Warning Investors Payforex.io – Regarding falsely claiming association with registered Australian businesses or financial services licensees and their authorized representatives.
Introduction:
If you are looking for a reliable and trustworthy forex broker, you may want to avoid payforex.io. This website is a suspected imposter entity that may be impersonating or falsely claiming to be working with registered Australian businesses, financial services licensees, credit licensees, or their authorised representatives or employees. The Australian Securities and Investments Commission (ASIC) has issued an alert about this website and advised investors to exercise caution.
Regulation and Compliance:
Payforex.io claims to be regulated by the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, and the Australian Securities and Investments Commission (ASIC) in Australia. However, these claims are not verified by any of these regulators. In fact, ASIC has warned that payforex.io is not associated with any of its licensed entities and may be operating without a licence or authorisation.
Customer Support:
Payforex.io provides a phone number, an email address, and a live chat option on its website. However, these channels may not be reliable or responsive. Some customers have reported that they were unable to contact the broker or withdraw their funds. Others have complained that they were pressured to deposit more money or faced aggressive marketing tactics.
Customer Reviews:
Payforex.io has a very low rating on Trustpilot, with only 1.4 out of 5 stars based on 17 reviews. Most of the reviews are negative, with customers accusing the broker of being a scam, fraud, or rip-off. Some customers have claimed that they lost their money or were unable to access their accounts. Others have warned potential investors to stay away from this broker.
How can crypto transactions be traced?
Payforex.io offers trading in various cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, and Ripple. However, trading with this broker may not be safe or secure. Crypto transactions can be traced by using blockchain analysis tools that can track the movement of funds across different addresses and platforms. This can help identify the source and destination of the transactions, as well as the parties involved. Therefore, if you trade with payforex.io, you may expose your personal and financial information to hackers, scammers, or law enforcement agencies.
Shielding Your Finances: Measures to Avoid Scam Brokerages
To avoid scam brokerages like payforex.io, you should always do your research before choosing a forex broker. You should check the reputation and regulations of the broker, as well as the terms and conditions of their services. You should also verify their contact details and customer support options. Moreover, you should never invest more than you can afford to lose and always use secure payment methods. If you suspect that you have been scammed by a forex broker, you should report it to the relevant authorities and seek legal advice.
Conclusion:
Payforex.io is a suspected imposter entity that may be falsely claiming to be working with Australian businesses or licensees. This broker is not regulated by any reputable authority and has received many negative reviews from customers. Trading with this broker may expose you to high risks of losing your money or compromising your privacy. Therefore, you should avoid payforex.io and look for a more reliable and trustworthy forex broker.
