WikiFX Blackmails Brokers and Writes Fake Reviews
If you have ever been interested in trading, you must have come across WikiFX. WikiFX positions itself as a "global forex broker regulatory inquiry app." What an ego for a company that is actually a scam! But first things first.
What is WikiFX?
WikiFX is a "third-party service provider for users to inquire whether a broker is formal, legal, and real." This is what they write in the description. WikiFX specializes in checking a broker’s licenses and regulations and collecting users’ reviews about brokers.
However, we have proof that will convince you not to trust WikiFX. After a short research, I found messages on a popular American forum where people claim they have become victims of it. They say that WikiFX spreads false reviews and false information on its website and blackmails brokers after that.
WikiFX: Origins, Goals, and Ways to Fight Competitors
WikiFX is a Chinese company aiming to protect their national platforms and get rid of the competitors. WikiFX works mainly in South East Asian countries: Thailand, Vietnam, China, Philippines, Indonesia, etc. On their website, they mark brokers not regulated and suspicious. Then their managers blackmail brokers via Skype, LinkedIn, and email.
Their main offer is to buy a classic package that costs a minimum of $3000 per month, and only after that, they will give you a clear and nice review. If brokers don't pay, the negative reviews will be written non-stop.
Case 1. WikiFX Requires Money to Stop Writing Fake Reviews
One anonymous shared with me screenshots of his conversation with WikiFX managers. WikiFX published info about the broker without any permission and linked there some negative comments. After that, WikiFX managers contacted him several times via different social media. First of all, don’t you guys think that if you position yourself as a reliable broker reviewer, you should use the correct English language?
WikiFX managers advertise their services to brokers
As we can see, the manager is trying to convince our anonymous to promote his company on the WikiFX website. He replies that he is not interested in it, and guess what comes next? WikiFX publishes information about the broker on its website with unexpectedly low ratings. When they were asked why this happened and how can the problem be solved, WikiFX managers replied:
WikiFX is asking for money to fix the rating on their website
Very interesting. So, to remove bad reviews and increase an overall rating on WikiFX, we need to pay money. Do you want to know how much brokers need to pay monthly to get positive feedback from WikiFX? Check it out:
Price for getting into the top-ratings of WikiFX
The first place in the rating costs $7000 per month in one region. If the broker works in several regions, they need to pay $7000 per each. However, this will bring them to the top of the rating. Not their actual reviews, regulations, licenses – all of those are not important for WikiFX. Only money is essential, and only money can bring the broker to the top, no matter if it's legitimate or not.
Case 2. WikiFX Gives Low Ratings Lying That Brokers Don’t Have a License
Let’s check a different example and take a random broker from their list. Nomura Holdings is a Japanese financial titan that has been on the market for almost one hundred years. Let’s check what WikiFX tells us about them:
A low rating for Nomura saying they have no license (although they do have it)
The thing that catches attention first is that Nomura has no license. However, after a quick Google research, we can see that they do have a license. It means that WikiFX purposely cut off some points from Nomura's rating, expecting them to pay to increase their overall score. But let's be honest: the company with such history and name will never pay attention to miserable scammers trying to make a fortune on a famous brand.
Case 3. WikiFX Carries Out Fake Investigations to Earn Money
Another example that will prove that WikiFX is a scam is a situation with an Indonesian forex broker, Finex. WikiFX published an article about their visit to Finex's office in Indonesia. They said that Finex is not legitimate, and their office doesn't exist in real life. However, I contacted Finex representatives, and guess what? They told me that WikiFX came to some Greek office that has never been connected with Finex, took photos of it, and wrote a fake review! And now, WikiFX gives Finex low ratings and warns users to stay away from it.
A low rating of Finex based on the fake investigation by WikiFX
Overall, WikiFX is a scam review website that tries to earn on brokers by giving fake reviews, ratings and spreading false information. If brokers don't agree on WikiFX conditions, WikiFX tries to receive money through the Internet extortion and blackmail. Please, do not believe the ratings that WikiFX creates on its website. They are all fake and are bought by those who do not mind spending money on such useless services as WikiFX. Today brokers buy a fake rating, but tomorrow they will be out of business. The day after tomorrow, they can run a new business, but no one will return the traders' money.
And in the end, some advice. You don't need WikiFX or other review websites to understand if the broker is legitimate. All you need to do is check the licenses and regulations, see if those regulations work in your country of presence, and if you have any questions left, you need to contact customer support service. I wish you good luck during your trading and not believe the websites that extort others to get money.