An Honest Cash FX Group Review 2024 - Another Ponzi Scheme?

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Cash FX Group Review – Another Ponzi Scheme?

In this current article, we will take a look at the company Cash FX Group which is known to be another Ponzi scam. We will see that why joining this company is the worst idea that can come to our minds.

To realize the article goal, I will look at the company, its products, and compensations commission plans, only to conclude that this company is considered another Ponzi scam.

We have chosen to look at this company because there is a growing interest of other users on social media in the Cash FX Group, which makes us worried about the fate of these individuals. To prevent any mistake, intentional or accidental, we decided to do some informal research about this company, and the following paragraphs will show what we found.

An Introduction To The “Cash FX Group”

Like all the other multi-level marketing companies worldwide, Cash FX Group offers the opportunity to marketers with a promising number of ROI and referral commissions.

Who Owns This Company?

When you enter a place where you have never been or worked, you would love to see the person in charge of that place. In other words, you want to see who is the boss or owner of that place. In the case of a company, we want to see who’s actually going to pay us or who had the idea to offer such a promising plan to the users. Am I right?

We will search for that person’s background to see if that person has any reputation among those working in the same area or has experience in the plan he or she is offering for us. Without knowing this information, we cannot make our informed and final decision about whether to work in that place or not, and the answer for this is simple:

“Why should we trust someone or a company who is reluctant to share the information to make us feel comfortable? That is truly bizarre.”

Since this company’s foundation in 2014, there has not been any information regarding the company owners. In 2019, they claimed that “Huascar Lopez” is the company's owner and the website. We even researched his name, and the only thing we found about this person was that he is the founder of the “Cash FX Group” and nothing more. Interestingly, the company itself only provided information about this person, and I couldn’t find any website that talks about Huascar Lopez.

Sound suspicious. Why? Because we couldn't find any background about this person, we don’t know what he has done in his life, only that he is from the Dominican Republic and nothing more. Truthfully, I won’t trust the person who I don’t have any information about.

It is also interesting to note that I only find the following two pieces of information about the company website, and nothing else was found:

1. The domain name of the website “www.cashfxgroup.com” was registered on April 3, 2019.
2. The state of the domain name cashfxgroup.com is private.

The only other information we also find on the website is that the original name of this company is “Cash Forex Group.” Unfortunately, this is the only information I can provide you about this company.

Information About The Company Products

A product that the MLM company offers to the customers is one of the most important elements you can consider in judging that company. If you see a list of products on the company website, it gives you a chance to think that this company is legit and hey, there is the product access exists, you can make sure that customer exists too, and in the end, there are people who are actually working in this company and guaranteeing their products.

In other words, if you want to decide about the fate of the company, you must see if that company website has its own products. Take a look at the “Cash FX Group” website and see if you can find any product. Well, I found none and so, you don’t need to look anymore.

Do you know what I found when I was searching different pages of that company? Only educational material about trading and how to improve your marketing skills. Sure, if these materials were among the services that are provided for the customers, we could have said that maybe the company is legit, but unfortunately, it is not. There are no services or retail products you can find on their website. I am sorry to say that.

The only way you can make money from this company is to join and make an investment to receive a commission from the opportunity provided for you.

I don’t want to make a quick judgment about this company, but from what I can see and my small reviews until now, I can say that Cash FX Group is potentially another Ponzi scam. However, I’m not done yet.

If you don’t know about the difference between a Ponzi and Pyramid scams, I have given you a brief introduction to both these plans so you can get acquainted with what you are about the read:

Pyramid Scam

I don’t think you can find anyone who hasn’t been invited to these meetings talking about dreams and how you can achieve them by working with their company. Dreams are awesome. But will you pay anything to reach them even if it might be illegal? I did, and I regret every day of my life staying in that company [not Cash FX Group]. We all experienced it, and we know why.

The pyramid scam looks like you are selling company products, but it is the opposite, and you are just pretending to market a certain product. In other words, you are getting a commission by recruiting other people to this company by marketing the plan and not the product.

Do you know what is the worst? Pyramid companies pursue you to sign up a new individual to the company and get them a certain fee for training, which can be a significant amount of money. They make you buy certain products worth more than usual to disguise their evil intention in their illegal actions.

