SwapMegaFX Review – Dangerous Scam Alert!

Today we’re posting a very important scam alert – a SwapMegaFX Review.

If you have invested with them or considering to, you better read this first!

On November 21, 2022, we received a complaint from a person who was scammed for over $15,000 after they were contacted to invest in this bitcoin mining website.

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What is SwapMegaFX?

According to swapmegafx.com, SwapMegaFX appears to be a CFDs (Contracts For Difference) online trading platform.

It offers customers the ability to bet on prices of forex (foreign exchange currencies), as well as gold, indices, US shares, cryptocurrencies, and more.

They claim to be “a broker trusted by thousands of traders worldwide” allowing clients to “Trade with confidence and benefit from ultra-low spreads.”

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    SwapMegaFX Review -Screenshot of swapmegafx.com homepage

    They also claim to be regulated “across 6 jurisdictions,” to offer “Multi-lingual live customer service 24/7.”

    Among their selling points we find they are allegedly:

    • committed to forex education
    • globally licensed and regulated
    • offering regular contests and promotions
    • utilizing protection of funds
    • providing unparalleled trading conditions and a wide range of trading instruments

    Three acount types are available:

    1. With the Learn account a free demo is available, as well as step by step tutorials and articles, online webinars and local seminars, and a personal account manager.
    2. The Trade account offers tight spreads, super fast trade execution, hi-tech forex trading tools, and ultimate risk protection and security.
    3. Finally, the Invest account does not require the client to be an experienced trader. It offers a large number of strategies to follow and full control of the investment. The client profits whenever their strategy managers earn.

    There’s an option to follow traders and “sit back while they do all the work,” allowing your investment portfolio to “grow with every successful trade, while you save your time and effort.”

    For Day Trading, they advertise a return rate of 1000.86%, for swing trading 3000.46%, and for positional trading 2586%!

    Swapmegafx unrealistic return on investment rates

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    All one needs to get started is to create an account, link your bank account, and start buying and selling.

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    Among their alleged partners, you will find Binance, Luno, Coinbase, and more.

    They also advertise how much their clients deposit and withdraw from the platform with “real names” with deposit amounts ranging from $706 to $9,752 and withdrawal amounts ranging from $135,612 to $198,874.

    There are also user testimonials. For example, Rem Venture, a banker from London writes “Thanks Swapmegafx for the help.. I bought a house and a car..”

    Below all that again they state how they are “Licensed and regulated across the globe,” and claim they “serve clients in over 150 countries worldwide.”

    They guarantee the safety of clients’ deposits with segregated funds protection.

    According to the map widget they include, their address is: 625 California St, San Francisco, CA 94108, USA.

    In the Footer, the copyright notice states that the site’s copyright since 2013 is owned by the company Swapmegafx ltd, with two locations: Georgia Town, KY and San Francisco, CA.

    They also placed logos of TrustPilot and the UK Companies House but they do not link anywhere.

    Payment methods accepted include Visa, Bitcoin, and Ethereum.

    On the Frequently Asked Questions (FAQ) page of the site, the following methods of payment are listed:

    • credit/debit card (Visa, Mastercard)
    • cryptocurrency (Bitcoin, Bitcoin Cash, Zcash, Litecoin, Dogecoin)

    Finally, there is the following disclaimer:

    At Swapmegafx, we believe there is no better advertisement than satisfied clients. No wonder that majority of our new clients are affiliates from our existing clients. We are proud that our clients like to recommend our financial service to others. Because of this, we are pleased to offer one of the strongest online affiliate programs in the financial service industry, with a high commission rate, customized tools and reports, and timely commission payout

    So that’s it for the homepage, and next we’re going to take a look at who is behind Swapmegafx.

    SwapMegaFX Review – About & Contact

    Swapmegafx does have an About page, but alas, it is not very informative.

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    Its title is “The Unique Platform Created By A Genuine Group Of Creators & Believers.”

    They then describe their team:

    we work together; to create bigger, stronger things. We are proud to be a family of hundreds of people with experienced businessmen, successful investors, talented engineers, technology gurus, researchers and international user masses. In this job that requires insanity, we do great things with geniuses and dreamers working for the future. We do what we love for the people we love.

