Cash FX - scam/ pyramid selling or kosher??
Discussion
I am hoping there are a few people on here with a little more knowledge than me who can comment good or bad on this business. A colleague has got involved with them and I think that it is a scam. A few 'scam' pointers for me are as follows:-
1. Investment is by Bitcoin - so no comeback to the scammer
2. If you introduce someone you will get a 15% 'bonus' on their initial investment
3. Those involved are told that the maximum they can make will be 15% - designed I think to imply that you can make up to this amount in a world where returns are nowhere close to this
4. You can only withdraw a proportion of your investment on Saturday only as the money is apparently tied up in the market until trading ceases for the weekend - poppycock
https://www.youtube.com/watch?v=GKmvqUaxNAw&li...
I have tried to advise my colleague but he knows the bloke in the video linked who he says is a 'good egg'. Additionally he has got his wife and son into it.
Pip
1. Investment is by Bitcoin - so no comeback to the scammer
2. If you introduce someone you will get a 15% 'bonus' on their initial investment
3. Those involved are told that the maximum they can make will be 15% - designed I think to imply that you can make up to this amount in a world where returns are nowhere close to this
4. You can only withdraw a proportion of your investment on Saturday only as the money is apparently tied up in the market until trading ceases for the weekend - poppycock
https://www.youtube.com/watch?v=GKmvqUaxNAw&li...
I have tried to advise my colleague but he knows the bloke in the video linked who he says is a 'good egg'. Additionally he has got his wife and son into it.
Pip
https://www.fca.org.uk/news/warnings/cash-fx-group
Shall we just keep adding links?
Have this one for fun. Look how easy it is to earn a Porsche!! https://vimeo.com/444369672
Shall we just keep adding links?
Have this one for fun. Look how easy it is to earn a Porsche!! https://vimeo.com/444369672
Edited by bigandclever on Thursday 6th August 17:09
What is there to worry about? the financial wizard Michael Carroll has invested in 'Bitcoin Lifestyle', and in less than 12 months has exceeded his lottery win!
BBC News, apparently https://unbounce.io/build/uk/3/?cep=Hi7rWONIjUfO43...
BBC News, apparently https://unbounce.io/build/uk/3/?cep=Hi7rWONIjUfO43...
I'd run a mile and then another.
The problem is too many unfortunately assume that because the "face" of the business is well spoken and can articulate clearly with a few fancy words thrown in that it must be kosher. It could be or it might not be. Thats the gamble and not one I'd take.
The problem is too many unfortunately assume that because the "face" of the business is well spoken and can articulate clearly with a few fancy words thrown in that it must be kosher. It could be or it might not be. Thats the gamble and not one I'd take.
A slightly naive mate got involved at Easter and invited me to check it out.
Within a couple of minutes of watching a promotional video, I was conducting basic due diligence which confirmed that it is a scam.
When I mentioned this to him, he was highly defensive and sent me some responses that were obviously not his own words, and I guess were provided by the company "in case anybody questions us"
He is totally convinced that it is legitimate, and doesn't have the incquisitive sense to fact-check, so I expect it will end in tears, but hope that he hasn't 'invested' too much with them.
Combining esoteric financial trading and Multi-Level Marketing - what could possibly go wrong?
The model seems to be that people pay around one-third of their commitment for "training" or similar, and two-thirds of their commitment is "invested" on their behalf, with returns of 10% per week promised. By actually paying out 10% of the two-thirds a couple of times, "investors" are tempted to invest more, AND tell their friends.
When they stop "investing" or recruiting friends, the outgoing payments will obviously reduce, there will be technical problems etc, and when they realise that they have received only a couple of percent of what they have transferred, they will have to grapple with recourse from a company operated from Panama.
TLDR; avoid!
Within a couple of minutes of watching a promotional video, I was conducting basic due diligence which confirmed that it is a scam.
When I mentioned this to him, he was highly defensive and sent me some responses that were obviously not his own words, and I guess were provided by the company "in case anybody questions us"
He is totally convinced that it is legitimate, and doesn't have the incquisitive sense to fact-check, so I expect it will end in tears, but hope that he hasn't 'invested' too much with them.
