Multiple deceptive websites and apps, with a logo and branding that resembles forexlive.com of Finance Magnates group, seem to be scamming users. These websites and apps are not affiliated with Forex Live, and we are taking immediate action to shut them down.
ForexLive Fakes
One of these fraudulent websites, forexlive.co.in, looks to target traders from India. On the website, the platform mentioned having an office in Banglore and offering trading services with currency pairs. However, the website looks hastily prepared, with most pages still containing 'Lorem Ipsum' texts. It also has an Android app with more than ten downloads.
Forex Live Trading Signals, another app on Google Play with more than five thousand downloads, also seems to be a fraudulent platform. This platform looks polished and sells subscription packages for signals. It also operates with the website fxsignalslivetrading.com, but no details about the platform are available. This website also did not remove 'Lorem Ipsum' texts from many places.
Be Cautious
We urge you to exercise extreme caution when using any website claiming to be associated with our brand. Please only use our official website to protect yourself from this type of scam. You should also ensure that you visit our official website, https://www.forexlive.com, by checking the URL in your browser address bar, which should begin with "https" and include our brand name.
Clone firms are unfortunately quite common in the retail trading space. The clone operators, often mimicking regulated brokers, use the details of well-known brands to mislead clients into depositing funds. Regulators and brokers alike tackle such practices by informing the public about the clone, and today it apparently befell Finance Magnates Group to do the same.
Scammers and clone firms may cold-call investors but also contact them via marketing emails and social media platforms. Investors may also receive calls after searching for investments and submitting details online.
Clone firms may offer investments in products, such as bonds, shares, FX, and cryptocurrency that are non-tradable, worthless, overpriced, or even non-existent. Some clones offer services to obtain a loan or recover funds from previous investments for an advance fee.
