Negative Reviews: CySEC Added GreenWaveX into Its Warnings

GreenWaveX has got many negative reviews and investors who traded with this broker have raised many complaints against it. BrokersView has therefore investigated a lot about the company and based on the negative reviews, complaints and other scam features, we have listed the entity as a scam.

Negative reviews and complaints

Some clients of the company shared their experiences. Ayesha T. from the US said GreenWaveX is a total scam. All his money 26000$ is stuck with GreenWaveX from February because he didn't agree with sending money for unreasonable fees.

Oscar Torres from CA said the broker does not have a withdrawal button. He submitted a withdrawal request by email as his account manager's instruction on June 15, 2022 but got no replies even on June 30, 2022. 

A newly created website

Fraudulent forex entities create sites that are generally 1 to 2 years old and disappear to recreate another domain name. GreenWaveX's domain(https://greenwavex.com/) was first registered on 7 February 2022 and will expire on the same day in the next year. This is on purpose as after 6 to 12 months the company will then just move to a new website and continue to change its image for scamming. It's a common defrauding tactic used by fraudsters.

Regulation and licenses

Headquartered in the UK, but GreenWaveX is not regulated in the UK. Additionally, GreenWaveX claims to be regulated under double supervisions - Financial Services Commission in Mauritius(Mauritius FSC) under license number GB21026548 and the Marshall Islands Banking Commission (IRI) under registration number 113035.

At first, the IRI does not regulate forex activities. As for the Mauritius FSC regulation, we do find a result. However, there is no website to prove its reliability and the address is not the same as the one GreenWaveX offers in its website.

The CySEC issued a public warning against GreenWaveX

What's more, we find a warning from the Cyprus regulator- CySEC, stating that GreenWaveX provides illegal forex trading services.

Based on the above information, we can conclude that GreenWaveX is a scam.