Another Broker Has Been Added To The CNMV's Watch List

As forex trading becomes more popular among traders, many unlicensed brokers attempt to entice investors with their self-proclaimed excellent appealing information as a kind of deception. When you think so, you will be readily swayed by the concept of “easy money” and will invest much more money in order to obtain higher returns. Finally, you will lose your money and realize it was all a hoax.

WikiFX has discovered that the forex broker FXPACE was one of the aforementioned fraudulent firms.

WikiFX is monitoring one of the aforementioned fraudulent brokers, FXPACE, in order to halt their unlawful operations and to make other traders aware of them. Over 38,000 brokers, both legal and unregistered, are listed on the WikiFX website. 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.

Here are the findings of the WikiFX team's preliminary study.

Registration and Regulation of FXPace

FXPace claims to be the trade name of Salvax Limited, a Bermuda corporation with the registration number 53275.

However, we were unable to locate any matching results for the firm name or registration number in the Bermuda regulator, the Bermuda Monetary Authority (BMA).

For naïve traders, the registration information this broker states is a fraudulent assertion. The reality is that FXPACE is not regulated by any authorities.

FXPACE Leverage Restrictions

The platform provides a variety of account types with leverage up to 1:500.

It has high leverage and will undoubtedly appeal to many traders, despite the increased danger that such large leverage implies. It should be noted that the Financial Conduct Authority (FCA) in the United Kingdom has capped the maximum leverage in major currencies to 1:30. Because it claims to be registered in Bermuda, a British island territory, it must follow the FCA's laws and limits. To a degree, this confirms that FXPace is nothing more than a dodgy broker.

FXPACE Has Been Warned By CNMV.

Furthermore, on January 13, 2020, the Spanish financial regulator CNMV issued a warning that FXPace is not permitted to provide investment services or operations in Spain. Clients who invest in the company are unlikely to receive their money back if things go wrong.

As a result, we may infer that FXPACE is a fraud.

You should be much more cautious when dealing with an unregulated broker than when dealing with a registered broker. You may verify your broker's regulatory status by visiting our Regulators page and following the procedures.

On the other hand,

WikiFX may be of great assistance to traders who have seen unlawful activity with their traders. WikiFX constantly advises traders to contact customer support as soon as possible so that the situation may be resolved by the financial authorities. Traders may report their negative experiences by contacting WikiFX customer service directly or by using the WikiFX App. Visit the official website at www.wikifx.com or just download the app from the App Store or Google Play Store for free.