Is CherryFX Co a scam?

By John, from United States, September 9, 2021 at 06:40 PM

Was talking to someone for the past month who recommended later on to start investing. This is the group that was setup. What’s the deal with this company? I am 90% sure it’s a scam, since it shares the exact same site as the Altman Finance Investment group. I’m a beginner at this, but work in cyber-security. I always do research and due diligence beforehand, especially when money is involved. I supplied the person I was talking to with some fake information about myself and was setup with an account, so now I have access to a CRM back page. I have not given any money.

Answer: Hi John,

You are completely right in this case, Cherry Finance really seems to be a fraud company. Firstly, it lacks a license that would allow them to offer financial services to the users. Secondly, the broker does not disclose terms and conditions, so potential investors do not even know what they get themselves into and on what terms they are going to trade. The broker does not disclose the liquidity providers, which is also another red flag. There is no contact information presented on the website as well. In addition, there are a lot of negative reviews about this broker online.

We never advise trading with a non-licensed broker, since the financial investment service they deliver is not trustable. The reason is simple, the broker may promise the most ever competitive trading conditions or the trading environment, yet the trader has no any guarantee from the official entities that oversee the Forex industry. Thus the engagement to trading with such a companies means the trader will believe only on the broker’s words, and of course, it is a high risk.

If you are looking for a broker to invest with, check our list of the Regulated brokers.

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