FXrevenues – A Forex Scam Using Illegal Tactics to Bury Reviews 2023
FXrevenues is a shady offshore broker which indulges in illegal practices to deceive and scam consumers.
The company has all the red flags you would expect to see in a Forex scam. In this FXrevenues com review, I have explained why this company is a scam and how it’s trying to manipulate consumers into signing up on its platform.
Did You Know?
The American corporation, FINRA (Financial Industry Regulatory Authority) with private ownership is a tool for checking the authenticity of brokers. The firm is a self-regulatory organization that affects the member brokerage firms and exchange markets.
Also, I have gone through their illegal marketing tactics which warrant authorities to take stringent actions against them.
Update: FXRevenues Changed Websites After Receiving Warning from Regulatory Authorities
The financial regulator of New Zealand, FMA, has issued a warning against FXRevenues and its parent company VHNX.
According to the warning, FMA is concerned that the broker may be operating a scam. They have received reports from consumers that VHNX is cold-calling New Zealand residents with unauthorized investment offers.
Also, the regulator revealed in its warning that many consumers have been unable to withdraw their funds from the company.
It states that the entity doesn’t have a Derivative Issuer License and doesn’t have a registration in New Zealand or an FMA license.
The warning mentioned VHNX Limited and FXRevnues.com. So, the people behind this scam quickly changed the domain from “.com” to “.org”. They are now running a shady operation through FXRevenues.org, hoping that people would ignore the warning.
To aid this process, they have begun resorting to multiple illegal marketing tactics, which I’ll delve into in the later sections of this review. But first, let’s talk about their license and regulation:
About FXRevenues: Are They Regulated?
The short answer is: No. They are not regulated.
According to their website, their address is Stoney Ground Road, St. Vincent, and the Grenadines. That’s it.
Apart from sharing a vague office address, the company doesn’t share any information on its regulatory status. So, it’s obvious that the company doesn’t have a license, which is a huge red flag.
It’s extremely dangerous to deal with unlicensed and unregulated forex brokers because it means the people running the company can do whatever they want with your money.
Having no watchdog overseeing their operations, many unlicensed brokers tend to partake in predatory practices such as stealing funds from their customers or charging hidden fees.
Moreover, even if they don’t scam you directly, having no regulation means the company can offer leverages or trading conditions that would be illegal otherwise. Such trading conditions expose investors to higher risks than usual and in most cases, they end up losing their deposit.
On top of that, many unlicensed forex brokerages are involved in criminal activities such as money-laundering or financial terrorism.
That’s why you should be extremely cautious when dealing with these companies.
In fact, you should avoid dealing with them altogether. In the case of FXRevenues, it’s obvious that the company is a scam.
More Red Flags in FXRevenues:
Apart from receiving a warning from a financial watchdog and having no license, there are several additional red flags which indicate FXRevenues is a scam. Here are they:
High Minimum Deposit:
The minimum deposit requirement of this forex broker is $250, which is too high. Most regulated and reputed forex brokers keep their minimum deposit requirement around $10, so you can understand just how terrible FXRevenues’ minimum deposit is.
Forex scammers tend to keep their minimum deposit limit high so they can steal the highest amount possible from every victim. After all, the minimum deposit is the amount most investors use to try out a broker’s services.
If the limit is too high, it increases your financial risk more.
Legitimate brokers keep this limit low to ensure the customer can experience their services while scammers keep it high to steal as much as possible.
Extremely Dangerous Leverage:
At FXRevenues, you can get up to 1:200 leverage.
Such high leverage can be detrimental to many investors, especially inexperienced ones. High leverage can cause you to lose your entire deposit instantaneously.
That’s why many regulators put limits on how much leverage their licensed brokers can offer.
High leverages like this are illegal in most of the world. FXRevenues is able to offer such leverage because it doesn’t have any license or regulation.
FXRevenues only accept crypto payments for deposit. While they are an excellent way to make international payments, however, a huge drawback is that they are always final.
In other words, if you made a deposit and realized you are being scammed, you can’t get an immediate chargeback. Wire transfers and Paypal offer chargebacks with prompt communication. But crypto payments don’t offer this facility.
That’s why they are becoming an increasingly popular payment method among scammers.
Shady Terms and Conditions:
When I was looking into FXRevenues, I found many clauses in their terms and conditions which indicated the company is a scam.
For example, one of their clauses is that if you request a bonus withdrawal when you haven’t met their trading volume requirement, they can take your entire profit, including your earnings.
This is just one of the many predatory clauses present in their T&Cs. There are plenty of similar tactics forex scammers use to steal your money, this is one of them.
For example, Kowela is another unregulated broker which uses a similar tactic to steal funds from its customers. Their T&Cs say they can cancel any withdrawal request if they deem it necessary.
Unknown Trading Platform:
FXRevenues claims to offer customers a web-based forex trading platform. However, I couldn’t access the platform because I didn’t have the right ‘referral code’.
Shady brokers tend to use this tactic to make themselves feel more exclusive and premium.
Because their website doesn’t give any details about their trading platform, I can’t determine if it’s a reliable platform or not.
Obviously, the broker doesn’t offer the highly popular and reliable MT4 or MT5 trading platform to its customers so you’ll be better off avoiding their platform.
Fake DMCA Notices: The Illegal Marketing Tactics of FXRevenues
The marketers representing FXRevenues are using fake DMCA notices to take down reviews that expose their shady operations.
A fake DMCA involves copying the original content of a website, pasting it on your site, and then claiming that you were the original owner of that content.
Scammers use fake DMCAs to takedown news articles or critical reviews. For example, MSP Limited used this tactic to take down several negative reviews on the internet.
What you see above is a fake DMCA notice sent to Google by one of the representatives of FXRevenues.
Keep in mind that posting a fake DMCA notice constitutes perjury, impersonation, and fraud.
Here’s a snippet of the copied content they posted on a free platform:
<<<The representatives of FXRevenues might try to post a fake DMCA notice against this review too. If they do, I’ll add an update accordingly.
After going through the above points, it’s obvious that FXRevenues is a scam. They have posted fake DMCA notices against any reviews that criticize their shady nature.
The company has a high minimum deposit requirement, an unknown trading platform, and terrible trading conditions.
Moreover, they have received a warning from New Zealand’s financial regulator.
Beware of this forex scam. Avoid dealing with them at all costs.
Avoid dealing with FXRevenues. They have received a warning from New Zealand’s financial regulator and have all the red flags of a conventional forex scam.
- Received a warning from FMA
- Uses illegal marketing tactics