Forex Club Libertex

A summary of what happened?

Forex Club Libertex, commonly known as Libertex, is an online trading platform offering services in forex and contracts for difference (CFDs) across various assets, including stocks, commodities, and cryptocurrencies. Established in 1997, it operates under the Forex Club Group, a multinational brand serving clients in over 120 countries. The platform is managed by Indication Investments Ltd, a company regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 164/12.

Regulatory Status and Concerns:

While Libertex is regulated by CySEC, a mid-tier European financial authority, it is not overseen by top-tier regulators such as the UK’s Financial Conduct Authority (FCA) or the U.S. Securities and Exchange Commission (SEC). This absence of top-tier regulatory oversight has raised concerns about the platform’s adherence to the highest standards of investor protection. BrokerChooser, a platform that evaluates brokerage safety, advises caution with Forex Club Libertex due to its lack of regulation by a top-tier authority.

Client Feedback and Complaints:

Client experiences with Libertex have been mixed. Some traders appreciate its user-friendly interface and range of trading instruments. However, there are notable complaints, including:

• Withdrawal Delays: Some users have reported prolonged delays in processing fund withdrawals, leading to concerns about liquidity and operational efficiency.
• Account Management Issues: Instances of unresponsive customer support and challenges in account verification processes have been highlighted, causing frustration among clients.
• Platform Performance: Technical issues, such as platform freezes during high-volatility periods, have been reported, potentially leading to financial losses for traders.

Risk Warnings and Industry Reviews:

Industry reviews present a varied perspective on Libertex. While some acknowledge its longevity and comprehensive service offerings, others point out potential red flags. For instance, the website Scam Detector assigned libertex.fxclub.org a trust score of 33.6 out of 100, indicating a medium risk and suggesting caution.

Forex Club Libertex operates under mid-tier regulatory oversight and has received mixed feedback from the trading community. Potential clients should exercise caution, conduct thorough due diligence, and consider the regulatory environment and user experiences before engaging with the platform.

Analyzing the Fake Copyright Notice(s)

Our team collects and analyses fraudulent copyright takedown requests, legal complaints, and other efforts to remove critical information from the internet. Through our investigative reporting, we examine the prevalence and operation of an organized censorship industry, predominantly funded by criminal entities, oligarchs, and disreputable businesses or individuals. Our findings allow internet users to gain insight into these censorship schemes’ sources, methods, and underlying objectives.

What was Forex Club Libertex trying to hide?

Forex Club Libertex‘s attempts to hide unfavourable content through the misuse of copyright notices while allegedly engaging in perjury present serious legal concerns. These actions suggest a calculated attempt to manipulate legal systems to suppress free speech, a fundamental violation of copyright law principles and an abuse of legal processes. The use of such tactics not only undermines the integrity of copyright protection but also potentially constitutes perjury, further entangling Forex Club Libertex in legal accountability. Let’s examine the information Forex Club Libertex may be trying to remove from the internet –

In-Depth Investigative Report: Forex Club Libertex

Overview: Forex Club Libertex, commonly referred to as Libertex, is a prominent online trading platform offering services in forex and contracts for difference (CFDs) across a wide range of financial instruments, including stocks, commodities, indices, and cryptocurrencies. Founded in 1997, Libertex has established a presence in over 120 countries, boasting millions of users worldwide. The platform is managed by Indication Investments Ltd, a company regulated by the Cyprus Securities and Exchange Commission (CySEC).

Despite its widespread presence and longevity in the industry, Libertex has faced various concerns, complaints, and allegations over the years. This report provides a comprehensive analysis of the controversies surrounding Forex Club Libertex, examining regulatory challenges, client grievances, and operational issues.

1. Regulatory Status and Oversight:

Forex Club Libertex operates under the oversight of CySEC, a mid-tier European financial regulatory body. While this regulation provides some level of security and compliance, it falls short of the stringent standards set by top-tier regulators such as:

• The UK Financial Conduct Authority (FCA).
• The U.S. Securities and Exchange Commission (SEC).
• The Australian Securities and Investments Commission (ASIC).

Key Concerns:

• Lack of Top-Tier Regulation: The absence of oversight from globally recognized regulatory authorities has raised questions about the platform’s adherence to the highest standards of transparency and investor protection.
• Limited Compensation Protections: As a CySEC-regulated entity, Libertex clients are covered under the Investor Compensation Fund (ICF), which provides limited coverage compared to compensation schemes offered by top-tier regulators.

