About FxCityIndex Company
FxCityIndex is one of the many international companies that claims to be a creative intermediary with a global reputation. Traders are supposed to be offered favorable trading conditions, education, and support at all stages. However, online opinions and data from state regulators raise doubts about the reliability of this company. We decided to find out how possible it is to earn by working on the FxCityIndex platform.
Registration and Creation History
The charlatans behind the hastily put together FxCityIndex platform made no effort to come up with a convincing backstory. Instead, they try to convince us that the broker is managed by a trusted company registered in the USA under the name P24O Ltd. This same company previously ran failed projects like 02bestoption, Prime24Options, TrustFX Tradings.
All these resources represent fake brokers registered by anonymous individuals. Finding the ultimate domain owner is impossible. The overall content, design, and legal details, as well as shared legal information, clearly indicate that these are serial projects. Clients are not provided with any feedback, as all contact numbers or postal addresses listed are fictitious.
The managing company listed as the parent company does not actually exist. There is no information in the US registry about the registration of any P24O Ltd. Mentioning the MFSA as the US Financial Services Office shows the scammers’ incompetence and foolishness (MFSA is actually a Maltese regulator).
Trader Interests Protection and Control over FxCityIndex
The scammers claim to have a license to provide brokerage services, presenting a license number supposedly issued by the MFSA. This is a blatant lie that has already been refuted by both the MFSA and other international regulatory bodies.
Below is a warning from the British regulator.
The scammers operate by violating all laws and norms, purposely deceiving inexperienced traders for large sums. Numerous complaints and reviews have even reached the Russian regulator. In early March (04.03.2022), the Central Bank of Russia blacklisted fxcityindex.com.
Trading Conditions on FxCityIndex
The fake broker does not offer any unique features. The list of its services is quite standard, and these gimmicks are most often used by scammers to attract newcomers:
- trading with standard assets: currencies, stocks, indices, commodities, as well as cryptocurrencies,
- free basics of Forex, trading education under the guidance of a professional analyst,
- earnings without investment through participation in an affiliate program,
- demo account and real account with a minimum deposit of $300,
- working with MetaTrader 5 terminal.
All these promises are worthless! Nobody teaches at FxCityIndex, citing a lack of time, and all support from a personal manager boils down to constant pressure. High leverage (up to 1:100) and aggressive bonus sales only accelerate the depletion of the deposit.
Reviews of Fraud on FxCityIndex
The charlatans have been operating in the market for a long time and have already earned themselves a bad reputation. Traders from many countries complain about them in their reviews. By the dates of the comments, it can be seen that initially FxCityIndex operated in various European countries but then started defrauding people in Russia after regulatory warnings.
According to one client: “My main goal in participating fxcity was to earn more money, but since I started working with fxcityindex, it turned out to be a complete scam. The broker is an outright scam, created to deceive investors. Right after registration, I was bothered by a so-called personal manager who was supposed to help me in the process, but instead, I received round-the-clock calls urging me to invest more until two weeks ago, I realized I was being scammed. I invested almost all my savings with no results, and after my complaint, I was either disconnected or blocked on the site. Even when I tried to create a new account with a different profile, fxcity just disappeared. I lost a lot, but luckily I managed to recover the funds through fcas.tech.”
Reviews from users in Russia also confirm that FxCityIndex does not pay out funds and deceives its clients.
How to Recognize Scammers from FxCityIndex?
To avoid falling into the traps of these criminals, it is necessary to carefully filter social media advertisements and not trust strangers offering easy and quick earnings. In addition, scammers from FxCityIndex can be identified by the following characteristic features:
- do not have an office in any city of Russia,
- do not require signing legal contracts,
- suggest using a cryptocurrency wallet instead of banking details for depositing funds,
- the manager insists on additional payments, such as taxes or insurance.
Traders do not make any profit; it is technically impossible. The user does not make trades on the market; they are simply shown simulated trades through a fake terminal. Reviews state that FxCityIndex quotes do not match the real ones and can be changed later after the deal is closed. When objected to, the personal manager claims that additional funding is needed, and everything will return to normal.
Summary of Another Scam Project Review
Having studied all the data on FxCityIndex and analyzed the reviews, we can confidently state that we are dealing with a simple scam. Under various names of their companies, this group of scammers deceives more and more users. Dealing with FxCityIndex will result in the loss of all invested funds.
I am extremely dissatisfied with the broker’s work at FxCityIndex, as both the payouts and activity analysis have consistently failed to meet my expectations based on traders’ reviews.