MahiFX still looking to take down clone site Great Trade, as it targets FCA regulation – LeapRate Exclusive

LeapRate Exclusive… LeapRate has learned that ASIC-regulated retail forex broker MahiFX has been in contact with authorities in Belize in an attempt to take down the website of clone broker Great Trade. We had earlier reported a warning MahiFX had issued against Great Trade back in August.

The Great Trades website at promises investors seemingly phenomenal returns, often a red flag that the site/company is a fraud.

But it is Great Trades’s About Us page which really ‘takes the prize’ for site cloning.

Great Trade actually shows the names and pictures of four MahiFX executives, copied directly from the MahiFX website, as if they had those same roles at Great Trade – including MahiFX CEO David Cooney!

Great Trade About Us page


We understand that (the real) MahiFX management have been trying to take down the Great Trade website, or at least get Great Trade to remove the obviously cloned material and any linkage to MahiFX. But so far to no avail.

MahiFX lawyers have been in contact with the website hosts ordering a take-down, but so far apparently their letters have been ignored.

Great Trades’ website also claims that the company is registered in Belize, and MahiFX has been in touch with the Belize International Financial Services Commission (IFSC). However the IFSC has issued a pronouncement that Great Trade is fraudulently claiming to be registered in Belize and is holding itself out as being licensed to provide online trading in securities and forex services, but no such company is registered or licensed in Belize and the Certificate of Incorporation and Good Standing posted on its website (on the very same About Us page) is a complete forgery.

Based on our analysis, it appears as if Great Trade has been targeting the Russia and Vietnam forex markets, running ad campaigns in each of those jurisdictions.

Separately, LeapRate has learned that MahiFX is aiming to be the next international retail forex broker to become regulated by the FCA in the UK, with a view to expanding its business in the UK and Europe. A company statement recently issued mentioned that FCA approval and regulation is pending.

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