Hundreds of traders are livid after a Forex business registered here in St Vincent under the name Fair Forex limited closed out trading on June 22. Fair Forex limited has its address as Suite 305, Griffith Corporate Centre Beachmont, Kingstown.
St Vincent Times spoke with several traders who were angry and frustrated that they could not access their money.
Florida Trader
“The situation is I’m a trader in the United States and the company is called fair forex, which is registered in St Vincent. Two weeks ago, approximately, they just send out a random e-mail message to say close all of your trades because they are having a platform upgrade just like that. We didn’t even have like a two-hour notice and then they said, what is not closed, they’re going to have to close them because they need to upgrade their network.
It has now been two weeks now and all you keep hearing from them is we are working on it, and we are working on it. Basically, you cannot access your funds because whatever they have done funds cannot be accessed, so we didn’t even have the opportunity of them telling us and then giving us that opportunity to withdraw our money. Our monies are locked up and then suddenly we cannot trade. I don’t know what is happening because every time you email, then you get this generic message that they are working on it”.
Nevada Trader
“I send them money and after a week goes by they got rid of my positions. I said, why? What’s going on? Why did you sell my position? They said because we are migrating to a new server. So we gave you guys a notice that we change the server and it’s going to take two weeks for the new server. So I said, okay, that’s very strange.
Now how come we cannot withdraw our money from the account? They said, No, you cannot withdraw your money because our system is not working. And they told everybody there, like a lot of people in there, that their money is stuck. They don’t allow us to withdraw our money, even the money that we have in the wallet, inside the account with fair forex, they don’t allow us to withdraw that money either”.
The entity named FAIR FOREX LIMITED date of incorporation here in SVG according to SVGFSA’s website is the year 2019, with registration number 25697.
According to the FSA website, the registering agent for Fair Forex Limited is Wilfred Services Ltd. Wilfred Services Ltd website states that they are operating in the Griffith Corporate Centre at Beachmont.
Wilfred Services’ website also states that they provide advice to clients in order to minimize and or defer their tax liabilities when conducting international transactions.
St Vincent Times contacted the agent on Friday asking whether or not Fair Forex Limited has a physical presence in SVG, we were told by a company worker the following.
” All those companies that are registered in St Vincent’, if you need any public information in relation to them, you call the FSA. If you need any private information relating to them, you send an email to the registered agent”.
Fair Forex according to google results shows the entity was founded by Krissy Jones. Jones told St Vincent Times on November 19, 2022, that she sold the company in 2019.
In a Telegram group to address traders’ Issues, the following notice appears which coincides with what several traders indicated to St Vincent Times.
St Vincent Times reached out to Fair Forex Limited for comment via their displayed number on google (1 844-600-3247), however, the calls proved futile.
“This is Fair Forex this phone line is not manned and we do not listen to messages to arrange a callback and for all customer service, please email [email protected]”.
In June 2021, the SVGFSA issued the following alert under the caption Foreign Exchange (FOREX) Trading or Brokerage or Binary Options Trading.
The FSA does not issue any licenses to carry on the business of FOREX Trading or Brokerage or Binary Options Trading nor does the FSA “Regulate, Monitor, Supervise or License” International Business Companies (IBCs) which engage in such activities.
IBCs incorporated in St. Vincent and the Grenadines are authorized to engage in any business activity without approval from the FSA, except where the proposed business activity relates to banking, insurance or mutual fund businesses. Banking, insurance and mutual fund businesses are licensed activities. FOREX or Brokers Trading licenses are not issued by any authority in St. Vincent and the Grenadines.
Members of the public are asked to note the following warning signs of a Forex scam:
Promises that sound too good to be true;
Claims that most customers make money;
Unsolicited phone calls offering investments, especially from unfamiliar sounding company names;
Phony success stories from fictional customers;
Be especially cautious if you have acquired a large sum of cash and have been looking for an investment vehicle;
High-pressure efforts to convince you to send or transfer cash immediately to the firm whether via the Internet or over-night delivery;
Promises of minimal risks: currency futures and options markets are in fact very volatile and carry substantial risks;
Promises of a fixed return, or promises of a maximum amount that you can lose;
Promises to recover any loss you may suffer; and
Difficulty in getting background information.
The public is advised not to invest what one cannot afford to lose and to ensure that you understand all the procedures and risks and to investigate to ensure that the person offering the forex investment is properly licensed and has a reputable business history.
You can read the FSA full release here