The Financial Markets Authority (FMA) of New Zealand has started off November by adding three more companies to its blacklist on Thursday. According to the warnings, Russ Horn (Forex Equinox), Zend Trade and Cryptogain all have the characteristics of a scam.
Russ Horn Is Too Good to Be True, FMA warns
Russ Horn, who presents himself as some kind of foreign exchange (forex) expert, operates through the website www.russhorn.com. On the website, Horn is offering to send you a “free” book which details the six-step formula to make thousands of dollars through forex trading.
However, when you scroll down the page, you learn that the book really isn’t free and costs $4.97, which covers the shipping. However, if you read the book and decide it isn’t for you – then Horn claims he will refund you in full.
What the website lacks in stylish design, it sure does make up for it in enthusiasm and big statements. Phrases such as “Discover How To Legally Cheat The Forex Markets And Literally Line Your Pockets With Cash,” “The Craziest Guarantee Ever” and more feature on the site.
The book, titled “Tips And Tricks To Making A Fortune Trading Forex” has come on the FMA’s radar as it promises unrealistic returns. It is also connected to Forex Equinox, which is Russ Horn’s trading system dubbed the Equinox Automatic Dashboard.
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On this website, which can be found at www.forexequinox.com, it states: “Make $1,000 Per Day Easily And Quickly Without Stress Even If You Have Never Traded A Day In Your Life, And Double, Triple Or Even QuadrupleYour Money In Under 30 Days”.
Seems to good to be true? Well, the New Zealand financial regulator definitely believes it is, stating that Russ Horn and Forex Equinox have the characteristics of a scam. The FMA has also received complaints from consumers regarding Russ Horn and the Forex Equinox withholding client funds.
FMA: Zend Trade Is Connected to Russ Horn Scam
Zend Trade has also been flagged by the FMA for the same things as Russ Horn – it is offering unrealistic returns, has been withholding client funds and has the characteristics of a scam.
Operating through its website, www.zendtrade.com, the website claims to offer various forex advisory services across the world. Specifically, it claims to offer professional forex brokerage services specializing in trading signals and automated trading software. It also allows users to trade through its online platform.
The FMA has found that Zend Trade is connected to Russ Horn and Forex Equinox. As a result, residents of New Zealand should give this company and its website a large berth.
Cryptogain Limited Clone Firm
Cryptogain, a firm which claims to be a provider of cryptocurrency trading, has also come up on the FMA’s radar. This is because, on its website, the company uses the name of a New Zealand registered entity – Cryptogain Limited – without the consent of that entity. If that doesn’t raise any red flags for you, consumers have also reported to the financial watchdog that the company has been withholding their funds.