FXPace: the prelude to an illegal scheme?In this article, we want to talk about the FXPace broker and the supposedly illegal scheme it has set up. Through the evidence of our claims, you will find that FXPace and other platforms tricked their victims into making payments to Notesco Cyprus and Salvax Limited.
We are a law firm specializing in financial fraud on Forex-type trading platforms. Thanks to the knowledge of the various European, French or Cypriot legislations, our lawyers would like to help traders, victims of Forex, to recover their losses. With these articles, our lawyers have the keen intention to keep you informed of all the threats that may exist on the trading platforms.
Who is FXPace?
FXPace is a trading platform with various products such as Forex, Metals, Indices and Commodities. To register with this trading broker (we advise you not to do so at all), you have the option of choosing between two types of accounts:
- the standard account
- and the market / ecn account
The main difference between the two accounts is the spread.
Source: https://www.fxpace.com.au/en
In terms of licenses and authorizations, it is stated on their website that FXPace is the trade name of Notesco Pty Limited. It is then regulated by ASIC in Australia. It also indicates the licenses and authorizations of the group. However, this makes us wonder to which group FXPace belongs to.
We then decide to look for the name Notesco Pty Limited on the CySEC, in order to check the regulations in the European Union. The only name we can find is this: Notesco Financial Services Limited. Obviously, the two names are similar, and this fact can mislead traders.
However, on the CySEC website, we note that Notesco Financial Services Limited has only approved the FXLift and IronFX domains. It is understood that FXPace is not part of this group. Therefore, it is not allowed to provide financial services in the European Union!
Source : https://www.cysec.gov.cy/en-GB/entities/investment-firms/cypriot/37655/
To follow our research, you can read our article on FXPace, published on December 3, 2020. If you have read it, you may have understood the risks of trading with the FXPace broker. In fact, as you read this article, you will notice the various warnings and reports from the European financial authorities about this broker.
Also during our research on FXPace, we understood that the broker is a part of the offshore company registered in Bermuda: Salvax Limited. This company owns FXPace but also unregulated platforms like FX Suit and Navitas Markets. Salvax Limited is neither regulated by the FCA in the UK nor by the CySEC. It cannot therefore provide financial services in Europe.
IMPORTANT: Trading on an EU regulated platform is the only way to be sure of your investment as it offers ethical reliability and legal protection.
The opinion of Internet users
In order to better understand the world of FXPace, we want to give you an external opinion on TrustPilot before providing you with any evidence of the allegedly illegal FXPace scheme. Here it is :
This review clearly demonstrates the nature of the scheme. Indeed, with the commercial pressure that this trader may have received to obtain extraordinary gains, FXpace shows poor investment management. Also, we note that the trader can no longer withdraw the funds invested.
Source : https://trustpilot.com/review/fxpace.com
The alleged scam André G. suffered by FXPace
Today in this article we want to show you a supposedly illegal scheme suffered by our client Andre G. Our client is a 77-year-old retiree who is unfamiliar with trading financial instruments, does not speak English and has a basic knowledge of computers and financial operations. First of all, it is important to understand that he has no knowledge, experience or qualifications regarding the financial markets.
In May 2020, our client stumbled across the FXPace website and out of curiosity he decided to check out their services. Shortly after, he was contacted by a representative of the regulated platform FXPace, who offered him to invest in the financial markets, by presenting him the alleged advantages of trading on the FXPace platform. They convinced our client to invest in the platform, by guaranteeing him the management of his portfolio.
After creating his account, and investing money, he was contacted a few days later by a certain Eric Lafitte, presenting himself as the account manager appointed by FXPace for our Client. Our Client, completely new to financial markets, entrusted the management of his investment entirely to Mr. Lafitte, believing that the account manager would act in his best interests.
Below is an email from Eric Lafitte:
Our client made payments by credit card and bank transfers. He has contracted financial services with the offshore company SALVAX Limited and made his deposit into the account of SALVAX Limited, a part of the electronic money institution incorporated in Cyprus – SEPAGA E.M.I. LIMITED.
Although, our Client has contracted financial services from the offshore institution SALVAX Limited, his deposits, made by credit card, have been processed by Notesco in Cyprus.
Naturally, this circumstance raises the question of why the company which was supposed to execute our client’s orders in the financial markets, SALVAX Limited, was not the sole beneficiary of the deposits made by our client.
Below, you can see the proof of transfers made to different accounts.
Once the FXPACE representative, Mr. Lafitte, gained the trust of our client, he began to persuade him to invest more in the platform.
The FXPace representative sent out various offers and articles (written by FXPace) aimed at influencing our Client to withdraw his savings from his bank and invest them in the financial markets.
Below, you will find the email that our client has received from Mr Lafitte.
In addition, every time our Client asked to withdraw his funds, Mr Lafitte persuaded him to continue trading.
Therefore, from May 2020 to April 2021, our Client invested the amount of 40,500 euros with the FXPace platform. All his positions on the FXPACE trading platform were taken by his account manager – Mr. Eric Lafitte. Despite the promises of risk management and secure profits, our Client suffered a loss of almost all of his entire investment made on the FxPace trading platform.
Other trading platforms linked to FXPace
Until the end of November 2020, Mr. Lafitte communicated with our Client through his email – e.lafitte@fxpace.com using the FXPace email domain name. However, when he wrote to our client about the transaction records, Mr. Lafitte used different message domains such as:
Below you will find the messages used with email addresses from different email domains:
The two domain names used by Mr. Lafitte in his correspondence with our Client are held by the company Fletcher Capital Invest Ltd. Fletcher Capital Invest Ltd operates the following websites:https://groupfletcher.com and https://waltergestion.com. These domains are used by Mr. Lafitte in his correspondence with our client. Looking on their sites, it becomes clear that they are trading platforms.
Like offshore company SALVAX Limited, FLETCHER CAPITAL INVEST LTD is not authorized by the relevant UK regulatory authority – the FCA – to provide investment services and products in the UK.
Thus, we strongly suspect that FLETCHER CAPITAL INVEST LTD is affiliated with SALVAX Limited and that the trading platforms: https://groupfletcher.com https://waltergestion.com are in fact fraudulent platforms used to solicit clients in the EU and UK. In our opinion, the three websites are the same trading platform operating under different brands.
In addition, our Client has not received any information and / or explanation from FXPACE’s representatives regarding the loss of his funds, as they have ceased all communication with our Client, as in the review on TrustPilot above.
Despite the promises of professional fund management and minimal risk exposure, our client suffered the loss of his entire deposit and realized that he had fallen victim to harmful practices carried out by the company’s intermediary on the FXPace platform.
In conclusion, our law firm is regularly engaged in the collection and dissemination of information on financial traders. FXPace is dangerous, and we invite you to trade on another trading platform since it is not regulated in the EU. In addition, we note that the Fletcher group and Walter Gestion are scams.
We would like to thank our client André G. for allowing us to disclose his dispute with the broker FXPace.
If you have any questions regarding the trading platforms, you can contact us through our contact form.
