All You Need to Know About CartelFinance: Overview Article and Real Reviews

Today we will thoroughly analyze the activities of one of the most well-known scammers in the trading industry – CartelFinance. Despite frequent name changes, this market player has not changed its main strategy – aiming to bankrupt its clients.

Why We Want to Discuss This

The well-known truth states: once a thief, always a thief. This fully applies to internet scammers. Typically, when there are numerous negative reviews about the activities of a particular broker, the flow of dissatisfied clients forces scammers to change their “facade” and name, continuing their criminal activities under a different brand. An example of this is the broker CartelFinance, formerly known as MadanFX, and its history filled with deceit and network movements under various names until they are finally held accountable.

CartelFinance, previously known as MadanFX (website madanfx.com), has long established itself in the Forex market as a typical pseudo-broker specializing in deceiving naive pensioners. Pensioners, often unfamiliar with modern technologies, become easy prey for such scammers attracted by promises of easy earnings. As a result, many of them lose their savings.

The response to this blatant deception quickly filled the internet, forcing scammers to change their name to cartelfinance.com to continue their operations.

There is no legal information about the company, its address, or licensing documents on this underground organization’s website. Moreover, the website madanfx.com is no longer active, indicating scammers’ attempt to erase traces of their activities. However, we have archival information confirming the connection between these two market figures.

There is little useful information on the company’s website. The only notable section is about the volumes of payouts allegedly made by the fraudsters. However, the stated amount has not changed since our first visit to the site, which is a suspicious sign.

Also, the indicated number of traders – 2,540 active users with a daily attendance of 50 people – raises doubts about the accuracy of the figures.

There is a photo of an alleged securities trading specialist on the site, intriguing in its authenticity. However, our research revealed that this photo was taken from a free stock photo site on the internet, raising questions about the company’s actual employees.

The contact information on the site also raises doubts: the business address turned out to be fictitious, with just a regular coffee shop located there.

About the Client Agreement from CartelFinance

Typical of scammers, the agreement starts with the phrase “We are not responsible,” which is not surprising. However, special attention is drawn to the clause on canceling transactions at the company’s discretion without any liability for potential losses on the client’s side. Furthermore, there is a provision for transferring personal data to third parties without any guarantees of confidentiality.

Client Reviews on Working with the Broker

As expected, the majority of reviews about the activities of this organization are extremely negative. External resources such as boexpert.ru and zarabotok24skachat.ru are full of horrifying stories of fund loss and deception.

For example, Marina shared a story of losing $200 and expressed her opinion on the criminal nature of the broker’s name. Another anonymous commentator described a scheme where after funds were stolen, managing directors changed to create the appearance of an investigation.

A common occurrence was the blocking of personal accounts after a client refused to make additional deposits, resulting in funds disappearing without a trace.

Our Recommendations to Future Traders

The facts about CartelFinance’s activities are sufficient to come to the only possible conclusion about collaborating with this organization: it is worth avoiding any contact with such scammers. We strongly recommend conducting thorough research online and not rushing into decisions.