CodexFX (Codefx.com) is a Forex broker scam to hit the lucrative Forex trading world. Codex FX is purporting to offer an optimal atmosphere for investors trading Forex. Complaints have been sent to us by users who have lost with this Forex broker. Most of these complaints centered on not being able to withdraw funds. And that’s why we decided to investigate this broker. Read this detailed and honest CODEXFX review.
These scam artists have created a compelling and moving website that easily entices the eye. Homepage contains a guy who is working on what is supposed to be market prices. And this is where the scammer’s gets a hold of newbie investors. With this moving picture, most are led to believe that this is indeed a legitimate site. Don’t let the homepage fool you, there’s more than meets the eye. This Codex FX review is meant to open your eyes.
Claims and promises are another bag of tricks that scammers use to ensure that newbies sign up. CodexFX is no different as they claim to have over 700,000 users already trading with them. This is simply a lie as most comments we have seen on the wire are all negative feedback. Promise that CODEX FX offers financial strength and stability is also outright lies. Make sure you read this entire review as we expose all the scam tricks used by this rogue broker.
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According to the disclaimer at the bottom of the homepage, this brokerage site is owned by CodexFX Ltd. Disclaimer continues to state that this company is based and located in Marshall Islands. What this means is that we are dealing with an offshore brokerage firm. Offshore brokers are notorious for flaunting set industry rules and regulations. Ensure you stay away from any broker who is based offshore.
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Another disturbing feature we noticed with this broker is the fact that there’s a lot of anonymity. No one knows who the actual owners of this platform are. Who is the CEO or CFO of this company? It means that we are dealing with an anonymous entity which is very risky. No one can actually make us belief that funds are safe with an anonymous broker. What’s to say that this broker won’t close shop today with our funds? Stay clear from Codex FX.
From what we have gathered, this broker is not licensed or regulated by any financial regulatory body. Scammers will do or say anything to make their products and services appear legit. Problem with all of these is that they fail to give us their licensing or registration number. It means that we are dealing with a professional scam outfit that will say anything to users.
A real broker will post their credentials for all to see. What real brokers do is post registration details as well as copies of their certificates for users to verify. This helps to verify claims made by the broker and shows transparency. Where are their certificates to prove that they have been licensed by users? Make sure to stay away from brokers who have no registration details. In most cases, an unlicensed broker simply wants users to deposit money before they shut down shop.
When it comes to depositing money with this platform, it’s the only thing these scammers got right. Depository channels available include MasterCard, Maestro, and Visa. There’s a reason why this broker has chosen these three as their depository channels. They simply don’t want any investor to have an excuse as to why they can’t deposit. Scammers know for a fact that most investors have credit cards affiliated to these channels.
Problem with CodexFX is withdrawing funds deposited by this broker. Most of the complaints we received from members centered on this problem. As it turns out, this broker has refused to give users withdrawal options. What this means is that we are dealing with a broker who wants to steal funds form users. Make sure to stay away from this broker and ensure you start making money with the right brokers. No member has been able to withdraw money using CODEX FX.
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CodexFX is offering users four different account types to choose from. These account types include Mini, standard, Gold, and Platinum. Minimum required deposit to start trading with this broker is $500, $5000, $10,000, and $15,000. This is a way too high considering the set minimum requirement is $250. These accounts come with floating spreads and same leverage of 1:50.
What’s bothering us with these accounts is that they have the same advantages. Apart from the difference in minimum required deposit, all other features are the same. This begs the question, why would anyone deposit $10,000 to get the same features as investors who deposits $500? What this means is that the broker in question did not think this through. This broker simply wants to attract all types of investors in one place. That’s what scammers do.
A broker who is based offshore will never safely secure funds deposited by investors. In short, security of funds is not guaranteed with Codex FX. If you haven’t noticed, this broker fails to mention a few important details. Where do they bank money deposited by users? It’s clear that users maybe depositing money straight to the owner’s personal account. Make sure to stay away from this broker and never sign up with them.
When it comes to segregation of accounts, Codex FX does not follow the set rules. It means that CodexFX is pooling funds in one account which is very risky. In case of bankruptcy or insolvency, this broker will easily lose your funds. Members should not expect any compensation from this broker. Codex FX does not participate in a compensatory scheme which is sad.
Another disturbing feature with this broker is the fact that they don’t have a live chat support team. What this means is that Codex FX wants to remain anonymous. And that’s why no one should sign up with this rogue broker.
CodexFX is a scam that has been stealing from just about anyone who deposits with them. From their level of anonymity to lack of proper registration details, Codex FX is a scam. Make sure to mark all their emails as Spam and never click on any links sent by them. Hackers are using these links to gain access to personal data on your PC.
From evidence gathered, it’s safe to add this broker to our scam blacklist. Adding this broker to our blacklist will hopefully prompt authorities to investigate this broker. Shutting down their site will greatly protect newbie investors from signing up. Make sure to stay away from CodexFX which is a big Forex scam.
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Lastly, we wish you all the best in your Forex investment experience.
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