payforex — Review

Scam Broker 2021 Alert

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Caution Investors – Regarding registration of issuance, offer or sale of securities/derivatives, and reporting requirements

Overview: is a website that claims to offer online trading services in forex, commodities, indices, stocks, and cryptocurrencies. However, the Australian Securities and Investments Commission (ASIC) has issued an alert that is a suspected imposter entity that may be impersonating or falsely claiming to be working with a registered Australian business, an Australian financial services licensee, an Australian credit licensee, or the authorised representatives or employees of the business or licensee. This means that is not regulated by ASIC and may not comply with the Australian laws and standards that protect consumers and investors.


Regulation and Compliance:

Regulation and compliance are important factors to consider when choosing a broker to trade with. Regulated brokers are required to follow certain rules and standards that ensure fair and transparent trading practices, customer protection, and market integrity. For example, regulated brokers must segregate client funds from their own, maintain adequate capital reserves, provide accurate and timely information, and adhere to dispute resolution mechanisms. Unregulated brokers, on the other hand, may not follow these rules and standards and may expose their clients to various risks such as fraud, manipulation, misrepresentation, or loss of funds.


Customer Reviews:

Customer reviews are another way to assess the reputation and reliability of a broker. However, customer reviews should be taken with a grain of salt, as they may not always reflect the true experience of the clients. Some reviews may be fake, biased, or paid for by the broker or its competitors. Therefore, customer reviews should be verified by other sources of information, such as regulatory alerts, official websites, or independent reviews. In the case of, there are very few customer reviews available online, and most of them are negative or suspicious. Some customers have reported that is a scam that does not allow withdrawals or refunds.


Products and Services: claims to offer a variety of products and services for online trading, such as multiple account types, trading platforms, educational resources, market analysis, and bonuses. However, these products and services may not be as good as they seem. For instance, does not disclose the trading conditions or fees for each account type, which may indicate hidden charges or unfavorable terms. The trading platforms offered by are not well-known or reputable in the industry, which may affect the quality and security of the trading experience. The educational resources and market analysis provided by may not be accurate or useful for traders of different levels. The bonuses offered by may come with high turnover requirements or withdrawal restrictions that make them hard to claim or use.


Location: does not provide any clear or verifiable information about its location or registration. The website does not have a physical address or a phone number that can be contacted. The only way to reach is through an email form or a live chat feature that may not be responsive or helpful. The website also does not mention any country of origin or jurisdiction that governs its operations. This makes it difficult to trace or hold accountable for any issues or complaints that may arise.


Customer Service: 

Customer service is an essential aspect of online trading, as it can affect the satisfaction and trust of the clients. Good customer service should be available 24/7, responsive, professional, and courteous. Bad customer service can be frustrating, rude, unhelpful, or even abusive. does not have a good customer service record, according to some customer reviews. Some customers have reported that’s customer service agents are aggressive, pushy, or threatening when asked about withdrawals or refunds. Some customers have also claimed that’s customer service agents have stopped responding or blocked them after they made deposits.


Is Your Money Safe in an unregulated company?

The answer is no. Your money is not safe in an unregulated company like Unregulated companies do not have any obligation or guarantee to protect your money or your interests. They may use your money for their own purposes, such as paying other clients’ withdrawals or funding their own expenses. They may also refuse to process your withdrawal requests or impose unreasonable conditions or fees on them. They may even disappear with your money without any notice or explanation.


Defensive Measures Against Fraudulent Brokers

If you are considering trading with an online broker, you should take some defensive measures against fraudulent brokers like Here are some tips:


– Check the regulatory status of the broker before opening an account or making a deposit. You can do this by visiting the official website of the regulator in your country or region, such as ASIC in Australia, and searching for the broker’s name or license number. If the broker is not regulated or has a negative regulatory history, you should avoid it.

– Do your own research on the broker’s reputation and reliability. You can do this by reading customer reviews, independent reviews, or news articles about the broker. You can also check the broker’s website for any red flags, such as lack of contact information, vague or misleading terms and conditions, unrealistic or exaggerated claims, or poor design or functionality.

– Use a secure and convenient payment method when making deposits or withdrawals. You should avoid using methods that are hard to trace or reverse, such as wire transfers, cryptocurrencies, or prepaid cards. You should also avoid sharing your personal or financial information with the broker or any third parties that may be associated with it.

– Be wary of any offers or incentives that seem too good to be true. You should not fall for any promises of high returns, low risks, free bonuses, or special deals that the broker may make. These may be traps to lure you into depositing more money or locking you into unfavorable trading conditions.

– Report any suspicious or fraudulent activities to the relevant authorities. If you encounter any problems or issues with the broker, you should contact the regulator, the police, or a consumer protection agency in your country or region. You should also warn other potential victims by sharing your experience online.


Conclusion: is a suspected imposter entity that may be falsely claiming to be working with Australian businesses or licensees. It is not regulated by ASIC and may not comply with the Australian laws and standards that protect consumers and investors. It has a poor reputation and reliability among customers and reviewers. It offers products and services that may not be beneficial or trustworthy for online traders. It does not provide any clear or verifiable information about its location or registration. It does not have a good customer service record. It may expose its clients to various risks such as fraud, manipulation, misrepresentation, or loss of funds.

Therefore, we advise you to stay away from and choose a regulated and reputable broker instead.