Welcome to my review of Cash FX Group, also known as CashFX and CFX. Is Cash FX a scam? Yes, CashFX is a fake investment platform and MLM Scheme that promises unrealistic passive income returns on your investment. In reality, CFX is little more than a pyramid scheme that operates out of Panama. You will learn everything you need to know before investing money into them. Let’s get started!
Overview
Name: Cash Forex Group
Website: cashfxgroup.com
Price: $300 – $100, 000 USD
Owners: Huascar Lopez and Edwin Abad
Scam Type: Crypto Ponzi SCAM
What is CashFX
Huascar Lopez and Edwin Abad created Cash Forex Group as a “trading education company.” On the surface, Cash FX Group claims to be a Multi-Level-Marketing-based Forex Educational platform started in 2019, selling Forex training packages and currently operates in Panama City, Panama. In reality, however, CFX’s entire business model is based on selling costly “trading packs.” Trading packs. The Trading packs can only purchase with Bitcoin.
When you buy a trading pack, a portion is “traded” on your behalf by “professional forex traders” and their in-house proprietary Artificial Intelligence trading software. While this may sound great in theory, there is no evidence to prove that the money CashFX pays out to its members is financed by trading on the forex market. Instead, all evidence suggests that the CashFx group is a Ponzi Scheme, where victims are paid out with the money of new members joining in. Any money that flows back to your trading pool is stolen from people who join after you.
Is CashFX Legit?
Cash Forex Group is not legit. Despite its claim to be a “transparent company,” they do not provide any tangible information to prove its legitimacy. If CashFX Group is a legitimate investment, it should be able to provide critical yet straightforward information such as who its broker is. CashFX should also be able to provide evidence of actual trading to track the performance of your investment with details of their profit and losses. However, when members ask for detailed information, Cash FX Group support often ignores members. CFX will also respond by terminating members’ accounts without a refund. Account termination is CashFX Group’s usual response to criticism and when members ask essential questions regarding when they will be paid.
CashFX’s Services Are Not Licensed
CFX does not have a broker and has amassed more than 30 fraud warnings worldwide for offering financial services without a license from local financial regulators. Legitimate companies that provide financial assistance must be licensed to operate in most jurisdictions. Whether investing or banking, licenses are required because they help protect consumers from illegal and predatory business practices. Without a license, victims have little hope of being compensated for any money lost due to fraud.
30+ Fraud Warnings
CashFX group has over 30 fraud and investor warnings issued against it by financial regulators worldwide. I have compiled a list with links to each country’s official government website. CashFX has been operating illegally since 2019, and you would be wise to avoid investing any money into it, whether it is their lowest pack or not. If you put money into CashFX, you are essentially helping it to continue operating, meaning that you are creating a situation to harm even more victims.
Top Members Promoted Similar Schemes
The top promoters of CashFX have a history of promoting other crypto Ponzi schemes that have collapsed in the past. For example, CashFX Group’s Head of Marketing, John Kinnear, promoted One Coin. OneCoin was another crypto Ponzi scheme that failed and stole all its members’ money. Look into the history of John Kinnear, and you compare the things he said about OneCoin. You will discover that he says the exact things about Cash FX Group.
Withdrawal Issues for over a year
In February 2021, members of CashFX began to encounter problems with receiving their withdrawals. As of June 2022, Cash FX failed to pay its members for over nine months. Like all crypto Ponzi schemes before CashFX, withdrawal issues are the first warning sign that the company has begun to collapse, and CFX is no exception. Once recruitment for a Ponzi referral program slows down, members realize that they will not be receiving any more money from the investment scheme. Unfortunately, the company continues to make excuses for why withdrawals are now nine months late, and only the most desperate, deluded and criminal members continue to believe them.
Fake Debit Card
Cash FX group has been stringing their victims for over three years with false promises and lies. The latest lie is that CFX is now claiming that they will have their own credit card and debit card. They are attempting to lead their members to believe that legitimate credit card companies like VISA and Master Card will be their card issuers. However, if you call Visa and Master Card, they make it abundantly clear that they are aware of Cash FX Group and do NOT offer their services.
Fake Trust Pilot Reviews
Cash FX Group has also encouraged its members to write fake reviews on Trust Pilot. This strategy is a vain attempt to appear more legitimate. However, suppose you look at the vast majority of the positive reviews about Cash FX. In that case, you will notice that they only have one review. A single review is a telltale sign that the reviewer is likely fake and using duplicate accounts to affect Cash FX Group’s poor ratings.
