is hotforex a scam ? why?

Here's the bank account info that i got:

Fintech Australia

acc （AUD)
Bankwest
BSB: 302162
Account Number: 1221205
Swift: BKWAAU6P
Account Name: My Group  FinTech Co Pty Ltd

Somehow this isn't listed here https://www.fintechfx.com/deposit.php

Newbie registered the account today.

I shall let DrFX to explain.... So tired.

It seems like they are holding a commodity trading NFA license which cost very much lesser. Not a Forex broker license.

Yes I know what you mean. It is just shocking with heavily regulated from NFA and ASIC any scam company can get away with it. Is GG name of a broker?

As a newbie. I would like to find out solid prove that MIA/FINTECHFX is scammer. So far I only found that Fintechfx has all the relevant licenses to operate as a broker. Of course not just screaming this broker is a scam or that broker is a scam without solid evidence. By all mean if I been scam then I would like to know coz it is still possible for me to pull out my money. Thank you.

the funny thing told about FintechFX is that despite holding ASIC or whatever license in Australia, Australians are not allowed to join!
this just does not make sense!

Why australians are not allowed to join?

Is Midasama a scam? My friend has invested in that forex company and I’m kinda worried

Hello everyone, this is a distress call. My brother in law asked me about forex and he said he had joined a 'forex company'. He said its First Forex. He hasn't spent any money on it for now, he said the company gave the capital.

I googled and found some dubious info about them
https://www.forexpeacearmy.com/community/th...182/#post178424
https://www.moneysmart.gov.au/scams/compani...t/f/fifx-global
But these are from Australia not Malaysia.

The name is too generic to get any useful results from search. FiFX doesn't yield anything relevant from Malaysia.

I've told him to stay away from it. Please can anyone shed any light on this company?

I wonder how it scam people? Can you please tell me more? So i could be more persuasive and ask her to stay out from it..

Even if this is a "wise", i don't know if AUS regulator obliges them not to or it's MIA's or FintechFX choice

Any idea why BNM blacklist XM? Its cysec regulated anyway..

Hi Harry, are you HarryT on myfxbook discussion? he state that he are "independent sales consultant" for MIA/Fintech  ( https://www.myfxbook.com/community/trading-...rison/1596263,4 )

If FintechFx is running business that not licensed by regulator, then it is illegal, since it is illegal then forget about segregated account and fund security.

are you sure FintechFx has all relevant licenses to operate as a broker ...
These are comparisons of REAL Forex Broker and NOT .. just based on license information from ASIC and NFA
ASIC :

[attachmentid=9987953]

https://search-afsl.com/Fxcm%20Australia%20...icensee/309763/ -> FXCM
https://search-afsl.com/Gain%20Capital%20Au...icensee/345646/ -> GAINCAPITAL
https://search-afsl.com/MY%20Group%20Fintec...icensee/493603/ -> FINTECH

OR
https://connectonline.asic.gov.au/RegistryS...lRegisters.jspx -> enter AFSL Number and search

NFA:
[attachmentid=9987956]

https://www.nfa.futures.org/basicnet/Detail...=8xWTPnTVRTw%3d -> Gain Capital
https://www.nfa.futures.org/basicnet/Detail...Dw0VT6Nt%2f8%3d -> OANDA
https://www.nfa.futures.org/basicnet/Detail...=z2oWG2ReIeI%3d -> Sample of CPO / CTA that Registered & Approved
https://www.nfa.futures.org/basicnet/Detail...W%2fJDVqYKUE%3d -> FINTECH (CPO / CTA not Registered)

As you can see .. FintechFX Has NO VALID FOREX BROKER LICENSE even the NFA Membership NOT APPROVED, and if even it approved, its license for CPO / CTA, not as forex broker.

So As FintechFX has no valid license, then your money is not regulated, no segregated account and NOT SAFE

Dear Friends,

Please read my previous post above, it's a evidence that FintechFx is not SAFE,

so while its still possible you should withdraw all you money back,

or if you feel you already have BIG GROUP in MIA, then just put minimum balance ($1000) so you still got "profit" from "trades" and network, of course this money sooner or later will be lost

Just FYI, MIA-FintechFx already gather more than $33M just from James Harrison Exclusive (JHe) program (minimum of $100K deposit X 330 members) plus money from regular member (minimum $1K deposits). So right now MIA has a lot of money is their pocket, they just need to find right excuse to blow the money up, maybe some excuse is that fintechfx do not have proper license.

