Warning investors Forex King Trading Empire Regarding fraudulent or manipulative practices (insider dealing, market manipulation, misrepresentation of material information, etc.)
Introduction
In the world of forex trading, selecting the right broker can make or break your success. One such broker that has garnered both curiosity and concern is Forex King Trading Empire, accessible through www.forexkingtradingempire.com. In this comprehensive review, we delve into the crucial aspects of regulation, reputation, customer support, and overall user experiences with Forex King Trading Empire.
Regulation and Compliance:
Regulation plays a pivotal role in ensuring the safety and reliability of a forex broker. Unfortunately, Forex King Trading Empire falls short in this department. Notably, the Financial Conduct Authority (FCA) has raised a red flag, warning that this broker is not authorized to provide financial services in the UK [1]. Additionally, the Commissione Nazionale per le Società e la Borsa (CONSOB) in Italy has issued a similar warning against a related company known as Empire Trading, which shares commonalities with Forex King Trading Empire [4]. This fraudulent activity revolves around offering investment services to individuals while falsely claiming to be regulated by the Italian regulatory body [4]. Consequently, it’s crucial to recognize the risks associated with trading through an unregulated entity like Forex King Trading Empire.
Reputation:
User feedback is often a reliable indicator of a broker’s trustworthiness, and Forex King Trading Empire has failed to impress. Multiple users have raised concerns, highlighting the untrustworthiness of this broker. In particular, trading with Empire Trading, a synonymous entity, has been a disappointing experience for many, as it led to consistent losses via its STP account [3]. The negative reviews surrounding Empire Trading are plentiful, with numerous traders expressing that their funds were mishandled or even stolen by the broker [4]. While there may be some ambiguity about whether Empire Trading is a scam, the association with negative reviews and the lack of regulation should be reason enough to proceed with caution [5].
Services:
Forex King Trading Empire presents a range of trading options encompassing forex, indices, commodities, shares, futures, and cryptocurrencies [3]. The broker employs the MetaTrader 5 (MT5) platform, considered one of the best forex trading software options available [3]. However, it’s imperative to exercise prudence when considering their services, given their dubious credibility. Furthermore, Forex King Trading Empire requires a minimum investment of $1000, which is relatively high compared to well-regulated brokers with established reputations [3].
Location:
Forex King Trading Empire is situated in London, United Kingdom [4].
Customer Support and Customer Reviews:
While the majority of feedback regarding Forex King Trading Empire is unfavorable, it’s worth noting that one user on myfxbook.com did report a positive experience with the broker’s customer support and trade execution speed [6]. Nevertheless, it’s essential to view this as an isolated incident and consider it alongside the broader negative sentiment surrounding the broker.
Conclusion:
In conclusion, Forex King Trading Empire is an unregulated forex broker that has garnered an unfavorable reputation among users. Both the FCA and CONSOB have issued warnings against this broker, underscoring the risks associated with trading through unregulated entities. While one user’s positive experience with customer support is encouraging, it is imperative to exercise caution when contemplating the services of a broker like Forex King Trading Empire. In a field where security and reliability are paramount, it’s advisable to opt for regulated brokers with proven track records of integrity and transparency.
Citations:
[1] FCA Warning Against Forex King Trading Empire – [link](https://www.fca.org.uk/news/warnings/forexkingtradingempire)
[2] User Reviews on ScamRecovery – [link](https://scamrecovery.net/trading/forex-king-trading-empire/)
[3] WikiFX Information on Forex King Trading Empire – [link](https://www.wikifx.com/en/dealer/1411237597.html)
[4] Reviews on ReportScam About Empire Trading – [link](https://reportscam.net/empire-trading-review/)
[5] Broker Review on TradingBeasts – [link](https://tradingbeasts.com/brokers/empiretrading-review/)
[6] Myfxbook User Review on Empire Trading – [link](https://www.myfxbook.com/reviews/brokers/empire-trading/1905454,1)
