Watch out for this Deceptive FXTM Replica: FXTM Investment Syariah

The rise of investment scam groups on Telegram has become a concerning trend in the financial landscape. These groups often tout high returns with minimal risk, luring individuals into schemes that are too good to be true. Some of such scammers even steal the logo of and create a similar name to a genuine trading platform to lure traders into investing without conducting proper due diligence. 

A client told about her experience similar to other victims scammed by such groups in a complaint with BrokersView. 

The client was initially invited into a Telegram group by an anonymous person. Just like most victims, screenshots of profits and feedback from other "group members" in the group got her interested in joining the investment. After several discussions with the scammer, she agreed to start trading with RM7,000.

As shown in the below trading package offered, RM7,000 is a relatively high amount to invest, which accordingly brings an alleged return of RM240,000, a staggering more than thirty-fold figure from the initial amount. The package allows a minimum deposit amount of RM500, with the minimum return supposedly hitting RM10,000. These figures look attractive but are in fact traps.

Several days later, the scammers informed the client that her trading account had made a profit, but that a broker fee was required to withdraw the profit. She was hesitant to pay the amount at first but ended up transferring an additional RM4,000 to the scammer, unfortunately.

The story didn’t come to an end there, because the scammer asked the client to make another payment. Such an act of banditry made her realize that she was being defrauded.

BrokersView Reminds You

FXTM Investment Syariah uses a logo and a name similar to that of FXTM, a legitimate online forex broker, attempting to induce unwitting traders into their trap. BrokersView has exposed multiple scams that impersonated leading brokers or well-known investors. Traders must exercise prudence in distinguishing between genuine platforms and deceptive replicas. 

It is imperative for traders to thoroughly research any investment opportunity and verify the legitimacy of the platform before parting with their funds. In addition, a trading platform subject to required regulations doesn’t promise guaranteed profits like FXTM Investment Syariah.

If you have any concerns about your potential broker, ask us a Question and BrokersView will answer for free.