Anzo Lim

https://www.wikifx.com/sg_en/ EUR/CHF continued to drop in the last week, with the exchange rate hitting the lowest point since mid-April, 2018. But now may not be a perfect time to sell EUR/CHF. As we expect the Swiss franc to decline in the future, the current situation is a good opportunity for establishing long positions on the long run. Investors are not advised to chase the CHF higher, particularly if they think Swiss National Bank(SNB) has used up their monetary policy ammunition. As the widening gap between ECB and SNB policy failed to stabilize the EUR/CHF cross, it may be too early to expect less prudence in SNB, particularly since exchange rate will remain a crucial driver of SNB’s policy decisions. The use of euro for funding carry may have complicated the cross's typical pattern by lowering the franc's sensitivity to improving global risk sentiment It’s estimated that the situation will change in the following quarters. The SNB will take all measures necessary to keep the interest rate down, and will do so longer than ECB and other central banks. EUR/CHF’s target at the end of the year is estimated to be at 1.1500, so now may be a good opportunity to open long position on the long run.

https://www.wikifx.com/sg_en/ The Bank of Japan will announce its interest rate decision on January 21. At present, it is generally expected that the Bank of Japan will maintain the policy balance interest rate at - 0.1%. We expect the BoJ to commit to keep interest rates at their current low level or even cut them until the inflation target of 2% is reached. With Japan's economy still under pressure from trade tension and consumption tax hikes in October, bank governor Kuroda Tohiko may express his determination to maintain ultra loose monetary policy. At that time, the central bank will also release economic growth and inflation forecasts, which may raise the economic outlook for the new fiscal year. Bank of Japan governor Kuroda tohiko previously said that if necessary, short-term and long-term interest rates are expected to remain at current or lower levels for a long time. Moody's also expects major global central banks, including the Federal Reserve, the European Central Bank and the Bank of Japan, to maintain loose monetary policy. With economic data falling, the BoJ will ultimately need to act. We believe that the moderate inflation forecast will strengthen the market's expectation that the Bank of Japan will maintain ultra loose monetary policy. The BoJ will further relax its policy by deepening its guidance on negative interest rate policy, and may cut interest rates by 10 basis points to - 0.2% later in the first quarter of 2020. USD/JPY daily pivot point: 110.16 S1: 110.04 R1: 110.28 S2: 109.92 R2: 110.40

https://www.wikifx.com/sg_en/ Exposed broker: XM Regulatory Status: under valid regulation Complainant: Mr. Sadon from Saudi Arabia Cause of complaint: losses due to irregularities on the trading platform WikiFX is scheduling an exposition this year in Dubai, the financial capital of the UAE, and as the initial preparations proceed recently, we received a complaint against broker XM from Mr. Sadon, an investor from Saudi Arabia. He shared his experience of suffering unjustified losses when trading on XM, in order to warn other investors against the broker. Event Recap (Mr. Sadon’s narration) Today, I’d like to ring an alarm for investors trading on XM and to other investors as well, especially those who are new to the forex circle. Hopefully my experience can prevent more fellow investors from falling victim to this scam. The broker XM swindled me US$300 by manipulating the price on the platform and changing my stop-loss setting. Without my authorization, the platform replenished my margin account 3 times for US$100 each time, until my balance was used up.It was during the last of such irregular operations that I found out something was wrong, because surprisingly enough, when I made the same transaction in another demo account, I achieved the goal and made profits, yet on the XM platform it was in the situation of a stop loss!! In another occasion, I noticed that the transactions in both accounts were profitable when I logged on the platform. But suddenly, the balance on the XM platform became negative, and the broker later informed me that my account was at a stop loss. I immediately took a screenshot of my trading records and contacted the company about the issue. They asked for my account number and phone number, saying that they would look into the matter and call me back. I waited for several days, yet the account manager (his name was Krikor) didn't even call me, so I reached out again, this time through email. In the following week, I contacted the broker’s agents again and again, but they never answered my requests. About XM WikiFX App shows that XM is currently under valid regulation, holding MM licenses from ASIC(Australia) and CySEC(Cyprus), while subject to offshore regulation from IFSC and FSA. Having been in business for more than 5 years, the broker’s score is 9.26, boasting a fairly high reputation in the forex industry. Conclusion From this case we can see that XM, despite its good compliance record, is not completely risk free as investor still suffered from irregularities. Should you notice any similar problems when trading on this platform, keep the evidence and contact the broker immediately. If you are having difficulties reaching the broker, you can seek WikiFX’s help by providing the key evidences, and we’ll do our best to help you recover your funds.

