Within the dynamic realm of forex trading, where fortunes hang in the balance, the shadows conceal a less glamorous truth—a breeding ground for unscrupulous scams. Peeling back the layers of deception, this piece reveals the fraudulent practices of the broker Matrixinvest and aims to give readers some insight into telltale signs of and safeguards against potential forex fraud.
Touting itself as an international brokerage firm, Matrixinvest provides clients with access to a range of markets including Forex, Commodities, Cryptocurrencies, Indices, and Stocks. Based on different levels of trading needs, Matrixinvest offers a selection of 6 types of accounts: Starting, Bronze, Silver, Gold, Platinum, and ECN, allowing a minimal deposit of $250 and Islamic Account opening. Matrixinvest supports Web Trader, Mobile Trader, and Desktop Trader platforms.
Matrixinvest also claims to be committed to providing the best possible customer service. Negative balance protection, careful risk management, bank account segregation, and highly competitive spread are among the strengths that Matrixinvest boasts of to drive clients toward success.
There is no relevant regulatory information presented on its website homepage, but the broker mentions a company called Nexus LLC in the “Terms and Conditions” section, which is allegedly incorporated in ST. Vincent and the Grenadines under the registration number REG 1070 LLC 2021. Upon investigation, we could not find any relevant records in the SVG FSA to validate this claim.
Even if the “Nexus LLC” Matrixinvest claims to be associated with is actually registered with the SVG FSA, Matrixinvest would remain in its unregulated status. It is worth noting that the SVG FSA neither regulates forex activities nor issues such licenses.
Clients accused Matrixinvest of committing fraud. What makes them consider the broker to be a scam include the following reasons:
- Luring investors with fake ads;
- Appointing financial advisors to persuade deposits of additional funds;
- Falsifying employee identities and customer investment information;
- Refusing to return customer funds.
A customer posted a very long review sharing her bad experience with Matrixinvest (we show only a part of the review below). According to her, when she requested a withdrawal, her "financial advisor" directed her to log into several weird websites and tried to steal her information or funds via remote control software. She then stopped the process, only to be insulted by another employee. Ultimately, she still hasn't received his £250 back.
On 13 November 2023, the German financial regulator BaFin issued a warning against Matrixinvest, alerting customers that the website matrixinvest.org and its operator Nexus LLC are providing financial and investment services without the required authorization.
Always avoid dealing with unregulated brokers like Matrixinvest, which is currently carrying withdrawal issues, leaving clients stranded and unable to access their hard-earned funds. Besides, the allegations of fraud from the above clients indicate suspicious aspects surrounding Matrixinvest, posing the risk of potential fraud to traders.
A lack of transparency, withdrawal problems, and non-compliance should raise immediate red flags and discourage you from engaging with such entities.