Cash FX Group is a multi-level marketing company that claims to offer high returns on investment. Its compensation plan uses a matrix structure that pays out residual commissions to users who buy investment packages and recruit other members.
The first red flag is that the company does not disclose its owner. This does not always indicate a scam, but it is a cause for concern.
Founded by Huascar Lopez
Huascar Lopez, who is the founder of cash forex group, has been in the financial services industry for more than 30 years. He has experience in business development, marketing, and management. He has a strong work ethic and has founded and operated several traditional businesses. He also has a background in network marketing. He has worked in the real estate industry as well as the financial sector. He has a strong passion for forex and has made a substantial amount of money in the industry.
The company has been the subject of numerous complaints by investors and has been banned in multiple countries. It has also been a target of financial ombudsmen. Despite this, it continues to operate and lure in new members with promises of high returns.
In addition to providing education and training, the company offers a platform for forex trading. However, this is not a true forex trading platform, as the site does not provide charts, tools, or any other features associated with real Forex trading. Instead, the website claims that users will earn money through a “trade pool.” This is a concept borrowed from MLM companies and is not allowed in many jurisdictions. แนะนำโบรกเกอร์ Forex 2023
According to the Saskatchewan Financial and Consumer Affairs Authority, Cash FX Group is offering a Multi-Level-Marketing opportunity in which people pay for training materials and invest funds into a “trade pool.” These investments are supposed to be invested in a corporate brokerage account, but there is no proof of this. Furthermore, the company has not registered as a financial service provider in Saskatchewan.
If a company does not offer any products or services other than member acquisition, it is considered to be a pyramid scheme. One such company is Panama-based Cash FX Group, which the UK’s Financial Conduct Authority warned investors about at the end of last year.
In the beginning, CashFX was an online educational platform that encouraged people to trade forex and build relationships with other traders. The company later expanded into a physical event where members could meet each other face-to-face and talk about their successes and failures. The event also offered opportunities to learn from experts in the field and discuss market strategies.
It is a multi-level marketing company
Cash forex group is an investment company that promises to pay a high return on your investments and referral commission. But this company is not a legitimate business and is a pyramid scheme. It will stop paying soon, and most people will lose their money. So, it is best to invest only the amount that you can afford to lose.
The website of the company offers various investment plans, and claims that a portion of the deposit will be invested in currency trading by in-house expert traders. The company also provides training to members. But, there is no evidence that the company conducts actual trading, and it is not licensed to do so in Australia.
A company that does not offer any real product but only member acquisition is considered a pyramid scheme, which is illegal in many countries. This is what has happened with Cash FX Group, and regulators in two countries have issued warnings about it.
One red flag is that the company does not disclose who owns it. This is a common practice for scam companies, and it should raise suspicions. If you want to avoid being a victim of this scam, you should contact your bank and ask them to freeze any payments to Cash FX Group.
You should also contact your local consumer protection agency if you have any concerns about Cash FX Group. They may be able to assist you in recovering your money. The company uses crypto-assets for transactions, so it is difficult to trace payments made.
Another warning sign of a fraud is when the company does not provide a customer service phone number. If you have any questions about the company, it is best to find a different company to invest in.
If you are interested in investing with Cash FX, make sure to read the fine print. You should always be aware of the risks involved in any type of investment, and this is especially true with Forex investment platforms. You should also consider hiring a professional to handle your investments. This will help you avoid getting scammed and save your hard-earned money.
It is regulated by the Financial Conduct Authority
The FCA is an independent body that regulates financial markets and companies. It has the power to penalize firms for any violations. It also has the power to investigate individual traders and issue warnings. It can also impose fines for small violations and order companies to take back promotions that are misleading. The FCA can even ban certain kinds of financial products from the market temporarily or permanently.
In addition to its regulation of financial markets, the FCA also protects consumers by investigating fraud and consumer protection issues. Its mission is to make sure that the financial industry serves its customers well. In order to do this, the FCA has strict rules that must be followed by all regulated financial institutions. These rules include:
It is important to do your research before investing money into any company, especially a company that claims to be regulated by the FCA. While this is not necessarily a bad thing, it is important to ensure that the company you are investing in is legitimate and complies with local rules and regulations. This will prevent you from falling victim to a scam that could result in the loss of your hard-earned money.
Cashfx is a multi-level marketing company that promises its members high returns on their investments. Its website claims to offer a “Forex Trading Platform” and offers traders the opportunity to imitate the trading activities of expert traders. In addition, the website claims that it does public presentations and provides training programs in South Africa. However, the FSCA warns that Cash FX does not have a license to provide financial services.
Despite the rumors about the company being a pyramid scheme, some people have managed to get their money back by suing the company and its recruiters. These lawsuits have served as a reminder to consumers that investment schemes like this are often too good to be true.
Some forex brokers that are regulated by the FCA have a very high trust rating among traders from around the world. This is because the FCA enforces strict transparency guidelines for all regulated forex brokers. The FCA has a thorough process for authorization, which includes an application and an examination of the broker’s business model and practices.
It is a pyramid scheme
If you’re considering investing in CashFX Group, it’s important to do your research first. It’s been labelled as a pyramid scheme by many financial regulators around the world and is not legally allowed to operate in any of these countries. You should also be aware of the risks involved in this type of investment, as you may lose your money if it’s not invested wisely.
The company claims to trade Forex, but the truth is that they are not trading any currency pairs. Instead, they are using Bitcoin and a number of other cryptocurrencies to make their profits. This method of trading is illegal and does not produce any real results. In fact, most of their earnings are based on recruiting new members. This is why they claim to pay out 15% ROI weekly, which is a very high return compared to other investments.
While some people do make money with CashFX Group, they will only be able to keep this up for a short period of time. Once they are no longer able to recruit new members, the pyramid will collapse. This is because there’s not enough money coming in from new members. It only takes a few months for this to happen, and then the bottom of the pyramid will crumble.
Investors who lost their savings have started to organize themselves and have begun to file lawsuits against CashFX Group and its recruiters. In one case, a Swedish entrepreneur named Patrik Jarbrink has been linked to Cashfx and has promoted the platform to attract investors. Some of these investors have been able to get their money back, but others have lost everything they had saved.
Another warning sign is when a website promotes its services by encouraging users to write fake reviews on Trust Pilot. This is a common strategy used by scammers to increase their ratings and look more legitimate. However, you should beware of these fake reviews because they can have a serious impact on the rating of a site.
The CashFX Group website states that they are a regulated entity in the UK, but this is false. They are not a regulated investment firm and have not been licensed to sell financial products. In addition, they use Bitcoin as their payment method, which makes it difficult to prosecute them if they fail.
