According to Investopedia, a decentralized market is a virtual market that uses technology to communicate and display bid and ask prices in real-time. It allows investors to deal directly with each other without needing to meet at a traditional exchange.
Unfortunately, there are many forex brokers out there that utilize the loophole of this decentralized market to take advantage of their trading clients. In many countries, especially the ones with no strict regulations and laws set in place, victims who fell prey to a brokers scheme do not have many options, let alone get solutions for their disputes.
If you have fallen into a forex brokers trap, try your best to not panic and carry out these steps:
1. We hate to say this because it will hurt your feelings, but the most important thing to do is to check all documents thoroughly to make sure that your broker has actually acted negligently. If you overlooked something or did not read the signed documents carefully, then you have yourself to blame.
2. If you have gone through the fine print and realize that it is not your fault, start collecting data – which includes but is not limited to screenshots of the transaction(s) in question with date and time, any form of conversation with the broker, etc.
3. Reach out to the broker and state your problems objectively, but not overly aggressively. Do this when you are feeling relatively calm and rational. Sternly point out that if your problem is not solved, then you will be taking serious action. A reliable broker will usually do their best to work things out with you. At any given point when you realize that the broker has cut off communication, that is when you know their whole business operation is set out to “get you”.
4. If the broker in question is legitimately registered with a regulator, reach out to the regulator with the proof that you have collected to lodge your complaints and get professional help and advice from them. You might also need to report it to the police/authorities.
5. Get in touch with WikiFX through the WikiFX Exposure page: https://exposure.wikifx.com/en/revelation.html
WikiFX is not just a global forex broker regulatory inquiry app, but we also play the role of a mediator in resolving disputes for trading clients that do not receive fair treatment from their forex brokers.
To date, WikiFX has helped over 12,000 people resolve their dispute cases with their forex broker which amounts to a total sum of over 37 million USD – all for free!
Simply download the free WikiFX mobile application on Google Play/App Store, then follow the steps as demonstrated below:
Click on the Exposure button as directed by the red arrow below.
A pop-up will appear after clicking on the red “Exposure” button. Select the reason for your dispute accordingly.
Use the search bar to look up the broker in question.
On the next page, provide as much information/proof as possible to make the investigation process smoother.
Head over to WikiFX's Right's Protection Centre in our mobile app (for the web version, click here: https://exposure.wikifx.com/en/slist.html) by following these instructions to see how WikiFX has helped our users resolve their disputes, and has even recovered their funds from those forex brokers in question.
If you have any inquiries, please feel free to contact the WikiFX customer service team through the channels provided below. We would be glad to help you out with anything related to your forex broker.
