Originally Syndicated on May 10, 2024 @ 3:42 am
A warning to investors has been issued by the UK watchdog Financial Conduct Authority (FCA) about Profits Trade (www.profitstrade.com), the customer of the Praxis Cashier fraud. Information on the scam’s website claims that ProfitsTrade Ltd., a Dominican corporation, runs it. This broker scam is being assisted by the Praxis Cashier, and payment methods such as Klarna and LeaderPay are also being presented.
One of the most aggressive facilitators of scams and cybercrime on the planet is Praxis Cashier System Ltd, often known as Praxis Cashier or Praxis Pay, and is owned by Israeli Amit Klachtko. Although precise information regarding Praxis Cashier’s market share in cybercrime is still lacking, seven out of ten scam brokers presently utilise Klatchko as their payment processor.
For customers and small investments, broker frauds are extremely harmful. The payment processors that enable fraud are far worse than the initial scam itself. It is past time that Amit Klatchko and his Praxis Cashier Ltd. are eventually dealt with by the relevant authorities in Germany, Cyprus, and the other EU member states. There is sufficient proof to issue an arrest warrant for Klatchko and permanently shut down his payment processor.
FCA (Financial Conduct Authority)
The UK government has no control over the Financial Conduct Authority (FCA), a financial regulator that is funded by fees collected from participants in the financial services sector. The FCA protects the integrity of the UK financial markets by regulating financial companies that offer services to consumers.
It focuses on how financial services companies, both retail and wholesale, are expected to behave. Similar to the FSA, which it replaced, the FCA is set up as a company limited by guarantee.
To establish regulatory standards for the financial industry, the Financial Policy Committee, the Prudential Regulation Authority, and the FCA collaborate. The FCA oversees the operations of over 58,000 companies that employ 2.2 million people and give the UK economy an estimated £65.6 billion in tax income annually.
Praxis Cashier (As Claimed)
The world of internet payments is dynamic and frequently challenging to understand. This is especially true for companies that want to grow internationally. We are dedicated to providing our clients with the revolutionary potential of skillfully orchestrated payment solutions through our sleek and simple payment technology.
We’re here to take what is sometimes an overly complicated approach to financial software and make it simpler while providing you with the best tools possible to launch and maintain your business.
We are here to provide you goods that will boost your transaction success rates, enhance your payment flow, and give your consumers, no matter where they are in the globe, a flawless payment experience.
We conduct business throughout the entire globe. We pride ourselves on our team’s dedication to completing our aim of assisting our clients expand their businesses. We accomplish this by properly managing their money flows, better coordinating their payments, and ultimately giving their clients better payment experiences.
At Praxis, we make a lot of effort to centre everything we do around our clients. Our main goal is forming solid alliances and collaborations. In order to deliver goods and services that address the most difficult payment problems of the modern day, we continuously learn from and improve upon the input we receive from our clients.
Brokers are sometimes to blame for traders’ losses, even if traders sometimes hold them accountable. Before opening an account, a trader should be rigorous in their research on potential brokers. If the broker passes this scrutiny, the trader should make a small deposit, make a few trades, and then withdraw their money. If all goes according to plan, a bigger deposit may be made.
If things are already bad for you, though, you should confirm that the broker is engaging in illicit activity (like churning), make an effort to get your questions addressed, and if that doesn’t work, you should report the broker to the SEC, FINRA, or another regulatory agency that has the authority to take legal action against them.
