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Is CashFX a scam? Here’s why I passed on CFX…

Is CashFX a scam? Here’s why I passed on CFX…

Almost a year ago, I began looking for three passive income opportunities that could contribute to living a life of freedom on the road, and CashFX was one that I considered. At that time, I decided against and ultimately ended up with just two opportunities: Hyperfund and Yieldnodes.

However, recently I was approached to take a look at CashFX again, and I thought, why not? 

It’s been a year, CFX is still operating and I’m in a position to consider other opportunities for diversification. Also, it would be nice to get into forex (as the majority of what I’m currently involved in is crypto).

Very briefly, what is CashFX?

It’s a product/platform or series of products related to Forex trading with a heavy emphasis on multi-level marketing (aka MLM). You purchase an ‘Academy Pack’ and it returns to you 2X at a rate of “up to 15% per week”. 

  • 300 Level – requires a $300 investment
  • 500 Level – requires a $500 investment
  • 1K Level – requires a $1,000 investment
  • 2K Level – requires a $2,000 investment
  • 5K Level – requires a $5,000 investment
  • 10K Level – requires a $10,000 investment
  • 20K Level – requires a $20,000 investment
  • 30K Level – requires a $30,000 investment
  • 50K Level – requires a $50,000 investment
  • 100K Level – requires a $100,000 investment

According to CashFX, this profit is generated via their technology and trading experts who use 70% of your package to make profits via trading (the other 30% goes to marketing bonuses). Once your package is complete you can buy a new package and you may also upgrade to unlock the next (larger) package.

So, I read some of the new material, watched more recent videos and looked into it once again (I previously looked at CFX in November 2020….it’s now early October 2021). 

If I’m being honest, all the same things were present that put me off a year ago. 

Actually, even more as there were quite a few complaints of people not being able to withdraw, or withdrawals taking an excessive amount of time — up to 8 weeks.

However, I decided to have a chat with the guy who re-introduced me.

And he seemed like a nice, genuine guy. 

He informed me that for the past year, he had been receiving around 5% per week.

When I asked about withdrawal issues he told me that there had been some withdrawal issues since May which had now been mostly resolved and ‘caught up’.

CFX is massively focused on MLM

We had 30 minutes of interesting chat. Ultimately, I still decided to pass on the CashFX opportunity. 

The main two things that put me off are the extreme emphasis on MLM and the minimal (zero?) “proof” of forex trading.

This is how they claim it works, which, even if true (ie they are trading) is very heavy on MLM.

  • Of every pack purchased, 30% goes to MLM and 70% for forex trading.
  • When you refer people, you get a piece of that 30% vial MLM structure (and there is potential to earn a further 2X on your pack contract by referring).
  • There is a 20% fee on withdrawals that also goes to MLM bonuses.
  • When your pack completes you need to repurchase or upgrade (which requires a withdraw at 20% fee!!!)
  • Growth through the leadership program unlocks MLM ‘rank prizes’. You can gain anything from an ipad Air (Executive) to a Rolex to a Lamborghini (Global Ambassador)

There are lots of ‘Ranks' and upgrades. All very confusing and distracting from the main ‘product'.

To be clear; I am NOT against MLM. 

I think it is a very effective way of marketing and can be very fair if done right eg. Amway, Avon, Herbalife Nutrition are all big MLM companies.

Eg. I’m also in Hyperfund which is MLM however, it has zero MLM requirements and much less focus is on that aspect — I have held a membership for almost 10 months now and only started referring after in July, after 6 months of being very happy with what I gained through their ‘product’ without being involved in any MLM aspect. Read more here.

And that’s what it boils down to; product.

Do you feel the company actually has a legitimate “product” or are they hiding a ponzi scheme

IMO, extreme emphasis on MLM bonuses/commissions and hugely complex ‘compensation plan’ structures is a big red flag — any affiliate or referral program should always be secondary to the core product/value/benefit being offered.

Which leads me to…

Where does CFX money come from?

Even if you’re easily confused, like myself, the little information I have shared above regarding referral system, fees, MLM distribution etc it is easy to see that the MLM aspect translates into massive numbers and profits being generated through signups and fees. I didn’t share the details of the plans and MLM structure – it’s really confusing! 

…but what is clear is that it’s much less clear what is being generated through the actual trading ‘product’. #ClearAsMud

From what I’ve seen, it appears the main way to make money with CashFX is by introducing other people.

And that, potentially, the primary (only?!) way money is being made by CashFX is via people purchasing these membership packs — ie. there are a lot of questions around if any actual trading is being done.

I couldn’t find any real evidence of trading.

Other red flags

In addition, there are question marks around some of the traders (in particular, one key trader aka an ‘indicator’ actually being a taxi driver)!

And, if there is trading; is it forex? Or is it actually crypto? (one of my reasons for having interest was to diversify outside of crypto)

I also discovered people who had their accounts closed for asking legitimate questions or saying something negative and, in recent months there have been delayed withdrawals – some people claiming they’ve been waiting up to 8 weeks for withdrawals that should be released within a day.

Basically, there is A LOT of information on all the network marketing stuff and the bonuses, but very little information or proof around the legitimacy of how they claim to make money (forex trading) or the backgrounds of the traders and people involved.

In a nutshell; 

Based on what I have seen and understood, even having had a lengthy conversation with a rather nice CFX user/member, I still have too many questions about the legitimacy of CashFX’s “product” and integrity.

I registered but did not deposit. I would not feel comfortable endorsing it or sharing with others at this time.

If you’d like to learn more about CashFX, do a search on Google 🙂

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Disclaimer: As with everything on this site, this article is for informational purposes only and is not advice of any kind. I simply share my experiences and my opinions for information. I am not a financial adviser and I am not providing investment advice or financial or legal advice of any kind. Cryptocurrencies (and most business opportunities) are very high risk. Many of the opportunities I discuss exist in new, high risk and unregulated markets. Some methods require significant investment of time and/or relevant skills. Please do your own research (DYOR) and due diligence; do not blindly follow anyone!

My #1 performer since 2020 – monthly updates always added!

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