Ponzi Scheme

Both Ponzi and Pyramid scams are making money by selling dreams to marketers. Unfortunately, we live in an unjust world where the poor are getting poorer and rich people are getting richer every day. What happens when you offer something impossible to low-income people? They will come straight to you and invest their hard-earned money to get what they want, always a good and decent life.

What happens when you tell someone that if you invest in my company and receive a 50% return after a couple of months? They will line up to invest the money they saved for years.

This is exactly the story of the Ponzi scam where a fraudster named “Charles Ponzi” gave many promises to those who invested in international mail coupons. This action of Ponzi attracted many followers, and many came to invest their funds in his plan in return for a high commission of 50%.

In reality, what happened was far different from what they were expecting. Charles Ponzi gave funds from new investors to the old ones and stole some of the money in the process. This plan is illegal, but it won’t last forever since the constant flow of new money and customers is required to enter this cycle. However, whether you want it or not, the number of recruits will decrease, and most investors will exit this company leading to the scheme's collapse.

The Commission Plan Of Cash FX Group Is A Scam Completely

You may wonder why now we call this company a scam. Well, I didn’t really do anything, and I look at the numbers and commissions that the company offers. I will tell you why these plans are completely scam schemes.

Based on what the company has stated, you will receive a total of 15% of your investment each week. If what they say is true, it means that you will get 60% of your investment each month. Can you tell this number is too ridiculous? By using a calculator, we reach an amount of 28,100% each year.

If I calculated correctly, you would only need $2,000 to make $500,000 in a year. Or better, you can reach the amount of $1,000,000 per year by investing approximal $3,500 in the first month. You are now a millionaire, and you can do anything you want? I wish all the things that this company says are true, but it is not.

I can promise you that if a program promises you 15% per week, it is nothing but a scam. Even if the company's claims are true, this company doesn’t have any retail products that you can market and get commissions by selling them. Unfortunately, based on my reviews of the plans and products, we can only presume that the “Cash FX Group” is a total Ponzi scam and nothing more.

My article's bad news is far from over, and there are still a couple of things that must be mentioned to really prove our claim. Please read our article to see other content that will prove that Cash FX Group is a scam.

There Is No Basis For The Cash FX Group Claims

Some of the claims of the Cash FX Group are just not making any sense. This company claimed that it received different licenses from government organizations to operate and have functional MLM plans. However, it turns out these claims don't have any basis, and the company was telling this to the users and marketers to present itself as a legit company and not a Ponzi scam.

Although it was late and some people joined this company to reach their dreams, it was found that these claims are just nothing but a huge lie to the people. The company claimed that it received the required license from the following institutions: Financial Conduct Authority of London (FAC), Financial Services Authority in Dubai, Financial Sector Conduct Authority of South Africa (FSCA) and other government organizations.

After our reviews, however, it was revealed that the above organizations hadn’t issued any license to the company, and therefore, all the Cash FX Group claims are null. In other words, it doesn’t have any authority or approval from any organization to conduct any investment services within any country whatsoever.

Functioning Of The Company Even After The Warnings

It turns out the company still kept functioning even after all these scandals. Some government organizations, especially the Financial Conduct Authority, warned Cash FX Group to stop any investment services because it doesn’t have any required authorization.

In addition, countries such as Canada, Norway, the Republic of Panama, New Zealand, the Philippines, and the Bahamas and all the other countries where this company operates banned its operation and announced its people to stay away from doing any activity in this company. Worst of all, the Cash FX Group was placed on the blacklist of regulators in the above countries.

So, we can conclude that any investments in this company are a huge mistake since no country is supporting this company. Basically, you will be working with an anonymous and unregulated entity, and hence, there is no chance of getting your money back if everything goes south.

Remember that the tactics of most companies just like this “Cash FX Group” is to promise impossible and irrational commissions and return that even big companies don’t dare to promise, and this confirms that Cash FX Group is a scam that you cannot trust ever.

What Do Their Customers And Clients Think About The Cash FX Group?

In this part, we took our time and looked at the reviews posted on reviews or discussion websites to see if they see Cash FX Group as a Ponzi scam or a legit company?

