Is Cash FX Group a Scam?

Dealing with cryptocurrency seems like a great deal but I am sure you know there are many scams out there that don’t live up to the hype. 

Does it mean that Cash FX Group is a scam? 

Let’s find out more.
In the following article, you are about to learn what is the Cash FX Group all about, who is the founder, how much you have to invest, and most importantly whether your investment is safe and how much can you make. 

Disclaimer
Please note, I am not a member or an affiliate for Cash FX Group. This review is based on research and information available online in the public domain.
Any recommendation and conclusions are only opinions and may not apply to all persons or situations.

Quick Overview

Name: Cash FX Group
Website: www.cashfxgroup.com
Price to Join: $300 to $100,000
Recommended: I don’t recommend it (possibly pyramid scheme) 

What is Cash FX Group

Cash FX Group is an investment company that offers you the possibility to invest your money in the Crypto and Forex trading business and promises you big returns in a relatively short period of time. 

Imagine making 15% weekly, on your investments.
Sounds awesome right? 

But whenever something seems too good to be true, that most likely is. 

Let’s take a better look at the Cash FX Group. 

It operates as an MLM, which means Multi-Level Marketing. 
If you already heard something about the MLM (and I am sure you do), then you know that there is a big emphasis on recruiting.

I bet you also have seen some other reviews or YouTube videos where people leaving comments about how great this company is and that you can join it by contacting that person. 

Before we go any further I would like you to have a look at the 6 sign of the pyramid scheme: 

I am not in a position to claim the Cash FX Group is a pyramid scheme. But I would like you to know what are the typical signs of a Pyramid Scheme, so you are aware of them.

With that being said, let’s go back to the Cash FX Group review. 

In principle, you can join the company by buying a Trading Pack and Academy Pack. 
That allows you to: 

• Earn Trade Rewards
• Access to the Academy
• Be a part of the Affiliate Program

There are several different packs for different prices and we will get to that shortly. 
Your money then is exchanged to Bitcoin and then it enters the Forex market. Allegedly people behind the Cash FX Group, are professionals and can make a profit for you up to 15% weekly. 

Now the question is – do your money get all the way through to the market? 
This is an open question and there are a lot of rumors out there saying that your earnings are based only on the newcomers’ money. 

What else do we know about the Cash FX Group? 

Cash FX Group was founded only in 2019. Apparently, they have more than 60,000 members from more than 180 countries. 

The majority of people coming to their website (cashfxgroup.com) are from: 

• USA 22%
• UK 15%
• Canada almost 10%
• South Africa 7.8%
• Trinidad and Tobago almost 7%

Also, the number of visitors to their website grows so it indicates that more and more people are interested in doing business with them. 

The company is based on the following address:
RBS Tower, Ave Balboa, Ramon H. Jurado St. 9th floor, Punta Paitilla. 

You can form your own opinion about the fact that the company is based in Panama. 

Founder of Cash FX Group

The founder of the Cash FX Group is Huascar Lopez and he is also a CEO.

He is from the Dominican Republic and back in 2009, his uncle taught him what network marketing is. Soon after he founded his first business as a tour operator. 

In 2014 he started working with cryptocurrencies. 
Apparently, since 2016 he has traded more than $100 million in cryptocurrencies and eventually founded the Cash FX Group. 

One Note:
Not long ago, it was no information on their website regarding the founder of the Cash FX Group. 
It just seems strange that they added this info only later on. 

Who is this for?

Well, anyone can join the Cash FX Group, but would that be a good investment? 
Are we to believe that it is really easy to make a 15% profit weekly? And BTW the returns are paid in bitcoin. 

I understand that the notion of get-rich-quick is really tempting and most people are willing to risk their money. 
I don’t know about you but I am hesitant when it comes to such claims. 

I personally do not recommend joining the Cash FX Group. 

Generally, the Forex and Crypto trading niche is not for beginners and many new companies are aware of this fact and try to take advantage of people who are just about to start. 

Cash FX Group is a new company (the website was registered only in 2019) and there are already some issues and complaints from people who did try to make money with the Cash FX Group. 
On the other side, you will see a bunch of reviews (totally another extreme) saying that this is a perfect company. 

Well, I would not be so sure. 
Cash FX Group has been already accused of being a pyramid scheme. 

In 2019 it was issued a warning by UK financial regulatory (FCA) saying that Cash FX Group “has been providing financial services or products in the UK without our authorization”

The problem is that most people see big returns in a short period of time. 
And yes, there are folks who made money by investing in the Cash FX Group, and for time being they are probably making a profit. 
But for how long? 