Should You Invest in CashFX?
NO, you should not invest in Cash FX Group because it is not licensed to sell financial products. You are not protected by any enforceable agreement when CashFX fails. CashFX receives all payments and pays all its members in bitcoin. Because CashFX deals exclusively in Bitcoin, it makes prosecution difficult, if not impossible, for you to retrieve any money lost. Furthermore, there is no evidence that the money they pay its members comes from FOREX trading.
Can You Get Your Money Back?
This isn’t easy to answer because it depends on your country’s authorities. The chances of CashFX Group being prosecuted are meagre. The reason is that fraud is notoriously difficult to prosecute, especially when cryptocurrencies like Bitcoin are involved. If Cash Forex Group has scammed you, your best course is to report the people who introduced it to your local authorities. CashFx is not licensed to sell securities. The person who introduced it to you likely doesn’t have a licence to sell financial products.
Conclusion
If you lost money by investing in Cash Forex Group, don’t hesitate to contact your local Financial Authorities. Also, be wary of ANYONE who claims they can get your money back; they can’t. These are called recovery room scams. Do not fall victim to Recovery Scammers. Still, in a nutshell, recovery room scams are other scammers who prey on victims who have already lost their money. They will claim that they can get their money back. They can’t, and in many ways, they are worse than the scammers who stole your money because they prey on a victim’s desperation with often tragic results.
6 Responses
Really thank you so much for reviewing like this. I never knew about CashFx. But there are plenty of scam businesses like this in the world. People are wasting money without knowing about it. I also wasted money on one of these in the early days. People are aware because you post like this. Keep posting like this.
Hello, Pasindu. Thank you! I’m delighted this review alerted you to the CashFX scam. People all around the world are suffering irreparable harm as a result of CFX. Unfortunately, most members were introduced to the scam by a friend or family member, so the losses go beyond financial. Several people have lost relatives and friends because they trusted CashFX. Worse still, many members handed over their entire life savings.
Which fraudulent company stole your money? I’m working on a series about online scams right now. There are so many crypto Ponzi schemes these days that I want to ensure that as many people as possible are aware of them.
Thank you; I will keep pursuing and reporting scammers. I am hoping that the authorities will finally bring these criminals to justice. If you are aware of any scams, please feel free to report them to me. I’m more than happy to use my business experience to investigate and report them.
I had honestly never heard about Cash Forex in the first place, but luckily I didn’t. Thank you for pointing out how this looks like a Ponzi scheme and I will keep very far away from this company. Do you know of any other places that are not such schemes or any other way that I can make an honest living online, from the comfort of my home? thanks
Hello, Lizzy. I’m glad you weren’t aware of them until now. The people who did, joined because a friend or family member recruited them. Unfortunately, the majority of their members are suffering now. None of the members are being paid. Only the early members are still being paid, using money taken from the other people they recruited. When CFX initially started, members were paid weekly, but tragically, that is the most insidious aspect of this scam. Like, true con artists, they gain their victim’s trust until the victim gives them their life savings.
That confidence is the Siren song that also entices victims to include their relatives, who invest their life savings in the scheme. CashFX is a cruel and terrible scam that destroys people’s lives. Scams like CFX don’t just steal money; they also destroy families and friendships. Unfortunately, most authorities refuse to do anything because most victims are often too embarrassed to report it, and all transactions are conducted with cryptocurrency.
When it comes to earning an income online, there are three main ways: Affiliate Marketing, Remote Work/Gigs and Online Retail. I wrote an article on all three and how they work. You can find that article here. I also provided links to in-depth articles I wrote on each one. If you have any questions or need help, don’t hesitate to contact me!
-Kyle
Cashfx is a scam. I invested $500 then grew it to $5000 but in two years only for one withdrawal. In September I asked to close the account, was told I will only get back $1700, all commissions earned was taken. To date I have not received any feedback, all my messages go unanswered and the person who introduced this to us doesn’t have any answers either. I am in South Africa, it’s so disgusting how heartless people are to rob hard working people.
I found that cashfx is a scam. Also invested on their platform, after they kept asking me for kyc I got suspicious and did not invest more. They did not give me my investment (50,000 €) nor profits back. Luckily, Silvana Tenreyro helped me get my money back. She’s a recoup and investigation expert who helped victims in recouping their lost funds.