Unscrupulous BFX International Defrauded Investor of US$5,000 Within Days

Event recap

An investor complained to WikiFX about the forex broker BFX International. The complainant said this guy named Seb, a self-claimed online trader in binary options, cryptocurrency and forex trading, contacted him via Telegram. Seb recommended a British company named BFX International that can “give investors high returns through implementation of cutting-edge technology” with a minimum deposit of US$ 1,000.

The investor was worried about the risks as the margin appeared exceptionally high, But Seb claimed that the company has a very good reputation, being a long-term partner of the well-known Australian forex broker Pepperstone, and has accumulated a large number of quality customers. Tempted by the promised profits, the investor deposited US$5,000 on BFX International online platform, which “seemed to work well.” The investor felt he could nearly see huge returns of his investment coming, while Seb promised that he would make more money. So the investor was persuaded to increase the amount of investment.

However, when the investor wanted to withdraw his gains, he was told to pay taxes on his profits before the withdrawal could be successful proceeded. “No one ever mentioned this to me,” the investor was quite baffled. But the broker and agent insisted that he must pay taxes before he could get his money back. Ever since the investor submitted a withdrawal request, he began losing money in trading and drained up his account to a negative balance of US$400 within a few days.

What's worse, Seb continued to urge the investor to step up his investment, claiming that doing so could reverse the situation by increasing “trading volume”. These people also said that unless the investor invest more money as soon as possible, he would lose everything. In the end, the investor finally realized that this was a huge scam. Though feeling very embarrassed about being fooled, the investor noted that the group of swindlers appeared to be really convincing and professional.

BFX International required a minimum margin of US$1,000

Investor ended up in a negative account balance of US$400

When the investor doubted whether BFX International was an illegal trader, Seb denied the fact.

Per checking WikiFX App, BFX International has a poor rating of 1.14, and the broker currently has no valid regulation, bearing great risks. The broker is currently active on large social network such as Telegram and Facebook, please stay away!

BFX Internationals rating on the WikiFX App

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