Forex Trend, the retail Forex brokerage registered in New Zealand, seems to be the focus of negative publicity lately, with Russia’s Forex self-regulatory organization CRFIN adding its voice to the chorus of warnings against the company.
Earlier today, the Centre for Regulation in OTC Financial Instruments and Technologies (CRFIN) added Forex Trend (https://fx-trend.com/home), a retail Forex brokerage with tens of representative offices across Ukraine and Russia, to its list of companies that display features of fraudulent businesses.
The Forex self-regulatory organization says that it has received numerous complaints from clients of Forex Trend regarding problems with withdrawal of funds.
CRFIN has discovered that the financial problems at Forex Trend have resulted from its fraudulent way of operating. In particular:
- The business promises extraordinarily high and guaranteed returns;
- The are no solid guarantees that the funds will be available for withdrawing;
- Misleading claims of regulation: Forex Trend claims it is a member of an experts council at the Council of Federation Committee on Budget and Financial Markets. A check shows this is far from true.
CRFIN advises investors to stay away from Forex Trend and to exercise extreme caution when dealing with companies that exhibit features common to fraudulent businesses.
The action by CRFIN comes less than a week after Alpari RU published an open letter regarding the illegal use of the “PAMM account” trademark by Forex Trend. In the letter, Alpari stressed that Forex Trend was abusing the trademark, thus compromising the reputation of the PAMM methodology and the Forex industry as a whole. Alpari urged Forex Trend to stop using all PAMM-related terminology and to settle matters outside of the courtroom.
CRFIN also notes the abusive use of the PAMM trademark and warns that the data Forex Trend has offered to its clients regarding the performance of PAMM accounts has most likely been falsified.
You can view CRFIN’s “Black List” by clicking here.