2. Client Complaints and Negative Reviews:

Customer feedback about Libertex has been polarized, with users reporting both positive and negative experiences. Below are the most significant concerns and complaints:

a. Withdrawal Delays

• Nature of Complaints: Numerous users have reported significant delays in processing fund withdrawals. These delays have ranged from a few days to several weeks, with some traders alleging that their withdrawal requests were outright ignored.
• Impact: Withdrawal issues are particularly troubling as they raise concerns about liquidity and the company’s operational integrity.

b. Account Verification Challenges

• Verification Hurdles: Users have faced difficulties during the account verification process, often citing excessive documentation requirements or prolonged processing times.
• Accusations of Intentional Delays: Some clients claim that the verification challenges are a deliberate tactic to delay withdrawals or lock accounts during disputes.

c. Customer Support Complaints

• Unresponsive Support Teams: A common grievance is the lack of prompt responses from the customer support team. Many clients report being unable to resolve issues in a timely manner, which has led to financial losses in some cases.
• Automated Responses: Users frequently complain about receiving generic, automated responses instead of personalized assistance.

d. Platform Performance Issues

• Technical Glitches: Traders have reported that the Libertex platform often freezes or experiences outages during high-volatility periods, particularly during significant market events.
• Trading Losses: These technical issues have led to financial losses for users, who were unable to execute trades or close positions during critical moments.

3. Risk Warnings and Scam Allegations:

Several industry watchdogs and independent review platforms have flagged concerns about Forex Club Libertex:

• Scam Detector Analysis: Libertex received a trust score of 33.6 out of 100 from Scam Detector, indicating a medium risk level. The analysis suggested that potential users exercise caution when engaging with the platform.
• Unverified Reviews: Some clients have labeled Libertex as a “scam” in online forums, alleging fraudulent practices, including account freezing and arbitrary fee deductions.

4. Legal and Regulatory Actions:

As of the latest available information, Forex Club Libertex has not been involved in any major lawsuits or sanctions by regulatory authorities. However, its mid-tier regulatory status has led to criticism regarding its vulnerability to oversight gaps.

• Compliance Challenges: While CySEC regulation ensures basic compliance, the company’s practices have not been scrutinized to the same extent as platforms regulated by top-tier authorities.

5. Industry Reputation and Public Perception:

Libertex’s reputation within the trading community is a mixed bag. While the platform has received praise for its user-friendly interface and broad range of trading instruments, its operational challenges have tarnished its image.

Positive Aspects:

• Longevity: Libertex has been in operation for over 25 years, which suggests some level of reliability.
• Innovative Offerings: The platform is known for its diverse range of assets and tools tailored to both novice and experienced traders.

Negative Aspects:

• Trust Deficit: The recurring complaints about withdrawals, account issues, and support have created a trust deficit among some users.
• Risk Perception: The lack of regulation by top-tier authorities has contributed to a perception of higher risk among cautious investors.

6. Expert Opinions:

Financial experts and analysts have weighed in on the controversies surrounding Libertex:

• BrokerChooser Recommendation: The platform advises potential users to exercise caution due to the lack of top-tier regulatory oversight.
• Industry Reviews: While some analysts acknowledge Libertex’s market presence and features, others emphasize the need for more robust regulatory compliance and enhanced customer support.

7. Steps for Improvement:

To address the concerns raised by clients and industry observers, Forex Club Libertex could consider the following steps:

• Strengthen Regulatory Compliance: Seeking licensing from top-tier authorities such as the FCA or ASIC could enhance client confidence.
• Enhance Customer Support: Introducing 24/7 support with faster response times and personalized assistance would address a significant pain point.
• Resolve Withdrawal Issues: Implementing transparent and efficient withdrawal processes is critical to rebuilding trust.
• Improve Platform Stability: Addressing technical glitches and enhancing platform performance during high-volatility periods is essential to maintaining trader confidence.

Conclusion:

Forex Club Libertex operates as a legitimate trading platform with a long-standing presence in the industry. However, its mid-tier regulatory status, coupled with recurring complaints about withdrawal delays, account verification challenges, and customer support inefficiencies, has raised concerns among traders and industry analysts.

