Its “About Us”, Reliableminingfx shows it is established in 2015, a fully certified and licensed company. However, when we check its domain(https://www.reliableminingfx.com/), the result shows that it is first registered in December, 2021. This is the first red flag here.
According to its homepage, it stated that it is regulated by four of the world’s leading financial jurisdictions, their clients can rest assured that they are trading with a safe and secure company. It states that Reliableminingfx is authorized and regulated by:
1) the CySEC under License No. 197/15;
2) the FSC on 10/2/2017 under License No. C116017115;
3) the Financial Services Authority (FSA) Seychelles under License No. SD058;
4) the BaFin under License No. HRB 169732B
However, searching with its name on the above four watchdogs’ register, we found no results.
Therefore, Reliableminingfx falsely states its regulation while it gets no financial oversight authority. That means investors' funds in the firm is unsafe and cannot be protected by any laws.
On 25 February 2022, the British Financial Conduct Authority (FCA) added the company to its alert list, saying that this firm is not authorised by it and is targeting people in the UK:
1) The FCA does not regulate this firm.
2) The Financial Ombudsman Service will not be able to settle a dispute with this firm.
3) The Financial Services Compensation Scheme will not be able to settle a claim against this firm.
According to the warning, the firm is not authorised to provide the investment services in the country.
Based on the above mentioned proofs, we can conclude that it is a scam.