Cash FX Group Scam: A Detailed Review
Overview of Cash FX Group Review:
Cash FX Group claims to be a legit brokerage firm that deals in forex. The company offers over 17 trading plans and educational services that are included in their packs. Cash FX Group claims to be one of the leading forex brokers around the world with the best offers and returns. However, the company is blacklisted in Europe which proves that the company is no good. Read the complete Cash FX Group Review here.
About Cash FX Group Scam:
Cash FX Group has strange methods of working which we are going to uncover today. The first red flag about the company is that even though it claims to be present all around the world and yet it does not have even one license. Most of the countries have a regulatory authority that issues licenses to the brokers. These authorities make sure that the companies are not scamming in order to protect their citizens. Upon a little investigation, we found out that the company is registered in an offshore country and does not have a valid license. This is the first point that indicates the Cash FX Group Scam.
Even though the company pretends to offer forex services to their customers, at the same time a trader is not allowed to sign up for an account until and unless they take part in any of the MLM schemes. The trader needs to have a referral link in order to register for an account with Cash FX Group. This is a very suspicious move from their side and yet another red flag. Furthermore, Cash FX Group does not offer demo trading account to their customers. This is not a good sign as a demo trading account is a necessary account for newcomers and traders who are new to the company so that they can learn about the working of the company and the financial market.
Another major red flag is that the company does not give away any information about their spreads or leverages offered to the customers. After scanning the company website thoroughly, we could find no trace of either the spreads or the leverages. The minimum initial deposit demanded by the company is 300 USD. Yet again, this is a very high amount and legitimate companies would never ask for such a high amount. Even though there is no minimum withdrawal fee stated in the terms and conditions of Cash FX Group, the company levies a withdrawal fee of 20% in every withdrawal. As harmless as this may sound, this accounts for a huge amount in the long run that goes to the scammer.
Is Cash FX Group a scam or legit?
From all the points said above, it is safe to say that Cash FX Group is a complete scam. We urge our readers to stay extremely cautious about this company. One must only invest and trade with the brokers that have a legit license and good reviews online. If you have been a victim to a Cash FX Group Scam, report a complaint with us and we will help you retrieve your funds.