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Latest Forex News

87 Chinese arrested in Indonesia for running a forex scam

Jan 27 2020 17:55:45, Jonathan Smith in Market

The police in Kuala Lumpur have arrested 87 Chinese national, working for a crime syndicate, which operated an online investment, forex and crypto currency scam.    The 79 men and 8 women were caught red handed using online applications to find victims and to lure them to invest in crypto currencies and forex trading.    The police has seized six desktop computers, 33 laptops and 203 mobile phones believed to have been used in the illegal activities. It appears that the scammers have recently purchased mobile numbers and SIM cards for nearly 6000 USD to facilitate their scam operations. Read more

BTG loses $70,000 in double spends after a 51% attack

Jan 27 2020 15:14:52, Jonathan Smith in Market

  The Bitcoin Gold (BTG) network suffered a 51% attack last week, and lost over $70,000 in double spends. The matter raises questions regarding its security, since this is the second similar attack on the BTG blockchain.   A hard-forked coin from Bitcoin, Bitcoin Gold has already been 51% attacked in May 2018, which resulted in a loss of more than $18 million. Some BTG community members believe that there are secret Application-Specific Integrated Circuits (ASICs) mining the BTG network, and call for a safer algorithm.   Last week on Thursday and Friday, BTG again underwent a 51% attack, enduring two deep reorgs, both of which resulted in double spending. Read more

Austrian FMA warns against Estonian forex company Euro Wealth OÜ

Jan 24 2020 12:46:03, Jonathan Smith in Market

  The Austrian Financial Market Authority (FMA) has officially warned the public against doing business with Prestige.FM and Prestige Financial Markets – two forex brokerage brands operated by unregulated Estonian company Euro Wealth OÜ (previously AllProTech OÜ).   The FMA says that the company operates via two domains - www.prestigefm.io, and www.prestige.fm, apparently targeting Austrian investors without proper authorization.   Both Prestige.FM and Prestige Financial Markets offer trading on some oversimplified platform with rather poor trading conditions. Read more

Vodafone also leaves Libra

Jan 23 2020 17:34:17, Jonathan Smith in Market

The leading British telecom Vodafone is leaving Facebook's digital currency project, Libra.    Vodafone is the latest of a series of companies, which recently decided to withdraw from the project amid growing regulatory pressure from major central banks and many governments.   Most notably back in October Libra Association was also abandoned by Paypal, MasterCard, Visa and eBay after the European Central Bank, along with the Bank of England and the governments in Berlin and Paris warned that crypto currencies such as Libra pose a risk to the global financial system. Read more

SEC brings charges over fraudulent ICO that raised $600,000

Jan 22 2020 17:17:56, Jonathan Smith in Market

  The US Securities and Exchange Commission (SEC) has charged Sergii “Sergey” Grybniak and his company Opporty International, Inc. for conducting a fraudulent initial coin offering (ICO), which has scammed investors of $600,000 with unregistered digital asset securities.   The SEC’s complaint alleges that Grybniak and his company have illegally raised the money from nearly 200 investors in an ICO of the so called “OPP Tokens”, which were sold using a SAFT (Simple Agreement for Future Tokens) agreement. Read more

UK's FCA might ban credit card deposits with online forex and CFD brokers

Jan 20 2020 18:21:17, Jonathan Smith in Market

After earlier this month the UK Gambling Commission (UKGC) announced that after April 14th 2020 clients of gaming websites will no longer be able to use credit cards to fund their bets, some experts and analysts say it is high time that the UK's Financial Conduct Authority (FCA) do the same, as quite too many retail investors rely on their credit cards to make deposits on forex and CFD trades.    “Debt shouldn’t be creating more debt for the retail consumer”, says  Rod Martenstyn,  former CEO of GKFX, quoted by Finance Magnates. Read more

The CNMV remains vigilant, blacklists Forbslab and eTrader247

Jan 20 2020 14:32:21, Jonathan Smith in Market

 Unregulated forex brokers Forbslab and eTrader247, along with several other alleged scammers, have been the latest additions to the warning list of Spanish financial watchdog – the Comision Nacional del Mercado de Valores (CNMV).   ForbsLab is an offshore broker that has already been blacklisted by Luxembourg’s financial watchdog, the CSSF. The broker is allegedly owned and operated Walsh Invest & Trade Ltd or Kayescent Corp., a company registered on the British Virgin Islands.    eTrader247’s website, on the other hand is completely anonymous, lacking any company information whatsoever. Read more

