Introduction
Scammers from different industries have infiltrated the social media space in a bid to make money by duping people. These scammers will randomly message you about this lucrative idea of making money that they want you to be a part of. And after convincing, and you fall into their traps they quickly disappear or devise ways to make you release more money to them. And sadly these schemes have also been on the rise in the financial markets with people investing their money after being promised good returns which never surface after following all their procedures.
48 Hours FX Trade Limited
According to its website - https://48hoursfxtradelimited.... 48 Hours FX Trade Limited claims to be an advanced investment platform based in the USA. It also says that it was established in July 2013. Its operations are strictly into trading, mining with lots of investment and assets in paid adverts, HYIPs, ICOs, and Forex also buying signals from big exchanges.
There is nothing mentioned about whether it is regulated by the relevant financial authorities.
Scammed Client
In one of the Facebook groups where clients share their experiences in a bid to get assistance, https://www.facebook.com/group... we came across one that fell into the hands of 48 Hours FX Trade Limited.
The victim above who did not want to disclose its identity shared this with the members of the group seeking help. The victim was approached by 48 Hours FX Trade Limited on Instagram and was lured to start investing with this broker. After making an initial deposit of $100 and getting $50 in return, the victim saw this as a good avenue to make money.
The broker then asked the victim to add more money but since it was not in a position to, the broker offered to assist with the promise of a refund. The victim went on to make a killing of $7000. And then the victim was asked to register with $500 for him to access the funds.
It was after this that the broker kept on asking for more money and even the money the victim had made disappeared. To recover the money the victim was asked to pay another $1000 but the light had dawned on him that this was a scam and he refused.
After all this, the victim reached out to this group for help but at the writing of this article no one had come through for him. The victim's first $100 and then a follow-up investment of $500 was nowhere to be seen.
No Regulation
Besides, 48 Hours Fx Trade Limited claims it is an advanced investment platform based in the USA.
As per United States Law, Firms and individuals, who do not hold the relevant regulation issued by the US National Futures Association (NFA), are not allowed to offer forex services or products to US citizens. However, we did not find any match results to 48 Hours Fx Trade Limited in NFA.
Conclusion
Through an in-depth look into the broker's website, we ascertained that this was nothing but a scam. The broker has different plans Standard, Gold, and Platinum which their victims chose which to subscribe to. It is after investing in this that all the shenanigans begin and the money gets lost without a trace.
We caution everyone reading this to beware of 48 Hours FX Trade Limited.
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