FXpoint - BaFin warns against online broker and its operator

The alleged online broker FXpoint sells itself as a serious platform for online trading. However, there are numerous indications that everything is by no means straightforward at FXpoint. Reports from traders about FXpoint are piling up, talking about telephone terror, rip-offs and investment fraud. Traders have lost all their capital invested with FXpoint. Doubts are announced. Meanwhile, many FXpoint investors are worried that it is an investment scam. The website of FXpoint is still accessible. All traders of FXpoint wonder if they have become victims of an investment fraud? And what can FXpoint traders do if the suspicion of investment fraud is substantiated? Will the FXpoint traders get their money back? Does it make sense to file a criminal complaint against FXpoint with the police? Where can I get help with investment fraud?



FXpoint: Unbelievable promises on fxpoint.co!
What is being put in front of the unsuspecting prospective customers on www.fxpoint.co? "Maximize your returns by having your personal accountant assist you with your strategies and trades, and optimize your investment portfolio. Your identity is kept private and protected. All of our traders work with our high-level encryption systems that store portfolio investments offline. We offer reliable and simple real-time trading solutions. An innovative interface with live asset charts, order reports, trading history and easy-to-use indicators. Make an investment and start trading from any computer or cell phone. Benefit from the lowest possible commission with transparent fees to ensure you trade with a profitable trading system with a wide variety of assets to trade." This is just a small sample of the untrustworthy promises that interested parties can find on FXpoint's website. None of these given promises by FXpoint have been kept. Unpleasantly, the questionable business conduct rather provides for disappointed traders and bad experiences! 


FXpoint: Hide-and-seek game with the domain entry!
Remarkable for the business practices of the FXpoint makers is that the website does not contain any imprint with complete information about the legally responsible operators of the website. If you look at the corresponding domain data of the website fxpoint.co, you will find no reference to the operators and discover that the website was registered with NameCheap, Inc. only on 02.07.2021 and that the real domain owners are hiding behind the Icelandic anonymization service Withheld For Privacy Ehf. 


FXpoint: Who is behind it?
Answering this question will be rather difficult for many investors, as the FXpoint makers do everything they can to conceal the true circumstances. However, this is not unusual, as the perpetrators often operate various of these websites with the supposedly same business model and quickly bring them online, but also shut them down again just as quickly. In many cases, the top-level domain is also frequently changed, possibly also in order to deceive the financial supervisory and law enforcement authorities. And who is the operator? On the website www.fxpoint.co there is only sparse information about this. At the end of the website, for example, there is the following note: "Grey Matter Enterprise Ltd, a company registered under the laws of St. Vincent and the Grenadines, with registration number 25873 BC 2020 and registered address Suite 305, Griffith Corporate Centre, Kingstown, St. Vincent and the Grenadines". St. Vincent and the Grenadines? This is a group of islands in the Caribbean that is popular with offshore companies due to its lax legislation and is often used by criminals for shell companies. When searching for the company Grey Matter Enterprise Ltd in the company register of the Caribbean island of St. Vincent, one does not find anything. However, the Griffith Corporate Center in Kingstown is well known to connoisseurs, because here reside various other shell companies that are engaged in cyber trading.


FXpoint: The customer acquisition of the investment fraudsters
Here the same procedure can be found again and again: To win customers, the offers of FXpoint are advertised in all available media and channels. For example, advertising is placed in the social media, such as Facebook. In most cases, these offers are false claims. To increase the deception, they upload movies on Youtube or Vimeo, in which interested traders are convinced with fictitious references. Here, supposed celebrities report on their experiences with online trading and cryptocurrencies, often with a misleading reference to the TV show "Die Höhle der Löwen". At the same time, an affiliate program is often launched to incite others to intensively promote FXpoint.


FXpoint: Criminal business practices!
As soon as the customer has registered on the trading platform, he receives calls from alleged financial brokers who like to refer to their years of experience and their satisfied customer base. In many cases, however, the makers of this business model are fraudsters, against whom the Federal Criminal Police Office and the Federal Financial Supervisory Authority (BaFin) also warn. Usually the investors start with a small sum as employment. Beforehand, investors are also often motivated to install remote maintenance software, such as AnyDesk or TeamViewer on their computers, so that assistance can supposedly be provided with the first steps. In many cases, the computer is subsequently manipulated and unwanted transactions are carried out. In the process, the investment fraudsters also frequently gain access to their victims' online banking. What is particularly criminal, however, is when supposed profits are displayed on the trading platform in order to entice the customer to place further high stakes. In some cases, even small sums are returned in order to lull investors into a sense of security. Who then does not want to further increase the stakes? But what happens next?


