Cash Fx Group is a name which is capturing the attention of a lot of forex traders. They claim to be the perfect solution which supposedly helps anyone and everyone make the best out of the forex markets. In other words, their marketing campaigns are aggressive and they seem to peddle the easy money via trading narrative.
This business is based in Panama and is technically regulated, but they are not authorized to deal with European citizens which they are obviously doing. The Panama regulatory authorities are not as strict as the FCA or ASIC, and if things ever go wrong with them, then the risk of losing the entire investment amount is high.
There are few details given about their so-called founders and employees, but they raise more questions than answers. Trading forex market requires utmost dedication, skill and proper risk management measures, if you don’t have the prerequisites, then it is better not to get involved in the first place.
Though this platform promises to make the trading process easy, that doesn’t appear to be the case. So, go through the following information to realise the risks involved.
Operational Model and Safety of Funds
Cash Fx Group is a firm which is operating from Panama. As far as regulation is considered, Panama organisations aren’t the industry leaders in any way. They won’t provide the investors with proper compensation programs and it also doesn’t provide any kind of confidence to offshore clients too.
For any reason, if this firm declares bankruptcy, then all of the customers will have little to no degree of control over their money and that’s a deal breaker by all means. Moreover, many UK and European financial regulators have issued warnings against them as a lot of people experienced problems with them.
At the end of the day, it looks like the clients will burn a hole in their pocket one way or the other if they choose to proceed with them. On top of all the grave concerns about their legal status, know that their business model is not as transparent as the competitors in the sector. Furthermore, most of their claims or statements are either hard or impossible to verify.
What is Cash Fx Group?
Cash Fx Group is a trading platform which claims to enhance the income of their clients through proper coaching and mentoring. They are both a broker and an educational centre. Along with the activities mentioned above, they supposedly hold live events and workshops too.
Do note that, there is no information available about the ticket price or the last event details on their website. Moving on to the brokerage aspect, the information provided by them is scarce and no experienced trader would roll the dice with them.
For starters, we don’t know the leverage offered by them, the platform used or any other liquidity data. In their educational section, we don’t know the topics they cover and their historical performance details. In other words, there is no way to gauge anything unless you put your money at risk and that’s not the way any reputable business would work.
Get in touch with our affiliated Cryptocurrency Forensic Specialists at CNC Intelligence for free by filling out the form below.
Educational Content and Fees
The retail crowd for the most part is always misinformed about the mechanisms of the market which is why they are always over leveraged, lack risk management, etc,. To combat this problem and at the same time increase their turnover, brokers who cater to the retail side are doing their best to educate their clients.
On this platform, they talk a lot about the benefits of being an informed trader. While their statements might appear genuine, keep in mind that due to the lack of user feedback, the quality of the training can’t be assessed. Moreover, unlike many other regulated brokers, this firm charges for the courses and on average traders have to pay $90 for it.
There is no information on other associated things such as inactivity fees and the lack of information about their interface is concerning to say the least. We believe, people can get access to any advanced trading strategy online for free and as such, you should never spend money on new programs until you witness a lot of positive factors.
Cash Fx Group Trading Platform and Bonuses
Like we have mentioned before, this platform is one of the weirdest we have come across in a long time. Their goal of being a broker, educational outlet and an event planner isn’t working out for them. Some of their claims even contradict one another. For example, they say that their platform doesn’t support Metatrader 4 or 5, but they also appear to sell Expert Advisers.
The information about the spreads is kept hidden from the public. Number of trading instruments along with leverage offered are also unknown. In short, there is no quantifiable data provided by them and as such, how in the world can any reasonable trader or investor proceed with them? There are different types of approaches one can take towards the market and the broker he or she chooses will depend upon the personal trading style.
For scalpers, spreads are the main criteria and for positional traders, swaps are the most important metric. So, before signing up and depositing with the platform, do a proper research for the best experience. After all, one slight move can drastically affect the capital if you aren’t careful enough, right?
During our time on this website, we found a lot of bonuses offered, but as the conditions aren’t clear, we suggest our audience not to accept them. Remember, nothing comes for free in the world of online investing and unless you know both sides of the equation, you shouldn’t take chances with it.
Is Cash Fx Group a Scam?
It most probably is. Except Panama, this firm doesn’t hold the appropriate legal certificates to accept clients from anywhere else. We are aware of the fact that anyone with a referral link can open an account with them, but if you deposit, then chances of getting your money back will be slim.
Checkout the FCA warning about this platform and think for a moment, do you really believe in their claims. If they are really successful, would they share their so-called trade secrets for just $90? Their claims are too good to be true and there are a lot of issues with their entire business model. So, it would be in your best interest if you avoid giving them access to your funds.
On their homepage, they have featured quite a few positive testimonials from alleged clients. If you are a complete newbie who is getting started with the markets, then this kind of social proof might convince and encourage you to join them. After all, it is human tendency to copy successful traits and strategies.
However, understand that there is no way to verify the statements and given their behaviour and legal status, everything they say should be considered with a grain of salt. On Trustpilot, surprisingly there are more positive reviews about them, but it appears too exaggerated. Check them out to get a clear sense of the situation. Though, there might be a lot of contradictions about them, time will tell us the answer soon.
Cash Fx Group appears to be a MLM, borderline ponzi program and a forex broker who is targeting the people interested in making money online. The number of issues with them are ever growing and they are getting a lot of heat from regulatory bodies all around the world. Given the scenario, it is better to avoid dealing with them in any way. Easy money is something which is non-existent and if anyone promises you the very same thing, then it is time to move on.
If you have lost your hard earned money to Cash Fx Group, let us know the transaction details via the contact form and we will gladly show you the best way to recover the funds from them.
Want to be kept updated regarding similar scams?