Multiple investors report significant losses and unresponsive support from Tradepacefx and PennyCove Financial.
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Victims claim the platform promoted investment opportunities through social media before later restricting withdrawals and requesting sensitive account verification details.
Brokers Reporter has received investor complaints alleging significant financial losses connected to Tradepacefx and PennyCove an online investment platform that previously operated through the domains tradepacefx.com
Is Tradepacefx Legit?
Reports indicate that Tradepacefx, in conjunction with PennyCove Financial, engages in fraudulent investment operations. Victims have reported blocked withdrawals, manipulated transactions, and repeated requests for additional fees. Regulators such as the Securities and Exchange Commission, Federal Trade Commission, and the Better Business Bureau advise caution and proper verification.
Quick Scam Summary
Victims were approached online, sometimes via dating platforms, and persuaded to deposit funds. Despite initial gains, transfers to compliant accounts required additional fees, codes, or taxes. Communication with support ceased after deposits, leaving victims with frozen accounts and substantial financial losses.
Common Questions
Q: Can I trust Tradepacefx or PennyCove Financial?
A: Multiple complaints indicate blocked withdrawals, manipulated trades, and lack of transparency. Avoid these platforms.
Q: How can victims report fraud?
A: Complaints can be submitted to the Federal Trade Commission, Securities and Exchange Commission, the Better Business Bureau, and BrokerReporter.
Victim Reports
A victim reported to the BBB that they were approached via a dating website and persuaded to invest in Tradepacefx. The scammer claimed an initial $5,000 investment had grown to over $300,000.
To withdraw the funds, the victim was asked to pay additional taxes, codes, and fees to PennyCove Financial. Despite paying more than $50,000, funds were never released, and all communication stopped.
Other victims confirmed similar patterns, reporting repeated requests for additional funds, frozen accounts, and a lack of support. Some lost loans and personal assets while attempting to meet demands.
How the Scam Works
- Victims are recruited online, sometimes via social platforms or dating sites.
- They deposit funds with promises of high returns.
- Transfers require additional fees, codes, or taxes.
- Withdrawals are blocked, and support ceases communication.
- Victims often lose their initial investment and any additional funds.
🚩 Red Flags
- Recruitment through social or dating platforms
- Forced fees and taxes to access funds
- Frozen accounts and blocked withdrawals
- Lack of customer support after deposits
- Victim reports verified on BBB and BrokerReporter
Domain Information
- Domains: tradepacefx.com, PennyCoveFinancial
- Registered On: 2022-06-30
- Expires On: 2026-06-30
- Updated On: 2025-06-14
- Status: client delete prohibited, client transfer prohibited
- Name Servers: finley.ns.cloudflare.com, lindsey.ns.cloudflare.com
- Registrar: NICENIC INTERNATIONAL GROUP CO., LIMITED
- Abuse Email: abuse@nicenic.net
- Abuse Phone: +852.68581004
Lack of Regulatory Registration
Every legitimate investment company registers with recognised authorities like the SEC, the CFTC, the FCA, or ASIC because these bodies enforce the rules that protect investors from exactly the kind of operation Del Mar Energy runs.
Moneta Markets appears in none of their registries. FINRA maintains a BrokerCheck database that any regulated broker should appear in. Moneta Markets does not appear there either. The absence is not an oversight. It is the answer.
How the Scam Works
- Victims are recruited via WhatsApp and encouraged to open an Aelvy shop.
- They fund their accounts with cryptocurrency for “orders.”
- Orders block funds, and victims cannot access money or manage buyers.
- New rules prevent account closure, leaving funds trapped.
- The company eventually freezes accounts, completing the scam.
How to Protect Yourself From Fake Crypto Mining Sites
The safest way to avoid fraud is to recognize warning signs before investing. Use the following checks whenever you encounter an online crypto investment opportunity.
1. Verify Regulatory Registration
Check official regulator databases to verify that the company is properly registered before depositing any money:
If the company does not appear in any of these registries, do not invest.
2. Search the Company Name + “Scam”
Take one minute to search the platform name along with the word “scam.” This simple check often uncovers fraud warnings, complaint reports, and victim testimonials that could otherwise take months to discover.
3. Do Not Rely Solely on Personal Referrals
Never invest simply because a friend, acquaintance, or colleague recommended the platform. Scammers actively manipulate some victims to recruit others, expanding the reach of the scam.. Always perform your own independent verification.
4. Avoid Platforms That Require Bitcoin Deposits First
If a website demands Bitcoin payment before allowing access or withdrawals, treat it as a major red flag. Scammers use these requirements to trap victims, making transactions irreversible before they realize they are being scammed.
5. Refuse Withdrawal Fee Demands
A request for a “withdrawal fee,” “unlock fee,” or “processing fee” before releasing your funds is a clear scam signal. Legitimate platforms do not charge fees to release money you already own.
6. Understand How Real Bitcoin Mining Works
Authentic Bitcoin mining is expensive and resource-intensive. Investors should immediately report blocked withdrawals, voided profits, and suspicious activity related to Moneta Markets to the SEC, FTC, BBB, and BR to protect their funds and aid investigations.
If a website claims you can generate easy mining profits simply by making a deposit, it is very unlikely to represent a real mining operation.
How to Identify Investment Scams
- Verify registration with the SEC or other recognized regulators.
- Avoid platforms that require ongoing fees to release funds.
- Check complaints on BBB and submit reports to BrokerReporter.
- Be cautious of recruitment via social media or dating sites.
Investor Protection Tips
- Keep detailed records of all deposits, communications, and receipts.
- Report suspicious activity to Federal Trade Commission, Securities and Exchange Commission, and Better Business Bureau.
- Submit detailed complaints to BrokerReporter to aid investigations.
Conclusion
Tradepacefx and PennyCove Financial have multiple verified reports of frozen accounts, blocked withdrawals, and deceptive practices. Investors should exercise extreme caution and report all suspicious activity to regulators and BrokerReporter to protect their funds and assist investigations.
FAQ
Q: Are Tradepacefx or PennyCove Financial regulated?
A: No verified regulatory registration has been reported.
Q: How can I recover funds?
A: Do not deposit more. Report immediately to regulators and BrokerReporter.
Q: Can I trust social media referrals for investments?
A: No, scammers often use social platforms to recruit victims.
Where can investment scams be reported?
Victims can report investment scams to agencies such as Brokersreporter.com or the Securities and Exchange Commission.
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