Tag: FXPaymentServices

FinTelegram included the offshore broker NordFX in its REd Compliance list as it is operating without authorization. The broker uses a formerly CySEC-regulated entity acting as a payment agent. NordFX has informed us that the operator, NFX Capital VU Ltd, is no longer registered in Vanuatu but in St. Lucia. Traders conclude their client agreement with this unregulated offshore entity. The offshore broker "will not be held responsible for the accuracy of any information available on this site."

Several legal entities in different jurisdictions operate the XtreamForex scheme. On the one hand, there is Xtream Markets Ltd in Mauritius, registered as an investment dealer with the Financial Services Commission (FSC) in Mauritius since 2023. The website also mentions Xtream Markets Ltd in the Marshall Islands as the website's owner. The client agreement also mentions Grand Investing Ltd. We have added XtreamForex to our Red Compliance List.

A few weeks ago, we brought our initial review about the offshore broker NordFX and connected it with a warning. Whistleblowers informed us that the operators of NordFX were three Russians living in the Netherlands. They would also be behind the company Nord Group Investments Inc., which we could not find. We were informed that the NordFX operators were under criminal investigation. We would like to know more and ask our whistleblowers for additional information. Be very careful!

NordFX is an offshore broker registered in Vanuatu that operates through several websites, primarily in Asia, and offers leverage of up to 1:1,000. The website says no clients from North America and the EU are accepted. However, we could register as EU residents in our review. NordFX has an extensive portfolio of payment processors. In our review, pre-KYC deposits via crypto were possible in theoretically unlimited amounts. Be careful when dealing with NordFX.

We recently spotted XtreamForex on our radar screen. The offshore broker is allegedly operated by Marshall Islands registered Xtream Markets Ltd and Grand Investing Ltd and claims to have a license in the Marshall Islands. However, such an offshore license would be irrelevant to most other regulatory regimes in this world. According to Similarweb, XtreamForex was visited mostly by U.S. residents between Sept and Oct 2022. In December, on the other hand, most visitors came from Pakistan, Turkey and Vietnam. Stay Far Away.

FinTelegram published a warning against ErfolgreichFX in March 2022. The German BaFin announced investigations against the scam and its anonymous operators with an address in St. Vincent & The Grenadines. The scam seems set to vanish soon as some of the payment options we exposed in our initial review such as Neobanq and Paypound have already been removed. Credit and debit card deposits are processed through the anonymous FXPaymentServices. Stay far away from the scam.

The fraudulent Bitcoin Evolution campaign promoted the broker scam ErfolgreichFX. It is unbelievable that Google still allows the advertising of these fraudulent crypto campaigns. Today, Wealth Info (https://wealth-info.com) promoted Bitcoin Evolution via its fake rating site. From there, potential victims are redirected to a website connected with the Domain https://automaticinvestmentreviews.com for registration. Upon registration, one is then directed directly to the payment page of ErfolgreichFX. Stay far away.