Licensing
To receive such a document, the broker needs to be activated. However, FXamo doesn’t think so and has made 3 attempts to seem like a managed company.
For the first time, a broker is lying if he says his work is “accepted” by the FCA. The second deception is that he has permission from the FSA regulator. No one is presenting us with a license. Broker Tribunal looked for evidence of its provision on the main FSA web resource. It was all pointless. The FSA did not provide the FXamo document.
3rd lie: FXamo representative made a false document that it has been managed by VFSC since November 2021. The Vanuatu Economic Services Commission has not issued a license to Fxamo. The scammers, using Photoshop, entered personal information into a printout that they picked up on the Internet.
Even if this permission was real, it would definitely not have meaning in the Russian Federation. From 2021, only those intermediary rights issued by the Central Bank of Russia play a role.
Which court is the application being filed with – where to start?
It is necessary to determine the jurisdiction - general or arbitration disputes.
It is necessary to determine the jurisdiction - general or arbitration disputes. The latter includes all cases that are considered between business entities. Cases on economic disputes are considered. Accordingly, the consideration of a conflict or dispute between individuals takes place in courts of general jurisdiction (COJ).
For example:
- An application for divorce is submitted to the SOJ;
- Accounts receivable are collected through the arbitration court (AC);
- A claim for violation of consumer rights against an entrepreneur from a private person is filed with the SOJ;
- The decision of the tax authority regarding a business entity can be appealed to both the SOYU and the AS;
- Cases involving military personnel (MoD, FSB, Ministry of Emergency Situations, National Guard) are considered by military courts;
- Disputes regarding violation of intellectual property rights are conducted by a specialized court for intellectual property rights.
It is important to know! Bankruptcy cases of both legal entities and individuals are considered only by arbitration courts.
An individual entrepreneur can file a claim against another business entity. As a general rule, the application must be sent to the CA. But if the individual entrepreneur acts from the position of a consumer, the claims relate to the restoration of his violated rights when purchasing a product or service, a claim for the protection of consumer rights is filed with the SOJ.
Similarly, if each of the former spouses is an individual entrepreneur, but they have issues regarding financial support for their joint children, an application for alimony is submitted to the SOJ. If a conflict arises between them, as between business entities, the claim is sent to the AC.
For example, Stepanchenko A.V. submits an application against P.I. Stepanchenko. in SOYU for the collection of alimony and division of property. Former spouses resolve property issues that are not resolved during the divorce process. But IP "Stepanchenko A.V." files a claim with the AC against IP Stepanchenko P.I. for violation of the supply contract.
What does the FXamo resource look like?
By going to the fxamo.com resource, you can immediately find a bright picture with a recommendation to gain “real income from trading”. Something similar is observed on the web resources of most scammers.
You should go to the “Contacts” option to see what communication options the scammer recommends. The office states the following about itself: there are 3 branches - in London, Hong Kong, Sao Paulo. Each office has a telephone number and e-mail. Initially, everything looks official.
However, these branch addresses are considered a lie by Fxamo, which the scammer uses to preserve the legend that it has international status. So, the usual verification, for example, of UK addresses indicates: the FXamo broker does not have any branch in England.
How to sue a debtor living in another city
Can a plaintiff file a claim for interest if the defendant is registered and lives in another city? The initial decision (on debt collection under loan agreements) was made in one city, and now enforcement proceedings have been transferred to another city (at the place of registration of the defendant). In which city court should the plaintiff file a claim for accrual of interest on the debt: where the initial decision to collect the debt was made, or at the current place of registration and residence of the defendant?
This is interesting: How to Find out the Series of a House by Address in the Moscow Region
FXamo scammers
Another trick used by the scammer is to claim that they have several permits at once. Thus, FXamo claims that it is managed by the FSA, but does not provide the required documentation. In addition, the work of the office is “approved” by the British Regulation of Official Conduct in the Field of Economics (FCA), but there is no mention of Fxamo on the portal of the office itself.
For greater reliability, the Fxamo representative intended to deceive about the presence of a VFSC (Vanuatu Economic Services Commission) permit. This regulator is not considered reliable, but the broker does not even have its permission, which is also simply verified.
The Fxamo scam “compensates” for falsification of permits and addresses with colorful descriptions of its advantages. This technique is used by many scammers, and this project is no exception.
The advantages given by the office are considered ordinary “water”. Thus, the size of the spreads has not been established, and even if a leverage of 1:500 is actually provided, in the case of scammers this threatens even faster deprivation of funds at the slightest fluctuation in quotes, regulated by the intermediary himself.
Information about 12 years on the market and management of British law is a complete lie. In fact, the intermediary has no connection with the English authorities, which has been confirmed, and the usual domain age verification shows the following.
