Scam Exposed: New Zealand FMA Warns Against Unlicensed FX Brokers - VHNX and FxRevenues

Saint Vincent and the Grenadines Financial Services Authority (SVG FSA) is not strange to investors. A lot of forex scam claims to be registered with or even "regulated by" SVG FSA. However, being registered with the authority does not verify a regulated broker. But a more daring unlicensed forex company VHNX Limited claims to be a legitimate company while its registration with the FSA is suspicious.

Three Website Operating

Three websites (https://vhnx.com/ https://fxrevenues.com/ https://fxrevenues.org/) that share the same design but different logos and names are all operated by VHNX Ltd. And both VHNX and FxRevenues are trade names belonging to the company.

The company claims to be registered with SVG FSA under the registration number 2316 BC 2021.

By searching the number in the SVG FSA register, no company named VHNX shows up. 

Then we searched the company name VHNX Limited and found a matching result. However, the registration number of the result is 26316. Whether the scam mistakes its number or falsely uses another company's registration number is unknown. But we can define the SVG FSA registration of VHNX as suspicious.

Dangerous Leverage

Like many other fraudulent forex brokers, VHNX claims it can offer 1:200 leverage to its customer.

This high leverage is much rare to see on the page of a regulated broker. Since many forex regulators have imposed strict leverage limits on their regulated companies. Even the leverage provided by some foreign exchange giants is only 1:30. 

Warning from New Zealand

The authority New Zealand Financial Markets Authority (NZ FMA) regulates forex activities in the country. It warns the public that VHNX may operating a scam and is not regulated to provide derivative trading services in New Zealand.

Having forex license is a necessary reqirement for being forex broker. It is recommended that you trade with brokers under top-tier regulations.