GXCM - British financial regulator FCA warns against online broker

The apparent online broker GXCM pretends to be a reputable platform for online trading. However, there are numerous indications that there are considerable shortcomings at GXCM. Reports of telephone terror, rip-offs and investment fraud are piling up from traders about GXCM. Investors have lost all their capital invested with GXCM. Doubt is the order of the day. Meanwhile, many GXCM investors are worried that it is an investment scam. All GXCM investors are wondering if they have fallen victim to investment scammers? And what can GXCM investors do if the suspicion of investment fraud is substantiated? How can GXCM investors get their money back? Does it make sense to file a criminal complaint against GXCM with the police? What help is available in the event of investment fraud?


GXCM: Doubtful promises on the website
What are the astonished visitors to www.gxcm.finance being presented with? "Invest with confidence...We are an advanced CFD and cryptocurrency online investment platform...Our customer-focused team of experienced financial wizards and dedicated support staff are here to optimise your trading success...We don't believe trading is just for traders...We believe in trading for everyone...Our goal is to unlock the potential of the global financial markets for everyone. ..Anyone with an interest in the financial markets should be able to realise their full potential...Our trading platform is designed to cater for traders of all levels, from beginners who have never traded before to seasoned professionals...We want to create a platform that connects everyone to the world's financial markets and makes them realise their potential." That's just a small excerpt of the over-the-top promises that interested parties can find on GXCM's website. None of these full-bodied assurances by GXCM have been delivered. Unfortunately, the suspicious business behaviour rather makes for disappointed investors and bad experiences!


GXCM: Hide-and-seek game with the domain entry!
Remarkable for the business practices of the GXCM makers is that the website does not contain an imprint. Thus, the full details of the legally responsible operators of the website are missing. If one takes a look at the domain data of the GXCM website, there are no references to the operators. However, one learns that the domain was only registered with NameCheap, Inc. on 08.10.2020. The real domain owners are hiding behind the Icelandic anonymisation service Withheld for Privacy ehf.


GXCM: Who is behind it?
Many investors will find it rather difficult to answer this question, as the GXCM makers do everything they can to conceal the true circumstances. However, this is nothing unusual. The perpetrators usually operate several of these websites with the same fraudulent business model. These are created in advance, quickly put on the net and just as quickly shut down. The top-level domain is often changed to deceive the financial supervisory and law enforcement authorities. But who is the operator? In a self-initiated article in yahoo!finance, GXCM claims to be "Based in the United Kingdom with headquarters in Switzerland, Malta, Poland, Italy, Estonia, Nigeria, and Australia...". However, GXCM's website gives only scant information on this. The company name GXCM LTD. is given, but no business address. In addition, there is the obligatory support e-mail address and the three British telephone numbers +442039578593, +442039578576, +442039578542. A worldwide search for GXCM in the relevant registers leads to no result. This makes it clear that the product in question is a pure fantasy.


GXCM: The customer acquisition of the investment fraudsters
The same procedure can be found here again and again: In order to acquire new investors, the recommendations of GXCM are advertised in all possible media and channels. Often the offers are false claims. In addition, they upload films on Youtube in which prospective investors are convinced with false 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 programme is usually launched to give others incentive to intensively promote GXCM.


GXCM: 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. Investors usually start with a small amount of money. Beforehand, investors are often motivated to install remote maintenance software such as AnyDesk or TeamViewer on their computers so that they can supposedly receive help with the first steps. In many cases, the computer is manipulated afterwards and unwanted transactions are carried out. In the process, the investment fraudsters often also 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. Sometimes even small sums are paid back to lull investors into a sense of security. Who then does not want to increase the stakes further? But what happens next?


