Scam Alert: Untomi Forex Trading Recommended by Clone 'I-Max Financial' is NOT Regulated

A user of BrokersView has reported that he has been scammed by Forex broker Untomi Forex Trading. After a careful review of the broker, we found that it is not legitimate.

The scammers lured investors into joining a "silver investment package" offered by Untomi Forex Trading with a low deposit requirement, promising that significant profits would be earned in a few hours. However, the purpose of the scammer is not to help investors make money but to cheat them. Untomi Forex Trading asked the investor to pay expensive broker fees when he withdrew. After receiving the fees, it kept withholding the "profits" and asked the victim to pay more and more expensive fees over and over again. In the end, the victim was cheated of RM9,500 in total.

Whether Untomi Forex Trading is connected to I-Max Financial?

Before we get to the broker Untomi Forex Trading, we need to talk about a company called I-Max Financial Sdn Bhd. According to the victim, he contacted the scam broker because of an advertisement published by a company calling itself "I-Max Financial."

The victim provided us with the scammer's WhatsApp contact information, and we found that the background of the scammer's profile was the logo of I-Max Financial, with its address information consistent with that of the Facebook account "I-Max Financial."

Through the Facebook account, we were able to access the company's website and see a scam alert posted by the company. According to the announcement, the company claims that scammers are impersonating its name. BrokersView also found a scam prevention guide from the company that mentions the scam that the victim of this article experienced.

According to the guide, I-Max Financial Sdn Bhd claims to be a financial advisory firm that does not offer investment packages, and while sympathizing with the victim's plight, maintains that the person who perpetrated the scam does not belong to I-Max Financial.

As the company claims to be regulated by Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC), we searched the websites of the two agencies and found that a registered company called I-Max Financial Sdn Bhd does exist. We also found out something that investors should know.

Upon comparison, the following company address information from different sources all point to the same location:

1. BNM-accredited I-Max Financial address
2. The address of the company in the profile of the Facebook account "I-Max Financial".
3. The company's address in the scammer's WhatsApp profile screenshot provided by the victim.
4. Company address in the "Contact Us" of the websitehttps://www.imaxfinancial.com.my/.

In addition, while the SC warned of a potential clone entity called "I-Max Financial" and briefly described the tricks of the clone entity, it did not mention any webpage or contact details of the fraudulent entity, making it hard to identify the scam.

Although there is no evidence linking I-Max Financial Sdn Bhd to the scam, investors must remember that even the legally registered I-Max Financial company does not provide forex trading services to investors, let alone scammers.

Most importantly, informed investors should exercise their own judgment, even when recommended a Forex broker by legitimate entities, making sure that the potential brokers are regulated to conduct Forex services.

False claims made by Untomi Forex Trading

Opening the website of Untomi Forex Trading, we find that it is just another typical fake broker.

On the homepage of its website, the broker states that it is a "top Japan trading platform" regulated by the Japan Financial Services Agency (Japan FSA). However, we could not find any information related to the keyword "Untomi" in the list of regulated entities published by the regulator.

While claiming to be regulated in Japan, Untomi offers 1000x leverage to its clients - another lie of the broker. The Japanese regulator has never allowed regulated entities to offer leverage over 1000x.

In addition, the broker claims to be under multiple regulations from the UK's Financial Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC). However, judging by the information provided on the portals of these regulatory bodies, Untomi Forex Trading is lying.

All in all, this company lies about its regulatory information and is not authorized to provide financial trading services in any jurisdiction.

In addition, the domain of this broker was created in April of this year, less than six months ago. It is a typical new domain created by a fake company for fraud.

BrokersView reminds you

Obtaining information is not difficult while recognizing whether the information is true or false. Regardless of who or what company is recommending an investment opportunity to you, investors should exercise their own judgment and make sure that their potential brokers are legitimate.

Do not fall for companies that promise you substantial profits without risk. Legitimate financial firms must warn you of the investment and may promote the trading conditions they offer, but they do not make promises of "easy money."

If you are not sure if your potential broker is legitimate, you can search for the broker's name in BrokersView or ask our team a question.