The Spanish regulator CNMV has issued an investor warning against Cash Forex Group a/k/a CFX a/k/a The CFX Group (www.cashfxgroup.com) MLM scheme. The website is allegedly operated by The Conversion Pros, Inc., with an address in Panama. The CFX Group describes itself as a trading academy company combined with Forex on its LinkedIn page. There are 144 employees and more than 3,411 followers associated with CFX on LinkedIn. CFX does not have a license in any regulatory regime. Stay away from this MLM scheme!
Key data
| Brands | The CFX Group, CFX, The Conversion Pros, Cash FX Group |
| Domains | www.cashfxgroup.com, www.theconversionpros.com, |
| Legal entity | The Converstion Pros, Inc, |
| Jurisdictions | United States, Panama |
| Warnings | CNMV |
Scheme narrative
The Conversion Pros, Inc. also operates an internet affiliate system on www.theconversionpros.com. The company is registered in Nevada, United States. They evidently use their tools to operate MLM schemes like The CFX Group.
In our review, registration was not possible without a reference link from a sponsor. We found this sponsor link on the scheme’s Facebook page. After registration, one is asked to buy one of the educational & trading packages. In the explanatory video, unrealistically high returns are promised. The purchase of these packages is only possible with Bitcoins.
CFX is a multi-level marketing (MLM) scheme and definitely not a broker or a reputable online trading platform. On Instagram, you can find pictures and videos of typical MLM events where the best acquirers receive rewards. On Instagram, more than 14k people follow the CFX MLM scheme. You should stay far away from CFX if you are looking for a serious investment or trading opportunity. CFX certainly isn’t.
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If you have any information about the MLM scheme CFX, please share it with us through our whistleblower system, Whistle42.
