Sydney FX scam review | sydneyfx.io broker 2024

sydneyfx.io, an offshore broker with questionable credibility, has reportedly scammed individuals, leading to significant financial losses and raising concerns about its operations. Meta trader reviews has presented a detailed Sydney FX Scam Review, shedding light on the deceptive practices employed by Sydney FX.

Sydney FX:

A Detailed Examination Sydney FX frequently operates offshore and obtains licenses such as the MetaTrader 5 license to create an appearance of legitimacy. However, the broker is involved in a well-established pattern of deceit designed to trap unsuspecting victims.

Deceptive Marketing Strategies Sydney FX primarily relies on tactics such as showcasing impressive profits on trading accounts. While these accounts may appear genuine, the scam brokers completely disconnect them from the actual financial markets. Victims are targeted through social media platforms like Instagram, Facebook, and even dating apps such as Bumble and Tinder. The scammers exploit excitement by presenting fake profits.

Operations of the Broker:

Operating in the Shadows Sydney FX operates behind a veil of anonymity, using aliases and fictitious addresses. This makes it difficult for regulatory authorities to effectively intervene. Even if clients meet withdrawal requirements, fraudulent brokers may disappear, only to resurface with new deceptive schemes. The Sydney FX website offers no genuine brokerage services, deceiving investors.

Challenges with Withdrawals The withdrawal process associated with Sydney FX follows the standard playbook of scam brokers. Clients, especially those depositing in cryptocurrencies or through bank wire transfers, face challenges when trying to withdraw funds.

Brokers impose exorbitant fees, sometimes reaching 10% to 20%, deterring clients from accessing their funds. Unfortunately, those who pay these fees may end up losing more without gaining access to their balances.

The Scam Broker’s Modus Operandi Unregulated scam brokers, including Sydney FX2, typically follow a consistent pattern:

  • Attracting Deposits: The scam begins by enticing individuals to make an initial minimum deposit, luring victims with the promise of fake profits and extravagant lifestyles showcased by the scammers.
  • Offers That Seem Too Good to Be True: Brokers present extravagant offers, such as doubling the initial deposit, promising daily profits of $100, or offering substantial bonuses for specific deposit amounts.
  • Role of Retention Agents: After the initial deposit, clients are often transferred to more cunning scammers known as “retention agents” or “account managers.” These individuals use the illusion of profit to encourage clients to make small withdrawals.
  • Additional Deposits Coercion: At a later stage, scam brokers might coerce victims into making additional deposits through manipulative tactics, attempting to salvage their existing funds.
  • Withdrawal Obstacles: If a client attempts to withdraw their profits, the broker may arbitrarily cancel the withdrawal without explanation or block the client’s access to their account. Alternatively, they might insist on exorbitant taxes or fees, further depriving clients of their money.

Conclusion:

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In summary, Sydney FX has become notorious as a scam broker based in India, attracting numerous complaints from past clients. These deceptive practices have victimized countless individuals, emphasizing the need to expose and raise awareness about such fraudulent entities. For additional reviews and insights on Sydney FX, please visit Meta trader reviews. Your awareness and vigilance play a crucial role in safeguarding others from falling victim to these fraudulent practices.