While Libertex has the potential to strengthen its reputation by addressing these issues, potential clients are advised to conduct thorough research, understand the associated risks, and consider alternative platforms regulated by top-tier authorities. This report underscores the importance of regulatory transparency, operational efficiency, and customer satisfaction in the competitive world of online trading.

How do we counteract this malpractice?

Once we ascertain the involvement of Forex Club Libertex (or actors working on behalf of Forex Club Libertex), we will inform Forex Club Libertex of our findings via Electronic Mail.

Our preliminary assessment suggests that Forex Club Libertex may have engaged a third-party reputation management agency or expert, which, either independently or under direct authorization from Forex Club Libertex, initiated efforts to remove adverse online content, including potentially fraudulent DMCA takedown requests. We will extend an opportunity to Forex Club Libertex to provide details regarding their communications with the agency or expert, as well as the identification of the individual(s) responsible for executing these false DMCA notices.

Failure to respond in a timely manner will necessitate a reassessment of our initial assumptions. In such an event, we will be compelled to take appropriate legal action to rectify the unlawful conduct and take the following steps –

Since Forex Club Libertex made such efforts to hide something online, it seems fit to ensure that this article and sensitive information targeted online by these events get a lot more exposure and traffic than what it would have received originally

We hope this becomes an excellent case study for the Streisand effect…The key idea behind the Streisand effect is that efforts to restrict information can backfire, often causing the information to gain more attention than it would have otherwise. This effect is widespread in the digital age, where users quickly notice and spread censorship efforts on social media and other platforms. Trying to suppress something can unintentionally lead to it becoming more visible, which Forex Club Libertex is finding out the hard way.

Potential Consequences for Forex Club Libertex

Under Florida Statute 831.01, the crime of Forgery is committed when a person falsifies, alters, counterfeits, or forges a document that carries “legal efficacy” with the intent to injure or defraud another person or entity.

Forging a document is considered a white-collar crime. It involves altering, changing, or modifying a document to deceive another person. It can also include passing along copies of documents that are known to be false. In many states in the US, falsifying a document is a crime punishable as a felony.

Additionally, under most laws, “fraud on the court” is where “a party has sentiently set in motion some unconscionable scheme calculated to interfere with the judicial system’s ability impartially to adjudicate a matter by improperly influencing the trier of fact or unfairly hampering the presentation of the opposing party’s claim or defense.”  Cox v. Burke, 706 So. 2d 43, 46 (Fla. 5th DCA 1998) (quoting Aoude v. Mobil Oil Corp., 892 F.2d 1115, 1118 (1st Cir. 1989)).

Is Forex Club Libertex Committing a Cyber Crime?

Yes, it seems so. Forex Club Libertex used multiple approaches to remove unwanted material from review sites and Google’s search results. Thanks to protections allowing freedom of speech in the United States, there are very few legal ways to do this. Forex Club Libertex could not eliminate negative reviews or search results that linked to them without a valid claim of defamation, copyright infringement, or some other clear breach of the law.

Faced with these limitations, some companies like Forex Club Libertex have gone to extreme lengths to fraudulently claim copyright ownership over a negative review in the hopes of taking it down.

Fake DMCA notices have targeted articles highlighting the criminal activity of prominent people to hide their illegal behavior. These people, which include US, Russian, and Khazakstani politicians as well as members from elite circles including the mafia and those with massive financial power, are all connected – and alleged corruption ranging from child abuse to sexual harassment is exposed when exploring evidence found at these URLs. It appears there’s a disturbing level of influence being exerted here that needs further investigation before justice can be served. Forex Club Libertex is certainly keeping interesting company here….

The DMCA takedown process requires that copyright owners submit a takedown notice to an ISP identifying the allegedly infringing content and declaring, under penalty of perjury, that they have a good faith belief that the content is infringing. The ISP must then promptly remove or disable access to the content. The alleged infringer can then submit a counter-notice, and if the copyright owner does not take legal action within 10 to 14 days, the ISP can restore the content.

Since these platforms are predominantly based in the U.S., the complaints are typically made under the Digital Millennium Copyright Act (DMCA), which requires online service providers and platforms to react immediately to reports or violations. Big Tech companies rarely have systems in place to assess the merit of each report. Instead, all bad actors need to do is clone a story, backdate it, and then demand the real thing be taken down.