So, just be careful guys .. and please inform your friends about this warning ...

Does this mean If MIA + James Harrison change their forex broker to a Credible Genuine Licensed and Regulated Forex Broker the problem will be solved right?

So for all MIA members, especially on Manager / Agency Manager / Regional Manager level that read this thread, just push this issue to MIA Management.

It's very rational that MIA can change their broker, just like they have changed the broker from ODIN to FINTECH, so it's not hard to change from FINTECH to other broker like FXCM, OANDA, GAIN CAPITAL, INTERACTIVE BROKERS, just name all Credible Genuine Forex Broker out there.

Because if James Harrison is REAL, then ANY REAL FOREX BROKER will do, MIA+JH will still got 20%-40% of profit sharing.

But if MIA Management are reluctant to do the RIGHT THING .. it's a SIGN that MIA is a SCAM ..

I found UTS is the best platform to invest so far. I visited Sentratama broker in Indonesia, I met the Russian Fund Manager, we sign agreement in Singapore, we met Russian Fund manager in Singapore OCBC bank.

If you want to invest, please do some homework. Google it, or go to visit what you gonna invest. Use eyes to see better than use ear to listen. UTS willing to share everything with you, and they don't ask you to transfer any fund to their company, they will only ask you to funding to your own broker account, it's safe enough.

UTS find a good Fund Manager, regulated broker, and let ppl invest. Of course they need to get some amount to pocket, everyone is profit in this cycle. Are you working without taking salary from your boss? lol! Do you think Fund Manager help you to trade for free? for sure must share the profit with him.

Please don't invest to any platform where is shady, not transparent.
Feel free to contact me if you want to know more about investment - (email: waynehcheah@gmail.com)
Willing to meetup in Singapore.

Hi bro, thanks for your good questions.

You have to know, UTS is just a stand alone agent company, they only provide this investment service for investors, they only playing a role to bring investors come in to let fund manager to trade, by using certain broker, they have no right to publish any info of broker/fund manager on their website. Therefore, investors need to do their homework to check the broker's and fund manager's background.

Investor's question: UTS only tell verbally, is that true? It could be fake? or scam? like money game.

So, UTS able to make arrangement for investors to visit broker/fund manager, this is what money game outside cant do it.
All your questions above, are not decided by UTS, but Fund manager/broker.

1) Minimum RM15k (USD3k), it seems so much for malaysian, because RM15k, but for fund manager it's only 3kUSD, 3%-8% is very less for him.

2) locking period (decided by broker): 6 months, only capital will be locked, this is to prevent money laundering, no matter which broker(regulated) out there, must have anti money laundering policy. If there is no money locking period, people will money-laundering by funding big amount and withraw frequently through this platform.
Your upline told you about this? No such thing in this industry. The only locking period allow is on Mutual fund or Hedge Fund. Others majority are scam.

3) profit sharing(decided by fund manager): 45%(investor) 55%(FM), (3%-8% is the 45% profit sharing)
No choice, the fund manager is famous, he wants to get more profit compare to other, UNLESS investor invest very large amount such as RM400k above, then profit sharing will be investor much higher profit than FM, (with a Contract between FM and investor, to secure investor). No one can do this out there.
Apparently we do not know who is this fund manager. Who told you he is famous? Well may be he is, but famous manager will trade with big brokers, definitely not Sentratama or any unknown broker. Another scam trick?

Commision fee(UTS): this is the only fee for UTS, no one will provide free service, right? you will not work for free for your boss, right?
So, 8.5% of capital will be deducted (only 1 time, only new funding), other than that, no further fee.
I think my answer could help you a lot.
feel free to contact me. email: waynehcheah@gmail.com

[attachmentid=9995134][attachmentid=9995135]
This is the first FM i have met who able to make such good risk management.
Every trade only 10-30 pips, no floating trade.

I take this result because you can see the rm15k capital funding and first month result. this is my new smallest account.

Thanks for your info.

We met him in bank, his office, the moment he trade.

is bank also an paid actor? hmm..