Problem Is ArgoMarkets, FxPace, Notesco Pty Ltd Australia's new IronFx?

[4evermaat]

A few more names to add @FPA Forums Team

FxCess
fxcess.com/contact-us
fxcess-id.com/th

FxLift I think was already mentioned
fxlift.com

FxGiants was also already identified earlier
fxgiants.com
fxgiants-it.com/fxg

CIFOI Limited seems to be associated with Notesco also:

Cifoi LIMITED

Reports, annual accounts, shareholder data and filing documents of Cifoi Limited, company number 115388, Gibraltar

www.datocapital.com.gi

I'm guessing to have a company to do business, but keep financials and other activities hidden.
Gibraltar Company House database appears to be pay-to-search. Even for basic information.

Oh, and it looks like Notesco/IronFx finally got into the recovery room business @AsstModerator. Or they have gone public with it.

Premium Fund Recovery Ltd at premiumfundrecoveryltd.com

Premium Fund Recovery Limited is a trade name that registered in USA with registration number 41491 and registered address of Clovelly, 56 Victoria Street, The group also includes CIFOI Limited with registered office at 28 Irish Town, . CIFOI Limited is wholly owned by NBESTTECK Limited.

This is 100% false. Looks like an intentional attempt of disassociation with Bermuda and Gibraltar. NBESTECK??? compare with other disclaimers on other Notesco web properties:

FXGiants is a trade name of Notesco Limited. Notesco Limited is registered in Bermuda with registration number 51491 and registered address of Clovelly, 36 Victoria Street, Hamilton HM 12, Bermuda. The group includes CIFOI Limited with registered office at 28 Irish Town, GX11 1AA, Gibraltar. CIFOI Limited is wholly owned by Notesco Limited.

I have to admire their obsession with wanting to milk IronFx scam as long as possible. There are still people being scammed up to this very day. Including this guy: https://www.forexpeacearmy.com/community/threads/https-www-fxgiants-com-fxg-platforms.76197

 

[laterunner]

FxGiants was also already identified earlier
fxgiants.com
fxgiants-it.com/fxg

View attachment 80513

The reason I joined this forum is that I have taken an interest in doing deep dives on a lot of these scams and seeing just how far they reach. It seems to be popular for forex scam operators to run many different websites all off the same server, posing as different companies. I have been looking into FXGiants as they seem to be the most well known scam on this forum, and if you run a WHOIS on all of these domains, they all point to the same IP address that runs the FXGiants website:
Domains: fxfellow.com, charlestonmarkets.com, navitasmarkets.net, fxcess-id.com, glm-global.net Hostnames: www.glm-global.net, fxfellow.com, charlestonmarkets.com, navitasmarkets.net, fxcess-id.com, glm-global.net
Now, of course there is no way of knowing for sure that they are related, but considering that they are all forex trading websites and are all pointing to the same IP address as FXGiants (no other non-forex sites' domains that I can find point to this address), it is reasonable to assume there is some correlation there.
Further investigation is needed.

 

[marc56]

chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=fafa074e-4d4e-46d6-9519-7cc807e7621f

 

[4evermaat]

chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/ https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=fafa074e-4d4e-46d6-9519-7cc807e7621f

@AsstModerator @FPA Forums Team here is the file attached. Let's display the relevant text of the decision:

CySEC, under article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009, may
reach a settlement agreement regarding any violation or possible violation, act or omission for
which there is reasonable ground to believe that is in breach of the provisions of legislation under
the regulatory remit of CySEC.
Α settlement has been reached with the CIF Notesco Financial Services Ltd (the «Company») for
possible violation of the Regulation (EU) Νο. 600/2014 on markets in financial instruments (the
«Regulation»).

More specifically, the inspection for which the settlement was reached, involved assessing,
during 2023, the Company’s compliance with article 42 of the Regulation, as specified in
paragraph 5 of the CySEC’s Directive DI87-09 for the Restriction on the Marketing, Distribution,
and Sale of Contracts for Difference (CFDs) to Retail Clients.

The settlement reached with the Company, for the possible violation, is for the amount
of €100.000.
The Company has already paid the amount of €100.000.

It is noted that all amounts payable relating to settlement agreements are considered revenue
(income) of the Treasury of the Republic and do not constitute income of CySEC.

"The Regulation" No. 600/2014 is located here in its entirety. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32014R0600

But let's jump to the relevant Article 42 (Product intervention by competent authorities)

This talks about the national regulator's authority to restrict the marketing of certain products, including restricting how they are marketed. The cysec version is only in Greek for some reason.

Apparently Notesco allegedly violated these rules. And they paid the fine and will likely continue to violate the rules if the net profit exceeds the fines.

What's shocking is that in 2024, people are still investing with them. Control your gaming/gambling impulses.

 

[Scam Reporters]

@AsstModerator @FPA Forums Team here is the file attached. Let's display the relevant text of the decision:






"The Regulation" No. 600/2014 is located here in its entirety. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32014R0600

But let's jump to the relevant Article 42 (Product intervention by competent authorities)

This talks about the national regulator's authority to restrict the marketing of certain products, including restricting how they are marketed. The cysec version is only in Greek for some reason.

Apparently Notesco allegedly violated these rules. And they paid the fine and will likely continue to violate the rules if the net profit exceeds the fines.

What's shocking is that in 2024, people are still investing with them. Control your gaming/gambling impulses.

Sadly, CySEC is not the only one... Basically, a national regulator can inspect product governance area of a license holder and (worst case) issue a penalty, but more often engages in a remediation plan, which takes months or even years to complete.

Let's face it, regulators usually fail miserably or go to the extreme and ban everything. No fine tuning, no deep dives to address the particular issue... CFDs are high risk products that lead to client detriment - ok, let's ban it? Even iGaming companies (which are in reality often just a money laundromat for organised crime) have a thing called "responsible gaming". Trading venues should have the same.