“Txex” websites offer unrealistic returns on crypto investments, the New Zealand financial regulator has warned.
Victims are lured through fake WhatsApp trading groups and leaderboards before being unable to withdraw funds.
New Zealand's
Financial Markets Authority (FMA) has issued an alert about an elaborate
investment scam operating through WhatsApp that promises unrealistic returns
while employing sophisticated social engineering tactics to defraud investors.
Recent
survey data from FinanceMagnates.com and FXStreet found that
approximately 60% of traders targeted by scammers on platforms like WhatsApp
and Telegram end up losing money.
FMA Warns of WhatsApp
Investment Scam Targeting New Zealanders
The scam,
linked to an entity called “Txex” (also known as Whalefall), operates
through multiple websites and uses WhatsApp groups populated largely with fake,
artificial agents to create the illusion of popularity and legitimacy,
according to the FMA warning.
“We
have identified multiple websites that are part of this scam but believe there
may be more connected as they frequently change,” the FMA commented in the
official press release. “The scammer sets up a series of WhatsApp groups, these
appear popular, but are mostly filled with bots.”
The scheme
operates by establishing WhatsApp groups led by self-described mentors,
coaches, or crypto advisers who promise 100% returns through “trading
signals” shared throughout the day. Users are encouraged to recruit others
with rewards, while fraudulent leaderboards display supposed top performers
receiving luxury prizes.
Trail of Empty Wallets
Across New Zealand
Victims are
directed to open cryptocurrency exchange accounts, deposit funds, and then
transfer their cryptocurrency to what scammers describe as a “trading
account.” While initial small trades may appear successful to build
confidence, attempts to withdraw funds are met with demands for substantial
fees, which are never returned, even if paid.
The FMA has
identified over 30 websites connected to the operation, including variations of
txex.com with different domain extensions, and warned that new sites are
frequently created as others are reported.
Txex website
The FMA
advises anyone who believes they've encountered the scam to immediately cease
contact with the operators, report the group to WhatsApp, and block the
scammers on all devices. Victims are also encouraged to report spam messages to
New Zealand's Department of Internal Affairs and seek support from trusted
friends, relatives, or Victim Support services.
David Harvie, Saxo Australia's Head of Direct Sales
This
warning comes amid growing concerns about financial scams spreading across
messaging platforms. FinanceMagnates.comconducted
a survey last year in collaboration with FXStreet, which revealed
that WhatsApp, along with Telegram, is among the most common social media
platforms where investors are scammed and lose money.
“I would
encourage any trader not to rely solely on a social media post or a
conversation with a potential provider, but instead to insist on reviewing the
documentation that supports their claims,” David Harvie, Head of Direct Sales
at Saxo Australia, told FinanceMagnates.com. “You also have the opportunity to
check your jurisdiction’s regulatory website to confirm whether your broker is
properly licensed.”
Other
regulators have also recently warned about scams on WhatsApp, including
Consob, which identified the app as one of the most popular current
channels for investment fraud. In late 2024, Australia’s
ASIC issued a separate alert, highlighting the rise in WhatsApp groups
promoting alleged investment opportunities with potentially high returns.
New Zealand's
Financial Markets Authority (FMA) has issued an alert about an elaborate
investment scam operating through WhatsApp that promises unrealistic returns
while employing sophisticated social engineering tactics to defraud investors.
Recent
survey data from FinanceMagnates.com and FXStreet found that
approximately 60% of traders targeted by scammers on platforms like WhatsApp
and Telegram end up losing money.
FMA Warns of WhatsApp
Investment Scam Targeting New Zealanders
The scam,
linked to an entity called “Txex” (also known as Whalefall), operates
through multiple websites and uses WhatsApp groups populated largely with fake,
artificial agents to create the illusion of popularity and legitimacy,
according to the FMA warning.
“We
have identified multiple websites that are part of this scam but believe there
may be more connected as they frequently change,” the FMA commented in the
official press release. “The scammer sets up a series of WhatsApp groups, these
appear popular, but are mostly filled with bots.”
The scheme
operates by establishing WhatsApp groups led by self-described mentors,
coaches, or crypto advisers who promise 100% returns through “trading
signals” shared throughout the day. Users are encouraged to recruit others
with rewards, while fraudulent leaderboards display supposed top performers
receiving luxury prizes.