FXpoint: Repayment of the money is attached to conditions
An exit is then however usually no longer possible, rather a repayment of the money is linked to further deposits. Here then the coworkers come to the employment, who make still alleged tax debts and commission payments valid. These would have to be settled first, then it would come to the disbursement of the allegedly obtained profits. For this purpose, tax and commission invoices are sent to the investors, which are often decorated with fake coats of arms and, of course, have to be paid urgently. However, it is never possible to offset these payments against the supposedly achieved profits. If one refuses to make these further payments, the supposed profits are often turned into losses and the customer is harmed to the maximum. However, this is usually not the end of the horror, but the investors are often permanently confronted with calls from other dubious providers, which indicates that the contact details of the investors are further traded among the investment scammers. In the end, the "savior" regularly comes forward, claiming to have uncovered the whole scam. He impresses with his insider knowledge. No wonder, since he is part of the fraud gang. The next rip-off! And of course, the "savior" also wants a small fee - in advance!


FXpoint: Scheme of investment fraud?
There is no regulation of the FXpoint trading platform. FXpoint lacks authorization from a recognized European financial regulator, such as the Financial Conduct Authority (FCA) or the Cyprus Securities and Exchange Commission (CySec), which is frequently used by brokers. Likewise, there is no authorization from the Swiss Financial Market Supervisory Authority (finma), which is responsible for Switzerland, or the Financial Market Authority (FMA) of Austria. For this, there is a warning from BaFin. It is effortless to see that FXpoint is a scheme of capital investment fraud. All investors harmed by FXpoint are advised to consult an investment fraud lawyer as soon as possible.


FXpoint: Where are the fraudsters active?
Investors are certainly dealing with investment fraud at FXpoint in Germany, Switzerland and Austria. FXpoint's illegal activities are by no means limited to the DACH region. Because FXpoint equally addresses traders Russia, Italy, Spain, France, Poland, China and Arabic-speaking countries, it is only a matter of time until the defrauded from there also come forward. A look at the list of regulators is advisable before any financial commitment to reduce the risk of becoming a victim of investment fraud.


FXpoint: Claims for damages against banks
In Germany, a license from the Federal Financial Supervisory Authority (BaFin) is a mandatory requirement for financial services and investment transactions. To transact, support or facilitate such business is prohibited, even across borders into Germany. Persons who participate nevertheless in it are obligated to the concerning to payment of damages. Such investment fraud cases would certainly not have been feasible without such banks.


FXpoint: Investors want their money back!
The mixture situation is by far more promising, than it seems. The aggrieved investors can take action against the investment fraud and demand their invested capital back. At the moment it is not to be expected that the investment fraudsters of FXpoint will be seized soon, nevertheless there is reason to hope. The reason for this is the fact that the money transactions were made through accounts provided by financial institutions that cared about good reputation. Unfortunately, those responsible failed to check the traders' deposits, some of which were large and therefore subject to controls, and their onward transfer for illegality. Omissions of this kind made the investment fraud only possible.


FXpoint: They want their money back! How does it work?
Equipped with this knowledge, no trader would have entered into a business relationship with FXpoint. Now the only alternative left for the deceived is to try to recover the invested capital. Many investors cannot even imagine that there is any real chance of ever seeing their money back. Clearly yes! There are numerous legal bases to fall back on. The generic term is "money laundering." When investment fraudsters collect money, the crime of money laundering is committed. Financial institutions are obliged to take action against money laundering. This is where we start with good prospects of success. Essential points should be clarified in advance. Where did the funds embezzled by FXpoint go? Is there a possibility for the victims of the investment fraud to get back their money invested with FXpoint? What action should be taken now? You can get the answers to these questions from a lawyer specializing in investment fraud.


FXpoint: Who can help?
What to do in case of investment fraud? What help in the case of investment fraud can the victims of FXpoint hope for? Victims of FXpoint will ideally find the help they need from an experienced investment fraud attorney. He or she will be able to take care of your FXpoint case both in terms of the criminal aspects of investment fraud, as well as the recovery of funds and possible claims for damages. A lawyer for trading also comes into question, because he is also familiar with the methods of fraudulent brokers, such as FXpoint.


FXpoint: Follow the money trail!
Such abuses on the unregulated capital market pursue the Anlegerschutzkanzlei Resch attorneys for over three decades. The working method of FXpoint is in this respect nothing really new. Over the decades, Resch Rechtsanwälte has developed a sophisticated set of tools for tracking down evaded capital and tracing the money trail. In times of the Internet, it has become very difficult to actually make funds disappear. The faster traders follow the money trail, the better the chances are that they will get back their invested capital. Now it is important that the traders who were harmed by FXpoint react without delay.


RESCH Attorneys at Law - Experience in investor protection since 1986
If you have become a victim of FXpoint and want to know if and how you can get your money back, call 030 885 9770 or fill out the questionnaire. You will receive a free assessment of your case.