WikiFX Review: Is Matrix a Reliable Broker?

Anyone who invests in the forex market has to bear some of the risk, but that is no reason for brokers to commit fraud. Recently, WikiFX received a number of exposures from users about bad dealers, all with different red flags lurking. In the following, WikiFX would like to take Matrix as an example to analyze the danger signs behind this broker.

About Matrix

Matrix is a broker providing macro trading services in currency, stock and commodity markets. It claimed to be based in the UK and acquired license by the national financial institution. To find out if a forex broker is trustworthy, check first that it is registered and authorized with a local financial institution.

We can see from the figure above that the query result is quite negative –no company named “Matrix” is shown on the Financial Conduct Authority. It clearly proves that Matrix is not authorized but offered financial services and products in the UK. All members of the British public should be careful and stay away from it.

To get a better idea of Matrix, WikiFX also paid a visit to its official website. Matrix tried to convince us that they were a professional and reliable brokerage, but it turned out to be the opposite.

Foremost, Matrix can only be registered with CLARITY code. WikiFX was not able to reach the software as there were no download links on the website, and the registrations were impossible because of the necessary CLARITY code. This is a red flag, actually, as legit brokers will always allow customers to register, open a demo account and test the trading software before a deposit. Matrix doesn ‘t do so, and you should know that it’s always a warning sign if the brokers services are bound with mandatory access codes!

In addition, Matrix did not specify the terms of the transactions. On its website, you can't see the minimum deposit, leverage, spread and other trading conditions, nor do you know the deposit method and withdrawal conditions. Anyway, all the specific terms of the deal you want to know are not mentioned here. Apparently, there's only one reason he's doing this -- Matrix is trying to trick green hand to invest first, but it's hard to get your money out once you put it in.

Moreover, in order to find out more about Matrix, WikiFX made an attempt to access the domain tool to learn about the domain information.

It can be found by tracking its website information that the matrixtrade.com is for sale! It is easy to see that Matrix did not intend to be in business for the long term when it was registered. The operating cycle of this black platform is short, after all, the cost of the newly named website is very low. As it stands now, Matrix's scam appears to have been busted and can no longer operate, so it is running away with clients' money.

Now let's search “Matrix” on WikiFX APP to find out more about this broker. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX（https://www.wikifx.com/en/dealer/7311613232.html）, Matrix has no valid regulatory license and the score is rather negative - only 1.16/10! WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

In a word, it's not wise to invest Matrix.We recommend avoiding brokerage firms like Matrix and choosing a legitimate brokerage instead. WikiFX reminds you that forex scam is everywhere, you'd better check the broker's information and user reviews on WikiFX before investing. You can also expose forex scams on WikiFX. WikiFX will do everything in its power to help you and expose scams, warn others not to be scammed. In addition, scam victims are advised to seek help directly from the local police or a lawyer.

WikiFX keeps track of developments, providing instant updates on individual traders and helping investors avoid unscrupulous brokers. If you want to know whether a broker is safe or not, be sure to open WikiFXs official website (https://www.WikiFX.com/en) or download the WikiFX APP through this link (https://www.wikifx.com/en/download.html) to evaluate the safety and reliability of this broker!