https://www.wikifx.com/sg_en/ Broker: AFX Address: Arch. Kyprianou 2 & Ayiou Andreou, G.Pavlides Building, 3rd Floor, 3036, Limassol, Cyprus Visited by: WikiFX team Background of the visit: AFX Group is a retail forex broker licensed by the FCA(UK) and CySEC(Cyprus). In July last year, the Cyprus Securities and Exchange Commission(CySEC) suspended the license of forex broker AFX Capital Marekets for 10 days, because the broker violated customer funds protection regulations and caused negative impact on the orderly and stable development of the market. Later, the British Financial Market Conduct Authority(FCA) also suspended the company's license. In order to protect investors' assets safety, WikiFX team visited AFX Group in Cyprus. Geographical location: Limassol is located on the southern coast of Cyprus and is the second largest city in Cyprus. In recent years, because of a regulation more relaxed than that in Europe and America, Cyprus has attracted many forex brokers to register here. On-the-spot investigation According to the regulatory address, WikiFX team came to the center of the old town of Limassol and found an weathered multi-storey building. we entered the office building and found a company sign. According to the directory, level 3 to level 5 of this office building belong to AFX. We then took the elevator directly to Room 301 on the third floor, and found AFX’s logo at the door. But no one answered when we rang the doorbell or when we went upstairs and knocked on the door. We waited for nearly an hour at the entrance, but saw no one entering or leaving. Conclusion: Per investigation, we found that although AFX’s office was indeed in Cyprus, the broker didn’t seem to be in business. According to WikiFX App, AFX is rated at 3.32, and its MM license from CySEC(Cyprus) and appointed representative license from FCA(UK) have both been canceled by the issuing authorities, while the broker’s investment consultation license from FCA isn’t authorized for forex brokerage business. Investors need to be aware of the risks with this broker. Up till now, WikiFX has archived profiles of over 15,000 forex brokers. Investors can type in the name of the broker to easily look up its full profile and detailed visit report on WikiFX App.

https://www.wikifx.com/sg_en/ According to the data recently released by the Federal Statistical Office of Germany, the country’s annual inflation rate in 2019 dropped to 1.4%, lower than the 1.9% of 2018 and 1.8% in 2017. Statistics suggest Germany’s inflation in December, 2019 sat at 1.5%, and the monthly inflation figure excluding energy price was 1.8%. Food price rose 2.1% year-on-year, with a significant increase in the price of meat and meat products. The European Central Bank set the inflation target range at slightly lower than 2%, but ever since 2019, even Germany,the largest economy of the Eurozone, had failed to meet the 2% inflation target except in April, 2019. An inflation constantly under target level will affect business investment and private consumption, thus stunting economic growth. In order to tackle risks of deflation and boost economic recovery of the Eurozone, the ECB continues to ease monetary policies. But the latest inflation data in Germany shows that the ECB’s easing policies haven’t been very efficient in boosting inflation. German Council of Economic Experts previously estimated that Germany’s inflation in 2020 will be around 1.6%.

