Recently, in the Forex trading sector in Thailand, New Win FX has become a hot topic of discussion. This trading platform has come under public scrutiny due to several alarming incidents, which have significantly impacted traders’ trust in the platform.
According to reports by the platform, an incident on February 1, involved a well-known copy trading master experiencing a forced liquidation on the New Win FX platform, leading to significant financial losses for many of his followers. Moreover, some traders have reported being unable to withdraw an $8000 investment from the platform. These unfortunate events have called into question the reliability of New Win FX, and at present, it seems there is a higher risk associated with Forex trading on this platform.
In the Forex trading market in Thailand, New Win FX, as a brokerage, has raised suspicions among some traders with the regulatory information displayed on its official website. The company claims to be operated by New Win Limited, registered in Saint Vincent and the Grenadines, and claiming to have the qualifications for Contract for Difference (CFD) services, with a registration number of 26233. However, it’s noteworthy that on February 3, 2022, the regulatory authorities in Saint Vincent and the Grenadines clearly declared that unlicensed Forex and binary options trading is not permitted in the region. This indicates that, despite being registered, New Win FX's operation in a loosely regulated environment could expose clients to unnecessary risks.
A further issue is that New Win FX provided an NFA ID number - 0560914, in an attempt to verify the legitimacy of its commodity trading services. However, upon further investigation, it was found that the company's claim to authorization by the US National Futures Association (NFA) is not true.
Additionally, the association of New Win FX with Wilfred Services Ltd. has also raised concerns about the potential dangers of collaborating with unregulated entities. Some Thai traders have revealed that Wilfred Services Ltd., serving as a registration agent, is associated with several Forex companies suspected of fraudulent activities and has provided them with virtual office services.
The New Win FX website is lacking in essential information about trading products, account details, and their advertised New-Win Trader trading platform. Conversely, the broker has made overly optimistic promises about the platform's ability to help investors achieve unlimited profits and zero commission trades, promises that often lack practical basis. Typically, compliant brokers focus more on enhancing customer experience rather than guaranteeing profits.
Based on the analysis above, traders are advised to remain cautious and conduct thorough research before considering collaboration with New Win FX or similar platforms. Forex trading inherently carries certain risks, and choosing a platform that is not properly regulated could further increase the chances of financial loss and fraud.
