The growing popularity of the forex market has attracted a lot of investors. By introducing the new features such as leverage by the forex brokers, the investors get to place high-value trades. One of the reasons for the gaining popularity of trade is the flexibility and convenience of the traders. One can trade from anywhere 24*7 and 5 days. But, as everything comes with its own pros and cons, it is highly possible to lose your funds in forex trading because of the vast number of scammers present here.
Who are Cash Forex Group-
Let us go through one of the forex brokers known as Cash Forex Group. Cash Forex Group has its office in Panama and claims to be a full-service forex experience. Their website states that have combined Academy learning with real forex success with trade contracts. It offers its clients fast payments, layered security, transparent reporting, and proprietary technology. Cash Forex Group claims to offer a custom-designed and built online environment. However, there is little to no information of who they are exactly. Also, the regulation status of the broker is also not mentioned in their sites, making the investors believe that it is not regulated or licensed by any legal authority.
Cash Forex Group is an offshore forex broker that does not care much about the trader’s funds. It might collect the funds from the investors and return some of the profits from the newly invested funds of the new investors. It also claims to be a multi-level marketing (MLM) company and offers forex products and services. But ultimately, you cannot have the access to its products unless you get registered with their MLM schemes.
It also offers an extraordinary forex trading platform with full transparency for which they have developed a WebTv tool as a model for showing trading execution in real-time. Many types of research suggest that the minimum investment here is $300 and can go up to $100,000. But again, nothing related to this is mentioned on their website and it is difficult to know about its minimum investment and leverage. MT4 platform that is a leading forex trading platform around the world is not available for trading with Cash FX Group. Again, adding it to the reason for not investing with this broker. There are several other reasons for not trusting the Cash FX group that are-
No Demo Trading Available for the traders making it difficult to choose as their forex broker.
No information about the spreads and leverage that are the fundamental components of trading.
No information about the minimum deposits and methods of payments.
No information of minimum withdrawal amount.
No information regarding the rules and regulations of trading with this broker.
Is Cash Forex Group a Legit or Scam?
Looking at all the points mentioned above, it is advisable for the investors to stay away from this broker and avoid investing with them. It is difficult to know about the actual service they offer and what they claim. It is also said that Cash Forex Group is a Ponzi scheme working under the forex niche. Hence, it is better for the investors to always choose the broker with all the information available and offering you the services they claim.
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