tamir | FinTelegram News

Author: tamir

July 27, 2021

German BaFin investigates SafeIncome broker scam

German regulator BaFin announced today that an investigation had been opened against the broker scam SafeFund. The scam claims to be a regulated SICFund, with the applicable law being the offshore paradise of Vanuatu. However, no legal entity is mentioned on the website. We found only crypto companies as facilitating payment processors. Credit and debit card payments are also processed through the notoriously licensed Estonian BitTheBank.

July 27, 2021

Still active! UK FCA warns against Gloffix scam

We have already warned several times in the last months against the Gloffix broker scam, which is active with the domain www.gloffix.com. Now the UK Financial Conduct Authority (FCA) also issued an investor warning against Gloffix. Advaniq Ltd, registered in the Marshall Islands, allegedly operates the scam. The Bulgarian Key Solutions Ltd is the stated payment agent. The broker works with the Sirix Trader platform and MetaTrader 4.

July 26, 2021

Attention! Funded trading clients could violate regulatory requirements

We have received initial feedback on our articles about funded trading accounts from our alert whistleblowers. One interesting opinion on the legal and regulatory situation for funded traders, i.e. the clients of funded trading providers like Topstep et al, points out that they would have to register with the competent regulator. The apparently legally competent whistleblower, therefore, recommends that all such traders in the U.S. to seek legal advice and conduct due diligence. He also believes that the U.S. CFTC, for example, will take action against Topstep et al.

July 26, 2021

Review: Funded trading provider Topstep and its business model

Founded in 2012, Chicago-based TopstepTrader LLC did business as TopstepTrader (www.topsteptrader.com) until recently. Sometime in the last few months, it was renamed Topstep (www.topstep.com) a/k/a TopstepFX (www.topstepfx.com). All domains are currently redirected to the main domain www.topstep.com. This is now allegedly operated by Topstep LLC in Chicago. We have not found this company. Michael Patak is named as the economic owner and main principal. There are currently 191 people connected to the traded funding provider on LinkedIn.

Funded Trading

July 25, 2021

Funded Trading Accounts – Ripping off inexperienced traders?

It sounds fantastic what is promised on the websites of the providers of funded trading accounts such as Topstep or XLtrade. They promise potential traders do not need their own money for trading, but they will provide it. Even though traders don't need their own funds, they may keep up to 80% of the profits made while the providers bear the losses. Currently, Topstep and XLtrade are doing massive advertising on Google and social media. The catch of the story is that you have to pay setup fees, pass a costly trial period before you may or may not get access to funds.

Affiliate Scams

July 24, 2021

Investor Warning – Tesler fraud campaign promotes FXActiv scam

In this morning's session analyzing active scam campaigns and the scams they promote, we have found for UK victims that the infamous Tesler campaign promotes the FXActiv broker scam. Anyone who registers with Tesler to make a lot of money quickly is automatically created as a victim of FXActiv, where they will lose a lot of money. The scam is active with the domains www.fxactiv.cc, www.fxactiv.co, and www.fxactiv.io. The Tesler campaign leads the future victims to the payment page of www.fxactiv.cc where the xPayz cashier processes payments.

July 23, 2021

R4I – Regulated brokers ForTrade and Alpari have joint interests

Recently we reported that an investor warning issued by the UK Financial Conduct Authority (FCA) against TorexFX (https://torexfx.com) was incorrect. The FCA claimed that TorexFX and the domains associated with this scam https://gloryft.com and https://fxen.gloryft.com as illegally acting clones of the FCA and CySEC regulated broker ForTrade. In fact, however, these sites are jointly operated by ForTrade and the Russian broker Alpari. Both brokers have a vast network of entities, domains, and websites. We want to learn more about them and their activities.

July 21, 2021

Marketing Blacklist – UK FCA warns against the Tesler fraud campaign!

It is about time for regulators to take stronger action against fraudulent marketing campaigns like Tesler, Bitcoin Prime, and myriads of others. These fraudulent campaigns are constantly acquiring new victims for the hundreds of active scams and collecting commissions for it as a so-called Introducing Broker. These fraudulent campaigns are created and operated by digital marketing agencies. 8 out of 10 of these campaigns, like Tesler, come from the workshop of Israeli agencies. The UK FCA issued a warning against Tesler.

July 21, 2021

Investor Alert – Ukrainian racket launched EuroCoinix broker scam

A few weeks ago, we requested information about a scam racket around BitStarMarkets, QuantBitex, and Cryptomatex. According to our information, this is operated by a Ukrainian-Bulgarian team in Ukraine. This racket has started a new scam with EuroCoinix (www.eurocoinix.com, which mainly wants to attack German-speaking victims. We have received evidence that at least these four scams are operated by the same team in Ukraine. Stay far away from these scams. You will save yourself from losing your money and having your data stolen.

July 21, 2021

Investor Attention – Triton Capital Markets scam still active with new domain and fraud campaign

We received an email today that first led us to the Bitcoin Circuit scam campaign on the https://gdmemsgtll.xyz/bitcoin-circuit website. Anyone who registers there is also automatically created as a Triton Capital Markets scam victim and redirected to its payment page. The scam is currently active today under the domain www.tcapitaltrading.com. In the past months, the scam has already used various domains, most recently with www.tcapitalm.com. The UK FCA issued an investor alert against this domain on July 14, 2021.

Affiliate Scams

July 20, 2021

Investor Attention – Richfielder broker scam still active with fraud campaigns

A few weeks ago, we issued a first warning against the Richfielder scam, which works with fake articles about a student millionaire. With this method, anyone would be able to earn €10,510 in 21 days. One article attacking German-speaking victims was published on Ikonitex (https://ikonitex.com/latestnews/finmag/). The link in the article redirects to the notorious Bitcoin System scam campaign. It is running today on DailySafeInvestment. Anyone who registers there is automatically turned into a victim of the Richfielder scam and is immediately taken to its deposit page.

July 20, 2021

Attention – 500pips broker scam promoted by Oil Profit fraud campaign

Today, the OILPROFIT fraud campaign runs on the website https://spqraiuvwk.xyz/oilprofit and promotes the 500pips (www.500pips.net) broker scam. We received an email the redirected us to the Oil Profit campaign via the referral hub Ristifg (https://ristifg.com/aussicht), which alternately redirects to the OILPROFIT and Tesler fraud campaigns. The 500pips scam is operated by Pepper Group LLC, registered in St. Vincent and the Grenadines. We have discovered Praxis Cashier as the payment processor. Once again.