Alert: FXClearing and Tech-RMS Took $500 in Forex Scam

Introduction

The threat of scam brokers in the forex industry is real and escalating. One traders detailed experience with FXClearing (FXCL Markets Ltd.) and its partner Tech-RMS uncovers a web of misleading marketing, manipulative withdrawal policies, and systemic evasion of accountability. This exposé draws directly from payment records, support emails, and withdrawal logs to highlight how these entities operate, revealing the true identity and behavior of FXClearing.

The Initial Setup: How Victims Are Targeted

The journey started with an advertisement on Facebook promising a forex trading bot capable of guaranteed monthly returns of 30%. After sharing a phone number, the trader was contacted by representatives of Tech-RMS, who claimed to be based in Singapore, with Filipino staff. They arranged a Google Meet call and walked the trader through creating an account on FXClearing, insisting on a minimum deposit of $500.

Proof of Payment:

Attached is a payment receipt showing a transfer of PHP29,834.20 (~$500) to Dragonpay Corporation on June 23, 2025, at 4:20PM, meant for FXClearing.

Account Management and Obstructed Withdrawals

After confirming the deposit, Tech-RMS agents, always calling from various Philippine numbers, pressured the trader to believe in account growth, even showcasing a $50 “profit.” When the trader attempted to test the system and withdraw, the process became convoluted: repeated rejections of submitted IDs and proofs of address, and only after several attempts was account verification finally successful.

FXCL's Email Communication

FXCL Support confirmed the eligibility to withdraw just USD378 — a calculation set after deducting bogus bonus credits and manipulated P&L. The required process included deducting bonuses and corresponding losses before finally processing withdrawals, followed by account closure.

Net Account less Bonus PNL: 378 USD

Withdrawals recorded: 50, 36, 36 USD

Total Withdrawals processed: 122 USD

• FXCL Markets Ltd., email from Neville Ford

This restrictive withdrawal process is corroborated by actual withdrawal records:

• Numerous requests ranging from 250 to 514 USD are stamped “Cancelled”, “Doubtful”, or never completed.
• Only a single withdrawal (378 USD) succeeded, after significant pressure and escalation.

The MAM Trap and Loss of Funds

Tech-RMS insisted that the account must remain open so their “AI bot” could trade — with a promise of unlocking withdrawals after meeting some unattainable “promo terms.” Trades made without the traders consent led to rapid depletion of the account, dropping from above $500 to as little as $400, all while withdrawal explanations pointed to arbitrary “promo” requirements.

Attempts to revoke Tech-RMSs access via email, forms, and chat were ignored by FXClearing. Only after negative reviews and filing a report to Dragonpay did FXClearing respond.

Fake Staff Profiles Expose FXClearing Scam

FXClearing and Tech-RMS used fabricated identities such as “Francis Cortez” and “Daniel Sy” to appear credible to clients. These profiles were created using photos also found on unrelated resources, like public healthcare guides—not genuine employees.

HealthPlan of San Mateo cover featuring reused image of scam brokers. By misrepresenting their staff, FXClearing and Tech-RMS further undermine trust and confirm their fraudulent operations.

Pattern of Deceit and Fake Credentials

The investigation uncovered the following:

• FXClearing is unregulated and not overseen by any reputable authority.
• Fake staff profiles: Tech-RMS used stolen images, including those of celebrities not affiliated with the company.
• Numerous negative reviews reveal similar stories: withdrawal rejections, unexplained losses, and opaque policies.

Direct Evidence of Victim Advocacy

A formal complaint to Dragonpay details a suspected fraudulent transaction. The user requests Dragonpay to:

• Trace and confirm the payment recipient (Dragonpay Corporation for FXClearing).
• Investigate Tech-RMS and FXClearing for potential fraud and regulatory violations.
• Support reversal or dispute under buyer protection, with supporting screenshots provided of payments and withdrawal attempts.

Conclusion: FXClearings True Identity and What Traders Should Know

FXClearing (FXCL Markets Ltd.) and Tech-RMS appear either directly connected or operating as a single entity, using aggressive marketing to lure in victims, then enforcing illegal managed account policies and blocking withdrawals through fabricated terms. They leverage unregulated status and obscured contact channels to avoid accountability, as demonstrated in a history of stonewalled communications, fake staff, and proven fund loss.

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