File a Complaint Against
FX Markets Xchange
Know Your Options and Recover Your Funds
Caution Investors FX Markets Xchange – Regarding registration of issuance, offer or sale of securities/derivatives, and reporting requirements.
Overview:
FX Markets Xchange is a website that claims to provide online trading platforms for forex and CFDs. The company also claims to have offices in London, New York, and Hong Kong. However, the OSC has found that FX Markets Xchange is not registered to sell securities or offer investment advice in Ontario and that it may be involved in fraudulent activities.
Regulation and Compliance:
According to the OSC, FX Markets Xchange is not a member of any self-regulatory organization, such as the Investment Industry Regulatory Organization of Canada (IIROC) or the Canadian Investor Protection Fund (CIPF). This means that investors who deal with this company are not protected by any regulatory oversight or compensation scheme. The OSC also warns that FX Markets Xchange may be using fake or stolen identities, false or misleading information, and high-pressure sales tactics to lure investors into depositing money.
Customer Reviews:
A quick search on the internet reveals that FX Markets Xchange has received many negative reviews from customers who claim to have lost money or been scammed by this company. Some of the common complaints include:
– Difficulty in withdrawing funds or closing accounts
– Unauthorized charges or fees
– Manipulation of prices or spreads
– Poor customer service or communication
– False promises or guarantees
Products and Services:
FX Markets Xchange claims to offer a variety of products and services, such as:
– Forex trading with over 50 currency pairs
– CFD trading with indices, commodities, stocks, and cryptocurrencies
– Trading platforms for web, desktop, and mobile devices
– Educational resources and market analysis
– Bonuses and promotions
However, these claims are not verified by any independent source, and may be exaggerated or fabricated. Moreover, the terms and conditions of FX Markets Xchange are vague and unclear and may contain hidden clauses or risks that are unfavorable to investors.
Location:
FX Markets Xchange claims to have offices in London, New York, and Hong Kong. However, the OSC has found that these addresses are either false or belong to other businesses. The actual location of FX Markets Xchange is unknown, and it may be operating from an offshore jurisdiction that has lax or no regulation.
Customer Service:
FX Markets Xchange claims to have a 24/7 customer service team that can be contacted by phone, email, or live chat. However, many customers have reported that they have received no response or assistance from the company when they encounter problems or issues. Some customers have also reported that they have been harassed or threatened by the company’s representatives when they tried to withdraw their money or close their accounts.
Is Your Money Safe in an unregulated company?
The answer is no. Investing with an unregulated company like FX Markets Xchange exposes you to a high risk of losing your money or becoming a victim of fraud. There is no guarantee that the company will honor its obligations or follow any ethical standards. There is also no recourse or remedy if you suffer any losses or damages due to the company’s misconduct or negligence.
Defensive Measures Against Fraudulent Brokers:
If you are considering investing in forex or CFDs, you should always do your due diligence and research before choosing a broker. Here are some tips to help you avoid fraudulent brokers:
– Check the registration status and disciplinary history of the broker with your local securities regulator or other relevant authorities.
– Verify the physical address and contact details of the broker.
– Read and understand the terms and conditions of the broker, especially regarding fees, commissions, spreads, leverage, margin requirements, withdrawal policies, etc.
– Avoid brokers that offer unrealistic returns, bonuses, guarantees, or incentives.
– Avoid brokers that pressure you to invest more money or use aggressive sales tactics.
– Be wary of unsolicited calls or emails from brokers or third parties claiming to represent them.
– Keep records of all your transactions and communications with the broker.
– Report any suspicious or fraudulent activities to your local securities regulator or other relevant authorities.
Conclusion:
FX Markets Xchange is an unauthorized entity that claims to offer forex and CFD trading services. The OSC has issued an alert warning investors to avoid this company. FX Markets Xchange is not regulated by any authority and may be involved in fraudulent activities. Investing with this company exposes you to a high risk of losing your money or becoming a victim of fraud. You should always do your due diligence and research before choosing a broker for forex or CFD trading.
