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Overseen by Four Regulators? Beware of Forex Scam Crex247

2022-10-07 Brokersview

Scammers in the forex market are willing to tell thousands of lies to sponge money from you.  But sometimes, scammers lie so much that they get confused, and the lies contradict each other, making them reveal their true faces as fraudsters. Here we are going to debunk Crex247's lies.

 

Lie About Experiences

Understandably, consumers tend to entrust their money to experienced brokers. But do not forget to verify whether the experiences are real.

According to its website (https://crex247binaryfxtrading.com/Home/Why_Crex247BinaryTrading), Crex247 (also called Crex247 Binary Trading) used to be named TradIndex, launched in 2006. Moreover, it has won multiple awards from 2018 to 2020.

On the surface, this appears to be an experienced trading platform that has been in business for many years. However, by checking its domain, we found the website had been created in this July 2022. Why is a website run by such an experienced company created less than three months ago? Here is a strong signal of a scam.

 

Lie About Regulations

Crex247 displays the self-proclaimed regulatory information at the bottom of the web page like a regular broker, and the regulatory agencies involved include:

 1) the Cyprus Securities Exchange Commission (CySEC);

 2) the United Kingdom Financial Conduct Authority (UK FCA);

 3) the Australian Securities and Investments Commission (ASIC);

 4) the Seychelles Financial Services Authority (Seychelles FSA).

We checked the websites of these regulators one by one, but none of the regulated companies on the list called Crex247 Binary Trading LTD. 

Since the company claims to be founded in New York, we also searched NFA but found no matching results. In other words, Crex247 is not regulated by NFA. 

Importantly, the UK FCA has warned that Crex247 is not authorized to provide financial services in the UK, debunking the scammer's lies about regulatory information.


Fraudsters often make up one lie after another to defraud. Not believing these lies and verifying their authenticity is a good way to protect your funds.

If you have any questions about a forex broker, you can contact Service@BrokersView.com.

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