Based on the information provided by customers who have used SS8FX's brokerage services, BrokersView has found that customers have been unable to make withdrawals for more than four months since April 2023 and have been unable to log in to the website since August 18, 2023.
One of the traders was invited by someone he met on a Facebook group. The inviter said that if the trader wants to use an automated trading platform, deposits must be made to the broker SS8FX. The victim deposited the money but did not expect that he would be unable to withdraw the money since then.
The victim made inquiries on the SS8FX website but did not receive any clear answer from the broker. At the same time, the inviter told the victim that he could neither withdraw money from the broker SS8FX nor help the victim. In other words, the inviter refused to be responsible for what happened.
Another client saw an advertisement on Facebook and was attracted by the $35 deposit bonus mentioned in the ad. However, after trading at the request of the broker, this client was unable to withdraw.
From the Facebook page of the account "SS8FX Thailand", it appears that the account has not been updated since July 5, 2023, so victims cannot get a positive response from it.
BrokersView investigated and found that the company, SS8 Wealth LLC, is not registered with the St. Vincent and the Grenadines Financial Services Authority (SVGFSA) as it claims to be. Even if it did register, it is not a regulated company, but rather a sham entity that is not overseen by a credible forex authority.
Upon further investigation of the domain of the web page, we found that the domain was registered on February 26, 2022 and will expire on February 26, 2024.
For security, you should choose a registered broker and check the broker's license before using the service, depositing money or making transactions.
From the information provided to us by the victims, the police have no new leads in this case for the time being. Therefore, the number of victims and the amount of money involved may not be large. However, you should still be careful before depositing funds with a broker.
In short, although forex scams take different forms, they are essentially the same. Investors need to think carefully before trading. These platforms may make up new names or steal the names of existing traders. We strongly recommend that you check a broker's information before investing, as this may minimize potential risks to some extend. You can also ask us questions through BrokersView and we will verify the broker's regulatory information for you free of charge. Being vigilant and cautious is the best way to protect yourself.