https://www.wikifx.com/sg_en/ Exposed broker: PTFX Regulatory status: unregulated illegal broker Complainant: Anonymous Cause of complaint: investor couldn’t withdraw Although PTFX has already become a notorious scam broker in the forex circle, but the company still hasn’t give up the chance to lure more unwary victims into its trap with its high publicity. Recently, WikiFX received complaint from another investor who fell victim to PTFX. Event recap This victim first signed up and made deposit at PTFX in early 2019. Although there were already many negative comments about PTFX online back then, the investor, lured by the "high profits" slogan from the broker’s advertisements, still decided to "test the water". In March, 2019, the investor applied for a withdrawal for the first time; the money wasn’t immediately received, but arrived in investor’s account after a week. Since then, negative news about PTFX has almost never stopped, but the investor was “lucky”enough not to encounter any trading irregularities. By early October, the investor submitted a withdrawal request again, but this time he no longer had such luck: the withdrawal was delayed, while the broker’s customer service offered no explanation or solution other than excuses, and he was even kicked out of the chat group. Later, when the investor logged on to the platform website again, his original withdrawal application records had been erased. Until now, the victim have not been able to withdraw funds from his account. About PTFX PTFX has already become a notorious broker with some of the worst reputations in the forex circle. WikiFX has exposed it for many times in hope of warning investors against this illegal broker, yet many gullible investors who are eager to make profits have still fallen into PTFX’s trap. According to WikiFX App, PTFX is without valid regulation, while under heavy complaints from investors who accuse the broker for blocking their withdrawals. WikiFX has labeled the broker as illegal to warn investors to stay away. Conclusion Though the desire for fortune is more or less a human nature, any expectation or attempt to generate huge profits without making any proportional effort are both unrealistic and dangerous. While forex market is well-known for its lucrativeness, investors should never ignore the accompanying high risks. To find out more about any forex broker, please log on WikiFX website or App where you can easily access comprehensive information about brokers and the forex market.

https://www.wikifx.com/sg_en/ Yesterday, EUR/CHF exchange rate fell to 1.0732, the lowest level since April, 2017. Prior to this, the U.S. government had again put Switzerland to its currency manipulator watch-list. Economic growth and inflation data may still prompt the SNB to increase foreign exchange to curb appreciation of Swiss franc. Data of Swiss National Bank(SNB) last August showed that the bank injected billions of Swiss francs into the market and bought foreign currencies in order to curb the surge of the Swiss franc. A stronger Swiss franc will make it more difficult for Swiss companies to export products. Since the SNB removed the cap on Swiss franc and introduced a negative interest rate 5 years ago, the strength of the Swiss franc means that it is almost impossible to end the negative interest rate in the short term. on Monday, traders have braced themselves for fluctuations of CHF in the coming weeks. The one-month implied volatility of the euro against the Swiss franc rose 11 basis points to 4.27% on Wednesday, the highest level in nearly two months. If the EUR/ CHF fall below 1.10, it may trigger the central bank’s intervention, making the SNB active again. A strong Swiss franc could be a more serious challenge for the SNB. The central bank is now under the market’s test of whether it can curb further appreciation of the currency. As the US economy slows down, market demand for safe-haven currencies seems to increase. The Japanese yen and Swiss francs should be the main choices for capitals seeking to hedge risks.

