Welcome to our Forex Legal Trade review in which we investigate the website currently found at forexlegaltrade.com.
Recently one of our partners received a complaint from a person who claims being scammed for $245.36 by a Bitcoin mining investment company referred by an Instagram friend. They invested £250 and were asked to send more money to verify their account. They negotiated the fee down to £50 and created an account on forexlegaltrade.com. They found a $4,350 investment but were asked to pay $500 to upgrade their account for withdrawal.
They victim writes:
I was scammed by a company that claimed to guarantee investments through Bitcoin mining. My friend on Instagram was promoting an account that ‘helped her invest’ in thousands. She told me I could trust it 100% – Little did I know her account was being hacked at the time. She’s a very trusting person, and I was very reluctant to proceed with it, but she reassured me that it would be safe and that I could trust it.
I was told to download Coinbase to send bitcoins to the company’s account and that I would receive funds within 2 hours. I sent £250 as the minimal investment to see how it would go. I was then told that it’s almost complete and that I had to verify my account by sending more money. I was furious as I wasn’t told this in the beginning.
They told me I would need to send $300 to verify the account and that’s how it works. I had to negotiate to get the price down to £50, so I then sent this to the same address. After this, they told me to make an account on forexlegaltrade.com to receive the money, so I did.
I checked the account, and the investment shows $4,350. I was told I could now make a withdrawal, and that it was over, but the website told me I would have to upgrade my account for $500 to upgrade the account. I asked how to upgrade, and it said I would have to send the bitcoins to a company address. I researched forexlegaltrade, and I’m 100% sure this was a scam.
So is Forex Legal Trade a SCAM?
The domain forexlegaltrade.com was registered on June 5, 2021 for 2 years through OwnRegistrar, Inc. by Franklyn Onoaghakpote of “fanklyn Developers” from 4 Erhunmwuse street off eheakpen street, Benin city, Postal Code 110001, Nigeria. Phone:+234.9054913050. Email: Franklynonoaghakpote@gmail.com. It is hosted by ColoCrossing.
They have only one backlink, from an IP address listing website, according to which, in addition to forexlegaltrade.com, there are 765 domains other on the IP address 18.104.22.168, which is owned by AS-COLOCROSSING and located in the United States. The IP has a mixed reputation, with 79 sources saying it’s harmless and 2 sources indicating it’s malicious.
Indexed on Google are 6 pages, including the homepage forexlegaltrade.com, which offers automatic trading software for buying and selling bitcoin, as well as a range of articles, webinars, and seminars for learning effective trading strategies. Other indexed pages provide options for signing up, resetting passwords, and accessing accounts.
Copyright lines read “© 2021 forexlegaltrade” even though we’re already in 2023 and in at least one page we find “© 2018 app.24cryptoindex.com,” indicating this line or page was copied from a different website.
App.24cryptoindex.com currently redirects to a forum titled Forex Zone (forex.zone). It was registered in 2022 for one year through Magnate Domains, LLC.
Get in touch with our affiliated Cryptocurrency Forensic Specialists at CNC Intelligence for free by filling out the form below.
More alarming however is the identity of the registrant of forexlegaltrade.com. We already encountered him before, once in our LegitimateCryptoTrade Review from January 2023, and again in our PlexusTraders Review from February 2023.
Moreover, we recognize the design of forexlegaltrade.com from many other scam sites we’ve seen. It is an example of the Fourth Network of scams we’ve exposed in a previous article: Bitcoin Exchange You can Trust (Orange).
This is enough to regard Forex Legal Trade as a scam, but let’s take a look at the website itself.
On their Contact page, there’s a contact form as well as an email address: firstname.lastname@example.org. The address is just Los Angeles, UNITED STATES. Not even California. And on the footer the address is FERRYHILL, DL17 8LU. (DL17 8LU is a postal code in Ferryhill, England.)
Links to Facebook, Twitter, LinkedIn, and Google Plus do not work. There’s also a live chat widget.
According to forexlegaltrade.com, ForexLegalTrade offers Bitcoin trading services. The website offers an automatic trading software called Bitcoin Trader and allows users to add coins to their wallet, buy/sell Bitcoins, and offers different trading plans with varying percentages of profit.
