MTI24 Review – 5 things you should know about Mti24.com

MTI24 Review – 5 things you should know about Mti24.com

MTI24 is a Forex brokerage registered in the Marshall Islands. It provides both the Sirix and Activ8 trading terminals, not the MT4 trading platform and requires a minimum deposit of $1000 which is four times the industry average. Further trading conditions, however, remain undisclosed.

MTI24 regulation & safety of funds

According to the website the company behind the brokerage is registered in the Marshall Islands under the name Bodo Marketing Ltd with an address we have seen with countless other brokerages. The Marshall Islands has become a top-destination for would-be scammers due to its very liberal laws regarding the registering of companies. The government does not even require for someone to be physically there in order to register a company. Such a loophole has surely been noticed by many ill-minded brokers and utilized. Nonetheless, it’s safe to assume that the company behind the brokerage, irrespective of its legitimacy, does not fall under any regulatory oversight because the government of the Marshall Islands does not include Forex trading within its regulatory framework. On top of this, while researching the brokerage on the web we came upon an official warning issued by the Financial Conduct Authority in the UK.

Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.

MTI24 trading software

The brokerage provides both Sirix and the Activ8 trading platform which is a pretty neat choice. Even though we consider the MetaTrader 4 platfom by far the best option for traders, we highlight that the Activ8 platform can be easily synchronized with both MetaQuotes’ platforms (MT4 and MT5). However, no real demo account is available and we were unable to discern the trading conditions. Having in mind the offshore location of the brokerage and the unspecified address as well we are highly inclined to suspect that potential clients of the brokerage may be open to substantial risk.

MTI24 deposit/withdrawal methods and fees

Traders may deposit or withdraw via Visa, MasterCard and wire transfer.

In the terms and conditions of the brokerage we did not find any noteworthy provisions regarding the withdrawal, but we have to highlight the bonus conditions. The bonus conditions are absolutely ridiculous. Traders are required to execute a minimum trading volume of an unspecified amount. This literally means that clients will not be able to withdraw if they take advantage of the bonus promotion. As was said above – we did not find any withdrawal fees, however, this does not mean there aren’t any withdrawal fees necessarily. This is why we always advise traders to put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Unfortunately, the possibility of a scam looms over almost every trade in forex, especially if you are dealing with an unregulated brokerage. That is why we believe traders should be acquainted with the methods of a scam. Here is how it would typically go about:

Through clicking an ad with promises for fast money, you will be redirected to a website such as  Bitcoin Evolution or Crypto Cash where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The motive here is quite straightforward – traders have a limited time window for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing this crucial period and, along the way, losing any chance you might have of getting the money back.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback. Furthermore, due to the high instances of fraud – both Visa and MasterCard have decided to sidestep scammers as best they can in Forex trading. The first thing we have seen so far is that MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.

If, however, you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

Top Forex Brokers

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Australia, Cyprus4.93/5$100 Click for a special offerWebsite
UK, Australia4.85/5$50 Click for a special offerWebsite
Cyprus, SVG4.8/5$100 Click for a special offerWebsite
Cyprus, Bermuda4.75/5$50 Click for a special offerWebsite

4 Comments

  1. I want advice or a way to recover my money and I would like to warn you from the currency trading company (Stock Exchange)

    https://mti24.co/
    11/21/2020 A woman called Ward, encouraging me to register with their trading company one day
    I was really looking for this topic and I want to work in the currency trade, so I accepted and registered with this company and submitted all the necessary documents for registration and within only half an hour all the registration and money transfer was done …… I asked her, can I withdraw my balance whenever I wanted .. she said Of course me
    11/22/2020 The account manager called me and we spoke for a full hour as he tries to convince me that the money that I put in my account with them in the trading company is very small and will not make me good profits and he started trying to convince me to put the amount of 5000 dollars or more in order to get the profits … … here I was a little scared of his words, and I also felt that the amount was small to start trading as suggested to me by the account manager, so I decided to withdraw the balance and thought it would be easy as you promised me during the registration period.
    I called the account manager to inform him that I do not want to trade and that I want to withdraw my balance, and I was thinking of returning to them after a while with a larger amount 23/11/2020
    Here appeared the other side of the company
    First they told me that approval will be taken to withdraw the amount, and then you will receive your balance within 3 to 5 working days.
    I waited until I had completed 5 working days, but unfortunately no one called me and I did not receive anything
    I went back and tried to communicate with them
    The account manager called Wissam is not responding anymore and after a while my messages have been blocked
    The company has so many phones … I tried to call them and no one answered
    I opened the chat on their site and asked them that I want to withdraw my balance … They were seeing my messages through an employee named Yara whose name appears in the chat, but she also does not answer
    All of these events within 15 days of my recording date.
    1/12/2020 After 12 days, a new person called Majdy called me … he told me that he was the account manager and now he received my file and asked me to start trading … I told him what happened to me and the call ended that he understood my problem and will send me my money within 5 working days .. I also waited another 5 business days … also the same result, no one called, and I didn’t receive any money
    So far I try to communicate with them, but all my phone numbers and my family’s phones have become blocked and I can no longer communicate with them through them ….. After a full month 12/21/2020 another employee called Nasser from customer service answered my call when he heard my voice and understood that I want My money, he played loud music so as not to record my voice during the call and also cut off the call suddenly without any word to end the call normally ….. and until now every week a call comes from them with only one ring and they hang up the phone and they want to show their system that they called Me and I are the ones who evade them and do not answer their calls, knowing that the phone is in my hand, and the speaker is open to the floor while they hang up the phone, and I called through the chat to ask them why they are doing that and also the answer is not met ….
    My story is now nearly 3 months old.
    I will mention all the names and phones that reached out to me and they always said the same sentence to me
    If we were a fraudulent company, we would not have contacted you. However, everyone only calls me once and then their number gets blocked.
    https://mti24.co/

    +442038080572

    +441237739000

    +441347498000

    +441975231001

    +442078801102
    I hope everyone will share my story and also share your stories similar to mine to protect society from these fraud companies

    1. The same thing with your story happened to me today

  2. I was scammed by mti24
    —————-
    تم النصب علي من قبل شركة mti24

  3. I was scammed by them in 2019 just before they were blacklisted by the fca. Same thing, they got me to put in £250, then £7k to purchase a bitcoin saying it would at least double in price. I had the dashboard, a senior account manager called Patrick then ‘took over my account ‘ followed by Adam Woods after the email addresses were not longer found. The best big was when I stupidly got persuaded to invest more only to be told they had not received the funds so could I pay it again

    Now adam woods says mti24 no longer exists but he has my money invested in andarco and I must pay£5k to activate an insurance policy to get my money!!

    And he still doesn’t give up and calls every so often.
    I invested in bitcoin atwhen it was [email protected],000 and instead of making a small fortune I have lost the lot

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