This review analyses the investment service provided by AddyFX. We believe it is a scam and we explain why.
Update April 2021
AddyFX got a new name – AddyFinance & Investment Limited – and got registered with the SEC in Nigeria. Also, they removed their shady investment plans from their websites, which I talk about in this review. AddyFinance distanced themselves from AddyFX by saying: “Please beware that any dealing(s) done with ADDYFX LIMITED shall be at the clients’ peril and the Company (ADDYFINANCE & INVESTMENTS LIMITED) shall not be held liable over any loss(es) and/or damages as a result of any dealing(s) with any staff, entity or representative bearing ADDYFX LIMITED henceforth.”
The review below is valid for AddyFX at the time it was published. We do not know or say anything about the new entity AddyFinance & Investment Limited.
What is AddyFX
We’ve received a lot of requests for an AddyFX review, but when you check the official website of the company, it is difficult to know what it really is about.
AddyFX only states that it wants to provide financial sustainability. But when you dig deep, you will find that the company was publicly offering investment plans.
Initially there were 4 plans with returns between 13% and 25% monthly. With the minimum deposit being $300. Over time the company reduced the plans and returns, now it seems they removed them completely from their website.
How is AddyFX supposed to achieve up to 25% monthly returns? Thanks to investing in Forex markets. They said they have experienced traders and managers who will achieve just that for you. But can they?
It is not entirely clear what is happening right now with AddyFX since they removed their investment plans from their website, but we are pretty sure that it is a scam.
The reason is that making 13% to 25% monthly in Forex trading is something impossible for a legitimate investment company. If a legit investment fund makes 25% in a year, it will be considered extremely good, it will be among the best in the world.
25% monthly really is utopia. It really is that simple to assess an investment opportunity like this.
Should 25% monthly be possible that easily, you would multiply your money 19 times in a year, if you reinvest the profits and take advantage of the compounding effect. That would generate millionaires pretty quickly.
AddyFX doesn’t explain what brokers it uses for investing, it provides no proofs whatsoever about its trading results. A legit investment company will provide you with audited investment results so that you can be sure about what you’re getting into.
We are not very familiar with the financial regulation in Nigeria, but from what we gather, investment services providers have to be authorized and registered with the Securities and Exchange Commission.
When you make a research on the SEC website, you will find that AddyFX has no license. This leads us to the conclusion that AddyFX is providing investment services illegally. Another fact that supports this conclusion is that AddyFX Limited provides no information about any license or authorization on its website.
What is certain is that AddyFX is not regulated anywhere outside Nigeria either, which means that it can’t seek clients in any other country.
How AddyFX works
When AddyFX started back in 2019, the highest Royal plan had a 25% monthly return on investment. Later than removed this plan and the highest one was the Golden one with 20% monthly profits. Now they removed all the plans from their website.
The first reason for these changes can be that regulators started looking at them, so they had to hide everything that makes them look like an investment service, because they have no license.
The reduction of monthly returns is also probably telling that AddyFX is operating as a Ponzi scheme which has to manage slowing deposits.
Ponzi schemes just take money from newer members and give it to older members. Since they promise profits, they need a growing volume of deposits, otherwise everything will dry out and collapse.
If AddyFX has not collapsed yet, it seems that it is in the final stages of the Ponzi scheme lifecycle and will crash soon. You don’t want to be anywhere near it not only when it happens, but ever.
We know that Ponzi schemes can be attractive, because they often have a period of time when they pay the profits they promised. But you have to realize that they are just moving money between people in an illegal way, they do no real trading, they don’t generate real profits.
Even if you manage to pull some profits out of such a scheme, you have to know that you will leave a lot of scammed people behind who got in too late. There is no way for everybody to profit in a Ponzi scheme, the majority has to be scammed in order for a few people to make money.
AddyFX review – the conclusion
Based on the investment plans that were public not so long ago, it is clear that AddyFX is an investment scam that has nothing to do with real profitable Forex trading. Stay away from it.
If you want to try legit Forex or any other financial trading, do it with a regulated company and start on a free demo, so that you don’t risk your own money when testing and learning.
If you later decide to trade with real money, be sure to understand the risks and use only money you can afford to lose.