What is fake fraud in the brokerage industry
Today, on the market of one-day brokers, you can come across a large number of scam projects created by fraudsters according to a proven scheme. Identifying such counterfeits becomes more difficult due to the lack of expert reviews and real feedback. When they finally appear, it may be too late, as scammers manage to deceive many people.
Overview of CXA Group and its documentation
In one of the recent reviews of the cxagroup.net project, which, according to the information provided, has been operating for 4 years, reviews were found only in July 2020. This became a reason for a more thorough investigation.
The official website of CXA Group presents data supported by clearly falsified statistics and empty promises:
- 4 years in the market,
- over 120 trading instruments,
- 205,000 active accounts,
- 1.1 million trading operations daily,
- $65 million daily trading volume.
After studying the registration date of the domain name, it turned out that cxagroup.net appeared only 3 years ago, which is a serious argument in favor of fraud. It is not surprising that the company is not listed in the registers of regulatory bodies.
By searching for the name CXA Group in search engines, links to an insurance company with the same name can be found.
Suspicious moments and contact information
One of the strange facts is the Cyprus residency of the broker, the choice of which is explained by unstable historical legislation. The absence of licenses, except for the specified numbers, as well as the lack of information about the creators of their organization, does not leave hope for honest activities.
Despite promises of round-the-clock work, calling the number indicated on the website does not make sense. This is a fraudulent trick to obtain personal data, which is confirmed by negative reviews.
Registration and trading conditions
The entry threshold on the website is $5,000, which is a huge amount for beginners. The offered benefits and trading conditions do not comply with the law and trading industry standards.
The conditions for opening various accounts offer many “perks”, however, in practice, these promises turn out to be empty.
Reviews and fraud schemes
Reviews about CXA Group are mostly negative and indicate their fraudulent practices. Issues with fund withdrawals, unjustified fees and commissions, as well as negative support attitude – all of this is just a small part of a huge problem.
CXA Group is a typical example of dishonest practices and should be avoided any contact with them.
I am extremely dissatisfied with the services provided by CXA Group as a CFD broker, with limited trading opportunities and numerous negative reviews reflecting poor customer satisfaction.