I must say that there is some debate about the company's legitimacy, and there are different reviews you can find on the internet. It must be mentioned that the following statements are all given by the previous customers and marketers. I believe that their words would be more effective than mine or yours:

The Cash FX Group is a legit company, and it pays good money. However, the payment is slow, and I had to wait 2 weeks before the payment. (2 Stars Out of 5)

My payment transfer is still pending. I am starting to feel concerned that I won’t get any payment. (1 Star Out of 5)

Amazing payments. I had been receiving regular payments since my first log-in 2 months ago. (5 Star Out of 5)

Cash FX Group is completely a scam. They are relying on the investment of recruits to pay the older members. There is no real product being sold in the company, and it is only the classic Ponzi scheme. (1 Star Out of 5)

If you have invested money in Cash FX Group, it is time for you to take all the money from the company. (1 Star Out of 5)

I sent a request for the payment on the 5th of May, but I haven’t got anything in my bank account. (1 Star Out of 5)

One of the most interesting reviews I saw on the review website was this one:

“If you saw someone that posted a positive review on Cash FX Group, it means that he/she just signed up in the company and knows what mistakes have been made and just wants to justify the decisions by giving positive reviews. However, the truth is far different.”

As you can see, there are mostly negative reviews about the Cash FX Group, whether about being a scam company or delays on the payment. All of the above mentioned can let me prove one important point:

“Cash FX Group is a Scam and nothing more. Don’t trust it.”

Conclusion

In the current article, I took my time and done comprehensive research on the so-called legit MLM company, “Cash FX Group.” At first, I thought that I am researching a normal yet successful MLM company. But what I found out is far from being legal and successful.

After reviewing the website and all the comments about the Cash FX Group, I came to believe that this company has so many issues in its business model and in very basic things such as company information, which is the first thing that everybody should know of.

As mentioned in the above paragraphs, there is no sufficient information provided for new users, and the only thing you can find is how to carry out the marketing. Worse, I am not talking about the marketing of a product or service but the MLM plan that the company works with.

Now that you read my article about the Cash FX Group, you might have a good idea about what this company is and how it operates. Now you can actually decide whether you want to work with this illegal and Ponzi scam or not. I know you will make the right choice since I believe everything in this article is crystal clear.

Recommendation To Seekers Of MLM Companies

It is ok if you are looking for an MLM company to work with. We all have heard about these companies and know that they are offering good opportunities for marketers.

The first thing you should do is do your complete research about the MLM company you have chosen or found on the internet. As you can see, if it wasn’t for the research and review of my article and my fellow writers, we couldn’t uncover the truth behind “Cash FX Group,” and we know that this company has several serious issues that by knowing them will help us prevent Cash FX Group’s operation.

When you found the MLM company, ask yourself the following questions and try to answer them by reviewing the company and those who have been active inside that company. The questions are as follows:

Does the company or website give you all the information you require to ensure that the company is completely legit?
Does the company offer its clients rational commission plans, or are they off the charts and will be impossible to believe?

For example, go to the above paragraphs to explain how the compensation plans for Cash FX Group work and compare them. Think rationally and don’t think and decide with your emotion. Note that you will have to carry guilt with you for a while if you make a wrong decision.

Does the company have a list of different products and services? You know what I am talking about. A page on the website where you can access all the things that the company offers for the customers to buy is the most important part of owning a company. Or else, you be an empty company established for no reason. If you see that the company doesn’t offer any services, be careful and not fall into their trap.

Does the company have the required licenses to operate? It is important to mention that the company must receive all the licenses from the government agencies within the country it is working. Note that if a company violates the country's terms and regulations, the chance of getting into the countries blacklist is high.

So, if it is your first time visiting a certain website, you must find out whether that company has the required licenses to operate or not. Also, don’t forget to look up the domain name of that website to see who it belongs to. It is also recommended that you use certain websites to check the website security.

I trust you enjoyed this blog post on the CashFX Group. Please stay tuned for more articles to come. Take care!

JeannetteZ

Your Opinion Is Important To Me

I would love to hear from you. Please leave me your questions, experiences, remarks, and/or suggestions about this CashFX Group review in the comments section below. You can also reach me by email at Jeannette@WorkFromAnywhereInTheWorld.com.