An Investor Was Defrauded of $4500 by Scam Forex Broker GiroFX

There are several ways that investors are entrapped by Forex scammers. The most common one is that scammers induce investors to make deposits and then refuse their withdrawal requests with different excuses.

Brokersview recently learned that an investor has been defrauded of $4500 by the scam forex broker GiroFX. Based on the information we hold, the company operated a withdrawal scam and then cut off contact.

Scammer Promises to Double Principle

The investor recently posted his scammed experience with the fake forex broker. He said that he found GiroFX on Facebook and then decided to make a deposit of $45oo without looking at reviews about the broker.

The investor said that he sent his fund via BTC wallet and the company promised to double with only 5% commission. However, he read some reviews on the company after the investments which caused him concern. So he requested liquidation of his funds but no avail.

“After many attempts they just stopped replying, took the money and ran,”the investor said.”GiroFX is not regulated which we have come to realize after the fact. The reviews we have read are heartbreaking with the elderly losing their entire savings to this company.”

There are many investors being scammed in the same way as the investor. Another investor said that he had also gotten involved in the scam because he had been asking for a withdrawal and just got all kinds of excuses.

GiroFX Was Alerted by Swedish FI

GiroFX claims to provide foreign exchange trading services and be registered in Cyprus. But there is no any regulatory information on its website. This means that the forex broker has not yet been subject to any effective supervision.

Furthermore, we found that on 20 April 2020, the fake broker was blacklisted by the Swedish Financial Supervisory Authority (FI). The regulator claimed that GiroFX is neither authorised by FI to conduct securities business or other financial services in Sweden nor under FI's supervision.

(Screenshot from FI)

Although the regulation on the forex brokers are becoming increasingly tightened worldwide, there are many unscrupulous brokers who should not be in business. When looking for a licensed broker, it's important to verify its authenticity and business status.

Brokersview suggests investors to keep vigilant when choosing forex brokers. If you are not sure, you can search on the official website of the regulatory bodies.