https://www.wikifx.com/sg_en/ Broker: Megagrowth (Indonesia) Visited on: December 5th, 2019 Conclusion: the broker truly exists Before the visit As an emerging power on the global financial market, Indonesian brokers are gaining greater visibility on the international stage in recent years and have attracted growing attentions from investors. Indonesia, the most populous of Southeastern countries, has been home to hundreds of forex brokers so far. Today, WikiFX is visiting the broker Megagrowth. On-the-spot investigation According to regulatory information, the forex broker Megagrowth’s licensed branch in Indonesia is located at Gedung Menara Kuningan Lt. 28 Jl. H. R. Rasuna Said Blok X 7 Kav. 5Setiabudi, Jakarta Selatan 12940. We drove to Gedung Menara Kuningan, a building with a striking logo outside. We entered and took the elevator to level 28. Floor directory showed that about 5 brokers have offices set up here, including Megagrowth that we planned to visit, and we followed the direction to its office. The company has a bright and spacious reception with a notable logo. We looked at the office and counted about 25 cubicles. Through this visit, we confirm the licensed branch of Megagrowth really exists. About Megagrowth Megagrowth is a compliant broker specialized in businesses involving forex, crude oil and stock indices. Holding a license on futures brokerage issued by BAPPEBTI, Megagrowth is also a regulated member of multiple Indonesian financial authorities including ICDX, JFX and KBI. Conclusion In fact, while many Indonesian brokers hold forex brokerage license issued by the local regulation authority BAPPEBTI, the strength and credibility of BAPPEBTI’s supervision remains unsatisfactory, which partly accounts for investor’s lack of confidence in Indonesian brokers. In short, the local regulation authorities still have a long way to go to improve reputation of Indonesian forex market. WikiFX App shows that Megagrowth is currently in valid regulation, and it’s 6.00 rating suggests acceptable reliability. To find out more about the broker, investors may check WikiFX App or visit our official website.

https://www.wikifx.com/sg_en/ The US stocks soaring above historical record seem to suggest that the conflict between US and Iran has been over, yet situation in the Middle-east remains tense. Looking ahead, Middle-east faces emerging geopolitical risks that are underestimated by the market, and arranging safe-haven assets such as gold and Japanese yen can be an important way of hedging such risks. After the US launched an air strike on January 2nd that killed Iranian senior government official Qasem Soleimani, Iran quickly took revenge 5 days later by attacking several US military bases in Iraq, leading to further escalation of the tension between the two countries. The market plummeted upon the breaking of the news, while oil price surged as the Wall Street worried about whether Iran will target areas with rich oil reserve. Because market volatility and oil price’s surge may affect decisions on diplomatic policies, Iran’s continuous retaliation may lead to severe consequences. If the conflict further escalates within the US election year, leading to serious market volatility and pulling allies away from the US, President Trump is more likely to seek a resolution similar to the Joint Comprehensive Plan of Action(JCPOA). Escalation of the conflict before the election, though the market has not yet release any assessment regarding major upcoming risks. Daily Pivot points for gold: 1552-1554 S1: 1548 R1: 1560 S2: 1541 R2: 1565

https://www.wikifx.com/sg_en/ Unregulated brokers who block withdrawals can count as one of the worst nightmares of forex investors. Bear in mind that there's no such thing as a free lunch. Don’t be fooled by empty promises of scammers and focus only on profits, because when you indulge yourself in the illusion of becoming rich, you can easily neglect the huge risks and potential losses that hide behind. Recently, an investor from China reported the illegal broker AGX on WikiFX exposure forum. Victim: Mr. Shen Illegal broker: AGX Cause of complaint: unable to withdraw money Mr. Shen’s case review: Last April, I met a “signal provider” in a stock discussion group. I followed his advice to open an account on AGX to make deposits, and since then I had been trading on the platform according to the "signals" he provided. But after trading for a week, I lost more than 10,000 US dollars rather than making any profits. Realizing this broker was extremely suspicious, I immediately submitted a withdrawal request on the AGX platform, but they kept on postponing my withdrawal. Neither could I reach the signal provider. But I didn’t want to give up, as I still had a large balance in my account unable to be withdrawn. Finally, I decided to put pressure on AGX by exposing it on the WikiFX forum. According to Mr. Shen, after he took the measure, AGX finally contacted him and asked him to post a clarification note on WikiFX exposure platform, promising that they would return his money; however, after Mr. Shen did so, AGX again disappeared, and the so-called "refund" became no more than an empty promise. Many investors may have such questions: since there are all kinds of forex scams, how can I identify illegal brokers? What are their common tricks? How can I protect myself from such scams? Firstly, what types of FX brokers that we should avoid? -Any FX broker who has received a warning from regulator. -Any FX broker who keep on nagging you to make deposits. -Any FX broker holding a cloned license. -Any FX broker who claims to be regulated while it’s actually not. -Any FX broker that makes you pay fees that aren’t even in any term or condition. -Any FX broker that doesn’t allow withdrawals and blocks you as soon as you ask for a withdrawal. Secondly, the following methods are commonly used by illegal brokers to defraud investors: -Inducing account opening; -Giving wrong trading signals deliberately; -Trading on the investor’s behalf; -Causing severe slippage; -Causing negative balance through manipulation; -Blocking withdrawal; -Suspending investor’s account. Finally, how to protect ourselves from forex scam? In fact, for investors, the best way to avoid being cheated is to learn more about how to trade correctly. It takes a lot of time, education, patience and wisdom to gain profit in forex trading. Another very simple method is to check the broker’s regulation. When dealing with forex brokers or IB agents, don't believe in their empty promises such as "small investment, big return" or "no risks". Instead, the first step you need to take is to check their company’s regulatory information and background. WikiFX App not only presents the regulatory information of more than 15,000 brokers, but also releases a large number of exposure cases for the reference of investors.

