There seem to be no end to all the crypto and forex scams. Cash FX Group Forex scam is the latest, officially launching in Panama on November 8-10 2019. As often with these types of scams they are promoted by the same people, people who dont care if you lose thousands of your hard earned savings. One of these guys are Justin Halladay, known from among others the crypto scam Cloud Token.
Cash FX Group products
This is a classical Forex scam. But before we go into details, lets try and understand what Forex is:
Forex is when you trade in the currency market. You buy one currency against another, like a bet on who of the two will win (for example USD vs EUR). Contrary to the stock market Forex is a zero game – someone has to lose for you to win. Who are in the market? All the big banks and financial institutions. All you need to do is to beat all these professional traders with billions on their trading desk to make a profit. Sounds simple?
Well it gets worse, most Forex brokers keep retail clients on a trading desk, small orders never enters the real market, retail clients trade against the broker. Like gambling in a casino, the house always win.
Whats going on in the Forex market dont really matter when you join the Cash FX Group Forex scam. Your money will never be traded. It will never enter the Forex market. This is also why they only accept Bitcoin, which by the way is not traded in the Forex market.
What triggers peoples greed are the returns. The returns are the key to any scam, you need to offer enough to trigger peoples greed, but not too much, then people start to question it. In Cash FX Group they will return a maximum of 15% per week. They after all dont want to take too high risk, so they limit how much you can earn (its really funny this part).
They of course claim that the money (Bitcoin) will be traded by professional traders with licensed brokers. Lets just make it clear, there are no traders in the world that can return 15% week after week. 15% in a month is something you rarely see. But what you are guarantied to see is loosing weeks and months. Well, that is if the funds are traded, which they are not.
When you purchase the Cash FX trading products you buy nothing. No money are invested, any education you receive is worthless. You pay money into a system which generate commissions for greedy people promoting the Ponzi. If you refer your friends you are basically steeling their money.
All the warning signals of a scam
The Cash FX Group Forex scam has all the signals of a scam:
- You can not pay by wire transfer of card
- There is no information about who is behind the company
- There is no address, other than the website claim that they are based in Panama
- Panama is know as the country of money laundering and secrecy
- It is promoted by people known to promote scams
The location of the website is hidden by using Cloudflare. The domain has private registration so we cannot see who own it. The domain was created in April 2019.
Cash FX Group Forex scam, that is what it is. Your money will not be traded. You will see your account growing week by week, but upon withdrawal there are no returns, unless other idiots put money in. Eventually the world runs out of idiots and the money is gone. A classical trading scam.