3 thoughts on “Sydney FX scam review | sydneyfx.io broker 2024

  1. I first invested with Sydney FX on 19th December having somehow been directed to their website whilst researching auto trading. I invested the minimum $250 and was allocated an Account Manager called Jeremiah Michaels. Initially I felt comfortable and was shown various aspects of trading. I opened an auto trade using the MT5 platform and started to make small profits each day. My Account Manager encouraged me to invest more monies and started to talk about investing in Gold and Bitcoin. I invested more funds and continued to show good profits using the Auto trade facility. My Account Manager started to be more forceful during our calls encouraging me to invest in Bitcoin using leverage on a manual trade. I voiced my concerns but over a period of weeks I began to feel pressured as a result of phone calls and WhatsApp messages. On 30th January 2024, I had a telephone conversation with Jeremiah Michaels during which his attitude changed considerably when I would not transfer more funds and open a trade with Bitcoin. Over time I had began to question the legitimacy of Sydney FX and as a result of this call decided to close all open trades and requested to withdraw my money from my account. On 31st January I received a WhatsApp message from Michaels stating he understood how I felt and that we needed to have a short telephone conversation to validate my request. I had a phone conversation and Michaels where he stated he would contact the finance department who would then transfer my money. Around 15 minutes later I received a further call from Michaels stating my money could not be transferred as I had entered into a verbal contract with the company to buy Bitcoin and that they had reserved a trade position for me. He stated I needed to transfer more money to my account. This is totally untrue and reaffirmed my suspicions about the company being involved in fraudulent practices. At no time was the word contract used during any conversation and I have never been asked if I wanted a position to be reserved. This is a false claim clearly made in order to retain my money without my authority. No trade was opened by the company on my account. I have sent numerous e mails to Sydney FX support and made three attempts to close my account and withdraw my balance, all have been rejected. Sydney FX support have sent two short e mails stating a Manager has been trying to contact me suggesting I had blocked their number, This again is totally untrue. On Thursday 29th February, I received a call from Jonathan Moore stating he was a Manager and wanted to discuss my account. He set up an appointment to call me at 0930 hours on Sunday 3rd March 2024. I have not received a phone call from him. I am now aware that this company is unregulated despite their claim on another review. People please DO NOT have dealings with this company they are a SCAM outfit. Do your research on the internet and you will find other cases and reviews similar to mine. Please contact me if you need to verify anything stated here, I have proof of everything including WhatsApp messages, recordings, and e mails. I am quite sure like in other reviews that this company will attempt to remove my review by making more false claims in order that they can continue to trade and defraud others.

  2. James Morgan on behalf of Sydney FX has posted on a number of occasions stating the company are regulated and that Sydney FX is a brand name of Unlimited Ltd, Company registration: HY00723418, Company licence number: T2023330. He does not provide any further details.
    My research identifies that this company name and registration relate to entries under Mwali International Services Authority (M.I.S.A) with a web address of https://mwaliregistrar.com/
    The company registration is as a broker dated 17/08/23. This web site claims to be based in Moheli in the Comoros Islands, East Africa. There are numerous articles relating to this company on the internet stating that it is a fictitious entity, without any real existence in the territory of the Union of the Comoros. It has no legitimacy, no legal basis or authorization allowing it to issue licenses to companies operating in the banking sector and financial services. The Central Bank of Comoros is the one and only authority empowered to do so in the three islands (Anjouan, Moheli and Grande Comores).
    On 15th June 2022, The Central Bank of Comoros apparently released a document that identifies Mwali International Services Authority (M.I.S.A) as a fraudulent entity issuing false company registration and licenses. The document can be found on the internet on various web sites regarding fraud, the document can be viewed on the following link: https://banque-comores.km/uploads/COMMUNIQUE-DE-LA-BCC-SUR-LEXERCICE-ILLEGAL-DACTIVITES-BANCAIRES-OFFSHORES(3).pdf
    I have translated the document and Mwali International Services Authority with whom Sydney FX claim to be licensed with and regulated by are named in this statement under the following wording: The Central Bank of the Comoros also draws public attention to the following fictitious structures, which claim to issue licenses to banks and financial establishments in the Union of the Comoros.
    • Mwali International Services Authority
    • I have omitted the other named fictitious companies
    These so-called authorities and all the offshore entities they have approved grant licenses and offer banking and financial products and services illegally through online platforms and websites. The Central Bank of the Comoros recalls that the approval of banks and financial establishments operating in the Comoros is its exclusive responsibility and that any other structure in addition to the above-mentioned entities are illegal and liable to prosecution in accordance with the laws and regulations in force in the Union of the Comoros. The Central Bank of the Comoros has already taken action against these alleged authorities and offshore entities before the Moroni, Mutsamudu and Moheli public prosecutor’s offices.
    All companies operating as a broker in the UK are required to register with the Financial Conduct Authority (FCA). Please do your own research before investing in Sydney FX or its other sister companies operating under the same apparent false registration and regulatory details.

  3. SYDNEYFX a scammer! Don’t fall for them.. Signed up last February 9 to give it a go..Francis Fischer was the account manager assigned to me but he’s too pushy when i said i want to close the account. They had rejected 2 of my withdrawal requests and 2 requests still pending for nearly 2 weeks! There is no such truth that they process the withdrawals in seconds! And when you call support service, they don’t even ask for identification and they definitely know who’s on the other line…They’re fakes.. be warned. A certain James Morgan made a private reply and had asked for my wallet address and my registered client number and was hoping that he could help me access my money, but just pretended to be of help.. Beware!!!!!!

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