Trail of Empty Wallets
Across New Zealand
Victims are
directed to open cryptocurrency exchange accounts, deposit funds, and then
transfer their cryptocurrency to what scammers describe as a “trading
account.” While initial small trades may appear successful to build
confidence, attempts to withdraw funds are met with demands for substantial
fees, which are never returned, even if paid.
The FMA has
identified over 30 websites connected to the operation, including variations of
txex.com with different domain extensions, and warned that new sites are
frequently created as others are reported.
Txex website
The FMA
advises anyone who believes they've encountered the scam to immediately cease
contact with the operators, report the group to WhatsApp, and block the
scammers on all devices. Victims are also encouraged to report spam messages to
New Zealand's Department of Internal Affairs and seek support from trusted
friends, relatives, or Victim Support services.
David Harvie, Saxo Australia's Head of Direct Sales
This
warning comes amid growing concerns about financial scams spreading across
messaging platforms. FinanceMagnates.comconducted
a survey last year in collaboration with FXStreet, which revealed
that WhatsApp, along with Telegram, is among the most common social media
platforms where investors are scammed and lose money.
“I would
encourage any trader not to rely solely on a social media post or a
conversation with a potential provider, but instead to insist on reviewing the
documentation that supports their claims,” David Harvie, Head of Direct Sales
at Saxo Australia, told FinanceMagnates.com. “You also have the opportunity to
check your jurisdiction’s regulatory website to confirm whether your broker is
properly licensed.”
Other
regulators have also recently warned about scams on WhatsApp, including
Consob, which identified the app as one of the most popular current
channels for investment fraud. In late 2024, Australia’s
ASIC issued a separate alert, highlighting the rise in WhatsApp groups
promoting alleged investment opportunities with potentially high returns.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Hannah Hill on Innovation, Branding & Award-Winning Technology | Executive Interview | AXI
Hannah Hill on Innovation, Branding & Award-Winning Technology | Executive Interview | AXI
Recorded live at FMLS:25, this executive interview features Hannah Hill, Head of Brand and Sponsorship at AXI, in conversation with Finance Magnates, following AXI’s win for Most Innovative Broker of the Year 2025.
In this wide-ranging discussion, Hannah shares insights on:
🔹What winning the Finance Magnates award means for AXI’s credibility and innovation
🔹How the launch of AXI Select, the capital allocation program, is redefining industry standards
🔹The development and rollout of the AXI trading app across multiple markets
🔹Driving brand evolution alongside technological advancements
🔹Encouraging and recognizing teams behind the scenes
🔹The role of marketing, content, and social media in building product awareness
Hannah explains why standout products, strategic branding, and a focus on innovation are key to growing visibility and staying ahead in a competitive brokerage landscape.
🏆 Award Highlight: Most Innovative Broker of the Year 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #MostInnovativeBroker #TradingTechnology #FinTech #Brokerage #ExecutiveInterview #AXI
Recorded live at FMLS:25, this executive interview features Hannah Hill, Head of Brand and Sponsorship at AXI, in conversation with Finance Magnates, following AXI’s win for Most Innovative Broker of the Year 2025.
In this wide-ranging discussion, Hannah shares insights on:
🔹What winning the Finance Magnates award means for AXI’s credibility and innovation
🔹How the launch of AXI Select, the capital allocation program, is redefining industry standards
🔹The development and rollout of the AXI trading app across multiple markets
🔹Driving brand evolution alongside technological advancements
🔹Encouraging and recognizing teams behind the scenes
🔹The role of marketing, content, and social media in building product awareness
Hannah explains why standout products, strategic branding, and a focus on innovation are key to growing visibility and staying ahead in a competitive brokerage landscape.
🏆 Award Highlight: Most Innovative Broker of the Year 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #MostInnovativeBroker #TradingTechnology #FinTech #Brokerage #ExecutiveInterview #AXI
Executive Interview | Dor Eligula | Co-Founder & Chief Business Officer, BridgeWise | FMLS:25
Executive Interview | Dor Eligula | Co-Founder & Chief Business Officer, BridgeWise | FMLS:25
In this session, Jonathan Fine form Ultimate Group speaks with Dor Eligula from Bridgewise, a fast-growing AI-powered research and analytics firm supporting brokers and exchanges worldwide.
