The company web site has the following statement:
‘CFX is a promoter of transparency and ethical practices through the MLM and trading industry.’
One of the 1st things that I notice about almost all the promotional material is that when people 1st try to recruit you they do not state what the company they are promoting actually is. This is a normal tactic for a business that has something to hide. However they will soon have to reveal their identity if you are genuinely interested but they very much want to get some messages across before revealing the company identity. This is because as soon as you start looking on the Internet you will receive a barrage of information with the word ‘scam’ in it. So how transparent is it really?
With normal bank trading companies, accounts can be audited. With bitcoin no transactions can be seen. With Cash FX all deposits are taken via bitcoin and all payments are made via bitcoin. So auditing of these transactions is impossible.
Cash FX have always stated that they use EverFX as their broker, however their most recent video stated that they are changing broker without giving the identity of the new broker. There is no evidence anywhere that EverFX is the broker that CashFX have been using and EverFX refuse to answer the question about whether or not they have been the broker for CashFX.
In order to prove that they are openly transparent, the company provide a live video feed of their trading room. In this you will see a room with computer screens with currency trading charts and people are sitting at these computers. If you study the computer screens you will see live currency trading charts in operation. The very existence of this video feed seems to me to be quite extraordinary. There is no other investment company that shows live trading. The existence of this video feed seems to indicate a rather desperate need to prove that they are actually doing what they say they are. So what is unique about Cash FX, why do they have to go to such an extraordinary length to prove that they are actually trading? In fact this video feed is no proof of any trading taking place at all. I could easily recreate this on my own computer screen at home in a few minutes. Most people do not bother to look at the detail of what is actually occurring on the screens and therefore don’t realise that there is no proof of trading here at all. The trading screens do not show any open positions and they do not show any buying or selling. They just show live currency pairs but with no actual trading.
The company has a registered office address in Panama. In several promotional videos I have heard it stated that the company is based at an office building in Panama City, specifically Jurando St, 9th floor, Punta Paitilla, Panama City. In fact this has been an empty office space for the 1st 2 years of CashFX operation. Cash FX have released several videos in this time showing the progress of the development of this office space. All of them show an empty office space with busy tradesmen walking around with tools in their hands. The presenters talk about all the amazing fittings and everything that are going to go into the office. It is very obvious that the office is not operating and there is no pretense that they are operating from this office. They have now had an openging ceremony at the Panama office in September 2021. However the office is still not open. They say it will open in January 2022. So the reality is that you cannot go to the cash FX office and see them in person. However there is a live video feed and there are also many transactions occurring every week. So they obviously do have an operational office but its location is a mystery.
One of the overriding themes in the marketing material and ongoing support videos and so on is ‘don’t use Google’. There is a presentation by a corporate lawyer who repeats over and over the message ‘don’t do due diligence’. These messages are because of the overwhelming amount of negative reviews about CashFX and the number of people screaming at you via whatever media platform that they have that Cash FX is a scam. Searching for stuff on the Internet can be a bad way to find out what is really going on but the overriding message of don’t do due diligence seems to be a sure sign that there is something to hide and is not a message that would be being pushed by somebody who is claiming full transparency.