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Authorities in Cyprus and Mauritius sent out public notice that warn investor against online forex broker LiveFX Trader. LiveFX Trader that hold digital address at www.dionlivefx.com is said to had falsely claimed to be regulated in Cyprus, and had created false regulation certificate by citing FSC Mauritius logo.
In Monday (27/10), authorities in Cyprus and Mauritius sent out public notice that warn investor against online forex broker LiveFX Trader. LiveFX Trader that hold digital address at www.dionlivefx.com is said to had falsely claimed to be regulated in Cyprus, and had created false regulation certificate by citing FSC Mauritius logo.
First notice released singularly by Cyprus financial market authority, CySec, stated that LiveFX Trader is not permitted to provide investment services in its jurisdiction, and that it is not regulated by the CySec. The warning is important because LiveFX Trader claimed to be regulated by CySec in their homepage.
A screencap of the bottom side of LiveFX Trader homepage. The space circled with black claimed that it is regulated in Cyprus.
The second notice released jointly between CySec and Mauritius Financial Services Commission (FSC) alert the public of the fact that LiveFX Trader has displayed a fraudulent copy of an Investment Dealer, Full Service Dealer (excluding underwriting) Licence portraying the logo FSC Mauritius. The same copy apparently also falsely cite the address of Mauritius FSC as FSC House 54 Cybercity Ebene Republic of Cyrus. In this latest notice, CySec and Mauritius FSC also stated that both has never licensed LiveFX Trader at any time.
LiveFX Trader homepage has similar professional appearance to that of a legitimate forex broker. It even wrote down a string of well-known online payment system that might lend credence to scammed people who want to deposit with them (see the picture above). When we visited their site, LiveFX Trader is still online, although its regulation page seemed to have been taken down.
This latest scam underline the importance of cross-reference when someone seek to register or deposit with a new forex broker. Do not easily believe that a certain broker is properly licensed just because they say so. Make sure that the name and online address of the forex broker exist in the regulator's website too.
