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Unconvincing Regulation&Hiring 'Ponzi Promoter': Is AMarkets Reliable?

2024-03-01 Brokersview

Unconvincing Regulation&Hiring 'Ponzi Promoter': Is AMarkets Reliable?

Every forex investor expects to find a trustworthy broker. Informed individuals investigate their options when selecting a brokerage firm, aiming to avoid financial scammers and identify a broker that aligns with their specific needs. However, it’s essential to recognize that even seemingly safe and reliable brokers may not always be the optimal choice for every investor.

 

Recently, several investors have inquired about a brokerage firm named AMarkets and its reliability. After conducting a thorough investigation, we discovered that this company is anything but ordinary.

 

Complex and unconvincing regulatory status

Based on the regulatory information provided on the AMarkets website, this brokerage firm is regulated by two authorities: the Mwali International Services Authority (MISA) and the St Vincent and the Grenadines Financial Services Authority (SVG FSA). However, the credibility and authority of these two organizations are subject to scrutiny, which raises doubts about the reliability of the so-called "registered" AMarkets.

 

As per the Central Bank of Comoros, the MISA is a fictitious financial regulator. It lacks the proper authorization to oversee offshore companies or issue licenses for financial products and services to online platforms and illicit entities. Reports indicate that MISA's "license" application process and associated fees are alarmingly lenient, leading some illegal trading platforms to exploit this situation by purchasing licenses from MISA and masquerading as legitimate entities

 

Warning from the Central Bank of Comoros

 Warning from the Central Bank of Comoros

 

In addition, once again to remind all Forex investors that SVG FSA is not a Forex regulatory body. Entities registered with the SVG FSA should not exploit their registration to falsely assert regulatory compliance, thereby potentially misleading investors. Unfortunately, over the past few years, a significant number of illicit firms have abused the SVG FSA’s registration, falsely presenting themselves as regulated brokers. This detrimental trend has adversely impacted the reputation of the financial services authority. Consequently, investors are increasingly skeptical about relying on the SVG FSA as a reliable regulatory entity.

 

SVG FSA is not a Forex regulator

SVG FSA is not a Forex regulator

 

On top of that, AMarkets is not licensed by any reputable financial regulator.

 

‘Ponzi&financial criminal promotor now works for AMarkets

Sources say that Denis Kulagin, formerly the head of marketing at the unlicensed broker 'MFX Broker', has joined AMarkets. While you may not be familiar with MFX Broker, you've likely heard of Jordan Belfort, famously known as the Wolf of Wall Street.

 

In 2015, MFX Group actively promoted and sponsored Belfort's speech campaign. The company praised Belfort as a legendary sales and negotiation master, even emphasizing that he was a "convicted criminal" in bold, capitalized red letters. They appear to take pride in associating with the infamous “Wolf of Wall Street”, despite his criminal background. Would anyone willingly entrust their hard-earned money to a fraudster and his mates?

 

Simultaneously, MFX Broker vigorously promoted a fixed-income investment plan, enticing investors with the allure of guaranteed returns spanning from 3% per month to an astonishing 100% per year. But such unrealistic promises drew a lot of skepticism, with many regarding it as a Ponzi scam.

 

MFX Broker's shameless promotion

MFX Broker's shameless promotion

 

Denis Kulagin, who is now associated with AMarkets, served as the head of marketing for the company during that period. When confronted with accusations, he exhibited rudeness, dismissing those who raised concerns about his firm as having “lost their brains”. Furthermore, on a Forex forum, he pledged that the company would release an audit report to substantiate its legitimacy and disprove any Ponzi scam allegations. Regrettably, in the end, he departed, leaving behind empty promises and no supporting evidence.

 

People accusing MFX Broker's promotion

 People accusing MFX Broker's promotion

 

Denis Kulagin swears at those who accuse MFX Brokers' promotion

Denis Kulagin swears at those who accuse MFX Brokers' promotion

 

In 2016, the fixed-income investment plan launched by MFX Broker faced persistent complaints. Numerous investors struggled to withdraw their funds, encountering significant obstacles. Eventually, it was conclusively revealed that MFX Broker operated as a scam, and the company had long escaped with the ill-gotten.

 

Denis Kulagin, who previously worked for MFX Broker and staunchly defended the broker, has joined AMarkets. This change has raised curiosity among observers, prompting questions about AMarkets’ intentions. Clearly, the company recognizes Mr. Kulagin’s talent, as evidenced by his inclusion in their team. However, as an investor, how would you feel about Kulagin, the person who stood with a Ponzi scam and financial criminal? Would you be willing and trustingly investing in AMarkets, given Kulagin’s presence within the company?

 

At the end

The complex regulatory information about AMarkets and the presence of the "Ponzi promoter" in its team make it difficult to trust it and invest there. Negative reviews on the internet are not lacking in criticism of the spread offered by AMarkets.

 

Investors should exercise caution when selecting a broker. If a broker cannot substantiate its legitimacy by providing a financial services license issued by reputable regulatory authorities, it raises concerns. After all, people work hard to earn money to invest and no one would want to be exposed to any great risk.

 

Investors can always find a better option than AMarkets in the market.

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