The recent expo has become the arena of fierce protest as traders vandalized the booths of GWFX and the Hong Kong-based 24k.hk sparying graffiti, claiming to have lost millions of RMB in brokers' manipulation.
The Chinese media has once again set out to warn the local public of the perils of Forex trading, this time as a direct response to an industry event taking place in the world's most populated country, whose lucrative potential attracts many western players.
The Shanghai TV Channel, part of the powerful Shanghai Media Group and one of the most viewed channels in the all-important financial hub, aired a two-minute segment after reportedly receiving multiple complaints from the public about several brands.
The broadcast presented traders who attended the 12th Shanghai International Money Fair, an industry event in which personal investors account for roughly a third of the visitors. Protesters claiming to have lost millions of RMB worth in trades were interviewed, accusing their brokers of manipulating them into incurring massive losses. One of them, confiding that he had personally lost a million RMB, burst into tears on camera.
The demonstrators were also seen hanging warning signs showing the websites of brands they had traded with, such as the Hong Kong-based bullion broker, 24k.hk. The segment has also dedicated attention to Cyprus-based FXTM, focusing on its booth at the event and the company's website.
Unexpected Eruption
In the exhibition hall, however, the rage was directed mainly towards GWFX.com, a Chinese brand belonging to the global Goldenway group, whose UK subsidiary holds an FCA license.
Protesters crowded the brand's booth and painted defaming graffiti. Witnesses who attended the event told Forex Magnates that at one point police officers arrived at the confrontation area.
The affair did not go unnoticed by the event's organizers. Towards the end of the news report, the conference's director, Ms. Zhang, was featured stating that the organizers will "enforce the investor’s trading risk control."
FXTM's Comment:
FXTM, an established broker regulated in both Cyprus and the UK, maintains that the allegations are at best old news:
"FXTM is aware of the issues that have been raised by some former business associates, which have already been thoroughly investigated and addressed with the individuals as part of our comprehensive process for managing complaints," the company stated to Forex Magnates.
"It appears that these associates are not interested in resolving their concerns with FXTM and as such we understand that this may be an elaborate attempt to tarnish the good name of FXTM as a trusted firm committed to providing outstanding trading services and support."
The company also expressed its disappointment with the conference's organization, which should have had "precautionary measures in place to safeguard the quality of their event."
"It is also our firm belief that the organizers should not have exposed their exhibitors without first verifying the information," the statement added.
Convinced that the recorded protest might have been "an elaborate attempt to tarnish the company's good name," FXTM is currently "exploring the legal options that are available to us in regards to this attempt and intend to take legal action against those responsible."
Forex Magnates will keep on reporting as new developments take place. The full segment can be found here.
Alarming Reports
This is not the first time that Forex Trading and brokers have been scrutinized by the Chinese TV. In July, the state-operated China Central Television warned against forex trading, showcasing stories of local traders who ran into problems with their brokers, most notably SFX and IFX Markets.
Two month ago, a Shenzhen channel aired a 20 minute expose on the operations of IronFX, accusing them of swindling their Chinese IBs and operating with no permit on mainland China.
The Chinese media has once again set out to warn the local public of the perils of Forex trading, this time as a direct response to an industry event taking place in the world's most populated country, whose lucrative potential attracts many western players.
The Shanghai TV Channel, part of the powerful Shanghai Media Group and one of the most viewed channels in the all-important financial hub, aired a two-minute segment after reportedly receiving multiple complaints from the public about several brands.
The broadcast presented traders who attended the 12th Shanghai International Money Fair, an industry event in which personal investors account for roughly a third of the visitors. Protesters claiming to have lost millions of RMB worth in trades were interviewed, accusing their brokers of manipulating them into incurring massive losses. One of them, confiding that he had personally lost a million RMB, burst into tears on camera.
The demonstrators were also seen hanging warning signs showing the websites of brands they had traded with, such as the Hong Kong-based bullion broker, 24k.hk. The segment has also dedicated attention to Cyprus-based FXTM, focusing on its booth at the event and the company's website.
Unexpected Eruption
In the exhibition hall, however, the rage was directed mainly towards GWFX.com, a Chinese brand belonging to the global Goldenway group, whose UK subsidiary holds an FCA license.
Protesters crowded the brand's booth and painted defaming graffiti. Witnesses who attended the event told Forex Magnates that at one point police officers arrived at the confrontation area.
The affair did not go unnoticed by the event's organizers. Towards the end of the news report, the conference's director, Ms. Zhang, was featured stating that the organizers will "enforce the investor’s trading risk control."
FXTM's Comment:
FXTM, an established broker regulated in both Cyprus and the UK, maintains that the allegations are at best old news:
"FXTM is aware of the issues that have been raised by some former business associates, which have already been thoroughly investigated and addressed with the individuals as part of our comprehensive process for managing complaints," the company stated to Forex Magnates.
"It appears that these associates are not interested in resolving their concerns with FXTM and as such we understand that this may be an elaborate attempt to tarnish the good name of FXTM as a trusted firm committed to providing outstanding trading services and support."
The company also expressed its disappointment with the conference's organization, which should have had "precautionary measures in place to safeguard the quality of their event."
"It is also our firm belief that the organizers should not have exposed their exhibitors without first verifying the information," the statement added.
Convinced that the recorded protest might have been "an elaborate attempt to tarnish the company's good name," FXTM is currently "exploring the legal options that are available to us in regards to this attempt and intend to take legal action against those responsible."
Forex Magnates will keep on reporting as new developments take place. The full segment can be found here.
Alarming Reports
This is not the first time that Forex Trading and brokers have been scrutinized by the Chinese TV. In July, the state-operated China Central Television warned against forex trading, showcasing stories of local traders who ran into problems with their brokers, most notably SFX and IFX Markets.
Two month ago, a Shenzhen channel aired a 20 minute expose on the operations of IronFX, accusing them of swindling their Chinese IBs and operating with no permit on mainland China.
Interactive Brokers Expands Offerings with Daily Options on French Stocks
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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