Reputation Agency's Modus Operandi

The fake DMCA notices we found always use the “back-dated article” technique. With this technique, the wrongful notice sender (or copier) creates a copy of a “true original” article and back-dates it, creating a “fake original” article (a copy of the true original) that, at first glance, appears to have been published before the true original.

Then, based on the claim that this backdated article is the “original,” the scammers send a DMCA to the relevant online service providers (e.g. Google), alleging that the ‘true’ original is the copied or “infringing” article and that the copied article is the “original,” requesting the takedown of the ‘true’ original article. After sending the DMCA request, the person who sent the wrong notice takes down the fake original URL, likely to make sure that the article doesn’t stay online in any way. If the takedown notice is successful, the disappearance from the internet of information is most likely to be legitimate speech.

As an integral part of this scheme, the ‘reputation management’ company hired by Forex Club Libertex creates a website that purports to be a ‘news’ site. This site is designed to look legitimate at a glance, but any degree of scrutiny reveals it as the charade it is.

The company copies the ‘negative’ content and posts it “on the fake ‘news’ site, attributing it to a separate author,” then gives it “a false publication date on the ‘news’ website that predated the original publication.

The reputation company then sent Google a Digital Millennium Copyright Act notice claiming the original website infringed copyright. After a cursory examination of the fake news site, Google frequently accepts the notice and delists the content.

In committing numerous offences, Forex Club Libertex either premeditated actions or were unaware of the consequences. Despite hiring an agency to make Google disregard any negative information about Forex Club Libertex, ignorance does not excuse this wrongdoing.

Fake DMCA notices have targeted articles highlighting the criminal activity of prominent people to hide their illegal behavior. These people, which include US, Russian, and Khazakstani politicians as well as members from elite circles including the mafia and those with massive financial power, are all connected – and alleged corruption ranging from child abuse to sexual harassment is exposed when exploring evidence found at these URLs. It appears there’s a disturbing level of influence being exerted here that needs further investigation before justice can be served. FSMSmart is certainly keeping interesting company here.

The Reputation Laundering

Rogue Reputation agencies use spurious copyright claims and fake legal notices to remove and obscure articles linking clients to allegations of tax avoidance, corruption, and drug trafficking. Most of these reputation agencies are based offshore, mainly in Russia, India, and Eastern Europe, and they do not worry about complying with US-based laws.

The content in all of the articles for which the fraudulent DMCA notices have been sent relates to allegations of criminal allegations, including corruption, child abuse, sexual harassment, human trafficking and financial fraud against businesses and individuals with ultra-high net worth.

In addition to the misuse of the DMCA takedown process, there is a notable absence of enforcement concerning perjury violations. The statutory requirement related to perjury is designed to deter copyright holders from submitting fraudulent or knowingly false takedown requests, as they may face legal consequences for making false declarations under penalty of perjury. However, to date, there have been no known instances of any individual being prosecuted for perjury in connection with the submission of false DMCA takedown notices.

This lack of enforcement has emboldened copyright holders to exploit the DMCA takedown process to suppress dissent, criticism, or other unfavorable content, without fear of legal repercussions.

Some of the people and businesses who have employed this tactic to remove legitimate content from Google illegally include a Spanish businessman-turned-cocaine-trafficker, Organised crime, an Israeli-Argentine banker accused of laundering money for Hugo Chávez’s regime, a French “responsible” mining company accused of tax evasion, child molesters and sexual predators. Forex Club Libertex is in great company ….

What else is Forex Club Libertex hiding?

We encourage you to ‘Dork‘ Google by searching for keyword combinations such as [Forex Club Libertex] + {Negative Keyword, such as Scam, Fraud, Complaints, Lawsuit, Sanction, etc} on Google. It’s likely if you scroll down to the bottom of this Google search results, you’ll stumble upon this Legal Takedown notice (pictured below)

To make such an investigation possible, we encourage more online service providers to come forward and share copies of content removal requests with industry experts and researchers. If you have any information on Forex Club Libertex that you want to share with experts and journalists, kindly email the author directly at [email protected].

All communications are strictly confidential and safeguarded under a comprehensive Whistleblower Policy, ensuring full protection and anonymity for individuals who provide information.