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 How To Check Your Forex Broker Is Genuine Or Scam, Real FX Broker VS Scam FX Broker

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penmarker
post Aug 9 2018, 06:09 PM

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Senior Member
2,017 posts

Joined: Jun 2007
Hello everyone, this is a distress call. My brother in law asked me about forex and he said he had joined a 'forex company'. He said its First Forex. He hasn't spent any money on it for now, he said the company gave the capital.

I googled and found some dubious info about them
https://www.forexpeacearmy.com/community/th...182/#post178424
https://www.moneysmart.gov.au/scams/compani...t/f/fifx-global
But these are from Australia not Malaysia.

The name is too generic to get any useful results from search. FiFX doesn't yield anything relevant from Malaysia.

I've told him to stay away from it. Please can anyone shed any light on this company?
penmarker
post Aug 20 2018, 04:06 PM

Look at all my stars!!
*******
Senior Member
2,017 posts

Joined: Jun 2007
QUOTE(DrFX @ Aug 19 2018, 05:49 PM)
When a top tier regulators like US, UK, Swiss or Australia issued a warning about a scam, you better stay as far as you can.

Australia regulator is higher tier and more efficient compare to Malaysia. Malaysian always make the same mistake which is too dependent on inefficient Malaysia authorities.

E.g. Let's check any warning on BNM or Securities Commissions, if no, mean it's safe.

If no warning from local authorities, doesnt mean it is safe to invest. It's mean no or less complaints up to date. Thus no action being taken yet.
*
Thank you very much, sorry for not posting any updates. It is actually XM, I misread his messages before he stopped replying.
I'm mildly annoyed he's doing forex instead of Grab because that's why he said he came here in the first place.

Thanks a lot again.
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