Why is this important enough to catch the attention of WikiFX？ As many would have known by now, WikiFX is a renowned global forex broker regulatory query platform that specializes in all broker-related information. Therefore, it is our responsibility to address anything that may be a red flag that could be detrimental to our users.
This forex broker named Absolute Markets was discussed earlier this week as WikiFX received a complaint from an American user about its copy trading services.
Read the full article here: https://www.wikifx.com/en/newsdetail/202207042224723100.html.
On its contact page, Absolute Markets registered business premise is located at Suite 305, Griffith Corporate Centre, Kingstown, Beachmont, Kingstown, St. Vincent and the Grenadines.
On the other hand, Bold Prime is another forex broker that was covered by WikiFX here (https://www.wikifx.com/en/newsdetail/202205183434795505.html) also shares the same registered address.
This is the address listed on Bold Prime's official website at www.boldprime.com.
To find out more about these 2 forex brokers, WikiFX checked the directory of registered entities on the website of the Financial Services Authority of St. Vincent and Grenadines via this link: https://svgfsa.com/company-name-search/.
It is found that Absolute Markets is registered as a Limited Liability Company (LLC) at St. Vincent and Grenadines with a registration number of 1477 in October 2021.
Meanwhile, Bold Prime was registered as a limited business company with a registration number of 26184 in February 2021.
Both Absolute Markets and Bold Prime were incorporated through an agent named Wilfred Services Ltd.
Next, WikiFX did some digging on Wilfred Services Ltd and found another coincidence – this agency also shares the same address with Absolute Markets and Bold Prime.
It seems like Wilfred International Services is a one-stop solution company that not only helps with business registration but also the setup of the whole entity.
All three of these companies make up a real live case study of this article here: https://www.wikifx.com/en/newsdetail/202207051574810982.html.
In this situation, it could be suggested that all three entities in question were actually owned by one organization. This organization could be setting up different forex brokerage firms for different (potentially fishy) motives and that is an underlying risk that we at WikiFX think should be brought to the attention of our users.
Also, due to the fact that both Absolute Markets and Bold Prime have achieved low WikiFX scores as they do not hold any valid licenses and regulatory statuses, alongside several Exposure cases.
WikiFX would recommend staying away from them and opting for more reliable and verified forex brokers that could be easily found from the WikiFX free mobile app and www.wikifx.com.
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