    They then move forward to describe what Swapmegafx is in a section titled “Let Us Prove How Delightful Swapmegafx Really Is:”

    Swapmegafx is the simplest and most profitable cloud mining solution on the market. It presents mining as an experience with its new generation interfaces, transparent mining approach and customer-oriented thinking style. Let us show you why our clients come back to us time and again.

    Now recall that the complaint we began this review with said that Swapmegafx is a bitcoin mining platform, while the homepage says it’s a CFD trading platform.

    Here in the About page we find that indeed they claim to be a cloud mining platform.

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    They then repeat the company name we already found in the Footer: “Swapmegafx LTD.”

    They write:

    Trust comes first. In accordance with our company’s transparency policy, our customers have the right to receive any information they request at any time. Our team working for fair mining will publish all data openly that will not jeopardize our competitive advantage. Shown below from the company registration source of Swapmegafx LTD.

    However, nothing is shown below besides an additional description of what Swapmegafx LTD allegedly is involved in:

    • They claim to have contributed more than 120 Patent Applications and to invest a major portion of their “revenue on blockchain and crypto money research.”
    • They claim to own “State Of Art Mining Facilities Operating in 6 continents” with “the latest technology infrastructures,” which “are sensitive to environment and social life, taking the advantage of government policy, weather conditions and cost advantages.”
    • Finally, they claim to be using “Renewable Energy Sources” and to be making “considerable investments in wind, solar and hydroelectric resources.”

    Moving on to the Contact page, again we find they claim Swapmegafx Ltd to be located in “Georgia Town,KY……. San Francisco, CA” [sic].

    A live chat widget is availabl throughout the site, and there’s also an email address: support@Swapmegafx.com and a contact form on the Supprt (Help Center) page.

    However, no phone numbers are provided, and neither are any LinkedIn profiles or any other social media profiles nor proof of the registration and licensure of this company.

    Then, strangely we encounter another map widget, but this time the address is: “1 Front St W, Toronto, ON M5J 2X5, Canada.”

    In the Frequently Asked Question (FAQ) page they under the question “Are you a registered company?

    They answer “Yes, Swapmegafx is an officially registered, UK-based cloud crypto mining initiative that prides itself on the security of its users.”

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    Affiliate Program

    Swapmegafx offers an affiliate program which allows client to invite their friends for a commission.

    Each user account contains a unique affiliate code, which offers the user a 3% discount on any purchases they make on the site as well as “a significant hash power boost.”

    Users “will enjoy 5% of the hashpower your referral chooses to purchase. So if your referral enters your affiliate code then purchases a 10MH/s contract, you enjoy a totally free 25MH/s.”

    Swapmegafx.com Domain Review

    The domain swapmegafx.com was registered through NameCheap, Inc. on October 11, 2022 for one year.

    That means it is a brand new domain, less than 2 months old at the time of writing this review.

    Information about the owners of the domain is hidden by a privacy service.

    No popularity or traffic data is available regarding the domain since it is so new.

    Swapmegafx Scam Review – Is Swapmegafx a SCAM?

    There are no reviews about Swapmegafx online yet, which is not surprising since it is a very new website.

    Then how do we know it’s a scam?

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    Let’s summarize our Swapmegafx review findings now.

    First of all, we started this review with a complaint from someone who was actually scammed by them.

    But even without it, this website is full of red flags.

    For example, we saw how they claim to be “a broker trusted by thousands of traders worldwide,” regulated “across 6 jurisdictions,” yet this is a two month old website with no mention online and no proof of regulation.

    Also, in some places they call themselves a CFDs trading platform, while in others they claim to be a cloud mining platform.

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    Both of these platforms, by the way, are scams.

    CFDs trading platforms are actually financial gambling since you’re playing against the house and not trading on any actual exchanges. Any wins you may get will be paid by the company and obviously the company cannot afford paying more they earn.

    Most cloud mining platforms also turn out to be scams.

    Not to mention when they claim their return rates range from 1000 to 3000% (!)

    Also, there is a News page at swapmegafx.com, but there’s nothing on it.

    And on various pages of the site, you will occassionaly see random popups saying “Dirk from INDIA has just earned $2604,” “Amelia from Peuto Rico [sic] has just Earned $5792,” etc…. Looks like a random generation of names, countries, and amount.

    The User Testimonial section in the homepage contains images of clients, however these images were taken from Pinterest, Amazon, or other sources and are not genuine.

