FXrevenues – A Forex Scam Using Illegal Tactics to Bury Reviews
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 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 their platform.
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 the 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.
FXRevenues is an offshore forex broker based in St Vincent and the Grenadines. SVG is highly notorious for being a haven for forex scams due to its lenient regulations.
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 from 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
Most of the people who got scammed by Fxrevenues were not aware of the terms and conditions of the company and invested their money with them, and found much later that they were actually getting scammed.
They feel no pain after scamming you and they also don’t provide any refund. After all, they didn’t provide any great profit, they provided profit for the first 2, or 3 days but after that, the funds stopped.
We invested with FX Revenues and asked for his bonus withdrawal but the company froze his account after complaining about the incident they made excuses by showing their conditions which say if you haven’t crossed their trading volume you will not be allowed to apply for a bonus, hence we stopped trading through their platform because we were losing instead of making a profit, we will request you not to invest into FX Revenues.
I need help…this platform has my $$$ but is not letting me withdraw. I really need that money. No one is hearing me in Fxreveneus.
This is a shame for the countries that are not banning these shady companies and allowing them to scam people through their schemes. Like Fxrevenues have even received a warning from New Zealand but that is not putting an end to them.
Once my brother invested in this company for high returns because of 1:200 leverage. But all this is just a trap set for attracting new users or say all those investors who want to become millionaires through these schemes which later turned out to be a complete fraud.
This platform is just shit and also a place full of scammers if you want to lose your money join FX Revenues and make your life shit.
One more problem I faced during trading is their web-based trading platform which will give you access then you will enter the code which will lead you to the platform which is just a tactic to make themselves more professional and attract more customers. But the problem is that you will never get the details of the platform through which they are trading. I think it is rigged.
This shady company is just a scam because the way they display their platform isn’t safe at all to trade with, and also the company is using fake DMCA to remove negative articles from social media sites. Why would they need to use fake notices if they had nothing to hide??
FXrevenues platform is the worst. It will wipe out your investment in a day. Cost me $6000. No refunds possible. They are running a scam
I will never invest in a company where you will have to invest through paying into cryptocurrency, and the risk of being scammed increases.
These people have cost me more than $2000 already. Don’t sign up!
The main thing with this company is that they will accept your money in the form of crypto which is a red flag from my side because you will never get a refund from the company in case of any malfunction. FXRevenues is never interested in making a profit for you but is just waiting for the moment when your invested money will be increasing every day and will scam you suddenly.
Were you able to get a refund? I have been trying to get a refund myself but the support staff doesn’t respond to my refund requests. I am losing hope now.
Scam broker has stolen $3,500 from me! All of my deposit vanished overnight. The platform didn’t let me place stop orders last night.
I had been getting profits for the last 2-3 days and my balance had risen by a lot. Then, last night I lost all of my money. When I found out I was like how could this even happen?
Fxrevenues is a scam broker.
The biggest problem is that they will not allow you to withdraw your money and ask you to invest and reach the total amount then only you will be able to withdraw your money.
Greedy scammers have always been everywhere.
It depends on your vigilance and alertness whether you are able to notice them or not.
If a financial regulator has issued a warning against this company, there is no denying they are a scam.
But people are too easy to fool these days. With prices rising everywhere, people want a quick fix for their problems.
It is ironic how the corruption of politicians drives more people to sign up for these scams like Fxrevenues.
These high returns policies have proven to be a great trap for new users and made millions from scamming these users, and facing no consequences for running forex scam sites.
Scam forex broker!!!
Charged me for no reason. Now my account doesn’t have sufficient funds to process a withdrawal. I was counting on that money. There should be some explanation given to clients for such pathetic behavior but there is none. The trading platform seems rigged.
I know what you are talking about. I faced a similar problem but in my case the platform didn’t follow my orders. I remember putting a stop order to avoid losing my deposit. But it didn’t place the order for some unknown reason. I think these brokers are too greedy. They already charge so much fees, why rig the platform??
I don’t trade with any forex brokers that don’t accept credit cards or debit cards. At least the bank can help you get refunds with your credit card if you explain to them that it was a fraudulent charge. The fact that they only accept cryptocurrencies is enough to convince me that they are a scam. If someone is falling for this scam even after seeing these obvious red flags, they must be too dumb.
My brother used to trade with a similar broker. He ended up losing more than $3000 within a month. That broker was using a rigged platform to show him fake trades. The trades never actually took place. We know this because all of his trades went down all of a sudden and the platform didn’t follow his stop order. It was a huge blow to his finances and he stopped forex trading ever since. I’m glad people are raising awareness about these forex scams.
Yes this is exactly what happened with me. I am 100% sure they are using a fake trading platform. Maybe they increase your balance on purpose to make it seem like you are winning? I don’t know. All I know is that I have also lost more than a couple thousand dollars because of these fraudsters.
Scam platform. Don’t bother wasting your money here. I have already lost around 1000 bucks on this shitty site. Only go there if you like wasting your money.
FXrevenues is not a legitimate forex company. They are bunch of thieves who will steal from you no matter how much you invest! The company stole more than $500 from me. I have been trying to get a withdrawal but they don’t even give a proper response. Don’t trust a word they say on call. They are scammers.
Nobody should sign up on with an unlicensed forex broker. Without a license, these companies have no responsibility to look after your funds. I have been trading for over 10 years and the only forex brokers who stole from me were unlicensed ones. They might seem attractive because of their illegal leverages and bonus offers but there’s a reason why their offers are too good to be true. These companies have so many systems in place to steal from their customers you wouldn’t believe it. I always tell people to avoid unlicensed companies.