WikiFX Fraud Alert: Do not trust OBFX!!!

Investors who are still trading forex at OBFX had better quit trading ASAP!!! Investors who have been deceived by this broker please contact WikiFX to help you recover your funds!!!

Let us start with the most important – the recent warning on August 16th against OBFX (https://obgfx.cc/, https://obgfx.net/) issued by the Financial Conduct Authority (FCA) in the UK. You may check the warning on the screenshot below.

Source: https://www.fca.org.uk/news/warnings/obgfx

FCA believes that OBFX may be providing financial services or products in the UK without its authorization. OBFX is not authorized by FCA and is targeting innocent people in the UK!

WikiFX also paid a visit to the broker‘s official websites to learn more. One of the websites - https://obgfx.cc/ - cannot be accessed, meaning that it probably has ran away with investors’ money already! The other one, https://obgfx.net/, however, is still operating and cheating innocent traders!

Fake brokers sometimes use real software to fool their victims that their money is being invested. But the truth is that this trading is entirely fictitious. Such is the case with OBFX. On the obgfx.net website WikiFX finds a link to download an installation file of an unbranded trading platform. After installation, it becomes clear that it is MetaTrader 5 (MT5).

OBFX claims to offer two types of trading accounts – Classic and Platinum. However, their descriptions do not provide any information about the specific parameters of the alleged trading. Only a minimum deposit of 200 USD is specified. You should know that for the same amount or even less you could open a starter account with many licensed brokers.

Furthermore, OBFX offers a leverage of 1:500. This is further evidence that OBFX could not be licensed in the jurisdictions it claims. High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders. EU regulators limit leverage to 1:30 for trading in major currency pairs and even lower levels for more volatile assets. The same rules currently apply to the UK and Australia. In the US, the maximum limit is slightly higher at 1:50.

On the homepage of the website WikiFX also sees the logos of payment methods such as Visa, MasterCard, PayPal, Skrill and Neteller.

In the deposit menu itself, however, the choice is quite different – between different cryptocurrencies:

Scammers prefer cryptocurrencies because these transactions are not subject to refunds. Since OBFX does not provide proper legal documentation, it is unclear what traps the fraudsters may have set. Typically, fake brokers make withdrawing money impossible through huge fees and impossible-to-fulfill traded volume conditions.

Now let's search “OBFX” on WikiFX APP to find out more about this broker. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX (https://www.wikifx.com/en/dealer/1535089830.html), OBFXcurrently has no valid regulatory license and the score is rather negative - only 1.07/10! WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

Investors are advised to search relevant information on WikiFX APP about the broker you are inclined to trade with before finally deciding whether to make investment or not. Compared with official financial regulators which might lag behind, WikiFX is better at monitoring risks related to certain brokers - the WikiFX compliance and audit team gives a quantitative assessment of the level of broker regulatory through regulatory grading standards, regulatory actual values, regulatory utility models, and regulatory abnormality prediction models. If investors use WikiFX APP before investing in any broker, you will be more likely to avoid unnecessary trouble and thus be prevented from losing money! The importance of being cautious and prudent can never be stressed enough.

In a nutshell, it's not wise to invest in OBFX. WikiFX reminds you that forex scam is everywhere, you'd better check the broker's information and user reviews on WikiFX before investing.

You can also expose forex scams on WikiFX. WikiFX will do everything in its power to help you and expose scams, warn others not to be scammed. In addition, scam victims are advised to seek help directly from the local police or a lawyer.

WikiFX keeps track of developments, providing instant updates on individual traders and helping investors avoid unscrupulous brokers. If you want to know whether a broker is safe or not, be sure to open WikiFXs official website (https://www.WikiFX.com/en) or download the WikiFX APP through this link (https://www.wikifx.com/en/download.html) to evaluate the safety and reliability of this broker!