Pavel Kalashnikau is the beneficial owner, shareholder, and director of the Estonian registered FXCash OÜ, the operator of the forex rebate service platform FxCash. The idea is that you register on FxCash as a trader, open an account with one of the listed brokers and get back up to 95% of the spread from each trade, a cashback service for Forex. FxCash is mainly used by offshore brokers but, unfortunately, also by broker scams.
Key Data
| Trading name | FxCash |
| Business activity | Forex rebate and broker promotion platform |
| Domains | https://fxcash.net |
| Social media | LinkedIn, Twitter, Instagram, YouTube |
| Legal entities | FXCash OÜ |
| Contact data | [email protected] |
| Jurisdiction | Estonia |
| Authorization | No |
| Related individuals | Pavel Kalashnikau (LinkedIn) |
| Connected brokers | A-Markets, VT Markets, RoboForex, Grand Capital, FreshForex, InstaForex, PaxForex, TickMill, Exness, ForexChief, Orbex, and others |
| Trustpilot | no reviews |
| Compliance rating | Orange |
Short Narrative
FxCash is a so-called Introducing Broker for the listed broker schemes. We understand that FxCash distributes a portion of the commissions earned for referring clients, then in turn, as a spread rebate to the referred clients. The business model seems sustainable, as the website claims the service has existed since 2009.
The website claims that FxCash has already paid $10 million “cash back” to its more than 28,000 registered traders.
FxCash has built its affiliate system and pays a commission to referrers of new traders up to 10% of the net revenue generated by the referred trader.
Compliance Check
FxCash acts as an Introducing Broker (similar to Financial Influencer), brokering and promoting financial services for the listed broker schemes. Most jurisdictions require regulatory permission to promote and brokering financial services (read this FCA warning). FxCash does not have regulatory permission to promote regulated financial services.
FxCash also has some broker schemes listed that operate without regulatory permission. There are regulatory warnings against some of them. Apparently, FxCash has not implemented KYC checks to prevent brokering illegally offered financial services to the registered FxCash traders.
Based on the findings presented, we place FxCash on our Orange Compliance list with a slight tendency to downgrade to the Red Compliance list. In this regard, we are still doing additional checks and keeping FxCash on our compliance radar.
Share Information
We recommend staying away from this unregulated offshore broker scheme. If you have any information about the scam operators or supporting partners, we would be happy if you share it with us.