Crypto scammer Patrick McDonnell sentenced to 33 months of imprisonment

Jan 17 2020 14:54:19, Jonathan Smith in Market

Patrick McDonnell, CEO of Coin Drop Markets, was sentenced to 33 months in federal prison and also ordered to pay $224,350 in restitution, after pleading guilty to cryptocurrency fraud last year. The Federal court in Brooklyn issued the sentence on Thursday.   Through his company Cabbage Tech Corp., also known as Coin Drop Markets, the 47-year-old New Yorker defrauded at least 10 victims of around $194,000, plus additional virtual currency funds, for a total loss of $224,350, officials said. The criminal activity took place between November 2014 and January 2018. Read more

FC Barcelona and FBS Sign New Global Partnership Agreement

Jan 17 2020 13:05:55, Forexbrokerz.com in Brokers

Broker specializing in online trading becomes club’s Official Trading Partner for four years, through 30 June 2024.   FC Barcelona and FBS have reached a new global partnership agreement, whereby the broker specializing in Forex trading is to become the soccer club’s Official Trading Partner for the next four years, through 30 June 2024. This partnership will be a boost to Barça’s global commercial strategy, as part of the consolidation of its international expansion to ensure it continues to be a benchmark club both on and off the field.    The agreement was made official at an event held at the Camp Nou stadium attended by Mr. Read more

UK's FCA expects up to 10% decline of profits in the forex industry

Jan 16 2020 17:47:56, Jonathan Smith in Market

The Financial Conduct Authority (FCA) expects that the new regulations imposed on the retail forex and CFD brokers in the UK will lead to an overall reduction of their profits of between 6% and 10% - a decline which by the year 2021 may reach between 38.5 million GBP and 55.3 million GBP.   The data comes from the latest FCA impact assessment, published on Thursday, which measures the effect of the new leverage restrictions, adopted back in 2018.    According to the current rules, applied both in the EU and the UK, the maximum leverage a broker might offer its clients is 1:30 for major forex pairs, 1:20 for most CFDs and 1:2 for crypto CFDs. Read more

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Broker Country Regulation Platform Min Deposit Review
Dominica, Bulgaria N/A web $250 Review
Cyprus, Australia, Lebanon CySEC, ASIC, CMA MT4 450 Review
Estonia No Web n/a Review
SVG No MT4 $250 Review
SVG N/A web $250 Review
New Zealand N/A $1 000 Review
Marshall Islands No Web $250 Review
SVG No MT5 $100 Review
Luxembourg/ UK No Web n/a Review
EU N/A web EUR5000 Review

Forex Bonus Programs

50% forex bonus by OctaFX

With its new promotion program OctaFX grants its clients a 50% trading bonus on each new deposit.    The bonus funds are fully withdrawable after reaching a certain trading volume equal to the bonus amount divided by half in standard lots.   For an illustration purpose, if you deposit let say 400 USD, your 50% bonus will add up another 200 USD to your account.    And after you trade 100 standard lots (you can do that quite easily using leverage as high as 1:400), you will be able to cash out both the bonus and the profits generated with it.   Bear in mind that with a 50% trading bonus, your profits could be 50% higher. Read more

FXTM’s Loyalty Programme offers cost reduction of up to 25%

Global award-winning brokerage FXTM currently runs a loyalty programme that allows its clients ro reduce their trading costs by up to 25%. By reducing the cost of every trade from 1$ to 5$ per standard fully completed lot, the broker actually provides traders with more vbalue for their dollars.   All you have to do is open a live account with FXTM and not participate in any other active Programme of FXTM. This cost reduction programme is availeble to Standard or ECN Zero accounts, which require an initial investment of $100 or $200, respectively. It is applicable to the following trading instruments: all forex, CFDs (excluding CFDs on shares), precious metals and commodity futures. Read more

Choose your 100: 100% Deposit Bonus & Trade 100 Bonus from FBS

End date: N/A   Who grants it? FBS is an international regulated broker performing globally in 19 languages for over 13 million clients. The company operates under the IFSC and CySEC licenses in 190 countries, and won over 40 international awards for the most diverse and secure services.   Who can get it? New and existing clients who open a special bonus account.   What’s the catch? Both bonuses help traders boost their income with two different techniques.     • 100% Deposit bonus doubles your deposit, allowing you to get up to $20,000 to the deposited funds.      • Trade 100 bonus gives you free $100 for trading. Read more

$88,8 Welcome No-Deposit Forex Bonus by FBS (available to clients from Malaysia)

Who grants it? FBS - an award-winning broker licensed in Belize, that has more than 8 years of experience in the forex industry. It offers its clients competitive trading conditions, wide range of trading accounts, payment methods, several trading platforms, as well as various promotions.   Who can get it? The lucky bonus $88,8 is a special offer to Malaysian traders who open new accounts. Each new client from Malaysia can get the $88,8 no-deposit bonus after opening a special account and verification of his or her e-mail and phone number.   What’s the catch? Everything about this bonus is somewhat related to the number 8. Read more

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