Fraud Fears Deepen Over Assexmarkets Amid Alarming Trader Reports and Controversial Influencer Endorsements

Recent findings by BrokersView reveal a troubling surge in negative reviews targeting forex broker Assexmarkets. In response to this wave of investor concern, this article focuses on a thorough investigation into the broker’s regulatory status and operational conduct, cautioning traders to remain vigilant. 

Beneath Assexmarkets’ promotional post on X, offering a 50% deposit bonus, frustrated traders voiced serious concerns. Despite issues reported, the broker did not give responses.

Withdrawal Issues

Traders reported withdrawal delays and refusals. A trader was instructed to complete account verification to proceed, but his withdrawal remained inaccessible after completing verification. This is likely a deliberate withdrawal barrier set up by Assexmarkets.

Sign of Possible Manipulation

One trader raised a query after discovering open positions that were allegedly placed by Assexmarkets without his authorization. This behavior casts suspicion on the broker’s trade execution practices and potential intervention in client accounts.

Lack of Transparency

A client expressed confusion over swap fee exemptions. Despite assurances of no swap charges on specific instruments, his every trade incurred fees. This discrepancy implies a lack of transparency and potentially misleading claims.

Chart Discrepancy Raises Trader Skepticism

A trader challenged Assexmarkets over noticeable differences in BTC/USD price movements compared to another platform. The inconsistencies led to his doubts, adding to fears of fraudulent broker conduct.

Forex Influencer Promotions Raise Credibility Concerns on Assexmarkets

Assexmarkets’ credibility is largely doubted for promotion and recommendation led by Nigerian forex influencers, notably Habby Forex and Jeffrey Benson. While their endorsements may have initially built trust, they now appear to fuel growing mistrust among traders.

In March, an investor publicly accused Habby Forex of mismanaging a $111,000 investment, an incident that undermined his reputation. 

A trader claimed that some of these influencers were involved in the now-defunct proprietary firm Consummate Traders, which collapsed in 2024 after onboarding thousands of traders and failing to honor payouts.

Another pointed out that Assexmarkets previously operated under a different domain. The earlier website—assexmarkets.com—was allegedly operated by Habby Forex and Jeffrey Benson, leading him to view the broker with heightened suspicion and mistrust.

Is Assexmarkets Regulated?

Assexmarkets Global Ltd publicly claims to be authorised by the Financial Services Regulatory Authority (FSRA) of Saint Lucia with registration number 2024-00223. However, an investigation reveals that no record of Assexmarkets Global Ltd could be found in the FSRA’s list of regulated entities. Even if it is listed, the FSRA itself does not license or supervise forex trading or derivative brokerage services.

We find that the company is registered with the International Financial Centre (IFC) in Saint Lucia, an International Business Companies Registry. Crucially, the IFC does not issue licenses for forex trading brokerage activities. 

Therefore, Assexmarkets holds no valid regulatory license to operate as a forex broker. This lack of oversight means client funds are not protected under any regulatory framework, posing significant financial risks to investors.

Bottomline

BrokersView has listed Assexmarkets as a Scam Broker.

Given Assexmarkets’ unlicensed status and client testimonials condemning broker practices, investors are strongly urged to avoid engaging with this broker.

If you've fallen victim to financial scams or faced potential fraudulent practices or misconduct at your brokers, reach out to us through Submit a Complaint. The BrokersView team is dedicated to exposing scams, raising investor awareness, and assisting with dispute resolution between traders and brokers free of charge.