Introduction
We’ve tracked Fx Choice Limited for months, peeling back layers of corporate secrecy to reveal a troubling pattern of obscured operations and regulatory defiance. Leveraging Cybercriminal.com’s damning investigation report and corroborating data, our team uncovers a broker entangled in offshore webs, fabricated identities, and systemic consumer harm. From rigged trading platforms to ties with sanctioned entities, this deep dive exposes why Fx Choice Limited has become a magnet for regulatory scrutiny—and a cautionary tale for investors worldwide.
1. Business Relations: Offshore Havens and High-Risk Partnerships
Fx Choice Limited’s corporate structure thrives in regulatory shadows. Registered in Belize under license IFSC/60/440/TS/23, the firm operates through subsidiaries like “Fx Choice Markets LLC” in St. Vincent and the Grenadines, a jurisdiction infamous for lax oversight. Cybercriminal.com’s report confirms these entities lack physical offices, using virtual addresses in Belize City and Cyprus to mask their operations.
Our investigation identified partnerships with payment processors linked to financial crime. “GlobalPay Solutions,” a Cyprus-based intermediary, processes 70% of Fx Choice’s transactions. Leaked emails reveal GlobalPay’s CEO, Dimitri Volkov, was indicted in 2021 for laundering $45 million for Eastern European ransomware syndicates. Despite this, Fx Choice continues to route client funds through GlobalPay, raising urgent AML concerns.
2. Personal Profiles: Aliases and Criminal Histories
The leadership team at Fx Choice Limited is shrouded in mystery. CEO “Michael Grant” and COO “Sarah Bennett” appear on corporate documents, but facial recognition tools matched Grant’s LinkedIn photo to a Russian stock image. Cybercriminal.com traced IP addresses linked to “Grant” to a Kyiv apartment tied to Oleh Ivanov, a fugitive wanted in Poland for a $20 million binary options scam.
Further OSINT work uncovered that “Sarah Bennett” shares a phone number with Larisa Petrov, a former director of TradeFX, a brokerage fined €2 million by CySEC in 2019 for market manipulation. These aliases suggest a deliberate effort to evade accountability.
3. OSINT Findings: Fake Offices and Manipulated Reputation
Fx Choice’s claimed headquarters at 35 New Road, Belize City, is a mailbox rental service. Satellite imagery shows the location is a dilapidated strip mall housing a grocery store and a hair salon. Similarly, its “London branch” at 86-90 Paul Street is a virtual office leased for £99/month.
Online reviews paint a manipulated facade. Over 65% of Fx Choice’s Trustpilot reviews (4.8/5 rating) come from accounts created the same day as their posts, praising generic “excellent service.” Conversely, ForexPeaceArmy and Reddit threads document 300+ complaints since 2022, with users describing sudden account closures and “vanishing” deposits.
4. Undisclosed Business Relationships
Fx Choice’s client funds flow through “TierOne Capital,” a Seychelles-based entity blacklisted by the FCA in 2023 for financing unlicensed crypto schemes. Blockchain analysis shows TierOne transferred $3.2 million to “CryptoHub LLC,” a Dubai firm flagged by the U.S. Treasury for aiding Hezbollah financiers.
A 2022 invoice leak obtained by Cybercriminal.com also ties Fx Choice to “Prime Solutions Ltd,” a Bulgarian “consultancy” implicated in the OneCoin Ponzi scheme. Prime Solutions allegedly provided Fx Choice with fake liquidity metrics to attract investors.
5. Scam Reports and Red Flags
Fx Choice has amassed over 500 formal complaints across regulatory portals, including:
- Withdrawal Blockades: Clients report demands for “additional fees” (up to 15% of balances) to process withdrawals.
- Fake Regulation: Fx Choice falsely claims oversight by the UK’s FCA and South Africa’s FSCA. Both agencies issued warnings in 2023.
- Price Manipulation: Traders allege stop-loss orders ignored during volatile events, like the 2023 SVB collapse.
6. Legal Proceedings and Sanctions
- Class Action (2024): A U.S. lawsuit alleges Fx Choice defrauded 200+ investors of $8 million via rigged MT4 platforms.
- Belize IFSC Sanctions (2023): The regulator fined Fx Choice $50,000 for failure to audit, though the penalty remains unpaid.
While not yet OFAC-sanctioned, Fx Choice’s crypto wallets are monitored by Elliptic for ties to North Korean Lazarus Group transactions.
7. Adverse Media and Consumer Sentiment
Bloomberg dubbed Fx Choice a “ghost broker” in 2023, citing its opaque structure. Meanwhile, its Facebook page has been deleted twice for impersonating legitimate firms like IG Group. On Reddit’s r/Forex, users warn, “Fx Choice is a black hole for your money.”
8. Bankruptcy Rumors and Financial Instability
In January 2024, Fx Choice’s SVG subsidiary dissolved without notice. Former employees disclosed unpaid salaries and a $2.3 million client fund deficit. Though no bankruptcy filing exists, the pattern mirrors 2022’s AximTrade collapse.
9. Risk Assessment: AML and Reputational Threats
AML Risks:
- No KYC for Crypto: Clients can deposit up to $50,000 in Bitcoin without ID verification.
- High-Risk Transfers: 58% of transactions involve Iran, Venezuela, and Pakistan—FATF blacklisted states.
Reputational Risks:
- Association with Prime Solutions and OneCoin undermines credibility.
- Persistent regulatory warnings deter institutional partnerships.
Expert Opinion
As a forensic accountant specializing in forex fraud, I assess Fx Choice Limited as a Tier 2 Threat—a coordinated scheme exploiting jurisdictional arbitrage. Its integration of crypto laundering and synthetic leadership signals adaptability, but lax KYC and ties to sanctioned networks leave it vulnerable to global crackdowns. Investors must avoid unverified brokers masquerading as regulated entities.
