Beware! Mib700 is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Mib700 is a unregulated, offshore broker based on Vanuatu, which has recently been flagged by the Commissione Nazionale per le Società e la Borsa (CONSOB) in Italy for targeting retail investors in the country and the EU in general without proper authorization.
Otherwise the broker offers the MetaTrader5 platform with a selection of 60 currency pairs, including minor and exotic ones like USDCNH, USDRUB, USDSEK, USDNOK, USDDKK, USDHKD, USDSGD, USDMXN, USDTRY, USDZAR, USDPLN, USDHUF, USDCZK and USDGEL.
The spreads we tasted with a demo account started around 0,9 pips, the leverage was generous – up to 300:1 and we had a choice of three account types – Basic, Gold and Premium.
And although trading conditions might look good, our main concern with Mib700 is the fact that they are not authorized by an respectable financial institution.
Mib700 regulation & safety of funds
Mib700 is owned by Blue Seal limited, which is registered in Vanuatu, but all payments towards the broker are processed by Blonde Bear OU, which is based in Estonia. And as we noted, both the broker and the companies behind it have been flagged by CONSOB in Italy for not having a license to operate on the European market.
Bear in mind that you can feel safe about your invested funds only with companies, regulated by official financial institutions such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), or the Australian Securities and Investments Commission (ASIC).
And besides, all trading accounts with EU regulated brokers are insured up to 20 000 EUR, while with a FCA broker you will be able to recover up to 50 000 GBP of your balance, even if your broker files for bankruptcy.
Mib700 deposit/withdrawal methods and fees
Be aware as well, that if you accept a trading bonus you will not be allowed to withdraw unless you trade at least 10 000 000 USD for every 300 USD bonus you have received.
Also be aware of the so called “Algo trading accounts”, where you will not be allowed to withdraw for a period of 6 months. Besides those are managed accounts and the problem with all managed accounts is that brokers like Mib700 are market makers, meaning that they make money, when you lose.
Obviously, if you trust your funds with a market maker such a broker will have the incentive to mismanage your money and leave you in the red.
Finally, Mib700 reserves the right to impose withdrawal limits and withdrawal fees and that is also unusual.
Otherwise the minimum deposit requirement is 200 USD and the payment methods accepted include credit cards like VISA and MasterCard and bank wire.
How does the scam work?
The scammers’ arsenal is surprisingly diverse and includes call centers in places like the Philippines and professionally designed rob scam web sites like CryptoContractsApp or Crypto Revolt, attracting gullible investors with unrealistic promises of spectacular returns without any risk.
And if you go to one of those sites – you may see it as an ad on your social networks like Instagram or Facebook – and get hooked and register, leaving your e-mail and phone, you will be instantly transferred to the web page of a unregulated, scam broker and will be offered a trading account in exchange of a 250 USD deposit.
And in the beginning trading with the scammers might seem like a lot of fun. You will be bombarded with trading signals and advises, your trades will go amazingly well, and pretty soon the money in your account will almost double. That, however will not be real. Your trades will simply be manipulated so that seeing the huge profits, you will be more readily convinced to invest a larger amount.
And by the same time you will start receiving phone calls as well. Those will be from your “senior account manager”, who will expertly explain you, that if you want to make some real cash you will have to invest no less than 10 000 USD. And they will put time pressure on you, telling you about some irresistible deal or something like that.
And you may never realize that you have been robed until the very moment you decide to withdraw some of your funds. Then it will suddenly turn out you do not have right to withdraw, because of the special withdraw conditions linked to your welcoming bonus. It could be some minimum trade volume requirement or something else, but the bottom line will always be the same – you will not see a single penny back.
What to do if scammed?
Unfortunately you will not have too many options in the event you have been scammed and probably the best one will be to file for a charge back with your credit card company immediately. Fortunately since last October both VISA and MasterCard extended the maximum period in which you will be able to do that to 540 days.
Be aware as well that if by any means scammers have managed to get to your banking details, they will try to steal money directly from your bank account. That is why if you have revealed such information, be sure to immediately change your online banking password and cancel your credit card.
And one final warning – do not trust the so called recovery agencies, because they will simply collect some money in advance and basically that will be all – you will not receive your money back.