Been cheated
At the beginning of 2022, Mr. Wang learned about the foreign exchange platform FXCG through the Internet. Because there was not much negative news about FXCG on the Internet, and FXCG claimed to hold multiple regulatory licenses, there would be no problem with withdrawing money or anything else. The most important thing is that in Mr. Wang’s opinion, FXCG, which claims to hold an Australian ASIC license, is relatively reliable. In this way, Mr. Wang was induced by the FXCG agent to download the trading software and open an account and deposit money.
In the following months, Mr. Wang traded in FXCG for several months and did not encounter any problems. He believed that FXCG was indeed a reliable foreign exchange trader as advertised. Since FXCG has carried out bonus activities many times and the bonuses were considerable, Mr. Wang made multiple deposits at FXCG, and the deposits reached RMB 1.59 million.
Until September 2023, Mr. Wang expressed to the FXCG backend that he wanted to apply for a withdrawal, but the other party refused to withdraw the money because Mr. Wang was an agent of FXCG. Shortly afterwards, Mr. Wang's account was suddenly forced to close, resulting in a direct loss of nearly 300,000 yuan.
This problem also occurred several times in October and November. Finding that something was wrong, Mr. Wang said that there was a problem in the backend and needed compensation, and he had applied for a withdrawal. However, the platform refused to withdraw money or compensate Mr. Wang on the grounds that he was an agent of the platform, and even registered an agent account for Mr. Wang without authorization. During this period, Mr. Wang repeatedly approached the platform’s customer service for inquiries and submitted various materials in accordance with the platform’s requirements, but all were rejected.
After sending multiple emails, Mr. Wang said that if FXCG did not refund all his principal, he would file a complaint against them. However, what is different from before is that Mr. Wang received a reply from FXCG on December 29, but the reply was not to refund all the principal, but first stated that there was no problem with Mr. Wang’s trading problem, but that there was an accident in the backend, and that he could help Mr. Wang dealt with this issue, but only if Mr. Wang did not complain about himself and continued to use FXCG to trade and become their direct agent to threaten Mr. Wang.
In fact, FXCG was not called this name before October 2021, but was called Capstone. It secretly changed the address of the official website before the name change, and then changed all official websites to the FXCG logo.
As early as the beginning of 2021, Capstone has been exposed that investors' profits have been swallowed up, and some investors have even liquidated their positions for no reason, and converted it into a new foreign exchange platform. The purpose of Capstone is self-evident. In particular, the foreign exchange regulatory license used by FXCG is the Australian ASIC investment consulting license previously used by Capstone. Not only
However, the Australian ASIC regulatory license has been deemed to be an over-limit operation and has no substantial regulatory effect.
Claiming to hold a financial management license in the Cayman Islands, Tianyan did not find any regulated information about Capstone on the official website of its regulatory agency.
Another St. Vincent and the Grenadines does not supervise foreign exchange, and the St. Vincent Regulatory Authority specifically issued a statement in June 2021 stating that it does not supervise transactions such as foreign exchange and digital currencies! ! In other words, although the St. Vincent regulatory license is real, the agency does not care about the foreign exchange trading behavior of the platforms it supervises! In other words, when the platform says that it is supervised by this license, it is actually a deceptive act of trying to sell someone else’s products! From this point of view, everyone understands!
FXCG’s exposure platform was filled with a large number of customer complaints, probably because they learned about FXCG through Capstone.
It can be seen that in essence, FXCG is still Capstone, so the transactions and users handled by FXCG actually belong to Capstone. However, in addition to the regulatory license issue, Capstone’s customer complaints have not yet been resolved!
As a trader, Capstone failed to deal with the complaints from these investors. Instead, it changed the platform's LOGO and asked the company's agents to continue promoting it in the name of FXCG to attract new investors. It can be said to be unscrupulous. Faced with such a trading company, we still hope that investors can stay away as soon as possible to avoid unnecessary losses!
Summarize
The harm of foreign exchange black platforms cannot be underestimated. Once investors fall into the trap of black platforms, not only the safety of their funds cannot be guaranteed, but they will also face irreparable losses. Therefore, investors must be cautious when choosing a foreign exchange trading platform and not be fooled by false propaganda such as high returns and low risks. They must also understand the reputation and strength of the platform when choosing a platform that is formal and supervised by regulatory agencies.
