Deceptive website and app that appears to be defrauding customers by exploiting our brand.
- The App’s logo is strikingly similar to forexlive.com.
- To shut it down, we are moving right away.
A number of misleading websites and applications that mimic forexlive.com of the Financial Magnates group in terms of branding and logo seem to be defrauding people. We are taking quick action to shut down these websites and applications since they are not linked with Forex Live.
TradingLive Fakes
Forexlive.co.in, one of these bogus websites, aims to attract Indian traders. On its website, the platform advertised having a location in Bangalore and providing currency pair trading services. Unfortunately, the website appears hurriedly put together because most pages still have “Lorem Ipsum” inscriptions on them. Also, it has a more than ten download Android app.
Another app on Google Play with more than 5,000 downloads, Forex Live Trading Alerts, appears to be a shady website. This portal offers signal subscription options and has a professional appearance. It also runs on the fxsignalslivetrading.com website, but little information is accessible regarding the platform. Moreover, several writings containing “Lorem Ipsum” were left on this page.
Take caution.
While accessing any website purporting to be affiliated with our brand, we strongly advise you to proceed with care. Use only our official website to avoid falling victim to this kind of fraud. Moreover, you should confirm that you are visiting our official website, https://www.forexlive.com, by looking at the URL in the address bar of your computer. It should start with “https” and contain our company name.
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Unfortunately, clone companies are fairly prevalent in the retail trade sector. The clone operations frequently imitate licenced brokers, using their data to trick customers into making deposits. By educating the public about the clone, regulators and brokers combat such tactics, and today it appears that Finance Magnates Group was forced to follow suit.
In addition to cold calling investors, scammers and clone companies may also reach out to them via marketing emails and social media sites. After looking for investments online and providing their information, investors could also receive calls.
Clone companies could promote investments in securities including bonds, shares, FX, and cryptocurrencies that are impossible to trade, worthless, excessively expensive, or even nonexistent. For a down payment, some clones provide services for borrowing money or recovering money from prior investments.
