Caution Investors FX Squad – Regarding registration of issuance, offer or sale of securities/derivatives, and reporting requirements
Overview:
FX Squad is a forex trading company that was founded in 2019 by a group of traders who claim to have over 10 years of experience in the financial markets. FX Squad offers various products and services, such as forex signals, forex education, forex-managed accounts, and forex robots. FX Squad claims to have over 10,000 clients worldwide and to generate an average monthly return of 30% for its investors.
However, FX Squad is not regulated by any reputable financial authority and is currently under investigation by South Africa’s Financial Sector Conduct Authority (FSCA) for fraud. The FSCA issued a warning in July 2021, and November 22, 2023, stating that FX Squad is not authorized to provide any financial services or products in South Africa and that it has received complaints from investors who have lost money with FX Squad. The FSCA also advised the public to avoid doing any business with FX Squad and to report any fraudulent activities to the authorities.
Regulation and Compliance:
As mentioned above, FX Squad is not regulated by any reputable financial authority and is under investigation by South Africa’s FSCA for fraud. This means that FX Squad does not comply with any rules or standards that are designed to protect investors and ensure fair and transparent trading practices. For example, FX Squad does not have a license to operate as a financial service provider, does not segregate client funds from its own funds, does not provide adequate risk disclosure or terms and conditions, does not adhere to anti-money laundering or KYC policies, and does not offer any compensation scheme or dispute resolution mechanism in case of insolvency or misconduct.
Investing in an unregulated company exposes you to a high risk of losing your money or becoming a victim of fraud or scam. You will have no legal recourse or protection if something goes wrong with your investment or if you encounter any issues with the company. You will also have no way of verifying the legitimacy or credibility of the company or its products and services.
Customer Reviews:
FX Squad has a very poor reputation among customers and online reviewers. Most of the customer reviews on Trustpilot, Forex Peace Army, Scamadviser, and other platforms are negative and warn others to stay away from FX Squad. Some of the common complaints include:
– FX Squad does not honor withdrawal requests and blocks access to accounts
– FX Squad uses aggressive marketing tactics and false promises to lure customers
– FX Squad charges hidden fees and commissions without disclosing them upfront
– FX Squad provides poor quality signals, education, and robots that result in losses
– FX Squad does not respond to customer queries or complaints
Some customers have also reported that FX Squad uses fake testimonials, reviews, and social media profiles to create a false impression of success and popularity. Some of the positive reviews on Trustpilot are suspected to be written by FX Squad employees or affiliates.
Products and Services:
FX Squad offers four main products and services: forex signals, forex education, forex managed accounts, and forex robots. However, none of these products and services are reliable or trustworthy, according to customer reviews and online evidence.
Forex signals are alerts that tell you when to buy or sell a currency pair based on technical analysis or market trends. FX Squad claims to provide accurate and profitable signals via WhatsApp or Telegram for a monthly fee of $100. However, many customers have reported that the signals are often delayed, inaccurate, or inconsistent, leading to losses instead of profits.
Forex education is a course that teaches you the basics of forex trading, such as how to read charts, use indicators, manage risk, etc. FX Squad claims to provide a comprehensive and interactive course for a one-time fee of $500. However, many customers have reported that the course is poorly designed, outdated, incomplete, or plagiarized from other sources.
Forex managed accounts are accounts where you let a professional trader trade on your behalf for a percentage of the profits. FX Squad claims to offer managed accounts with high returns and low risk for a minimum deposit of $5000. However, many customers have reported that the managed accounts are actually controlled by robots that trade randomly or recklessly without any strategy or risk management.
Forex robots are software programs that automatically execute trades based on predefined rules or algorithms. FX Squad claims to offer various robots with different features and performance levels for a one-time fee of $1000. However, many customers have reported that the robots are faulty, outdated, or stolen from other sources. Some of the robots are also infected with malware or viruses that can harm your computer or steal your personal information.
Location:
FX Squad claims to be based in South Africa, but it does not provide any physical address or contact details on its website or social media pages. The only way to contact FX Squad is via email or WhatsApp, which are often unresponsive or unavailable. The domain name of FX Squad’s website (fxsquad.co.za) was registered in June 2019 and is set to expire in June 2022. The registrant’s name and address are hidden by a privacy service, which raises suspicion about the identity and location of the owner.
Customer Service:
FX Squad has very poor customer service and does not respond to customer queries or complaints. Many customers have reported that FX Squad ignores their emails, calls, or messages, or blocks them from accessing their accounts or platforms. Some customers have also reported that FX Squad uses abusive or threatening language when confronted with issues or requests. FX Squad does not have any customer support team, live chat, phone number, or social media presence that can provide assistance or feedback to customers.
Is Your Money Safe in an Unregulated Company?
The answer is no. Investing in an unregulated company like FX Squad is very risky and dangerous. You have no guarantee that your money is safe or secure with FX Squad. You have no way of knowing if FX Squad is a legitimate business or a fraud. You have no protection or recourse if FX Squad fails to deliver its products and services, refuses to process your withdrawals, or disappears with your money.
There are many signs and red flags that indicate that FX Squad is a scam, such as:
– Lack of regulation and compliance
– Under investigation by FSCA for fraud
– Negative customer reviews and online reputation
– False or misleading claims and promises
– Hidden fees and commissions
– Poor quality products and services
– No physical address or contact details
– No customer service or support
Conclusion:
FX Squad is a forex trading company that is not regulated by any reputable financial authority and is under investigation by South Africa’s FSCA for fraud. FX Squad has a very poor reputation among customers and online reviewers, who warn others to avoid doing any business with FX Squad. FX Squad offers various products and services, such as forex signals, forex education, forex managed accounts, and forex robots, but none of them are reliable or trustworthy. Investing in an unregulated company like FX Squad exposes you to a high risk of losing your money or becoming a victim of fraud or scam. You should stay away from FX Squad and look for a regulated and reputable forex broker that can provide you with quality products and services, as well as security and protection for your money.
