Beware! MedBondForex 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.
MedFX or MedBondForex claims that it will take you to places that you have never been… Well we have pretty much seen all sorts of brokers promising every possible thing from free trades to bonuses, to impossible profit schemes. What we are trying to say is that we have developed our senses to sniff out every time a broker of suspicious nature subtly reveals itself. Usually it’s through small hints, or through something as obvious as a welcome statement. Read the review to find out all there is to know about MedBondForex.
Opening a live account was a process that actually took us a long time, and in the end were able to register. The entire process was very professional. The leading user dashboard was a very professional looking area, which also gave us a very professional trading software to work with.
The leverage was capped at 1:100, while the EUR/USD cost of trade was 0.4 pips, which is a superb value. Forex pairs, spot metals, and indexes are the only trading assets that the platform gives us.
The website can be used in English Arabic, Chinese, Spanish, Russian, Vietnamese, French, Italian, German, Maltese, Malay, Portuguese, Japanese, and Dutch. However, the user area was able to be translated only in English, which is a clear sign that something is not quite right.
MEDBONDFOREX REGULATION AND SAFETY OF FUNDS
The Terms and Conditions locate the broker in South Africa, a location which has its own regulatory agency. Furthermore, South Africa is the top forex destination in the continent, and is the only such country to be a part of the G20 group.
The official regulator in South Africa is the Financial Sector Conduct Authority (FSCA), which is in charge of regulating the non-banking sector of the country. The FSCA keeps a list of officially Authorised Financial Service Providers. After a quick check in the records, we found no result of a MedBondForex. What’s more is that there is no mention that the broker is actually regulated by the agency.
Aside from the aforementioned, the broker does not reveal anything else. We are left without a choice but to deem MedBondForex an UNREGULATED broker
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
MEDBONDFOREX TRADING SOFTWARE
The broker offers a full MT5 platform.
This platform is a superb addition to any brokerage firm. It has improved visuals and features, however for some reason the MT4 is still number one. The MT5 is nevertheless overflowing with features, like increased time frames, pending orders, an economic calendar, technical indicators, and virtually all the features of the MT4, plus new ones. All in all this trading software is the top of the line stuff. Highly recommended!
MEDBONDFOREX DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is hidden in the user dashboard, as well as all the payment details. This is because we had to add our personal ID documents. Again, this is a very good thing, a sign that MedBondForex is on some sort of a path, that just might be the right one if MedBondForex chooses to take things seriously and turn legit.
However, it all turn on itself when we found out that the website reveals that the minimum deposit is $500 000, which is absolutely ridiculous and outrageous. In fact, this is the first time we have stumbled upon such a ridiculous demand. We cannot confirm that this is actually the case, but we can only guess.
Withdrawal info is also not revealed on the user area. The website claims that withdrawals are processed within 1 to 2 days, and that there might be undisclosed withdrawal fees. There is no other withdrawal information to work with. The funding methods are revealed only when the user registers, which is something that we do not recommend as of yet.
The broker will charge a fee for chargebacks. This is definitely a fraudulent broker provision. We will remind you that chargebacks are the only means of getting your money back, should you be defrauded by the broker at hand. The fact that MedBondForex taxes these is a sign that the broker does not care for its users, and will note return their deposits back.
The indemnification clause is always present. It’s simple: the company will not be liable for anything that it does to users, most notably financial damage.
Please be aware that the legal documents are very short and not heavy on the details. And so we cannot give you all the usual scammer company clauses just because they are not there. What matters, in the end is that MedBondForex is unlicensed and is therefore not at all advisable to deposit in it. Ignore all the good signs, the only thing that is important here is that this broker is not regulated!
If MedBondForex gave itself some time, but most importantly if it allowed itself to work toward a legitimate goal, we see huge potential here.
For now however, this broker should not be invested in.
How does the scam work?
The usual scam operates on a multi-level, though very basic model. The users will be tempted to click on an Internet ad promising quick and easy profits. If they do, it will take them to a website that will ask for their personal details, including email address and phone number. Once they submit this information, an avalanche of emails and phone calls will be unleashed. Scammers will promise the world to these potential traders in order to induce them to make an initial deposit between $200 and $300.
These “brokers” will get a fat commission from the deposited sums and will transfer the unsuspecting users to “senior” scammers. The latter are smooth talkers who will try to persuade users to invest more funds, using phrases like “now is the right time” and “the moment is perfect for making hefty profits”. Of course, these are empty words, and traders will soon have doubts whether they have not been played.
When they try to withdraw their money, these doubts will be confirmed: the con-artists will do anything to deny or at least delay their withdrawals. From trying to convince the traders that they are making a big mistake to withdraw funds now because they will lose big profits, to asking for additional documents or citing clauses in the accepted agreements, to transferring you to another department, there is a single objective to delay the users from filing for a chargeback with their financial institution and lose any chances of recovering their money.
What to do when scammed?
Anyone can fall prey to such a scam. In the unfortunate event this happens to you, there are a few things you can do. If you deposited using a credit card you should immediately file for a chargeback. In an effort to combat online fraud VISA and MasterCard have extended the period in which one can file a chargeback to a year and a half, so there is a big chance that you may be able to recover your funds. If however, you used a bank wire or bitcoin to deposit, chances to get your money back are almost none.
We should also warn against “recovery agencies” who prey on victimized traders by claiming they can recover their funds. These scammers will ask you to pay a fee for this service, but will only take your money and do nothing.