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Fake Address! LMFX Escaped after Swindling Investor out of 288,000 Naira

WikiFX | 2020-04-06 18:14

Abstract：LMFX is an illegal forex broker which is registered in Macedonia, Europe. They have launched branch office at kwara, llorin Nigeria. But it is closed now.

On March 21, 2019, an investor with more than 10 years of experience in forex trading received an advertising email from the LMFX. A sales representative of LMFX in Nigeria contacted the investor and advised him to do forex trade at LMFX. After months of indecision, the investor finally registered a trading account through LMFXs website and transferred money twice to Guarantee Trust Bank (GTBank) of LMFX, totaling 288,000NGN (800USD). The investor's bank statement showed that the money had been successfully deducted by the LMFX.

The screenshot of bank statement as below:

After a week, the investor found his trading account hadn‘t been credited, and didn’t receive any official email from the broker. So he emailed to a man named Ken Connor, an agent working in Macedonia, to ask why his account still was empty. The agent replied that their Nigerian representatives had explained that the situation was complex and quite troublesome, and suggested the investor to contact their Nigerian office for updates. After communicating with the Nigeria‘s representative of LMFX many times, things got worse that the representative even stopped answering his email and phone any more. Meanwhile, the investor’s trading account still had not been credited and he decided to withdraw. So he immediately emailed to Ken Connor and informed him of the situation. Ken replied that their headquarters was shocked to hear the news and he had reported the situation to the senior management team and CEO. Finally the investor was asked to send the following two documents to the headquarters of the broker for further verifying the situation.

1: Transaction statement of LMFX.

2: A bank statement from the day of the deposit to date.

Some screen-shots of email records with Ken Connor

After a few more days, the investor got a feedback email from Ken Connor, telling him that the headquarter could not access the money from their bank account. The agent suggested the investor need to contact his bank regarding this matter, but the bank replied that the money was not in the bank account.

Several weeks later, the investorcouldn‘tstandthe long and tedious negotiationwith headquarter staff who failed to come up with any concrete solutionof this matter.The investor hadno choice but to visit thebranch office in Nigeria, yet onlyfound the office hadbeen closed. As a result,the investor couldn’t find out where his money went, but the fact is that he deposited the money to the LMFX , and there was also a record of remittance, so why did LMFX keeps saying that they did not see the remittance？ When investor realized it was a scam, the brokers office was gone.

In the end, the investor can only take legal action against LMFX who had defrauded him.

Conclusion: a forex platform registered in a small European town defrauded investors by pretending to be an international broker. The glamorous appearance masks its nature as a scam broker. Please note that if the forex trading company has mentioned branch offices in multiple countries, please go directly to their offices for inspection and see whether they are authentic and have a regulatory license.

Per checking WikiFX App, LMFX has a poor rating of 1.23, and the broker currently has no valid regulation, bearing great risks. The broker is currently active on large social network such as Telegram and Facebook, please stay away!

Declaration:

The article evidence exposed by WikiFX is verified by the following processes:

1: Evidence Collection: (Chatting history records, Trading history records, Banking Transaction records and recording videos from victim).

2: These evidences will be evaluated and verified by expert who has been work in forex industry for many years.

3: The editor will review it again before the article is published.

WikiFX App is a third-party inquiry platform for company profiles.WikiFX has collected 17001 forex brokers and 30 regulators and recovered over 300,000,000.00 USD of the victims.

It, possessed by Wiki Co., LIMITED that was established in Hong Kong Special Administrative Region of China, mainly provides basic information inquiry, regulatory license inquiry, credit evaluation for the listed brokers, platform identification and other services. At the same time, Wiki has set up affiliated branches or offices in Hong Kong, Australia, Indonesia, Vietnam, Thailand and Cyprus and has promoted WikiFX to global users in more than 14 different languages, offering them an opportunity to fully appreciate and enjoy the convenience Chinese Internet technology brings. WikiFXs social media account as below:

Facebook:

https://www.facebook.com/WikiFX.ng/？modal=admin_todo_tour

LinkedIn:

https://www.linkedin.com/company/31506916/admin/

Wiki Fair Forum Function:

In order to help more investors, WikiFX has launched the “Wiki Fair” forum, which aims to provide urgently needed and professional services to Nigerian forex investors.

The exposure function of “Wiki Fair” includes the following features:

1: Allow investors who have been defrauded by illegal broker to complain directly in the forum (as shown in the screenshots)

As long as there is sufficient evidence, a review panel and an executive team will contact the broker to discuss the complaint or expose it directly through the media. Here are the exposure channels:

2: Block low score brokers from entering the forum

3: Monitor suspicious communication in real time, and directly spot and deal with suspicious fraud;

4: Negotiate with highly reliable brokers selected by WikiFX in the secure environment of Wiki Fair.

WikiFX APP exposure channel: https://www.wikifx.com/ng_en/download.html

Information page to understand forex scam and exposure channel: https://activities.wikifx.com/

Website exposure channel: https://exposure.wikifx.com/ng_en/revelation.html