IFSC warning on Profit Rider


23 November, AtoZForex.com, Lagos – In line with the regulator’s responsibility of ensuring safety of financial operations in the jurisdiction of Belize, the International Financial Services Commission of Belize (IFSC) has issued a stern warning against “Profit Riders Inc.”. This firm is obviously a fraud, based on its claims and actions.

The IFSC discovered that the firm “Profit Riders Inc.” falsely claims to be registered in Belize to carry out online investment activities under registration number IFSC/60/560/TS/15. The firm even goes as far as stating its registered office to be 84 Albert Street, Belize City, Belize, C.A. All these have been discovered to be false.

The IFSC warning on Profit Rider stated that:

“We confirm that “Profit Riders Inc.” is not licensed by the International Financial Services Commission of Belize or any other competent authority in Belize to engage in trading in securities or any type of international financial services.”

Deceptive operations

Operating via https://www.profit-riders.com/, profit rider claims to have over $12 million under management. It also promises ridiculous returns of up to 200 percent a day, as well as very high referral commissions stating that: “we provide you up to 200% profit after 1 day at least.The bigger invest, the bigger profit.You can double you money in 1 day at lowest.If you don’t want to invest,you still can earn good profit here,we offer you 7% referral commission from your referral’s deposit”. This system is typical of a ponzi scheme operation, therefore prompting the Profit rider warning from the Belize financial regulator.

Newtrade FX warning

Recently, the IFSC joined the French regulator AMF (Autorité des Marchés Financiers) in warning against the activities of Newtrade Fx. The Belize financial watchdog has described the website of the firm as a “complete forgery.” Therefore warning the public against having anything to do with such a firm. Newtrade FX is not licensed by the International Financial Services Commission or any other competent authority in Belize to conduct any trading business. The alleged online broker operates through the website www.newtradefx.comThe broker offers a wide range of trading products including forex, CFDs, commodities and many more.

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