WikiFX Fraud Alert: FCA Warns Against Grow Deposits!!!

Investors who are still trading forex at Grow Deposits had better quit trading ASAP!!! Investors who have been deceived by this broker please contact WikiFX to help you recover your funds!!!

To start with the most essential, you may check the recent warning issued on October 5thby the Financial Conduct Authority (FCA) in the UK against Grow Deposits (growdeposits.com) on the screenshot below.

“Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorized or registered by us”, the FCA says adding that “this firm is not authorized by us and is targeting people in the UK. You will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS), so you are unlikely to get your money back if things go wrong.”

Furthermore, Grow Deposits claimed to be based in Nicosia, Cyprus and authorized by CySEC. However, this claim turned out to be a hoax – the broker holds no sort of license, and that can be proven by a quick check in the registers of CySEC.

In addition, WikiFX made an attempt to visit the broker‘s official website to find out more information, but in vain - the website is not accessible any longer. Grow Deposits might have gone bankrupt and have run away with investors’ money!

Now let's search “Grow Deposits” 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, Grow Deposits currently has no valid regulatory license and the score is rather negative - only 1.03/10! WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

Investors are advised to search relevant information on WikiFX APP about the broker you are inclined to trade with before finally deciding whether to make investment or not. Compared with official financial regulators which might lag behind, WikiFX is better at monitoring risks related to certain brokers - the WikiFX compliance and audit team gives a quantitative assessment of the level of broker regulatory through regulatory grading standards, regulatory actual values, regulatory utility models, and regulatory abnormality prediction models. If investors use WikiFX APP before investing in any broker, you will be more likely to avoid unnecessary trouble and thus be prevented from losing money! The importance of being cautious and prudent can never be stressed enough.

In conclusion, trusting a broker like Grow Deposits is simply not worth it – you will certainly end up robbed. The so-called brokerage is nothing more than an outright scam, which is in the spotlight of a recent investigation by the British financial authorities, who have already blacklisted the website for targeting UK customers without proper authorization.

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.

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!