It should be pointed out: almost 4 years on the market is quite a long time for scammers, but they still don’t talk about 12 years. In addition, judging by the dates of the responses, the intermediary did not work at first, although the name was registered - almost all of the responses on the Internet were “fresh”.
Procedure
And yet, how to sue a defendant located in another city? Of course, the remote procedure for filing a claim is somewhat different from traditional legal proceedings. So, if the judicial authority is located in another city, follow the following instructions:
- Determine the type of trial;
- Prepare the necessary documents and evidence;
- File a statement of claim;
- Send it along with the documents by registered mail;
- Receive notification of document acceptance;
- Receive the result of the application review.
Info
Filing a claim by mail cannot be grounds for refusal to consider it. It is not necessary to send the originals of the required documents; it is enough to enclose only their copies. At the same time, in the text of the application itself, indicate that the original papers can be provided in person during the court hearing. If the court satisfies your requirements, it has 5 days to send you this confirmation.
You can also submit a claim via the Internet. To do this, go to the State Automated System “Justice” portal, select the “Submission of Documents” tab and fill out the application in the specified electronic form. Please note that you will need to identify the citizen through an account in the ESIA. You can also use an electronic signature, but you should take care of its availability in advance. All documents submitted online must be in PDF format and not exceed 30 MB in size.
Fxamo – scam or not?
It's better to start with resource analysis. The authors write that the organization was opened in 2008 and is considered one of the main brokers. However, if you try to find responses about Fxamo on the Internet, it turns out that they are missing. There is a very simple explanation for this situation: the resource started working only a few months ago and has low traffic. Namely, the scammers lied about their age and reputation.
It is also possible to analyze the permission of a given office. The type of intermediary is managed by the offshore country of Vanuatu, but the management itself is not listed on the web resource, which is quite easy to check. It turns out that the resolution was done in Photoshop and it is meaningless.
Well, the last fact in favor of Fxamo being a scam is the well-known web portal template. This pattern is used by a rather prolific group of scammers who are looking for new Fxamo representatives every month to defraud honest citizens.
Location of the defendant or place of his registration and residence
Arbitration proceedings are inextricably linked with civil law, according to the rules of which it is determined what is the location or place of permanent residence of the defendant. At the same time, the definition is given both for individuals - participants in economic relations, disputes in which are resolved by arbitration courts, and for legal entities.
According to the applicable rules of civil law, the place of residence of an individual is understood to be the place in which the citizen actually resides and is registered most of the time, that is, a person may primarily live at one address, but sometimes travel beyond this address due to certain circumstances (for example, during a business trip or for leisure). In civil law, the location of an individual who acts as a participant in economic or business relations is understood as the address at which a citizen is located and lives at a specific moment and period (address of temporary registration issued for a certain period of time, for example).
An application for consideration of an arbitration dispute is sent exclusively to this address, even if the organization’s official contacts (official website, business cards, advertisements, etc.) indicate a different location address.
What is the essence of deception?
Under the guise of a CFD intermediary, Fxamo employees offer clients to open deposits for profit in economic markets. But in reality, there is no profit; all funds transferred to this office remain with the scammers forever.
Typically, people register with Fxamo through ads on Facebook and other social networks. Scammers are distributing advertisements about fabulous trading robots Telegram 10, Obshcheye Delo and similar ones. Then, to authorize the robots, you will need to transfer $200-500 to a deposit, which is lost quite quickly.
Another Fxamo deception scheme is trading with so-called managers. On a rigged platform, the user is shown an imitation of trading, and subsequently the user of the type wins a large amount. However, it will not be possible to withdraw this winnings without first paying “tax”, “connecting insurance”, and other fees invented by scammers. Paying for all this, of course, is pointless, since the scam functions only to accept finance, and the income on the account is simply outlined in the program.
In addition, Fxamo managers do not neglect to deceive citizens into obtaining loans and are themselves determined to finance users. The only difference here is that loans from intermediaries have no validity and are considered exactly the same fake as income on the site. But despite this, swindlers use threats of legal proceedings and debt collectors to force victims to pay a fictitious debt.
How Fxamo Scams: Scam Scheme Review
The essence of the deception is that representatives of the pseudo-intermediary ingratiate themselves with naive users and promise them big money from Fxamo. The charlatans' goal is to convince traders to open one of their trading accounts. Taking into account that trading uses its own platform, scammers can easily draw results to create the illusion of successful activity. Difficulties begin when a person tries to withdraw money. Then his profile is simply blocked.
