BESTONFX

Our investigation into BESTONFX found an operation with the classic markings of an investment scam. If you are weighing a deposit — or trying to get one back — read this first.

Who is BESTONFX?

BESTONFX markets itself as an online trading and investment service. Its public site is presented at https://www.bestonfx.com/. It claims to be based in Thailand. As with most operations of this kind, the polished front end conceals a lack of the basic protections a real, regulated broker is required to provide.

Is BESTONFX regulated?

BESTONFX provides no verifiable regulatory licence. An unregulated broker answers to no one: it can freeze withdrawals, invent fees, and disappear with deposits, all without consequence. This alone is reason enough to stay away.

Red flags we identified

• Account dashboards that show “gains” with no real market exposure
• Opaque or anonymous corporate ownership
• Aggressive “account managers” coaching clients to deposit
• Unrealistic profit claims and pressure to deposit more
• Withdrawals reportedly blocked behind “taxes,” “fees” or account “upgrades”

Our analysis

BESTONFX attempts to position itself as the "best Forex broker in Thailand", "most secure Forex broker in Thailand", and "a legitimate forex broker in the UK". It uses hyperbolic language to market itself, aiming to portray an image of legitimacy, reliability, and convenience. However, our findings indicate a different reality. This broker only provides an MSB registration with the Financial Crimes Enforcement Network (FINCEN) as proof of its legitimacy and security. However, it is crucial to note that the FinCEN serves as the financial intelligence unit of the United States, responsible for receiving, analyzing, and disseminating disclosures of financial information in order to combat money laundering and terrorism financing. This agency doesn't license or oversee the forex market. Furthermore, the MSB registration is not a recommendation, certification of legitimacy, or endorsement of the business by any government agency. Therefore, in the context of online trading, an MSB registration does not carry the same weight as a license from a financial regulator in affirming this company's legitimacy. The MSB registration certificate lists its location as Hong Kong. However, we found no corresponding entries in the register of the Hong Kong Securities and Futures Commission (HKSFC). As for its claim of being a legitimate forex broker in the UK, our search in the database of the Financial Conduct Authority (FCA) yielded no matching results. Despite its claim of being the "best Thai forex broker", there is no company named "Beston" in the list of financial service providers of the Bank of Thailand. In essence, BESTONFX is not regulated by any governing body. Entrusting this broker with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds. BESTONFX appears to be a scam.

Can you recover money lost to BESTONFX?

If you have deposited with BESTONFX, do not pay any further “fees” to withdraw — that is part of the trap. Funds sent to operations like this can sometimes be traced on-chain and pursued through the exchanges and processors that received them. Whether recovery is realistic depends on how you paid and how quickly you act.