GXCM: Repayment of money is subject to conditions
Once in, it is usually impossible to get out. Instead, the administrators of the investment scams tie the repayment of the money to further deposits. This is where employees come in, claiming alleged tax debts and commission payments. If these are settled, the alleged profits are paid out. The perpetrators send investors self-made tax and commission statements, often decorated with fake coats of arms. These would have to be paid urgently. It is never possible to offset them against the alleged profits. If an investor refuses to make further deposits, supposed profits are turned into losses through senseless transactions and the client is damaged to the maximum. The horror does not end there, but investors are permanently confronted with calls from other dubious providers. This indicates that the investors' contact details are traded on among the investment fraudsters. In the end, a "saviour" regularly calls 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 "saviour" also wants a small fee - in advance!


GXCM: Scheme of investment fraud?
There is no authorisation of the online broker GXCM. GXCM lacks authorisation by a recognised European financial regulator, such as the English Financial Conduct Authority (FCA) or the Cyprus Securities and Exchange Commission (CySec), which is frequently used by brokers. Likewise, there is no authorisation from the Swiss Financial Market Supervisory Authority (finma) or the Financial Market Authority (FMA) of Austria, which is responsible for Switzerland. Instead, there is a warning from the FCA dated 13.08.2021. It is easy to see that GXCM is a scheme of capital investment fraud. All traders harmed by GXCM are advised to seek the advice of an investment fraud lawyer as soon as possible.


GXCM: Where are the investment fraudsters active?
Unfortunately, GXCM's illegal activities are not limited to the English-speaking world. Because GXCM also addresses German-speaking investors, it is only a matter of time before the defrauded investors of this speaker group also come forward. Going through the list of regulators is recommended before any financial commitment to reduce the risk of becoming a victim of investment fraud.


GXCM: Investors want their money back!
Fortunately, the constellation is more promising than it seems. The aggrieved investors can file a lawsuit against those involved in the investment fraud and reclaim their invested capital. At the moment, it is unlikely that the GXCM investment fraudsters will be caught in the near future, but there is still reason to hope. The reason for this is the fact that the money transactions took place via accounts provided by reputable banks. They demonstrably failed to check the investors' deposits, some of which were large and therefore subject to controls, and their onward transmission for legality. These delays enabled the investment fraudsters to carry out their criminal activities in the first place.


GXCM: They want their money back! How does it work?
Armed with this knowledge, investors would never have entered into a business relationship with GXCM. Now the only option left for the defrauded is to try to recover the misappropriated capital. Many investors cannot even imagine that there is a real chance of ever seeing their money again. Definitely yes! There are numerous legal bases to fall back on. The generic term is "money laundering". When investment fraudsters collect money, the offence of money laundering has been committed. Financial institutions are obliged to take action against money laundering. This is where one starts with good chances of success. Before doing so, essential questions should be clarified. Where did the money moved by GXCM go? Is there a chance that the victims of the investment fraud will get back the money they invested with GXCM? What actions are needed next? A lawyer specialising in investment fraud will be happy to answer such questions thoroughly for you


GXCM: Who can help?
What to do in case of investment fraud? What help in the case of investment fraud can victims of GXCM hope for? GXCM victims will ideally find the help they need from an experienced investment fraud lawyer. He will be able to take care of your case with GXCM 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 GXCM.


GXCM: Follow the money!
Such abuses on the unregulated capital market have been pursued by the internationally active investor protection law firm Resch Rechtsanwälte for over 30 years. In this respect, GXCM's modus operandi is nothing really new. Over the decades, Resch Rechtsanwälte has developed a powerful range of instruments for tracking down misappropriated capital and tracing the flow of money. In times of the internet, it has become really difficult to actually make funds disappear. The sooner investors follow the money trail, the more likely they are to recover their invested capital. Above all, it is important that investors who have been harmed by GXCM react immediately.
Investor protection law firm Resch Rechtsanwälte


RESCH Rechtsanwälte - Experience in investor protection since 1986
If you have been a victim of GXCM and want to know if and how you can get your money back, call +49 30 885 9770 or fill out the questionnaire. You will receive a free assessment of your case.