Payforex.io Review
Beware Investors Payforex.io – Regarding falsely claiming association with registered Australian businesses or financial services licensees and their authorized representatives.
Who is Payforex.io?
Payforex.io is a website that claims to offer online trading services in forex, stocks, commodities, indices, and cryptocurrencies. It also claims to be regulated by the Australian Securities and Investments Commission (ASIC) and to have offices in Sydney and Melbourne. However, there is no evidence that Payforex.io is registered or licensed by ASIC or any other Australian authority. In fact, ASIC has issued an alert warning the public about Payforex.io and other similar imposter entities.
Regulation:
Payforex.io is not regulated by ASIC or any other Australian authority. It does not have an Australian financial services (AFS) licence or an Australian credit licence. It is not authorised to provide financial services or credit activities in Australia. It is also not a member of any dispute resolution scheme or compensation fund. This means that if you deal with Payforex.io, you will not have the same legal protections and remedies as you would with a regulated entity.
Location:
Payforex.io claims to have offices in Sydney and Melbourne, but these are likely to be fake or virtual addresses. The website does not provide any phone numbers or email addresses for these offices. The domain name of the website was registered in September 2021 by a person or entity using a privacy service to hide their identity and location. The website also uses a generic design and content that can be easily copied or modified by scammers.
Services:
Payforex.io claims to offer online trading services in various financial instruments, such as forex, stocks, commodities, indices, and cryptocurrencies. It also claims to offer various account types, trading platforms, educational resources, and bonuses. However, these services are likely to be fraudulent or misleading. For example, Payforex.io may manipulate the prices or execution of your trades, refuse to process your withdrawal requests, charge you hidden fees or commissions, or use your personal or financial information for identity theft or other illegal purposes.
Reviews:
Payforex.io does not have any genuine or positive reviews from its customers or partners. The website does not have any testimonials or feedback sections. The social media icons on the website do not link to any active or relevant accounts. The only reviews that you can find online about Payforex.io are negative or warning ones from victims or experts who have exposed its scam activities. You should not trust any reviews that praise Payforex.io or encourage you to sign up with it.
Customer Service:
Payforex.io does not have any reliable or professional customer service. The website only provides a contact form and a live chat feature that are likely to be unresponsive or automated. The website does not provide any phone numbers or email addresses for its customer support team. If you contact Payforex.io, you may receive unsolicited calls or messages from aggressive or persuasive salespeople who will try to convince you to deposit more money or reveal your personal or financial information.
Why Check Company Credentials:
It is important to check the credentials of any company that you want to deal with online, especially if it involves financial services or products. By checking the credentials of a company, you can verify its identity, legitimacy, authority, reputation, and performance. You can also avoid falling victim to scams, frauds, or losses that may result from dealing with unregulated, unlicensed, unauthorised, or unscrupulous entities.
Securing Your Investments: Shielding Against Unscrupulous Brokers
One of the best ways to secure your investments and shield yourself against unscrupulous brokers is to only deal with regulated entities that have an AFS licence or an Australian credit licence from ASIC. You can check the licence status of any entity on ASIC’s website or on ASIC Connect’s Professional Registers. You can also report any suspicious or illegal activities of any entity to ASIC’s Misconduct and Breach Reporting portal.
Conclusion:
Payforex.io is a suspected imposter entity that may be falsely claiming to be working with Australian businesses or licensees. It is not regulated by ASIC or any other Australian authority. It does not have an AFS licence or an Australian credit licence. It is not authorised to provide financial services or credit activities in Australia. It is likely to be involved in scam activities that may harm your interests and rights as a consumer or investor. You should avoid dealing with Payforex.io and report it to ASIC if you encounter it.
