Alert! Inside PaxForex Broker Risks: FBI Seizure, Unregulated, Investment Scam?

In the FTI app,Foreign exchange margin trading will open in 2020 = 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.

Recently, some investors have revealed that PaxForex is an investment scam. The purpose of this article is to reveal the risks associated with PaxForex and remind investors to remain vigilant.

Company Overview

Trading Name: PaxForex  

Company Name:Laino Group Limited  

Websites: paxforex.com / paxforex.org

Notably, accessing paxforex.com triggers the following alert:

This warning indicates that paxforex.com has been seized by the FBI, likely for violating U.S. laws related to money laundering , wire fraud, and more. This suggests that PaxForex may be involved in serious financial wrongdoing. Currently, the domain of PaxForex has been changed to paxforex.org, investors should be extremely cautious.

FTI Rating

PaxForex has a low FTI rating of 1.23/10, indicating it is a high-risk platform. This rating highlights significant issues with the platform's security, transparency, and customer service.

Regulatory Status

PaxForex claims to be registered as Laino Group Limited, with registration number 21973 IBC 2014 and an address at Griffith Corporate Centre, Beachmont, Kingstown, Saint Vincent and the Grenadines. 

However, there is no registration informationfor Laino Group Limited on the Saint Vincent and the Grenadines Financial Services Authority (FSA) website. 

Moreover, the FSA does not issue forex trading or brokerage licenses, meaning PaxForex is essentially unregulated, and clients' funds are not effectively protected.

Customer Complaints

Online reviews reveal numerous complaints about PaxForex being an investment scam. For instance, one investor reported being scammed by an American named Jeff Blakely, who convinced them to invest a significant amount of money, only to demand additional fees for withdrawing the funds. This is a classic withdrawal scam.

Conclusion

PaxForex poses multiple risks, including domain alert, no effective regulation, and customer complaints. Investors should be highly cautious and prefer brokers that are well-regulated and have a solid reputation to ensure their funds' safety.

Reminder: Don't trust individuals or organisations who claim to be able to get your money back - they may be selling hope and scamming you again. This is especially true if they ask you to pay in advance, which is a "recovery scam".

If you've been scammed, your best option is to gather evidence and report it to your local police and law enforcement as soon as possible.

In the meantime, you can also file a complaint on the FTI website or app, where staff will further expose the scam to alert others not to be scammed.

Investors are advised to "ask, check, and confirm" when choosing a forex broker, ensuring they select platforms that are strictly regulated and have positive customer reviews, to avoid falling into scams.

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.

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.

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.

Statement: The content of this article does not represent the views of FTI website. The content is for reference only and does not constitute investment suggestions. Investment is risky, so you should be careful in your choice! If it involves content, copyright and other issues, please contact us and we will make adjustments at the first time!