The coronavirus epidemic in 2020 has been a “black swan” event in the financial market, tempting many forex investors to try their luck in a
time of high market volatility. While it's natural to see both gains and
losses in trading, what upsets investors most is not loss, but the
failure to pocket expected profits. Recently, an investor exposed the
illegal broker Trader's Way to WikiFX, accusing the broker of deleting
profitable trading orders with the excuse of “pricing error”.To get more
news about
Wrong Quote, you can visit
wikifx news official website.
Event recap
The investor in this case has 5 years of trading experience so far,
well-versed in ECN trading with a good grasp of trading strategies.
However, trading at the platform Trader's Way turned out to be a flop on
his investment path.
According to the investor, all of his profitable positions were
invalidated by the platform within just three days due to alleged
“pricing error”. On the first day, his account made a profit of
US$9,500, but the trading record was inexplicably deleted. This left the
investor with only a small balance available for trading the next day,
when he made nearly US$13,000 at one point. But again the trading record
was erased. Fortunately, the investor kept all relevant trading
information such as charts and prices when he traded, thus being able to
have a well-grounded debate with the broker. But when investor
questioned the broker, the latter explained plainly that the platform
experienced “pricing errors” during periods of intense market
volatility.
The veteran investor was, of course, not convinced by such an excuse.
The event continues to evolve, and the illegal broker, battered by the
persistent questioning of investor, no longer tried to justify their
practice. WikiFX is still following updates of this event.According to
its official website, Trader's Way was established by a group of
financial market professionals. The broker has no minimum requirement
for the margin and offers leverage of up to 1: 1000 (this also explains
why the investor made profits so quickly). But through investigation,
WikiFX found that the broker has suspicious regulatory information.
Conclusion
According to WikiFX App, Trader's Way is currently without valid
regulatory status, rated at only 1.77. WikiFX suggests investors to stay
away from this unreliable broker. Up to now, WikiFX App has included
profiles of more than 17,000 global forex brokers. If you have any
question about a broker's qualification, you may check the broker's
profile on WikiFX App. WikiFX has also released the new feature of “Wiki
Fair”, a forum where investors can discuss forex trend and expose
illegal brokers.
