It seems that an increasing number of people wish to become professional con artists. The fraud virus is expanding logarithmically throughout the internet, much like the COVID-19 infection. On November 9, 2020, the Financial Consumer Advisory Agency (FCA) threatened investors with a warning about BeforexCapital (www.beforexcapital.com) and Capital Holding Funds (www.capitalholdingfunds.com), which were purportedly run by The Capital Holding LLC, St. Vincent & the Grenadines. We learned about Praxis Cashier as payment processors through the Estonian cryptocurrency exchange MisterBit.
BeforexCapital receives the Worst-Scam-Ever Award.
Scams are invariably terrible and destructive. Make sure you understand that! However, some scams are skillfully constructed and regrettably difficult to spot, while some are just plain dumb scams perpetrated by much more clearly dumber con artists. This is feasible thanks to white-label solutions! These days, on any of the several white-label platforms that provide “Scams-as-a-Service,” anybody and my dog can start a scam. BeforexCapital is one of those ridiculous scams that are devastating all the same.
You may learn that this would be a trading name of The Capital Holding LLC, St. Vincent and the Grenadines, which would be subject to IRBEM regulation, on the BeforexCapital website. IRBEM: Who the hell am I? Below is further information on that. You can see that FX Publications, INC. would be the owner and operator of the website in the terms and conditions of the fraud. Additionally, Capital Holding Funds PLC in the United Kingdom is addressed.
The purported regulator IRBEM is a fraud that goes by the name “International Regulator & Brokerage E-markets.” A cheaply constructed fake that most likely wouldn’t fool even my dog. Brazilian Ronniele Ferreira Campos registered the name www.irbem.com in 2015.
You could call BeforexCapital a bad joke if not so many people would lose money with these scams.
Encouraging Payment Processors
We shouldn’t be shocked that Praxis Cashier now takes credit and debit card payments from this “worst scam ever” as a client. A Lithuanian corporation called GlobalNetint has Praxis Cashier as a client.
The Estonian Futurus X OÜ, which runs the cryptocurrency exchange MisterBit, also known as MrBit (www.misterbit.net), with a useless crypto licence, is another client of GlobalNetint. Additionally, MisterBit is integrated into Praxis Cashier’s Cashier as a payment processor. The Estonian Operato is governed by registered directors Ivan Abramov and Christiano Chiarugi.
How obvious must a scam be for Praxis Cashier not to accept it as a customer?
The scam cannot be that bad that Praxis Cashier from Amit Klatchko does not accept it.
Praxis Cashier (As claimed)
The best smart cashier software has been created by Praxis Cashier, a technology business, with you in mind. Businesses like yours can now operate in industrial peace thanks to intelligent cashier software designed to tackle high-risk processing challenges! With offices in Costa Rica, Cyprus, Spain, and the Ukraine, we are ready to work around the clock.
Using Praxispay has a lot of benefits. The program is simple to use and offers customizable payment management settings. You can select the payment option that best suits your business needs and set restrictions for each customer and VIP level. Furthermore, you may set up BIN country rules and credit card regulations directly in the back office software. Praxis will automatically route all of your transactions to the top-performing payment service provider once you’ve configured your payments. You might wish to think about the Praxis Cashier for larger firms. Brokers can get a complete payment processing solution from our hosted payment page. With a comprehensive multilingual support service, the organisation operates in Spain, Cyprus, and Ukraine. Praxis Cashier offers integration with almost all PSPs and supports most card issuers. While other payment processing solutions require a third-party payment processor, Praxis Cashier does the same thing. This software allows you to accept payments from all major card issuers and support all types of payment methods.
Beforexcapital
The Capital Holding Company (Ireland, United Kingdom, Singapore, St. Vincent and the Grenadines) – www.capitalholdingfunds.com and www.beforexcapital.com – is a company that has been conducting business as an investment firm in the State without the proper authorization. This has come to the attention of the Central Bank of Ireland (the “Central Bank”).
The Capital Holdings Fund plc, a company authorised by the Central Bank, has had its name imitated by an unapproved company. It should be highlighted that the unauthorised entity that has copied the details of the Central Bank-authorised firm is completely unrelated to it.
The Central Bank website has a list of unlicensed businesses that have been released thus far.
It is illegal for an unlicensed company or individual to offer financial services in Ireland without the necessary authorization as required by the applicable laws, which the Central Bank is in charge of upholding. Customers need to know that they will not be eligible for reimbursement from the Investor Compensation Scheme if they do business with an unlicensed company or individual.
Anyone with information about these companies or individuals who would like to get in touch with the Central Bank should call (01) 224 4000. The public can also use this line to find out if a company is authorised.
FCA
The UK government has no control over the Financial Conduct Authority (FCA), a financial regulator that is funded by fees collected from participants in the financial services sector. The FCA protects the integrity of the UK financial markets by regulating financial companies that offer services to consumers.
It focuses on how financial services companies, both retail and wholesale, are expected to behave. Similar to the FSA, which it replaced, the FCA is set up as a company limited by guarantee.
To establish regulatory standards for the financial industry, the Financial Policy Committee, the Prudential Regulation Authority, and the FCA collaborate. The FCA is responsible for the conduct of around 58,000 businesses which employ 2.2 million people and contribute around £65.6 billion in annual tax revenue to the economy in the United Kingdom.
Fraud
Fraud is defined by law as the deliberate use of deception to get unfair or illegal benefit or to deny a victim their legal rights. Fraud can be illegal under civil or criminal law; for example, a victim of fraud may sue the perpetrator to stop the fraud or obtain financial compensation; or fraud may not result in any loss of money, property, or legal rights but nevertheless constitute a component of another civil or criminal wrong. The goal of fraud can be financial gain or other advantages, such as getting a passport, travel visa, driver’s licence, or mortgage fraud, in which case the offender makes false claims in an effort to qualify for a mortgage.
- It could be a warning sign that your broker is not acting in your best interests if they do not reply to you.
- Make sure there are no complaints, do your homework, and carefully study all the fine print on paperwork to ensure you are not being taken advantage of by a dishonest broker.
- Before attempting a withdrawal, try starting a modest account with a small balance and making trades for a month.
- Your broker might be churning if you notice purchase and sell transactions for assets that don’t align with your goals.
- Before pursuing more extreme measures, go over all of your documentation and talk through your options if you are trapped with a terrible broker.
Are You Already in a Bad Broker’s Trap?
Regretfully, there aren’t many solutions available right now. Still, there are a few options available to you. Make sure your broker is genuinely at fault by first carefully going over all of the documentation. It might be your fault if you overlooked something or didn’t read the documents you signed.
Next, talk about what you will do if the broker doesn’t give you a satisfactory response to your inquiries or a withdrawal. One way to take action could be to report the broker to FINRA or the relevant national regulating agency, or you could make comments online.
The Final Word
Brokers are sometimes to blame for traders’ losses, even if traders sometimes hold them accountable. Before opening an account, a trader should be rigorous in their research on potential brokers. If the broker passes this scrutiny, the trader should make a small deposit, make a few trades, and then withdraw their money. If all goes according to plan, a bigger deposit may be made.
If things are already bad for you, though, you should confirm that the broker is engaging in illicit activity (like churning), make an effort to get your questions addressed, and if that doesn’t work, you should report the broker to the SEC, FINRA, or another regulatory agency that has the authority to take legal action against them.
