Beware! MPLUSFX is an offshore broker! Your investment may be at risk.
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
MplusFX is a unregulated, anonymous website, offering forex and CFDs with a leverage of up to 1:100 and the MetaTrader4 platform.
They advertise spreads as low as 1,5 pips with their Standard Account, but when we tested their trading platform with a demo account the benchmark EURUSD spread floated around 2,2 pips and that is almost a pip higher than the levels traders would usually consider attractive.
Otherwise MplusFX offers over 40 currency pairs with lots of exotic ones including USDTHB, USDTRY, USDNOK, USDHKD, USDDKK, USDCZK and USDCNH, as well as CFDs on silver and gold, indices, oil and bitcoin.
MPLUSFX regulation & safety of funds
As we noted the MPLUSFX website is virtually anonymous. We were not able to find any of the obligatory legal documents like Terms and Conditions, or a Client Agreement, nor the name of the company behind the broker. There is just a contact address in Cyprus, but we are not convinced that MPLUSFX is based there. In any case, if they are registered in Cyprus they will also have to report to the local Cyprus Securities and Exchange Commission (CySEC) and they are clearly not – we diligently checked the CySEC registers.
Bear in mind that any contact with unregulated, brokers is a recipe to get scammed, because such websites are totally unaccountable for the way they handle your money.
So our advise is to trade only with brokers, properly licensed by a well known regulator like CySEC in Cyprus, the Financial Conduct Authority (FCA) in the UK or the Australian Securities and Investments Commission (ASIC). Besides, with a FCA regulated broker you will even get a insurance policy on your account covering up to 85 000 GBP, which will be payed in the event the broker files for bankruptcy.
MPLUSFX deposit/withdrawal methods and fees
MPLUSFX accepts payments with major cards like VISA and MasterCard, bank wire and Perfect Money. Popular e-wallets like Neteller and Skrill however are not accepted and that is worth to note, because of the newly adopted anti-scam policy, according which only brokers with legit licenses can offer Skrill to their customers. As we already discussed MPLUSFX does not have a license to offer brokerage services on regulated markets like the EU.
Also be aware of any trading bonuses that MPLUSFX may offer you. Bear in mind that trading bonuses are always linked to some minimum trade volume requirement, which unless fulfilled, will be an obstacle if you try to withdraw.
Otherwise the minimum deposit requirement is just 10 USD.
How does the scam work?
The usual channels scammer use to hunt for new victims are the social networks like Facebook and Instagram and the so called robo scam websites like Crypto Revolt and Bitcoin Evolution, where you will be greeted with some “irresistible” offer for fast and easy returns, “100% guaranteed”, no risk whatsoever. And all you will have to do in the beginning will be to leave your e-mail and phone, filling a simple registration form.
Note, that after you do that, you will actually be transferred to the web page of a unregulated, scam broker, where finally you will be asked to deposit about 250 USD.
Bear in mind that the central idea of the scammers is to make you deposit not just 250 USD, but at least 10 000 or even more. So they may manipulate your trading account in order to appear that you are making a lot of money. And you will be getting phone calls as well – it will be your “senior account manager”, who will basically be trying to convince you, that if you really want to make some big money, you will definitely have to invest more – at least 10 000 USD. And many people at that stage of the game do invest such kind of money without realizing they have been scammed until the very moment they decide to withdraw a portion of their funds.
Then it suddenly turns out this is not possible, because of some minimum trade volume requirement, they have agreed without noticing, by accepting a trading bonus. The excuse to cancel your withdraw request might certainly be different, but the end result will always be the same – you will not see a single penny back.
What to do if scammed?
Your only chance to get your deposit back is to file for a charge back with your credit card company. The good news here is that both VISA and MasterCard have extended the maximum period for that procedure to 540 days.
And if you have been tricked to reveal your banking details like your credit card number and online banking password, immediately change the password and block your credit card.
And if you are approached by the so called recovery agencies, do not trust them. They will not recover you a single dollar but will simply charge you some fees in advance, basically leaving you with even less cash.