PrivateFX emerged in late 2015, positioning itself as a successor to the collapsed forex broker Forex Trend. The company offered online trading services in forex, CFDs, and commodities, with a heavy emphasis on managed account products like PAMM (Percentage Allocation Management Module) and "Active Investor" accounts. It primarily attracted clients from Russia, Ukraine, and other CIS countries, many of whom were previous clients of Forex Trend. The company's history is marred by controversy, and it abruptly stopped processing withdrawals and ceased all operations in 2017, leading to significant financial losses for its clients and reinforcing public accusations of it being a fraudulent enterprise.