Dear investors, Scam Detective advises you to avoid CFX Markets, a questionable company operating under the domain cfxmarketsglobal.com. Before delving deeper into this purported trading platform, here is a summary of it:
- Company: CFX Markets
- Physical address: A108 Adam Street, New York, NY 535022, United States
- Website: cfxmarketsglobal.com
- Email: support@cfxmarketsglobal.com
- Operations: Global.
- Services: Cryptocurrencies, forex trade, stock and commodities, binary options.
We believe that CFX Markets engages in fraudulent activities and here’s why:
1. The U.S.Securities and Exchange Commission
First, it’s on the U.S.Securities and Exchange Commission’s list of unregistered entities soliciting US residents, as you can see in the screenshot below:
Normally, the commission blacklists firms that:
- Operate in the US illegally without registration.
- Pretend to be registered or licensed in the United States.
- Impersonate legitimate U.S. registered securities firms.
- Claim registration or licensing by purported regulators, governmental agencies, or organizations that the commission has found to be fictitious.
According to the law, all securities firms operating in the USA must be registered and overseen by the Securities and Exchange Commission(SEC). The US government expects these firms to abide by the SEC’s regulations to:
- Ensure investor protection.
- Maintain market integrity.
- Ensure they adhere to transparency and disclosure requirements, allowing investors to make informed decisions.
- Enable the commission to identify and address potential violations, deter misconduct, and punish wrongdoers, enforcing the securities law effectively.
- Allow the commission to monitor the activities of securities firms and assess their potential impact on the overall economy. That way, the regulator is better able to mitigate systemic risks that otherwise could jeopardize the stability of the broader financial system.
An unregistered securities firm such as CFX Markets may not play by the rules. As such, it may lack important qualities such as integrity, transparency, and good professional conduct, exposing investors to the risk of fraud. You should not engage with such an entity regardless of the circumstances.
2. CFX Markets Employs Impersonation Tactics
Further, cfxmarketsglobal.com impersonates cfxtrading.com to gain trust and credibility. The latter is a genuine securities firm located in Chicago, USA.
It goes without saying that impersonation is commonly employed by dubious firms. They normally employ this deceptive tactic to leverage the credibility associated with legitimate firms, in many ways.
For example, using names and branding elements that resemble those of authentic entities effectively creates a false sense of authenticity that fraudsters badly yearn for. Further, it enables them to take advantage of the established reputation of the affected firm. This makes their schemes appear legitimate and unquestionable. Additionally, it allows them to lower investors’ skepticism and guard as investors unknowingly confuse the scheme for the legitimate entity.
3. No Telephone Number
Additionally, CFX Markets doesn’t provide a telephone number, contrary to the industry requirements. As a part of the regulations aimed at ensuring transparency, accessibility, and responsiveness in the financial services industry, financial regulators require securities firms to provide a telephone communication channel to members of the public. This is to make it easier for customers to contact their firms for inquiries, assistance, or complaints.
It’s important to note that fraudsters may fail to abide by this requirement for several reasons, including but not limited to;
- Maintain anonymity.
- Evade the authorities.
- Avoid direct communication to maintain a certain level of distance.
4. Fake Client Testimonials
Lastly, this entity displays seemingly false client testimonials. This is because we found out that most of the purported client images were stock photos, suggesting deceptive marketing efforts. Unfortunately, it’s another tactic commonly employed by scam online trading platforms, including this platform.
Have You Fallen Victim To cfxmarketsglobal.com Or Another Scammer?
If so, go to this page to report the scam and seek assistance. You may also send an email at scamread@scamreader.info.
We’ll submit the report and file a case on your behalf.
Final Verdict
To sum up, cfxmarketsglobal.com is a suspicious firm we don’t recommend to members of the public. First, this entity is not registered in the US or in any other country that it operates in. Secondly, it’s on the U.S. Securities and Exchange Commission’s public alerts. Third, it impersonates a legitimate securities firm to confuse members of the public. Lastly, it displays fake client testimonials, signaling deceptive marketing efforts.
The firm’s email address is support@cfxmarketsglobal.com. Should they contact you, do not cooperate with them.
FAQs
1. Do I have to pay money to recover my money from this fraudulent firm?
Answer: No, you don’t. Unless your case is complicated and requires significant resources to pursue, we normally take a small percentage out of the recovered funds.
2. How long does it take to recover funds from scammers?
Answer: It’s hard to provide a specific time frame as each case is unique. What’s more, our work relies on the responses from other entities. Sometimes we may get them instantly, other times, after a long wait.
3. Is it true that not all purported asset or scam recovery services out there are legitimate?
Answer: There are indeed numerous entities out there that falsely purport to help scam victims recover their funds. You should be careful not to fall into the hands of such entities.
4. How do I avoid falling victim to a fake scam recovery service?
Answer: By looking for a trustworthy company. A legitimate company won’t ask you to pay an upfront fee unless your case is very complicated.
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