MSquare Group,Is it illegal to get people to do forex a suspected fraudulent broker, has been accused of trapping investors with unfulfilled withdrawal promises and suspicious practices. These alarming reports highlight the platform’s use of deceptive tactics to exploit users, leaving them unable to recover their funds.

Blocked Withdrawals After Deposits:

An investor deposited over $10,000 but was denied withdrawals, even after incurring losses. The platform stopped responding to queries in November, and customer support became unreachable.

                

Fraudulent Verification and Tax Fees:

Another user deposited 3100 USDT, earning 1500 USDT in profit. MSquare Group froze the account, accusing the user of “manipulative behavior,” and imposed multiple fees:

• 2036 USDT (45%) for initial “account verification.”

• 3097 USDT (40%) for a second round of verification after accusations of money laundering.

• 3062 USDT (28%) for “taxes” on the account balance of 10,939 USDT.

Despite paying these fees, the user’s withdrawals were never processed, and the cycle of demands continued. 

🚨Reminder 1: Any trading platform that asks you to pay fees upfront (such as taxes, deposits, verification fees, channel fees, etc.) to withdraw funds or unfreeze your account is a scam. Don't pay any fees because scammers just want to scam you for more money and then disappear.

                

FTI's Risk Assessment of MSquare Group

1. Short Operational History: The broker’s website was registered in May 2024, raising doubts about its legitimacy and experience.

2. Lack of Regulation: No company registration or licensing information is available, marking this platform as high risk.

3. Lack of transparency of information: The platform does not provide clear details on trading software or deposit/withdrawal procedures, a common red flag for scams.

4. Withdrawal Scams: MSquare Group imposed repeated verification charges and fictitious tax payments, a hallmark of fraudulent platforms.

5. Website Inaccessible: The broker’s website is now down, further suggesting its operations have been abandoned. The scammer has probably already rolled in the money and run away.

                  

                  

Advice for Victims and Investors

1. Stop Further Payments: Do not send additional funds for “verification” or “tax fees.” These are tactics to exploit you further.

2. Collect Evidence: Keep all communications, receipts, and emails as proof when filing complaints or seeking legal assistance.

3. Report the Scam: 

• File a complaint with relevant financial regulatory bodies and platforms, such as:

• Your local financial authority

• Your local police

• Anti-Scam networks like the FBI’s IC3 (if you're in the US)

• Social media to alert other users.

4. Choose Regulated Brokers:  Verify the broker’s regulatory status with authorities like FCA, ASIC, or NFA. Avoid platforms without proper licensing or transparency.

5. Learn to Identify Red Flags: Warning signs include lack of regulation, unexpected fees, frozen accounts, vague policies, and unresponsive support.   

🚨 Reminder 2:  Stay Alert for Recovery Scams! Avoid anyone promising to recover your funds in exchange for upfront fees—these are usually scams as well.  

High-yield traps and withdrawal scams prey on trust and greed. Stay informed, skeptical, and vigilant to protect your hard-earned money. Always question deals that seem too good to be true—they often are.

Stay away from low rated, unregulated forex brokers!

Before trading, check brokers in FTI app; if you encounter any problems, you can file a complaint for help.

Click here to see how to check if a broker is safe and what to do if you encounter a scam broker.

Click here to recognize common investment trading scams to avoid being scammed.

In the FTI app, you can refer to the top 100 forex brokers for your trading needs. If a broker is not in the top 100, pay close attention to their regulatory licenses, white label relationships, and risk warnings.

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