We start with Dor’s reaction to the Summit and then move to broker growth and the quick wins brokers often overlook. Dor shares where he sees “blue ocean” growth across Asian markets and how local client behaviour shapes demand.
We also discuss the rollout of AI across investment research. Dor gives real examples of how automation and human judgment meet at Bridgewise — including moments when analysts corrected AI output, and times when AI prevented an error.
We close with a practical question: how retail investors can actually use AI without falling into common traps.
In this session, Jonathan Fine form Ultimate Group speaks with Dor Eligula from Bridgewise, a fast-growing AI-powered research and analytics firm supporting brokers and exchanges worldwide.
We start with Dor’s reaction to the Summit and then move to broker growth and the quick wins brokers often overlook. Dor shares where he sees “blue ocean” growth across Asian markets and how local client behaviour shapes demand.
We also discuss the rollout of AI across investment research. Dor gives real examples of how automation and human judgment meet at Bridgewise — including moments when analysts corrected AI output, and times when AI prevented an error.
We close with a practical question: how retail investors can actually use AI without falling into common traps.
Brendan Callan joined us fresh off the Summit’s most anticipated debate: “Is Prop Trading Good for the Industry?” Brendan argued against the motion — and the audience voted him the winner.
In this interview, Brendan explains the reasoning behind his position. He walks through the message he believes many firms avoid: that the current prop trading model is too dependent on fees, too loose on risk, and too confusing for retail audiences.
We discuss why he thinks the model grew fast, why it may run into walls, and what he believes is needed for a cleaner, more responsible version of prop trading.
This is Brendan at his frankest — sharp, grounded, and very clear about what changes are overdue.
Brendan Callan joined us fresh off the Summit’s most anticipated debate: “Is Prop Trading Good for the Industry?” Brendan argued against the motion — and the audience voted him the winner.
In this interview, Brendan explains the reasoning behind his position. He walks through the message he believes many firms avoid: that the current prop trading model is too dependent on fees, too loose on risk, and too confusing for retail audiences.
We discuss why he thinks the model grew fast, why it may run into walls, and what he believes is needed for a cleaner, more responsible version of prop trading.
This is Brendan at his frankest — sharp, grounded, and very clear about what changes are overdue.
Elina Pedersen on Growth, Stability & Ultra-Low Latency | Executive Interview | Your Bourse
Elina Pedersen on Growth, Stability & Ultra-Low Latency | Executive Interview | Your Bourse
Recorded live at FMLS:25 London, this executive interview features Elina Pedersen, in conversation with Finance Magnates, following her company’s win for Best Connectivity 2025.
🔹In this wide-ranging discussion, Elina shares insights on:
🔹What winning a Finance Magnates award means for credibility and reputation
🔹How broker demand for stability and reliability is driving rapid growth
🔹The launch of a new trade server enabling flexible front-end integrations
🔹Why ultra-low latency must be proven with data, not buzzwords
🔹Common mistakes brokers make when scaling globally
🔹Educating the industry through a newly launched Dealers Academy
🔹Where AI fits into trading infrastructure and where it doesn’t
Elina explains why resilient back-end infrastructure, deep client partnerships, and disciplined focus are critical for brokers looking to scale sustainably in today’s competitive market.
🏆 Award Highlight: Best Connectivity 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #BestConnectivity #TradingTechnology #UltraLowLatency #FinTech #Brokerage #ExecutiveInterview
Recorded live at FMLS:25 London, this executive interview features Elina Pedersen, in conversation with Finance Magnates, following her company’s win for Best Connectivity 2025.
🔹In this wide-ranging discussion, Elina shares insights on:
🔹What winning a Finance Magnates award means for credibility and reputation
🔹How broker demand for stability and reliability is driving rapid growth
🔹The launch of a new trade server enabling flexible front-end integrations
🔹Why ultra-low latency must be proven with data, not buzzwords
🔹Common mistakes brokers make when scaling globally
🔹Educating the industry through a newly launched Dealers Academy
🔹Where AI fits into trading infrastructure and where it doesn’t
Elina explains why resilient back-end infrastructure, deep client partnerships, and disciplined focus are critical for brokers looking to scale sustainably in today’s competitive market.
🏆 Award Highlight: Best Connectivity 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #BestConnectivity #TradingTechnology #UltraLowLatency #FinTech #Brokerage #ExecutiveInterview
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
