EminiFX has been identified as a risky opportunity by Intelligence Commissioner users. It is similar to Metogence. We’ve received over 4 complaints against EminiFX.
EminiFX, a crypto trading platform, has raised concerns about its legitimacy and handling of payments and withdrawals. Although it lacks transparency in payment methods and has a poor complaint handling record, it is regulated by the EFSA and has no filed complaints, suggesting legitimacy. Customer reviews are mixed, with some citing good service and others facing losses due to market conditions.
Get Your Money Back From These Scammers!
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Key Takeaways
Is EminiFX Regulated? Do They Have a License?
Eddy Alexandre, CEO of EminiFX, led a massive Ponzi fraud disguised as a cryptocurrency and foreign exchange trading platform. Alexandre stated that a “Robo-Advisor Assisted” trading method would provide investors with large weekly returns ranging from 5% to 9.99%. He persuaded his clients that they could become billionaires in two or three years.
Alexandre really implemented a multi-level marketing strategy. He did not contribute a large sum of money as he had promised. Instead, he exploited new investors’ money to deliver phony returns to existing investors. This is a frequent tactic among Ponzi scams.
The scam targeted around 25,000 investors. Many of them were Haitian-Americans. Alexandre exploited his faith and community links to gain investors’ trust and convince them to join the scheme.
The lack of regulation or the presence of poor regulation is a huge red flag. It means EminiFX is a scam and most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
Alex received at least $248 million from investors between September 2021 and May 2022. Eventually, the scheme failed, and the investors lost a significant amount of money.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of EminiFX, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
Concerning Issues Present at EminiFX
On its website, EminiFX incorrectly displayed investor accounts that were generating the promised weekly returns of at least 5%. However, these returns were not generated by profitable enterprises.
Alexandre borrowed at least $14.7 million from investors to pay for personal expenses such as a $155,000 BMW and a $4.8 million mansion. Alexandre only had a little amount of money to spend, yet the deals he executed cost him millions. He concealed these losses from investors to maintain the image of a thriving business platform.
Alexandre used money from new investors to repay previous investors, as is typical of a Ponzi scheme.While Alexandre and EminiFX were being sued in May 2022, the Commodity Futures Trading Commission (CFTC) determined that the company was a Ponzi scheme. Alexandre was later arrested on criminal accusations, including theft of commodities.
Alex pleaded guilty to one count of commodities fraud in February 2023 and agreed to return $248.8 million. Alexandre received a 9-year prison sentence and was ordered to repay the individuals he defrauded with roughly $214 million by July 2023.
As of September 2023, a court-appointed receiver had collected assets valued around $153.7 million. Through a claims process, these funds will eventually be returned to those who were duped.
EminiFX did not provide clear details about their payment methods. There was no specific information available on their website regarding deposits or withdrawals.
The only related fee mentioned was a high service charge of $49.99 per month, which was considered exorbitant and the only available payment-related information.
However, it’s worth noting that many scammers disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, the scammers actually stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
If you want to get your money back from a scammer, you’d need to file a chargeback.
EminiFX Customer Service: Do They Handle Complaints Well?
EminiFX appears to have a poor track record in handling complaints. The Better Business Bureau (BBB) profile for EminiFX shows no customer reviews and only one customer complaint, which was related to problems with a product or service and remained unanswered.
When it comes to scammers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, scammers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Scammers understand that in order to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, the customer support won’t resolve your issues and become increasingly unavailable.
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EminiFX Reviews: What Do Others Say?
Customer reviews and experiences with EminiFX seem mixed. Some customers reported satisfaction with the company’s services, mentioning good customer support and competitive rates. However, others experienced losses, although these were attributed to market conditions rather than the company’s fault.
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Scammers like EminiFX tend to purchase fake reviews for their online profiles to make themselves seem more credible.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust EminiFX reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews that are posted by temporary accounts (profiles which only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of EminiFX, chances are, you wouldn’t find many legitimate reviews.
Another prominent way scammers like EminiFX enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “EminiFX reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising EminiFX.
You should always look out for consumer complaints. In the case of EminiFX, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees and charges
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about EminiFX? You can share your complaint in the comment section or submit an anonymous tip.
Is EminiFX Legit Or Scam?
People remember the EminiFX fraud because it was so large, took advantage of community ties, and Alexandre received a heavy sentence. This case serves as a stark reminder to anyone considering committing cryptocurrency fraud of the legal consequences.
EminiFX is a relatively new crypto trading platform, and there have been concerns regarding its legitimacy. However, it is registered in Estonia and holds a valid Estonian financial license, regulated by the Estonian Financial Supervision Authority (EFSA).
There have been no complaints filed against EminiFX with the EFSA, suggesting that the platform is legitimate. EminiFX is considered a legitimate online trading platform, offering features like automated trading and educational resources.
Despite some minor drawbacks like high transaction fees and occasional lack of liquidity, it generally provides a good user experience for cryptocurrency trading.
EminiFX is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind EminiFX can run away with your money without any prior notice. You should be extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust EminiFX?
All the evidence suggests that EminiFX is a scam. If you have lost money to them, there is still a chance you can get it back.
To recover your funds, you’d need to file a chargeback.
Frequently Asked Questions
Is EminiFX a scam?
Can I withdraw money from EminiFX?
Where is EminiFX Located?
How do I get my money back from EminiFX?
How The EminiFX Online Scam Works
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