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Forex Scam: ASIC cautions against First Forex, FiFx, and FiFx Global

Sep 15 2014
By
The Australian regulator informs the public that First Forex, FiFx and FiFx Global (fifx.com) falsely claim that their services are under the regulation of ASIC (Regulation No. 290600).
 
Australian Securities and Investments Commissions has performed an unusually in depth investigation into the First Forex company's matters.
 
The ASIC Commissioner Greg Tanzer said that nevertheless the claims of ASIC regulation “neither First Forex, FiFx or FiFX Global are registered Australian companies, nor are their services regulated as a financial services business under Australian law.”
 
Elaborating further he noted: “The website, www.fifx.com appears to be operated overseas and refers to an Australian company that is in no way associated with First Forex.”
 
In general, the regulators are not going in such details when they warn the consumers against a possible forex scam. It may be that First Forex and its affiliates have done something very wrong and dangerous to be so much investigated.
 
One reason may be that the FiFx's website is made to resemble closely the general look of the forex brokers' websites. A strong emphasis on security is present. Alas, claims for regulation and hence safety of funds, etc. are false.
 
The company owing fifx.com, according to the website is FirstMac Limited. However, FirstMac is areal Australian company that is not involved in any shape, way or form with fifx.com. Another false claim. 
 
Currently the English version of the website states that “FiFX is registered with the Office of the Commissioner for Personal Data Protection of the Republic of Cyprus” No such registration can be found on the OCPDP's website. What a surprise!
 
The misleading claim that First Forex is regulated by ASIC is now removed from the fifx website.
 
TAGS: Australian Securities and Investments Commissions  First Forex  FiFx  FiFx Global  fifx.com  ASIC  forex scam 
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