    Swapmegafx fake testimonials
    Notice how the image of the client is actually an Amazon.in image as revealed with Google Lens

    The addresses provided by Swapmegafx are also very confusing.

    Three locations are mentioned:

    • 625 California St, San Francisco, CA 94108, USA
    • Georgia Town, KY
    • 1 Front St W, Toronto, ON M5J 2X5, Canada

    Checking Google Maps, we find that the third address is the Dominion Public Building, a government office.

    And the same three locations, we discover, were used by another scam company exposed by the UK FCA (Financial Conduct Authority) on April 11, 2022 – FastLinkFX.

    The website fastlinkfx.com by the way is still online and it looks exactly like swapmegafx.com, suggesting the same owners are behind these websites.

    Fastlinkfx.com was registered also by NameCheap, Inc on March 17, 2022.

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    Since they have been around longer, they have an authority score (of 6) and 32 backlinks, but none from any legitimate websites

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    Because they have been around longer than swapmegafx.com and due to the FCA warning about them, they have managed to garner a lot of negative reviews.

    Finally, we will mention that much of the text that appears on swapmegafx.com is not original but also appears in other websites.

    This indicates that either the owners of this website copied other websites or it may also mean that they own the other websites as well, and perhaps in addition to swapmegafx.com and fastlinkfx.com, they own many additional scam sites.

    For example, the text “Trade CFDs on forex, Cryptocurrency, gold, indices, US shares and more With a broker trusted by thousands of traders worldwide” from the homepage also appears on:

    • cryptofxwave.com
    • highpumpstrade.live
    • leadwayfx.com
    • healthytrades.live
    • falconforexmarket.com
    • superfx.us (defunct)
    • supabinance.com

    The text “Choose experienced traders, follow them, and sit back while they do all the work. Your investment portfolio will grow with every successful trade, while you save your time and effort” also from the swapmegafx homepage can also be found on:

    • forexoptiontime.com
    • vintagestockmarkets.com
    • cloudcomputingminneapolis.com
    • finexprotrader24.com
    • exegainz.com
    • expertstradex.com
    • absftradezone.com
    • forextime.com (Apparently, the original, legitimate source of this text)

    To take another example, the text “Licensed and regulated across the globe, we serve clients in over 150 countries worldwide. We guarantee the safety of your deposits with segregated funds protection” is also found on:

    • alphafxminer.com (defunct)
    • odexcoinoptiontrade.com
    • universal-crypt.com
    • flexindexminers.com
    • globalmegaxfxt.com (defunct)

    The disclaimer text “we believe there is no better advertisement than satisfied clients. […]” is also found in many websites, much of them defunct.

    Almost all of the above websites are scam suspects and should not be invested in.

    But perhaps the most characteristic text at Swapmegafx.com is the way they write their address: “Georgia Town,KY……. San Francisco, CA.”

    Searching Google for this phrase reveals additional websites that most likely are owned by the same people who brought to you Swapmegafx.com:

    • dlightglobalfxm.com
    • vertexmegaltrade.com
    • sonicfxtrading.com
    • expertoptionfxtrade.com
    • coinupexchange.cloud
    • iqtltd.com (defunct)
    • bitmineinvestco.com
    • pumphighcryptos.net
    • smarttradinginvestment.com
    • binancefxtrades.net
    • supebinance.com (defunct)
    • cryptoperfectcoinfx.com
    • directfxtrade.com
    • marvelcryptofx.com
    • iqoptioninvestmenttrade.com
    • fxtradingtarget.com

    The magnitude of their work pretty amazing.

    If even each of these websites scams only one person out of $15,000, like the complainer who triggered this review, their total fraudulent earnings would be at least $240,000.

    Unfortunately, we believe they make a lot more than this…

    Swapmegafx Review – Bottom Line

    Swapmegafx.com is a website that promises something that is just too good to be true, which is always a clear indication of scam.

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    We have sent them a message through their live chat widget where they claim to “reply immediately,” but we have not received a response.

    The people behind this website have been creating an insane about of similar websites to defraud investors out of hundreds of thousands if not millions of dollars.

    Please be careful and do not send money to any website that is not widely known as a trustworthy site with ample proof of licensure and regulation.

    If you are a victim of online scams, please let us know by commenting below and if you have lost a significant amount of money, do not lose hope. We can help you recover your funds!

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