FX Genuine Trade 24 (Fxgenuinetrade24.com) is proclaiming to provide investors with an opportunity to trade Forex, Binary Options and Cryptocurrencies.
Instead of providing investors with a trading platform like MT4 so they can select and trade financial instruments directly from the members area, they offer them “investment plans”.
In fact, the investment plans offered by Fxgenuinetrade24.com are akin to those of a HYIP which eventually turn into a ponzi scheme.
We advice investors to use brokers who can professionally manage portfolio and also show a strong track record.
The website Fxgenuinetrade24.com was created in March 2020 and their style of marketing is similar to what we commonly see in fraudulent financial services.
FX Genuine Trade 24 fails to disclose who owns or runs the operations of their website.
Instead of providing names of company executives so we can verify their backgrounds, they use vague introductions such as “We are a team that is experienced in traditional financing and emerging mining technologies”.
They also claim that their investment is only focused on Cryptocurrencies.
This is contradictory to what they initially claimed because ideally, Forex and Binary options are different from Cryptocurrency investing.
They also claim to be operating from Toronto, Canada but this appears to be a false address.
In fact, nothing can be trusted about FX Genuine Trade 24 due to their lack of transparency and convoluted sales pitch.
There is also a short video in the homepage but this one too does not suggest any legitimacy concerning this company’s operations.
FX Genuine Trade 24 Investment plans
There are 4 investment plans in total. They are as follows:
Starter plan $300
Premium plan $500
Deluxe Plan $1000
VIP Plan $1500
The broker claims that they will generate 30% up to 485% returns in 7 days.
This is unbelievable. We have never seen or heard of any form of trading that can generate these returns.
Of course HYIPs will proclaim these returns even if they have zero evidence of their trading activities.
We are not surprised that the aim of these fraudulent sites is to deceive the financially desperate.
They make the victim believe that riches will come in a few days. This is the primary motivational factor of scammers who run sites like FX Genuine Trade 24.
This is the ultimate litmus test and we expect that FX Genuine Trade 24 will fail this exam.
This website does not talk about their regulatory standing with any financial authority.
If they’re based in Canada, they should at least provide their licensing number with the The Financial Consumer Agency of Canada (FCAC).
The reason that they avoided this conversation is because they are not regulated and probably not operating from Canada.
The owner of Fxgenuinetrade24
Further research reveals that this website is being operated from Philippines but the owner (Jason Fung) is based in Texas, United States.
He will call victims using the numbers +1 (828) 242-5033, +1 (323) 336-6034 and (347) 786-8841.
Mr. Fung is also claiming to be connected with the bank of America and he uses the email ([email protected]) when he wants to tell this lie.
You can clearly see that this is a sophisticated scammer.
After all has been said and done, we conclude that Fxgenuinetrade24 is a scam.
We have also seen very ugly reviews of this service on the internet where victims claimed they lost money.
Nothing can be further from the truth. A website like this one will cause you to lose amounts equivalent to any of the accounts’ minimum deposit.