A Warning from CONSOB! ConiusFx is a Scam

Many forex scams rely on offering good trading conditions to appear victims' eyes in order to pull off the scam and the most common way involves claiming strict regulation and trustworthy online trading service. However, when you search the claimed regulation information on the Internet, you would find it is not true. Moreover, it is more usual for you to learn a reality- the fraudulent broker has no regulation and was warned by some global financial regulators before.

Recently, BrokersView learned that the forex broker ConiusFx is one of the above scammers.

Falsely Claims to be Regulated by FCA

The fraudulent firm claims to be domiciled in a regulated jurisdiction and displays fake license information on its website to try and improve its credibility with unsuspecting investors.

According to its homepage, the entity claims that it is regulated by one of the world's leading financial jurisdictions, their clients can rest assured that they are trading with a safe and secure company. In other words, it shows on the bottom of its homepage that ConiusFx is regulated by the Financial Conduct Authority of the UK (FCA) under the license #509778. However, searching on FCA registry, we found the license number the fraud claimed belongs to another broker - LMAX Limited, an FCA-regulated firm owns a single approved domain address - www.LMAX.com, which obviously has no association with ConiusFx or coniusfx.com. Therefore, ConiusFx is an unauthorised firm that uses the details of a regulated entity when offering products and services, and we can conclude that it is a scam.

Warned by Italian CONSOB

What's more, based on the information we hold, we learned that the scammer was warned by Italian regulator CONSOB, giving the reason that it operates and attracts clients without legal licenses.

On 1st December 2021, the watchdog warned the public that ConiusFx is carrying out financial activities unlawfully. In other words, Fortexo is an unregulated forex broker. That means investors' funds in this broker is unsafe and cannot be protected by any laws. Therefore, it is a scam broker.

To make sure you are dealing with a regulated broker, BrokersView suggests you find easily the broker's regulation information before you are going to deal with it. Lacking of information is a big red flag since you don't know who will be dealing with your money.

We welcome you to send your trading stories to service@brokersview.com if you unfortunately had a bad experience with an unlicensed broker.