FXStreet

A summary of what happened?

Complaints Against FXStreet

1. Ineffective Trading Signals:
   • Users reported that the trading signals provided by FXStreet were not reliable and often led to losses.
2. Inconsistent or Low-Quality Analysis:
   • Some users complained that the platform’s market analyses and predictions were inaccurate or lacked depth.
3. Navigation and User Interface Issues:
   • Following site redesigns, some users found the website difficult to navigate or less user-friendly.
4. Over-Promising Results:
   • Allegations of exaggerated claims about the effectiveness of FXStreet’s tools and services, leading to unmet expectations.
5. Overwhelming Advertisements:
   • Many users criticized the excessive presence of ads on the platform, which they felt disrupted the user experience.
6. Platform Performance Issues:
   • Complaints about slow page load times and errors affecting the platform’s reliability.
7. Poor Customer Support:
   • Users cited delays or lack of responsiveness from customer support when addressing their concerns or resolving issues.
8. Regulatory Advisory (India):
   • FXStreet’s inclusion in the Reserve Bank of India’s (RBI) “Alert List” for unauthorized forex trading platforms raises legal concerns for users in India.
9. Bias Toward Partner Brokers:
   • Accusations that FXStreet’s broker reviews favor its business partners, raising concerns about objectivity.
10. Subscription and Cost Issues:
    • Users criticized the high cost of premium features, suggesting they did not deliver value for money.

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 FXStreet trying to hide?

FXStreet‘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 FXStreet in legal accountability. Let’s examine the information FXStreet may be trying to remove from the internet –

Investigative Report: FXStreet – An Examination of Complaints and Allegations

Introduction

FXStreet, established in 2000 and headquartered in Barcelona, Spain, is a prominent financial information platform specializing in foreign exchange (forex) markets. It offers real-time data, analysis, and educational resources to traders worldwide. Despite its reputable standing, FXStreet has faced various complaints and allegations over the years. This report delves into these issues, providing a comprehensive overview based on available information.

1. User Complaints and Negative Reviews

User feedback is a critical indicator of a platform’s performance and reliability. While FXStreet maintains a generally positive reputation, several users have raised concerns:

• Ineffective Trading Signals: Some users have reported that the trading signals provided by FXStreet were unreliable, leading to financial losses.
• Inconsistent Analysis Quality: There are complaints regarding the accuracy and depth of FXStreet’s market analyses, with some users finding them lacking.
• Navigation and Interface Challenges: Following website redesigns, certain users experienced difficulties navigating the platform, suggesting that the updates may have compromised user-friendliness.
• Over-Promising Results: Allegations have surfaced that FXStreet may have exaggerated the effectiveness of its tools and services, leading to unmet user expectations.
• Excessive Advertisements: Users have criticized the platform for an overwhelming presence of advertisements, which they feel disrupts the user experience.
• Platform Performance Issues: Complaints include slow page load times and errors, affecting the platform’s reliability.
• Customer Support Concerns: Some users have cited delays or lack of responsiveness from customer support when addressing their issues.

2. Regulatory Advisories

In September 2022, the Reserve Bank of India (RBI) included FXStreet in an “Alert List” of entities not authorized to deal in forex or operate electronic trading platforms under the Foreign Exchange Management Act (FEMA), 1999. The RBI cautioned the public against undertaking forex transactions on unauthorized platforms, highlighting potential legal repercussions and financial risks.

3. Allegations of Bias in Broker Reviews

FXStreet offers broker reviews as part of its services. The platform asserts that these reviews are researched and written independently, adhering to editorial values of accuracy, objectivity, and transparency. Brokers may pay to be reviewed, but FXStreet claims that its researchers and writers maintain full autonomy, unaffected by commercial interests.

4. Platform Redesign Feedback

Following a significant redesign in May 2015, FXStreet received approximately 900 user comments within three weeks. While many users appreciated the site’s clarity and user-friendliness, some expressed concerns over navigation and content accessibility. FXStreet addressed this feedback by implementing adjustments to enhance user experience.

Conclusion

FXStreet remains a reputable platform offering extensive resources for forex traders. However, it has faced various complaints and allegations, ranging from user dissatisfaction with services to regulatory advisories. Potential users are advised to consider these factors and conduct thorough due diligence before engaging with the platform.

Recommendations for Users:

• Verify Regulatory Compliance: Ensure that engaging with FXStreet aligns with local laws and regulations, especially in jurisdictions with specific advisories.
• Assess Service Offerings Critically: Be cautious of over-promising claims and evaluate the effectiveness of tools and services independently.
• Monitor Platform Changes: Stay informed about platform updates and provide feedback to help improve user experience.

By staying informed and vigilant, users can make better decisions when utilizing financial information platforms like FXStreet.

How do we counteract this malpractice?

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

Our preliminary assessment suggests that FXStreet may have engaged a third-party reputation management agency or expert, which, either independently or under direct authorization from FXStreet, initiated efforts to remove adverse online content, including potentially fraudulent DMCA takedown requests. We will extend an opportunity to FXStreet 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 FXStreet 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 FXStreet is finding out the hard way.

Potential Consequences for FXStreet

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 FXStreet Committing a Cyber Crime?

Yes, it seems so. FXStreet 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. FXStreet 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 FXStreet 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. FXStreet 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 FXStreet 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, FXStreet either premeditated actions or were unaware of the consequences. Despite hiring an agency to make Google disregard any negative information about FXStreet, 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. FXStreet is in great company ….

What else is FXStreet hiding?

We encourage you to ‘Dork‘ Google by searching for keyword combinations such as [FXStreet] + {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 FXStreet 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.