Abstract：In the previous articles, WikiFX has exposed the cases of FVP Trade’ freezing funds. as we know so far, it is a scam broker getting involved in a Ponzi Scheme. On August 3, 2022, FVP Trade released a new statement about its current situation. In this statement, FVP claimed to accept capital injection from its partner in the Middle East, Al-Mohannadi Group (AMG). However, can we trust FVP Trade now? In this article, WikiFX will give you a comprehensive analysis of the truth behind this statement.
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About FVP Trade
FVP Trade is an online forex broker that currently has a big problem. FVP Trade was involved in some sponsorship events a few months ago, but as we know so far, it is a scam broker getting involved in a Ponzi Scheme. Most importantly, many traders who invested in the broker had their funds frozen. It got a low score of 1.8/10 on WikiFX.
On July 18, 2022, FVP Trade unexpectedly launch a statement about its freezing funds. In this statement, FVP Trade attributed the money freeze to Luna's collapse. But we think it is just an excuse because Luna's collapse is not directly related to the funding freeze.
On July 25, 2022, FVP Trade secretly launched another statement that only its clients who download FVP Trade App can see. In this statement, FVP Trade did not give a proper solution about the funds freezing. Rather, it tried to calm the clients anxiety and ask the victims to wait patiently.
FVP Trade latest news
On August 3, 2022. WikiFX noted that FVP Trade releases another statement about its current situation. In this statement, FVP claimed to accept capital injection from its partner in the Middle East, Al-Mohannadi Group (AMG). And it will restore its member portal soon with the additional liquidity provided by AMG. In addition, FVP Trade claimed that the PAMM system will be relaunched very soon.
Another trick of getting an investment from the Third Party？
Before this, there is one forex broker that announced that it had received an investment from JP Morgan. This broker wanted to make use of “ JP Morgan investment” to gain attention and attract Traders to continue investing in the broker. Ironically, it has been figured out that the news of “getting an investment from JP Morgan” is fake. After making some symbolic withdrawals to a small number of Traders, this broker absconded with the money. JP Morgan has since stated several times that it never invested in this broker. See below.
WikiFX had reason to suspect that FVP Trade was trying to scam investors with the same trick. The gimmick of third-party investment was used to create the illusion that FVP Trade was operating normally. “The investment from AMG” does not mean that FVP Trade becomes a trustworthy broker like nothing happened before.
WikiFX's Arab branch is actively contacting AMG to verify the fact that the company's investment in FVP Trade is true.
WikiFX would like to remind investors that regardless of whether FVP Trade is actually invested by a third party, it should not blindly continue to invest. Being able to Withdraw is the number one priority for traders. It is imperative for FVP Trade to refund the frozen funds to clients immediately. Otherwise, we believe that FVP Trade is likely to flee with the money, just like the broker who falsely claimed to have received JP Morgan's investment.
Until now, FVP Trade still has not told investors when the money will be unfrozen. WikiFX reminds traders not to be fooled by the story of “FVP Trade is invested in AMG”. WikiFX advises all traders to stay away from the broker. WikiFX is actively reaching out to the victims. Please stay tuned for more information.
WikiFX keeps track of developments, providing instant updates on individual traders and helping investors avoid unscrupulous brokers. If you want to know whether a broker is safe or not, be sure to open WikiFXs official website (https://www.WikiFX.com/en) or download the WikiFX APP through this link (https://www.wikifx.com/en/download.html) to evaluate the safety and reliability of broker!
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