For those who might become prospective clients of broker frauds, this is not good news. Amit Klatchko’s unregulated Praxis Cashier Systems Ltd (d/b/a Praxis Cashier) is used as a payment processor to handle client deposits in an estimated 6-7 out of 10 broker frauds. Praxis Cashier now holds the top spot in the scam market as a result. Praxis Cashier hopes to see an additional 20% increase in deposits from “traders,” or victims, with the inclusion of the broker CurrentDesk. The news is awful!
Operated by CurrentDesk Ltd, a company domiciled in the British Virgin Islands, CurrentDesk (www.currentdesk.com) is a comprehensive broker management system. Nonetheless, Tusla, Oklahoma appears to be the company’s operational location. In order to stop fraudulent transactions, the company also runs an online dispute registry called http://www.dispute.watch. Interesting, that the operated of DisputeWatch teams up with Praxis Cashier, a notorious if not toxic comp
According to Andrew Saks, who has recently expressed strong disapproval of CySEC’s involvement with regulated brokers and their “off-regulatory” operations relating to scams, the CurrentDesk press release raises serious concerns. Praxis Cashier and Travis Dahm, the director of business development and co-founder of CurrentDesk (LinkedIn profile), said that their system integration will assist international Forex brokers in growing their deposits by 10–20%.
Because of the collaboration, it is likely that our research team will soon discover CurrentDesktop and Praxis Cashier scams. According to rumours, Praxis Cashier (www.praxiscashier.com) has already integrated more than 1000 different payment methods from more than 350 Payment Service Providers (PSP) into their cashier.
Experts that the media spoke with believe that businesses like Praxis Cashier and BridgerPay of Ran Cohen ought to be subject to EU Payment Directive regulations. In Cyprus, this would be the Central Bank of Cyprus. In most jurisdictions, such PayTechs require permission from the relevant regulator. But not in Cyprus. This is not good for EU investors and the victims of brokers facilitated through these unregulated PayTechs.
Claims Made by Amit Klatchko’s Praxis Cashier
The best smart cashier software has been created by Praxis Cashier, a technology business, with you in mind. Businesses like yours can now operate in industrial peace thanks to intelligent cashier software designed to tackle high-risk processing challenges! With offices in Costa Rica, Cyprus, Spain, and the Ukraine, we are ready to work around the clock.
Using Praxispay has a lot of benefits. The program is simple to use and offers customizable payment management settings. You can select the payment option that best suits your business needs and set restrictions for each customer and VIP level. Furthermore, you may set up BIN country rules and credit card regulations directly in the back office software. Praxis will automatically route all of your transactions to the top-performing payment service provider once you’ve configured your payments. You might wish to think about the Praxis Cashier for larger firms. Brokers can get a complete payment processing solution from our hosted payment page. With a comprehensive multilingual support service, the organisation operates in Spain, Cyprus, and Ukraine. Praxis Cashier offers integration with almost all PSPs and supports most card issuers. While other payment processing solutions require a third-party payment processor, Praxis Cashier does the same thing. This software allows you to accept payments from all major card issuers and support all types of payment methods.
Swiss Financial Services
Swiss Financial Services has been offering customised services to alternative investing firms worldwide since 1985. Our seasoned staff approaches client engagements with a value-added strategy, working in tandem with them to make sure their particular business needs are satisfied. We are in a unique position to serve clients in their time zone and—more importantly—within the cultural business environment thanks to our global presence. We are committed to providing our clients with knowledge that goes beyond statistics as we guide them through the challenges of running an investment management company.
Fraud
Fraud is defined by law as the deliberate use of deception to get unfair or illegal benefit or to deny a victim their legal rights. Fraud can be illegal under civil or criminal law; for example, a victim of fraud may sue the perpetrator to stop the fraud or obtain financial compensation; or fraud may not result in any loss of money, property, or legal rights but nevertheless constitute a component of another civil or criminal wrong. The goal of fraud can be financial gain or other advantages, such as getting a passport, travel visa, driver’s licence, or mortgage fraud, in which case the offender makes false claims in an effort to qualify for a mortgage.
- It could be a warning sign that your broker is not acting in your best interests if they do not reply to you.
- Make sure there are no complaints, do your homework, and carefully study all the fine print on paperwork to ensure you are not being taken advantage of by a dishonest broker.
- Before attempting a withdrawal, try starting a modest account with a small balance and making trades for a month.
- Your broker might be churning if you notice purchase and sell transactions for assets that don’t align with your goals.
- Before pursuing more extreme measures, go over all of your documentation and talk through your options if you are trapped with a terrible broker.
Bottom Line
Brokers are sometimes to blame for traders’ losses, even if traders sometimes hold them accountable. Before opening an account, a trader should be rigorous in their research on potential brokers. If the broker passes this scrutiny, the trader should make a small deposit, make a few trades, and then withdraw their money. If all goes according to plan, a bigger deposit may be made.
If things are already bad for you, though, you should confirm that the broker is engaging in illicit activity (like churning), make an effort to get your questions addressed, and if that doesn’t work, you should report the broker to the SEC, FINRA, or another regulatory agency that has the authority to take legal action against them.