In the responses, the company’s users describe that they were not allowed to withdraw their earnings under various pretexts. This is how the scammers manage to extract some more money. If the client does not have money to replenish his account, he is recommended to take out a loan. As a result, he ends up in a debt hole from which it is difficult to climb out. Judging by the responses, FXamo representatives will be able to threaten with bailiffs and legal proceedings, driving citizens to depression.
In what cases can they refuse?
As mentioned above, the method of filing a claim and the place of residence of the plaintiff cannot be a reason for refusing to consider the case. This means that, even if you are in another city, you can go to court at the defendant’s place of residence. However, the judge has the right to return your application for completely legitimate reasons. Thus, the court may decide to refuse to consider a claim if:
- The claim is filed by a person whose interests are not affected by the litigation;
- The application is subject to consideration in another judicial procedure;
- The plaintiff missed the statute of limitations;
- There is already a court decision on this subject of dispute that has entered into force;
- The plaintiff violated the pre-trial dispute resolution procedure;
- The application was sent by an incapacitated person;
- The claim does not contain the signature of the applicant.
Info
In some of the above cases, the court may remand your application with a requirement to correct certain details. For example, if you made a mistake in drafting it or did not provide a power of attorney to the person drawing up the claim. In addition, you may be denied consideration of your claim if you do not have any documents included in the mandatory list. As soon as you correct all the shortcomings, you can send the claim again.
Trading conditions, account types, Fxamo personal account
The list of trading tools provided is quite large. However, it is necessary to take into account the lack of liquidity providers; all proposed contracts are CFDs (transactions for difference). Intermediary trading tools:
- Currency pairs;
- raw materials;
- cryptocurrencies;
- stock;
- jewelry.
To start operating, you must register and open one of the proposed types of deposits. There are only 3 of them among intermediaries.
The minimum deposit amount is $500. Every skilled trader will agree that this is excessive - many other brokers recommend starting with minimum deposits, which is preferable for beginners. Moreover, the broker does not offer to launch a demo account, which also does not add decisiveness.
On the other hand, beginners are recommended to undergo training - either individually or in a group. Naturally, this will require you to leave personal information, which will prevent subsequent annoying calls asking you to open an account.
It's interesting to take a look at FXamo's personal account. At first, there is nothing dubious, but observant experienced clients will immediately notice the method of replenishment - cryptocurrency.
New clients should remember: not a single decent Fxamo representative ever accepts funds on bank cards or cryptocurrency wallets, since brokerage houses do not have the right to do this (only using a current account is allowed). Because of this, the screenshot of the personal account is another confirmation of the charlatan activities of the broker.
Methods for depositing/withdrawing money on fxamo.com
To replenish your account, the pseudo-broker Fxamo recommends using only cryptocurrency (bitcoin). And this is natural, since such transfers are not easy to control. The user is given virtually no opportunity to confirm that he made transfers of company finances.
What is considered a conclusion is that it is practically impossible. In the responses, traders say that the company is preventing this in various ways. For example, it does not want to accept documentation for account verification, which is why clients will not be able to withdraw their own finances.
Exposure
It should immediately be emphasized that the entire myth of the office is one deception. This is a simple resource like an intermediary office. There is no documentation or permits confirming legal activities. Gullible citizens are deceived by stories that the office is governed by English law, etc. In reality everything is anonymous.
A trading platform is just a program that simulates trading. In reality, scammers do not have direct access to real exchanges, Forex, etc.
A real scam pattern. Charlatans persuade you to deposit as much money as possible, then they drain your deposit to 0 or simply block your profile. The user will not be able to return his own money because, first of all, scammers never compensate for finances, and also, you transfer funds to third-party details, in addition, you agree to the terms of the intermediary:
High Risk Warning: CFDs carry a high level of risk and may not be suitable for all investors. A high degree of leverage can work both for and against you. Before you decide to trade trades for difference (CFDs), you need to assess in detail the purpose of your work, your experience and risk appetite. There is a high probability of partial or complete loss of your invested funds, because of this you should not deposit capital that you cannot afford to lose.
They directly tell you that no one will compensate for anything. You are contributing funds that you may lose.
User rights
The authorization form on the FXamo web portal is identical to the authorization form for other intermediaries. The presented office is a new organization of the charlatan group: Timatrade, ImcFx, KeyOnCapital, ForexIm, FxBase, Rickglobal, Cryptoks. They duplicate the same resource. They also completely copy the text of regulatory documentation regulating relations with users.
At its discretion, the office can ask to transfer additional money, and the trader must do this within the specified time frame. Otherwise, the organization has the right to close his trading manipulations.
The FXamo representative will be able to receive the trader’s personal data and creditworthiness information from third parties. In addition, the Company has the right, without prior notice, to present them to its employees, service providers, and other offices that are part of the Organization’s group.
