Introduction to WXJTSS Company:
WXJTSS is a forex trading platform operated by WXJTSS GROUP CO., LTD. According to information from the UK Companies House official website, WXJTSS GROUP CO., LTD. was registered on March 13, 2023, with a registered address at Floor 1 Office 25, 22 Market Square, London, England, E14 6BU. The company's registered director is a Swiss national named Christian Ueli EGGER. The company has been in operation for less than 8 months as of October 31, 2023.
Is WXJTSS legit? Does it hold relevant financial regulatory licenses?
In the company introduction section on its official website, WXJTSS claims to be regulated by the U.S. MSB (Money Services Business) with the registration number 31000239880617. Tradeknows has indeed verified the registration number on the official FINECN MSB (U.S. MSB) website. However, it's important to note that FINECN MSB is primarily involved in anti-money laundering supervision and does not oversee the forex margin trading activities conducted by WXJTSS. Consequently, WXJTSS appears to exploit investors' lack of knowledge about regulatory authorities by engaging in false advertising and illegal operations.
Trading Products Offered by WXJTSS:
According to the official website of WXJTSS, this broker offers trading services for various financial assets, including forex, commodities, stock indices, and cryptocurrencies.
Trading Software Provided by WXJTSS:
On the broker's official website, they provide a download link for a trading software called "FX6." It's important to highlight that there is no information about the entity behind this trading software, posing significant risks to users. Using FX6, brokers can engage in manipulative practices, price manipulation, and force liquidations, which are violations of industry standards.
Fund Security:
WXJTSS has not disclosed any third-party fund custody information on its website, raising concerns about the security of user funds.
Deposit and Withdrawal Methods:
WXJTSS has not provided any information regarding user deposit and withdrawal methods, making it unclear how users can make deposits or withdrawals.
Leverage:
The broker claims a leverage ratio of 400:1, while typically, compliant brokers offer leverage ratios ranging from 10:1 to 100:1.
In Conclusion:
WXJTSS is a forex broker engaged in illegal financial activities, using false regulatory information. The broker has not disclosed critical information about user fund security, deposit and withdrawal methods, and other key details. Tradeknows advises caution, as WXJTSS is a high-risk forex trading platform. It is recommended to avoid this platform to prevent potential financial losses.