Combining esoteric financial trading and Multi-Level Marketing - what could possibly go wrong?
The model seems to be that people pay around one-third of their commitment for "training" or similar, and two-thirds of their commitment is "invested" on their behalf, with returns of 10% per week promised. By actually paying out 10% of the two-thirds a couple of times, "investors" are tempted to invest more, AND tell their friends.
When they stop "investing" or recruiting friends, the outgoing payments will obviously reduce, there will be technical problems etc, and when they realise that they have received only a couple of percent of what they have transferred, they will have to grapple with recourse from a company operated from Panama.
TLDR; avoid!
dingg said:
The reviews comments are full of "haters"😁
Amazed people don't believe a couple of guys in Panama can beat the world,s professional currency traders.
This appears to be still a thing - my father in law came to me today asking me about resetting his 2FA on his cashfx account. When I told him and showed him in 2 clicks that it’s a scam, he got quite defensive and started it because one of his mates just bought a house in Turkey with the money he’s pumped into it.
jenniferaustin326 said:
Absolutely DUBIOUS!!! HANDS OFF!!! Wish I never traded here, they locked me out of my account and wouldn't let me withdraw the $200k I invested. It was really hard, I couldn't maintain my mortgage and had to sell my house. But with help from a Professional, I was able to get my money back. Reach out for help, if you're facing the same issues with them and need your money out. robertslee618 @ gmail.com...
I've reached out and provided all my account details and passwords, thanks for your help ;¬] dingg said:
jenniferaustin326 said:
Absolutely DUBIOUS!!! HANDS OFF!!! Wish I never traded here, they locked me out of my account and wouldn't let me withdraw the $200k I invested. It was really hard, I couldn't maintain my mortgage and had to sell my house. But with help from a Professional, I was able to get my money back. Reach out for help, if you're facing the same issues with them and need your money out. robertslee618 @ gmail.com...
I've reached out and provided all my account details and passwords, thanks for your help ;¬] dingg said:
jenniferaustin326 said:
Absolutely DUBIOUS!!! HANDS OFF!!! Wish I never traded here, they locked me out of my account and wouldn't let me withdraw the $200k I invested. It was really hard, I couldn't maintain my mortgage and had to sell my house. But with help from a Professional, I was able to get my money back. Reach out for help, if you're facing the same issues with them and need your money out. robertslee618 @ gmail.com...
I've reached out and provided all my account details and passwords, thanks for your help ;¬] 
mg400146 said:
Earlier this year, my friends and I ventured into binary options trading, investing over $108,000 collectively. While the initial returns appeared promising, bringing our portfolio to over $340,000, we faced significant difficulties when trying to withdraw our funds. After countless attempts to resolve the issue with the trading platform, one of our partners conducted thorough research and discovered a service called Net Trace Pro. They specialized in portfolio recovery and, to our relief, successfully helped us retrieve our investments. This experience taught us the importance of being cautious with online trading platforms and knowing where to seek help if things go wrong. If you’re facing similar challenges, you can contact them directly at nettracep @ gmail. com or via phone at + 4 4 7 7 2 3 8 1 6 4 6 6.
Also seems legitimate... take the money!200Plus Club said:
mg400146 said:
Earlier this year, my friends and I ventured into binary options trading, investing over $108,000 collectively. While the initial returns appeared promising, bringing our portfolio to over $340,000, we faced significant difficulties when trying to withdraw our funds. After countless attempts to resolve the issue with the trading platform, one of our partners conducted thorough research and discovered a service called Net Trace Pro. They specialized in portfolio recovery and, to our relief, successfully helped us retrieve our investments. This experience taught us the importance of being cautious with online trading platforms and knowing where to seek help if things go wrong. If you’re facing similar challenges, you can contact them directly at nettracep @ gmail. com or via phone at + 4 4 7 7 2 3 8 1 6 4 6 6.
Also seems legitimate... take the money!Gassing Station | Finance | Top of Page | What's New | My Stuff