They have also taken text from other websites. For example, on their Services page they write: “Not an expert? No problem. We’ll provide you with a wide range of articles, webinars and seminars that’ll teach you how to use the most effective trading strategies.”
This exact text can be found in countless other scammy websites, including:
We also find a clone of forexlegaltrade.com at eliteforexlegaltrade.com. Eliteforexlegaltrade.com was also registered by Franklyn Onoaghakpote on June 25, 2021 for 2 years.
Forex Legal Trade Reviews
In a review posted on March 22, 2022, finrecoveryinc.com warns against ForexLegalTrade.com, which they deem a terrible scam. The review provides details on the lack of regulation and how the scam works.
According to scam-detector.com, forexlegaltrade.com is not legit. The website has the lowest trust rating on the Scam Detector chart, with a rank of 0.0/100. The website operates in the trading industry, but the founders are primarily focused on buying and selling Bitcoins. Scam Detector’s algorithm identified high-risk activity related to phishing and spamming, among other factors relevant to the trading industry. The website is flagged as high-risk, phishing, and scam.
The website ScamWatcher has a review of ForexLegalTrade, which they claim is an unregulated investment company and a scam that people should avoid. They state that the lack of information and regulation make it dangerous to deal with ForexLegalTrade and that funds are not safe with them.
According to scamrecovery.net, ForexLegalTrade.com is an online trading broker that has been blacklisted and identified as a scam by regulatory bodies such as the British Columbia Securities Commission (BCSC). Traders have expressed dissatisfaction with the service and experience with ForexLegalTrade.com.
A Russian article on rabota-zarabotok.ru warns against investing in the HYIP (high-yield investment program) scam site forexlegaltrade.com. The site promises large returns on investments but does not allow users to withdraw their money. Reviews of the site are mostly negative, and it is advised not to invest in this project.
On bitcoinabuse.com we find the following comment:
On September 1, 2022, someone claimed to be a forex trader and asked for bitcoin in exchange for profit growth that can be withdrawn on their “companies” website called Forexlegaltrade.com. The victim was scammed out of $1,000 when they were told to upgrade their account for an additional minimum cost of $3,500.
A Spanish article on inversiones-en-seguridad.es discusses the forexlegaltrade.com broker and the possibility of it being a scam. The broker is not listed on any regulatory register and there are complaints of non-payment, bad trading platforms, and overly pushy account managers.
According to fxtyc.com, the Canadian Securities Regulatory Agency (CSA) has issued a warning to investors to be cautious of Forexlegaltrade, an entity that claims to offer Bitcoin trading packages and is located in California, USA.
Forexlegaltrade is not registered in British Columbia to trade securities or derivatives or to provide advice, but it still accepts residents of British Columbia (BC) as clients. The CSA has urged BC residents to exercise caution when dealing with companies that are not registered to trade or provide advisory services in British Columbia.
Finally, we have found a consob.it warning, according to which supervisory authorities from countries such as the UK, Hong Kong, Argentina, Switzerland, Ontario, Jersey, British Columbia, Sweden, Germany, and Spain have reported various companies and websites that offer investment, financial, and insurance services without the required authorizations. The companies reported include Forex Legal Trade.
Who is behind Forex Legal Trade?
There’s an Instagram profile belonging to a person named “official_tyler_fx_mining.” The profile description mentions the person being a certified trader, entrepreneur, and keeping God first. The person also claims to be the No.1 success foundation and provides a website for forex trading: forexlegaltrade.com. The profile has 128 posts, 15.9K followers, and 1,326 following.
ForexLegalTrade Review – Bottom Line
We opened this article with a story of a person who has been scammed by a company that claimed to guarantee investments through Bitcoin mining. Their friend on Instagram (hacked account) promoted an account that supposedly helped her invest thousands of pounds, and she reassured them that it was safe to invest.
They were then instructed to download Coinbase and send £250 as the minimal investment to the company’s account. Later, they were asked to send more money to verify their account, which they negotiated down to £50.
They were then directed to create an account on forexlegaltrade.com to receive the money, where they found an investment of $4350. However, they were told to upgrade their account for $500 to make a withdrawal.
Based on our research, we can be pretty sure that Forex Legal Trade is indeed a SCAM!
If you have fallen victim to online scams, please inform us by commenting below. If you have suffered a substantial financial loss, do not despair. We are here to assist you in recovering your funds!
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