Many people have made money on Forex market. Unfortunately, there are a multiplicity of scams intended to take advantage of people who want to make money quickly. A common problem is the fraud refuses to allow clients to withdraw their money. This is what is known as a forex withdrawal scam. Besides, when searching with the broker's name on Internet, clients may also find that the broker runs without any license.
Recently, BrokersView learned that many investors have fallen victims to such a scam operated by the forex broker InfinityCapitalG, where they could not get back their money.
Unable to Withdraw
Some clients posted that InfinityCapitalG is a total scam. One of them told that he was scammed by the broker for over $60,000 Canadian. Another one advised not to trade with the broker, otherwise you will most likely loose all you invest. He said that the scam will try to make you invest more and more, and you will have to almost fight with them to try to withdraw everything YOU invested. He lost some money even though at first it seamed great.
A trader named JEAN-FRANÇOIS GUIGNARD wrote he was still waiting for his withdrawal, "No still waiting. They always saying 'We transfer your request to the finance dept'. When it's time to collect the money they are harassing you with phone calls." He has been waiting for a call from the scam since June 11th.
（screenshot from victims）
Runs Without a Legal License
InfinityCapitalG shows on its page that it specialized in FX Currencies, Commodities, Crypto and Stocks, and indices. To be able to offer forex trading service, the broker must get at least one regulated license from financial regulator. Checking its official website, we found InfinityCapitalG operates without any regulatory licenses - it lists no any regulatory certifications or governmental registrations on its website. This is a strong indicator that it is a scam.
The Austria FMA added InfinityCapitalG into the Investor Warning
As we know, InfinityCapitalG does not have regulated licenses(see above) and therefore does not have the right to charge investors' money for a financial service. Besides, the Austria Financial Market Authority(FMA) has issued a public warning against InfinityCapitalG. It is on a regulator's blacklist which confirms to us that it is a scam.
The Austria FMA warned investors against concluding transactions with InfinityCapitalG Ltd. According to the release, InfinityCapitalG is not authorised to carry out banking transactions in Austria that require a licence. The broker is therefore neither permitted to trade on a commercial basis on its own account or on behalf of others. That means investors' funds in the broker is unsafe and cannot be protected by any laws. Therefore, it is a scam.
（screenshot from the regulator）
Most brokers operating without legit licenses are engaged in foul play. Therefore, BrokersView strongly advice you to avoid the broker and find yourself a legit and properly regulated broker.