Stay Away! Unlicensed FX Broker Optimize Funds is Warned by CNMV

There are many ways in which fake brokers attract victims these days. Optimize Funds can be described as a combination of many common deception methods. If the broker is as good as it describes, this broker will make a lot of traders flock to it. Unfortunately, the broker is not. 

Fake Experiences

Optimize Funds presents a "10 years" sign next to its logo, which is confusing. People without looking into its information may mistakenly consider it as a broker with 10 years of trading experience. Besides, Optimize Funds shows some of the awards that it claims to have won. The awards are dated in 2019 and 2020.

However, by checking its domain (https://optimizefunds.co/), we found the domain had been created in 2021. How could it win awards before 2021? And where does the 10-year-experience come from? Those are red flags.

Attractive Trading Conditions

Optimize Funds claims that it offers attractive 10% - 25% bonuses and high leverage. The largest leverage is up to 1:500. Though the trading conditions it offers sound nice, no one can guarantee the promises will be fulfilled.

Not Regulated

Optimize Funds, operated by Asterisk Group LLC, claims to be registers with Saint Vincent and the Grenadines Financial Services Authority (SVG FSA) under registration number 1491LLC2021. We did found a matching result in SVG FSA. However, as we all know, SVG FSA is not an authority that regulates forex activities or issues forex licenses.

Warned by CNMV

On 26 July 2022, the Spain Comisión Nacional del Mercado de Valores (CNMV) issued a warning that Optimize Funds is not authorised to provide the investment services in Spain.

Scammers are always happy to say that they offer high leverage and bonuses because they don't need to give you money or bonuses. Actually, the scammers don't even think about giving you back the money you deposit. The only thing they do is make up a number in your accounts and run away with the money they scammed.

If you want to know about a broker, you can search the broker's name on BrokersView.