https://www.wikifx.com/sg_en/ The Bank of England Monetary Policy Committee is expected to vote 6 to 3 to hold benchmark interest rate at 0.75% unchanged this month. Post-election survey data proves the economy is recovering with the elimination of uncertainties, but the recovery may be rather modest, as Britain still faces the challenging trade negotiation with European Union. The pound remains at a price ideal for dip-buying. Currently, the impact of market expectation on January’s 0.12% rate cut is fading, as well as uncertainties about Brexit, so additional stimulus will facilitate a steady recovery of the economy, leading to a rebound of the pound. Meanwhile, the wildfire raging through Australia is expected to have more far-reaching effect on the economy than flood or other natural disasters, while the extreme drought weighing on many regions and especially agricultural sector has further added to the troubling situation. Therefore, as GBP rises and AUD weakens, investors can pay more attention to the pair and seek opportunity as GBP/AUD shows potential to breach upwards. GBP/AUD daily pivot points: 1.8824-1.8842 S1: 1.8783 R1: 1.8901 S2: 1.8715 R2: 1.8951

https://www.wikifx.com/sg_en/ Through analysis of EUR/GBP’s latest trend, we found the pair will likely remain bullish in the upcoming months. News has been around that the British government plans to issue more government bonds and further implement expansionary fiscal policies in 2020. Therefore, the market is reassessing the possibility for the British government to cut interest rate and it’s estimated that a 0.25% rate cut will soon take place. The pound sterling will be navigating through domestic economy, central bank policies and most of all, the financial budget to be released this March, in the first half of 2020. Also, Brexit negotiation is only at its beginning and whether a free trade deal can be successfully concluded will be crucial. EUR/GBP daily pivot points: 0.8496---0.8502 S1: 0.8465 R1: 0.8527 S2: 0.8437 R2: 0.8561

