User Reported LaunchFXM for Committing Fraud

Bad faith and dishonesty will definitely undermine a company's reputation.

Recently, a Fazzaco user called "海洋"(Ocean) reported a scam to our customer service. 

The user planned to purchase a CRM product from LaunchFXM, a London-based fintech company. However, after Ocean made the initial payment of $1,499, LaunchFXM refused to send CRM screenshots and requested for more payment.

Ocean contacted LaunchFXM's  customer service at Skype, official website, and WhatsApp, but all efforts went in vain. LaunchFXM's customer service refused to answer the call on Skype, banned Ocean's IP address on its official website, and blocked Ocean at WhatsApp.

LaunchFXM did the opposite way to its commitment of "helping other brokers achieve their dreams and enabling you to become the expert you want to be".

After receiving the report of the user, Fazzaco sent an email to support@launchfxm.com, but received no response at press time. The following shows how Ocean was scammed by LaunchFXM.

June 21: Ocean planned to purchase CRM

According to Ocean, when looking for a CRM vendor, Ocean found LaunchFXM. Ocean then contacted LaunchFXM's customer service who called him "Jeams" at Skype.

At about 9 PM on June 21 (GMT+8), Ocean expressed intention to buy CRM after enquiry, and Jeams told Ocean that LaunchFXM could provide some discounts.

According to LaunchFXM's official website, the initial setup fee should be $4,999 and the monthly fee should be $1,500. 

But Jeams told Ocean, "Now the company provides customers with discounts. If you pay $4,500 for a quarter in a lump-sum, you don't need to pay the $4,999 setup fee."

Then, Ocean asked Jeams what payment methods LaunchFXM could accept, and Jeams said, "If you pay in digital currency, we can give you more discounts. You only need to pay $3,000 for the first quarter, and $1,200 per month after the first quarter."

Jeams asked Ocean to transfer BTC to a specified address and wait for a day before they contacted Ocean.

So Ocean gave Jeams the email address.

Jeams then sent a screenshot of the Skype conversation and a specified transaction address to Ocean's email from support@launchfxm.com, the official email address of LaunchFXM.

Ocean told Fazzaco that there was no deying that the email came from LaunchFXM's official email address.

Jeams intended to ask Ocean to pay BTC, but Ocean requested to pay TRC 20 USDT.

Then Ocean transfered $1,500 USDT to the address designated by Jeams.

June 22: Ocean blocked by LaunchFXM

On the next day, Jeams required Ocean to pay the "remaining amount". However, without CRM delivered, Ocean refused to pay the remaining part.

When communicating with LaunchFXM, Ocean asked Jeams to show the screenshots of the undergoing CRM project.

But Jeams asked Ocean to provide user name, password, and also the remaining $1,500.

After Oean sent Jeams the username and password, Jeams asked Ocean to make payment to the designated address.

Ocean became more suspicious about Jeams and kept requiring the CRM project screenshots, while Jeams repeatedly stressed that payment must be made first.

Later, Ocean consulted the customer service at LaunchFXM's official website, but was told that LaunchFXM didn't accept payment via crypto currency.

So Ocean sent Jeams the evidence, but Jeams didn't reply anymore and refused to answer Ocean's call on Skype.

Ocean's email sent to support@launchfxm.com also went unanswered.

Later, LaunchFXM's customer service blocked Ocean's IP address, making it impossible for Ocean to communicate at the homepage.

Denied Again on WhatsApp

Ocean then resorted to LaunchFXM's customer service at WhatsApp. Ocean told the whole story to LaunchFXM's customer service and sent the screenshots of the chat with Jeams on Skype.

LaunchFXM's customer service said Ocean was scammed at the beginning.

And then the customer service said he needed to communicate with the team.

Later the customer service replied that LaunchFXM had not received the payment and was not responsible for the matter.

The customer service required Ocean to send screenshots of emails.However, after Ocean provided the screenshots as required, the customer service did not reply for quite a long time and blocked Ocean again. LaunchFXM customer service's avatar was no longer visible to Ocean.

Helplessly, Ocean turned to Fazzaco for assistance, hoping to solve the issue and get refund.

Fazzaco retells and publishes Ocean's whole story here to remind all the businesses to keep vigilant when seeking partners. We hope all companies in the forex industry can uphold the principle of fairness and integrity to make the forex ecosystem healthy and transparent.

Fazzaco will follow up on the latest development of the dispute between Ocean and LaunchFXM. We sincerely hope LaunchFXM could give official reply to the public and give Ocean a reasonable answer.