Investors are advised by the UK Financial Conduct Authority (FCA) to steer clear of Infinitrade (www.infinitrage.com). The unregulated broker is run by A&E Products Ltd., a Marshall Islands-registered business with a Sofia, Bulgaria office, according to details on the scheme’s website. An example of a common scam pattern. The unlicensed and unregistered broker facilitates trading in cryptocurrency, CFDs, and forex.
Praxis makes payments easier.
That is no longer surprising! Once again, Praxis (www.praxischashier.com) is one of the payment processors for the scheme. In fact, this unregulated Cypriot payment processor is currently implicated in almost every forex and broker scam. Amit Klatchko (LinkedIn profile), the founder of Praxis Cashier System Ltd., has positioned himself as a convenient target for scammers due to its ease of connection. The terms KYC, AML, and CTF don’t seem to be well-known to Praxis. Therefore, suppliers who have integrated Praxis as payment processors should not be approached by brokers’ potential clients.
Bitcoin (BTC) is available as an extra payment option through Crypto1, another Estonian payment processor. Either transmit the Bitcoin straight to a designated blockchain address, or buy it using the cryptocurrency broker Crypto1 (www.crypto1.io). The operator of this exchange is Finligue Grupp OÜ, a crypto-financial service provider registered in Estonia (yet again), with the only director being the Latvian Anatolijs Belavskis (born August 1988). This man is listed as an active director and Treastone Ltd.’s controlling individual in the UK Companies House as well.
This licence, which was only a few thousand euros in cost, was awarded in February 2020 in Estonia. Numerous forex and cryptocurrency scammers operate under this licence. Our team finds it incomprehensible that the Estonian government is acting with such negligence. Our research team cannot understand why the Estonian authorities are so negligent in granting and monitoring these crypto licences.
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.
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 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.
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.