Scam brokers tend to promise you safety, protective, or transparent trading conditions, as well as fast ROI(Return on Investment), but when you deal with it, you will find the actual situation is quite the opposite.
Recently, BrokersView learned CamFX Trade is cheating traders with huge, quick and good returns.
An Unregulated Forex Broker
CamFX Trade claims it is a strictly regulated firm who get business license issued by the Registrar of the Business of the United States. Obviously, the document is fake.
Moreover, if a company offers forex services in the US, it should be registered be registered as a futures commission merchant and foreign exchange dealer with CFTC and to be a member of NFA. However, no results matched with CamFX Trade on the two regulatory bodies.
Good ROI Oriented
The broker states that it carefully chose the best and most profitable trading methods to get amazing results.
As you can see, its trading accounts promise a compounding total return of at least 35% for 7 days, and up to 120% for 3 days. That means you would see a 35% or 120% ROI on your initial capital. It just tells you can make good returns but fails to explain in which way you can get them. If you think carefully, you will know it is just a scam, targeting people who are not yet familiar with the specifics of trading, and are tending to make a quick money.
FCA Warns Against CamFX Trade
Checking its "Contact Information", CamFX Trade shows its office address is in London, the UK. As per the UK law, all firms and individuals offering, promoting, or selling financial services or products in the UK have to be authorized or registered by the UK financial regulator - FCA. We searched with CamFX Trade on the FCA Registry but only found it had already been blacklisted as the result of a lack of authorization.
Based the upon information, we can conclude that CamFX Trade is a scam.
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