CashFX Review: Were There Enough Warning Signs To Avoid This Scam?

Cash FX Group is an ex-trading firm that was registered in Panama. Since 2019, according to who.is, they have been providing FX and CFD trading services worldwide. But obviously, they were not successful at it.

Anyway, they stole enough money for themselves and vanished. Yet, there are always options to avoid similar scenarios. To find out more tips on safe trading and the benefits of AI tools, read our CashFX review carefully.

Legal and Regulation Details Revealed

CashFX Group is not one of those brokers that care much about honesty. Otherwise, they wouldn’t be marked as a scam by many trusted institutions. But even before these warnings, the company was not offering any kind of protection. Starting with negative balance protection, segregated bank accounts, or compensation schemes. Ultimately, that led to multiple manipulations over inexperienced traders.

After numerous complaints to authorities like FCA, FCNB, Central Bank of Ireland, and others, these institutions filed warnings against this firm. Consequently, this made the broker close out the business. Luckily, our CashFX Group review will help you recognize all the necessary scam signs in the future.

What Do Other Traders Think Of This Firm?

If you were looking for more reasons to avoid this firm, just check Trustpilot’s comments about them. There’s surprising 2123 comments and more than 40% of negative ones. Of course, most comments reveal withdrawal-related issues. Which are the most common among scam firms.

But another key aspect is that CashFX Group trading was all about manipulation. Whether with fees, trading platforms, or anything else. Luckily, there are so many complaints about CashFX company, so you can’t make a mistake that this firm is not the right choice for anyone.

What Countries Are Targeted?

If you check more cashfxgroup.com reviews, you will realize they don’t have any restrictions. From the East to the West Coast, anyone is vulnerable. Thus, most of the victims come from: 

• United Kingdom
• Nigeria
• Trinidad and Tobago
• South Africa
• Norway

But if you are one of those, don’t skip our Bitbinx review if you want to stay safe. Also, you will find out some benefits of AI tools as well.

Trading Software Available

Once you check any top-tier licensed firm, you will quickly recognize the quality of the software choice. Yet, bear in mind that the software is not the only factor that you should watch. For instance, you will see many illicit brokers offering highly trusted options like cTrader or MetaTrader.

But if you see a web-based platform with an unregulated firm, you better run. This is exactly the case with this company but many traders found it a bit too late. Not only did they not have any advanced tools or features, but the company controlled all of the existing ones. Practically, all prices and profits were fictive.

Other Mobile and Desktop Apps

Another key thing is that these companies very often use secondary tools, such as AnyDesk or TeamViewer. This way, they get control of the client’s device and wipe off the balance from their bank accounts.

Make sure to avoid that in the future. Moreover, there was a CashFX WhatsApp group with encrypted content and guides. Therefore, make sure to talk with the broker through transparent channels. For maximum protection and safety tips, check our Venus FX review as well.

Pricing Plans and Costs Involved In CashFX scam

One of the easiest ways to get some money is to offer education or additional tools. But with swindlers like this, this education only contains a fictive market specialist who is just upselling you. It’s not the proper way to do it. Especially if you have ever traded with a Tier 1 licensed firm.

Everyone understands that more money can always make more money. But with unregulated and unproven brokerage, that’s just a trick to extort more money from clients. For instance, this brokerage is doing that through three pricing plans: 

• Elemental – $300
• Advanced – $5.000
• Supreme – $30.000

Withdrawal Issues as The Most Common Problem

Generally, unregulated firms can write any T&Cs they want. But if they will comply with those, it’s hardly believable. After all, if they wanted to play by the book, they would be licensed, right? Nevertheless, this firm did not approve any withdrawals.

As it seems, they were using different excuses for that. Such as non-existent fees, taxes, verification issues, or anything else crossing their mind. Therefore, pay close attention to the regulations the company has. It can make a huge difference in the outcome of trading with a certain firm.

Final Verdict – CashFX Scam or Legit?

Generally, offshore companies are automatically suspicious due to anonymous registration details. However, if they have any Tier 1 licenses like FCA, BaFin, or ASIC, you can consider them reliable. But that’s not the case with CashFX Group. This leads to shady trading conditions, unknown fees, and withdrawal policies.

Another thing with offshore brokerages is that, very often, they don’t offer any advanced features. Especially not AI tools such as AI Analysis Tool, which have become very popular. Instead, you will be using an old-fashioned web trader. Be wise and start using the advantages of technology. To see it in action, feel free to contact us.

How Can I Make Money While Trading Online?

Trading online has never been more dangerous. With the development of cryptos and blockchains, everything is raised to another level. Therefore, experienced swindlers use that as an advantage over inexperienced clients. In general, that’s why we always recommend working with Tier 1 licensed firms.

On top of that, many traders crack under pressure. Scamming agents are often telling you what to do and manipulate your decisions. To avoid that, you can use highly popular AI tools like AI Analysis Tool.

This way, you ensure that nobody impacts your decisions or controls your money. Finally, you can make educated trading moves and maximize your results. To find out how it all works, feel free to contact our consultants. The first meeting is completely free.

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