ProfxCredit, FMA Crypto, Coinmond, GlobalSpotFX, Spotfinex, FXonspot, and TopEuroFX are associated with a Trade Com Limited, which does not appear to exist. In January and August 2020, the UK FCA issued investor warnings against the FXonspot scam; in September 2020, the Spanish CNMV. Until recently, the Google App Store offered the Spotfinex trading app. This has been renamed TopEuro FX (www.topeurofx.com) and is still available for download. As facilitating payment processors, we have discovered Payecards and Estonian Woodstock OÜ with the Lithuanian e-Money Institution Finolita Unio.
White-label scams
The specific scams of the Trade Com racket do not change their appearance. They are white-label mutations. Neither the design nor the colors are changed. The processes across all scams are identical anyway. Only the domain, the logo, and the texts are adapted to the current brand. Currently, this is TopEuroFX. Do not fall for the scams of the Trade Com group.
Payment Processors
We have discovered Payecards and Woodstock as a payment facilitator in Trade Com scams.
- Payecards (www.payecards.com) is a trademark of The Payecards Group AG, registered in Switzerland. The Payecards website is operated by Payecards Global Ltd, a UK-registered subsidiary. The Payecards Group cooperates with Verified Payments UAB, an EMI regulated by the Bank of Lithuania with the Authorization Code LB000446. The crypto payments of the group are processed by Next Generation Exchange Ltd, the FinanceX (www.financex.io) crypto exchange operator. Fiat operations are processed by CAURI Ltd and Aeloria Ltd, both of which are FCA-regulated entities.
- We have information from the GlobalSpotFX scam victims, proving that victims made deposits with the scam via the Estonian Woodstock OÜ maintaining its bank account with Finolito Unio UAB. The latter is an e-money institution licensed by the Bank of Lithuania under Authorization Code LB000490, specializing in Forex. Woodstock OÜ is a crypto payment processor licensed by the Estonian FIU. Marianna Charalampous is registered as a director who is also a director at Silver Bit OÜ, also licensed by the FIU, and Prospect Finance OÜ. The notorious Eesti Firma OÜ founded the company.
We want to know more about the Trade Com scammers and their scams. If they have any information, we would be grateful if you share it with us.