There are many cases of pyramid schemes and Ponzi schemes that used to “work” for several years and eventually they crushed. 
Again Cash FX Group has been around for only a little over a year as of this writing. 

Better Solution? 

Here is the #1 Rule: 
Don’t invest money you can’t afford to lose! 

And if you have the money you can afford to lose, do your due diligence and invest in companies that are authorized.

So if you are serious about trading here are authorized companies you might want to check out (source: Investopedia) 

• London Capital Group (LCG): Best Forex Broker for Beginners
• XTB Online Trading: Best Forex Broker for Low Costs
• Saxo Capital Markets: Best Forex Broker for Advanced Traders
• IG: Best Forex Broker for the U.S. Traders

How to Join the Cash FX Group?  

Do you want to know a little bit more about the company? 
Well, you can’t just join the company without a sponsor, to me it is an outright red flag (is it just me?) 
Why would I need a sponsor to sign up? 

Here is when I wanted to register:

See, you can’t log in “just like that” and this to me is a warning sign. 
You guess it right, I don’t like MLM models, since they heavily rely on recruiting. That is where the real money is. 

I believe if you have the same opinion about the MLMs, you are done reading and I wish you a great rest of a day. 

But if you want to find out more, you are welcome to read further.

As already mentioned Cash FX Group works like an MLM company and you can’t simply join. You must have your sponsor (or upline) and using his link you can join the company. 
Your upline gets a commission that is paid from your initial investment. 

I believe that there are many better opportunities than MLM companies (let alone a mix of an MLM and cryptocurrency). 

How Much It Costs?

You can sign up for Cash FX Group assuming you have your sponsor. 

After confirming your email you get into the portal where you can choose from the package. 

• Academy + Trading pack (most popular – according to their website)
• Academy Pack 

Let’s take a look at the costs of the 1st option, the Academy + Trading Pack.

It starts with an Elemental package where price ranges from $300 to $3,000:

to Advanced that costs from $5,000 to $20,000…

…and finally, the Supreme packages cost from $30,000 to $100,000!

Getting quite steep, ain’t it? 

Here is the price break down of the Academy Pack:

With the Academy pack, you can choose

• Module 1 & 2 and pay $240 

or choose

• Modules 1 to 4 and pay $900  + additional fees (a couple of bucks).

There is a note in case you have chosen the wrong package you need to contact Admin. That would be OK but are will be charged a 5% Admin Fee! 

It sounds like a lot to invest, right?

And there is something more…

Another point that is important to mention is that there is no evidence that investors are paid by external revenue. In other words, there is no evidence that investor’s money actually gets to the forex market. 
Besides, the company can’t offer securities anywhere in the world. 

I could offer you another option about how to generate income, but it does not concern trading nor MLM.
And the way I earn money online requires a bit of effort and time. 
In case you want to know more, let me know in the comment section at the bottom. 

Is Cash FX Group a Scam? 

So far there is no proof that Cash FX Group is a scam. 
However, I would be very careful with this company. 

There are a few signs that Cash FX Group might be a new pyramid scheme. 

Do the people involved in this company make money? 
Yes – there are many “happy” people claiming that they withdraw their money on regular basis.

Good for them.
They probably will want to recruit you, since they make commissions off of you. 

Could it be that Cash FX Group is a pyramid scheme and people still make money? 
Sure. 

According to their website statistics, we see that they have more and more visitors.

Based on that it is safe to assume that there is still money coming into that system. 

But for how long? 

Let’s use a basic example – Shell Game. 
According to Wikipedia:

“Fraudulent shell games are also known for the use of psychological tricks to convince potential players of the legitimacy of the game by allowing a player to win a few times before beginning the scam.”

Isn’t the Cash FX Group still in an early stage where their clients still make some money? 

What I like about Cash FX Group

• At this stage, there are people making money, probably from recruiting new members.

What I don’t like about Cash FX Group

• Legal issues
• Possibly pyramid scheme (considering the age of the, and the legal issues already in place) 
• Reported Withdrawal delays
• Cash FX Group is not registered to offer securities 
• Many complaints about the Support 

Some Thoughts at the End

If you want to learn how to trade it is advisable to deal with financial firms that are authorized.

Above is the list of companies that are authorized forex dealers.
These companies do not promise you high returns simply because they must be realistic, and they have to inform you that there is always a risk involved. 

So I am curious, would you take a chance and join the Cash FX Group?
Why? 

Let me know please in the comment section below. 

Also if you are part of the Cash FX Group already, could you please share your opinion as well. 
I am sure this will be a great discussion. 

Anyway, I believe you find this article helpful. 

Thank you for reading
Mike.