EverFX denies it’s CashFX Group’s trading broker
In Tony Hetherington’s recent CashFX Group article for the Financial Mail, he noted;
(CashFX Group) is based in Panama and tries to give legitimacy by saying funds are invested through a licensed foreign exchange broker called EverFX, but the main way people are encouraged to make money is by introducing others.
Hetherington’s article was published on December 12th and appears online for This Is Money.
Curiously, if you visit CashFX Group’s website today there’s no mention of EverFX.
In an effort to suss out when CashFX Group removed reference to EverFX from their website, I hit up Google cache.
Unfortunately the cache was last updated on December 13th, by which time CashFX Group had made the change.
Fortunately CashFX Group was incompetent enough to leave mention of EverFX on the non-English versions of their website.
Here’s CashFX Group representing EverFX as their trading broker, as viewed on their website on December 14th:
So why did CashFX Group remove reference to EverFX on their primary language website?
Well, as it turns out the company lied about having EverFX as a broker partner.
When the question of having a business relationship with CashFX Group was put to EverFX, the company denied having a “business relationship of any kind”.
Email enquiries reveal EverFX claiming it “doesn’t provide any trading service for CashFX”.
I have to point out here that CashFX Group not having or having a broker is purely academic. The company commits securities fraud by not providing regulators and consumers with audited financial reports.
Said reports would confirm whether trades are actually taking place and, more importantly, whether trading revenue was in fact being used to pay affiliate investors.
Without those legally required reports, whether CashFX Group has a broker or not doesn’t really matter.
That said, it’s still amusing to see a Ponzi scheme caught out in its own web of lies.
Update 16th December 2020 – CashFX Group has now removed reference to EverFX from its non-English websites.