LoonieFX

Our investigation into LoonieFX 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 LoonieFX?

LoonieFX markets itself as an online trading and investment service. Its public site is presented at https://looniefx.com/. 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 LoonieFX regulated?

We could find no evidence that LoonieFX holds a valid licence from any recognised financial regulator. Trading client funds without authorisation is one of the strongest indicators of a scam — there is no regulator to complain to, and no protection for your money.

Red flags we identified

• Opaque or anonymous corporate ownership
• No credible physical address or verifiable corporate record
• Unrealistic profit claims and pressure to deposit more
• Aggressive “account managers” coaching clients to deposit
• Account dashboards that show “gains” with no real market exposure

Our analysis

LoonieFX claims to be regulated by the Financial Transactions and Reports Analysis Center of Canada (FINTRAC). While a registration record for this MSB number can be found in the database, it is important to note that FINTRAC does not regulate foreign exchange (forex) trading activities. In Canada, the primary regulatory body overseeing forex brokers is the Investment Industry Regulatory Organization of Canada (IIROC). However, upon investigation, it was found that LoonieFX is not registered or authorised by the IIROC or any other reputable financial regulatory agency. Therefore, based on the available information, LoonieFX is operating without proper authorisation from any credible forex regulator. Therefore, LoonieFX appears to be a scam.

Can you recover money lost to LoonieFX?

If you have deposited with LoonieFX, 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.