavorable ratings, and investors who have traded with it have filed numerous complaints.

A solid rule of thumb is to thoroughly evaluate all forex firms before doing any transaction. SINOXFX has received several unfavorable ratings, and investors who have traded with it have filed numerous complaints. WikiFX has consequently conducted extensive research and has classified the business as a fraud based on bad reviews, complaints, and other scam characteristics.

Because of its unregulated position in the marketplace, WikiFX has been pursuing this broker. The WikiFX app ranks each broker based on its validity and complaints from traders all over the world (see image below).

What is WikiFX？

The WikiFX App has information on over 37,000 brokers, both legal and unregistered. The data in the WikiFX database is sourced from legitimate regulatory bodies like the FCA, ASIC, and others. Fairness, impartiality, and facts are also emphasized in the released information. WikiFX does not charge public relations fees, advertising costs, ranking fees, data cleaning fees, or any other unreasonable expenses. WikiFX will do everything possible to keep the database consistent and synchronized with authoritative data sources such as regulatory bodies, but cannot promise that the data will always be up-to-date.

It claims to have begun operations in 2016

SINOXFX offers itself as a world-class supplier of multi-asset financial product online trading with over 6 years of expertise in Stocks, Forex, ETFs, Commodities, and CFDs.

However, when we looked into its domain name SinoxFX official website, we discovered it was formed in 2021.

So, where did it get its six years of experience？ This is a red flag.

This corporation seems to be unregulated by any government entity while being just a registered firm.

The firm claims to be registered in the United Kingdom. We do locate a result for SINOXFX in the United Kingdom's Businesses House, which is only a register of companies and has no legal authority to control any forex activity. According to British law, all businesses and persons in the UK providing, marketing, or selling financial services or products must be approved or registered by the FCA. We checked the FCA database for the entity's name and found no hits. That signifies the firm is not a registered broker providing financial services in the United Kingdom.

SINOXFX also has a registered address in the United Arab Emirates. However, there are no matching results for SINOXFX in the Central Bank of the UAE (CBUAE). That implies SINOXFX is not regulated by anybody.

Customers' negative feedback

To be honest, we looked everywhere on the internet and couldn't find any favorable reviews or consumer feedback regarding the platform. SINOXFX withdrawal symptoms have been reported by victims.

One customer invested 1900 USD and generated considerable earnings, but he never received any money—neither profit nor original deposit—because his withdrawals were constantly denied. Here are some of his chats with his account manager:

Based on the facts shown above, we determine that SINOXFX is a hoax.

Leaving negative evaluations on various sites and succinctly describing what occurred is one approach to damage scam firms while also protecting other traders from becoming victims. If you have been a victim, please submit a review and a remark in the review part of our website.

Awareness

If you wish to invest in forex trading, WikiFX App is available for free from the App Store and Google Play Store. As we all know, forex trading is a high-risk activity in which you may lose all of your money if you engage with an unlicensed broker. Utilize all of the WikiFX app's features and begin searching for the best broker to invest with.

You may expose the illegal activities conducted by your broker by visiting the WikiFX official website and clicking on the exposure. You may also contact WikiFX Customer Support directly for quick assistance.

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Related broker

Not Regulated

Sinox FX

Company name：Sinox FX Limited

Score

1.51

5-10 years | Questionable Regulatory License | Suspicious Operational Region | High Potential Risk

Score

1.51

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