WIKIFX Alert: Becareful Of Unregulated Broker First BTC FX

Forex scams are well-known for causing financial hardship for those who fall victim to them. Despite heightened regulatory inspections, traders lose hundreds of dollars to fraud. Scammers utilize deceptive tactics to lure investors in, such as social media adverts and bogus websites. To remain safe, it is important to recognize warning signals and red flags when dealing with a questionable broker like First BTC FX.

First, a Quick Overview of the BTC FX-A

First BTC FX (https://firstBTCfx.com/) is a currency brokerage that provides retail trading services in a variety of financial markets. Since 2013, the firm has been in operation. Clients may trade a wide range of financial assets, including currency pairings, commodities, indices, stocks, and cryptocurrencies. The broker gives access to the most well-known trading platform in the market, MT4. Other services include a variety of account types and payment choices. In the news area, the organization also provides market information.

Is First BTC FX regulated？

First and foremost, BTC FX is not registered or regulated anywhere around the globe. However, the firm claims to be First Global (UK) Limited, incorporated with Companies House in the United Kingdom (CH) under registration number 03644072 and regulated by the UK FCA and CySEC with reference numbers 190780 and AIF07/2014.

Clientele Feedback

First and foremost, client feedback Clients have a negative opinion of BTC FX. People have complained about their negative interactions with the broker. More than 80% of customers complained about the corporation withholding cash. According to customers, the corporation never processes withdrawal requests. Furthermore, when a consumer attempts to call customer service, an automated message is sent, claiming that all staff is busy serving others. The screenshots below were taken from the websites of independent reviewers.

What makes First BTC FX a risky broker？

To begin with, the broker's official website is not properly maintained. The majority of the links on the company's landing page are broken. Anyone who visits the broker's website will undoubtedly have some reservations.

Second, by Googling the registration number, you may find the firm end First Global (UK) Limited in CH. However, please keep in mind that the UK FCA, not CH, is the forex regulator.

Furthermore, we discovered a notice about fraud in the UK FCA. The regulatory number 190780, according to the regulator, belongs to another legal entity with the same name. In other words, First BTC FX is a forgery of a legitimate company.

The CySEC regulatory number supplied by the scammer does not adhere to the format of the CySEC forex license numbers. Furthermore, neither the firm name nor the trade name appears on CySEC's regulated company list. This indicates that First BTC FX is not authorized by Cyprus's forex authority.

More significantly, this broker has altered its websites several times in recent years and has been cautioned by Italy's and Spain's forex authorities, CONSOB and CNMV.

On its website, the hoax also suggested a Deutsche Bank. To avoid missing important information, we looked for the German regulator - BaFin - but discovered no results that matched this fraud.

Finally, customer feedback is symptomatic of the broker's malpractices. The majority of customers described it as bogus.

What if I've already deposited with First BTC FX？

Unfortunately, you may have missed your chance to act. The firm seems to have grown aware of its poor reputation and may have halted operations. As a result, the broker is unlikely to execute any withdrawal requests. Worse, you can't even launch a lawsuit against it in the hopes of recovering any money.

How can this kind of situation be avoided？

WikiFX, a trustworthy forex trading search engine program, was built in response to many fraud instances occurring throughout the world. As we all know, forex trading has become an alternative means to generate money, and many fraudsters are encouraging people to participate in their platforms via enticing marketing strategies. WikiFX is a media application that allows traders and regulators to take action against fraudulent brokers. WikiFX has been engaged in several settled lawsuits and has been able to restore monies to investors.

To learn more, visit the WikiFX Right Protection Center: https://www.wikifx.com/en/exposure/slist/1.html

About WikiFX

Wikifx is a tool for searching worldwide company financial information. Its primary duty is to give the included foreign exchange trading organizations with basic information search, regulatory license searching, the credit assessment, platform identification, and other services. 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.

In conclusion

Scammers generally dress to seem authentic. A bogus broker may provide incorrect information concerning the company's registration, licensing, and location. As a result, be attentive and do thorough research to see if there are any red lights or cautions regarding the broker. Furthermore, remember to cross-check and verify firm facts in forex regulators' registries before joining up with it, and sign up with a regulated and well-reputed organization.

If you are a trader who has had illicit dealings with your broker. Go to the Exposure page on the WikiFX official website, www.wikifx.com.

You may also contact WikiFX Customer Support directly.

Keep an eye out for more broker news.

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