https://www.wikifx.com/sg_en/ Recently, Mr. Lin, a Malaysian investor, reported to WikiFX how he was defrauded by the illegal forex broker Stone Lion. Complainant: Mr. Lin Complained broker: Stone Lion Cause of complaint: broker blocked withdrawal Account balance: over US$90,000 About 2 months ago, I submitted my withdrawal requests on Stone Lion but they remained unapproved. The customer service claimed I wasn’t their VIP client so I had to wait in line for my withdrawal. During this time all my withdrawals were either rejected by the system or shown complete without the money actually sent to my account. Trying my best to hold my frustration, I again contacted Stone Lion about my withdrawals. Yet the customer service told me that my account has been “frozen” due to “generating illegal profits” and I must “pay a US$12,000 margin to unfreeze the account.” Feeling shocked, I recalled the whole investment process from signing up and making deposit to trading, and was positive I never did anything illicit. This US$12,000 request of the broker is absolutely ridiculous, while it couldn’t explain why the US$30,000 withdrawal was approved but didn’t reach my account. So I continued to negotiate with the broker, hoping that they would at least send me the US$30,000 withdrawn first. But the customer service pulled up the excuse that “the withdrawal channel wasn’t working” and I had to wait. Tired of this endless delay, I called the company providing the third-party withdrawal channel, and learned through them that there wasn’t any issue with the withdrawal channel - what Stone Lion told me was simply a lie. Once again, I questioned the customer service and demanded for my funds. This time the customer service blamed me for “making harassing calls the third-party service provider” and the company “no longer support withdrawal through their channel”, while insisting I must pay US$12,000 in order for them to “rearrange another withdrawal channel”. This unscrupulous scammer not only blocked my withdrawals, but even tried to coax me into making more deposits. We learned that until now, Mr. Lin still has over US$90,000 in his account unable to be withdrawn, as he became more troubled by the incident every day. Stone Lion not only robbed Mr. Lin’s money, but also left him deeply perturbed. Mr. Lin’s case is a good example of how illegal brokers not only try to blame withdrawal failures and heavy losses on investors themselves through lame excuses or manipulation under the table, but also attempt to mislead investors into making further investment even after they’ve suffered losses. Per checking WikiFX App, Stone Lion has been listed as an illegal broker, and the NFA(US) license it claims to hold is suspected to be a cloned one. WikiFX has received over 14 complaints against this broker in the past 3 months, please stay away from this illegal broker! If you are experiencing withdrawal failures or unusually frequent investment losses at a broker, we strongly advise you stop trading. You may keep key evidences, such as records of your conversation with the broker and your trading records, and contact WikiFX for assistance to defend your legal rights.

https://www.wikifx.com/sg_en/ Latest statistics suggest German manufacturing order continue to slip 1.3%, contrary to the expectation of a 0.2% gain. This has been the greatest decline since July, 2019.Falling factory orders have largely been driven by the decline in commodity orders and overseas investment demands, among which demand for consumer goods stopped growing and orders fell 6.5% year-on-year. Another report suggests that weakening export has been a particularly hard blow on the automotive industry, which is a major cornerstone for German economy. According to data from the German Association of the Automotive Industry, automobile production is at its lowest in the recent 25 years.Deutsche Bundesbank said the country’s economy had been stagnant during the last quarter in 2019 and shows no signs of rallying, while the growth this year will likely still be under 1%. EUR/USD daily pivot points: 1.1115-1.1135 S1: 1.1082 R1: 1.1148 S2: 1.1059 R2: 1.1191

https://www.wikifx.com/sg_en/ Broker: 33option Visited at: 1, Kosta Hadjikakou, Kyriakos Tower, 1st Floor. Agios Athanasios, CY-4107 Limassol, Cyprus Conclusion: The broker’s office doesn’t exist On-the-spot investigation Near the end of the year, forex market is still busy as ever, while the illegal forex brokers are taking the opportunity to defraud investors. Forex scams related to exchange rates are difficult to curb despite the regulatory efforts. Upon investors’ request, WikiFX team recently visited the licensed branch of forex broker 33option in Cyprus. According to the address from regulatory information, with the assistance of GPS and local passerby, WikiFX finally found Kosta Hadjikakou Street where 33option is located. We noticed that the street runs through a residential neighborhood without any office building or company. After searching from door to door, we found the place matching 33option’s regulatory address - a house with the number “1” on the door. However, the door was locked and no one answered when we knocked. The place didn’t seem like a regular company in business, and people living next door also said this was a normal residence and the owner only comes home at night. Through checking WikiFX App, we found that 33option uses non-MT4/5 software and has a low rating of 1.84. The broker’s license from CySEC has been canceled and it currently has no valid regulation. Investors should mind the risk and avoid falling victim to it. WikiFX reminds investors that binary option brokers will often disguise themselves as online financial and investment service providers to assume “legitimacy”. These binary option brokers are usually registered overseas with overseas servers, while they don’t have any actual business location or executable assets within the country. Should the service provider breach the contract, investors will not be able to defend their rights through legal actions against the broker.