Beware! Mffeex 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.
Mffeex is the last name that we would ever associate with a forex broker. Yet here we are. Mffeex has the look of an above average firm, yet something definitely feels odd. Usually, just the aesthetic part of the broker is in no way a surrogate to the overall trading experience. Most scammer brokers usually use a dashing visual style with the sole purpose of baiting potential investors. Read the review to find out if this brokerage company is worth your time and money.
The process of registering was a long a complicated one, and in the end we did not register because the process required ID documents, which we never provide. This a good sign that the firm requires such documents. It shows dedication. However, our inability to register does not play us, as reviewers, good. We cannot get by with trading terms without signing up, and as such we must entrust all these details to the website.
According to the website, the trading assets are Forex Precious Metals, Commodities, Futures, Crypto Coins. The EUR/USD spread is 0.5 pips, adn the leverage is capped at 1:200, as per the website. The cost of trade, if accurate, is a superb spread, while the leverage cap is rather on the short side.
The website is available to use in English, Chinese, French, German, Spanish, Italian, and Japanese.
MFFEEX REGULATION AND SAFETY OF FUNDS
The following was unexpected, but the broker does not have any regulatory information indicated anywhere. All hopes that Mffeex is licensed seem to slowly fade away. Furthermore, there is no real indication on an address, so we cannot even suppose where Mffeex might be licensed, or located.
There is no other way around it, Mffeex is NOT A HOLDER OF A LICENSE, and so is a risk to all investors.
Furthermore, and something that confirms the company’s lack of a regulation is its complete lack of any legal documents. Without the legal provisions there is no bond between the two main parties here, namely the broker and the investor. Thus once the user deposits, he or she will not be in any legal agreement, and so the broker can do what ever it wants to the user…
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
MFFEEX TRADING SOFTWARE
The website claims that the broker provides an MT4 trading terminal, which if true, would be a huge advtantage to bith the broker and its users. However, there is absolutely no way that the presence of the MT4 will redeem the absence of a regulation.
The reasons for MT4’s popularity and success as the most usefull trading office are far too many to include them all. Mind you, they can fill the entire space of this review. However, we will just mention the main ones: multiple time frames, pending order, 500 plus customizable trading indications, trades in centralised markets, and Expert Advisors, which will allow for automated trading even if the user is away. Furthermore, a platform that does not get surpassed by its own successor must be doing something right.
However, currently we cannot confirm the presence of the MT4.
MFFEEX DEPOSIT/WITHDRAW METHODS AND FEES
All info concerning payments and the like will be taken from the website, for we could not register.
It is too bad then, that Mffeex has chosen to withhold this info, as well. Both sources of info are taken away from us, and as such we cannot give our readers any payment information. Actully, the only solid info is that the minimum deposit is, probably, $100.
Usually, shady brokerage firms offer either credit/debit cards, wire trasnfers, and bitcoin as the most popular payment methods. There are no fees for deposits (with very few cases where deposits are charged), with certain exceptions, and the processing times are immediate, except for wire transfers which can take up to 5 days and sometimes more.
Withdrawals are usually done via the same methods used by the deposits, with the same processing times. However, the fees issued are very variable and dependant on each individual broker. Fraudulent brokers issue fees, raging from anything between $5 to $500, and these are only the withdrawal fees. Aside from that, readers and users alike should be anticipating various other fees, raging from anything from dormat fees to maintenance fees, to chargeback commissions, to a range of ludicrous charges.
There are no provisions to be revealed becasue there is no source from which to take them. In other words, there is no legal documents department. Furthermore, the lack of trading and payment info is a prerequisite for a brokerage firm that we simply cannot recommend. Add to that the complete lack of a license, and the flavours of this illicit broker are severely enhanced.
Our last adivce to our readers is that this broker is not to be trusted with any of your funds. Do not deposit here!
How does the scam work?
Unfortunately, when we put the pieces together – the absurd withdrawal amounts, the lacking trading platform and last, but definitely not least, the CSSF issued warning we come to the concrete conclusion that CryptoTradeCenter is not a legitimate broker. So what is their scheme? They follow a tried and trusted plan – first getting people to visit their website by running deceptive ads promising quick and easy profits on social media. Then they get their phone number and email in the account creation process and start calling and sending lots and lots of emails. The people who call are cunning and patient – it is difficult to resist them as they know exactly how to sell you on the scam. If you fall for it and decide to deposit money with them you will either see your account balance plummet and get even more calls convincing you to invest more and more, or you will see it soar and get calls of the same intensity that demand a fee under the premise of upgrading your account or something similarly ridiculous. The scammers are after one thing and one thing alone – your deposits, they do not make their profits from the trades that have been performed.
What to do when scammed?
In the case of CryptoTradeCenter you will not be able to file a chargeback, as stated above, but if you have fell pray to a different scammer and have paid them using a method that allows for refunds like credit card or a reputable e-wallet, Paypal for example, it is worth a shot.
Additionally you are advised to change all of the credit cards the scammers had access to – they can and will try to use them to transfer money away from you. On this note also uninstall any desktop sharing software you had put on your PC, for example TeamViewer, as the scammers will use it to snoop around your data.
Finally, watch out for further scams – sometimes the last stage of the scam involves passing your data to a different scammer who will present itself as a “recovery agency representative” and promise to return you your lost capital. They will demand a fee in advance for the service, of course, and if you pay that they will disappear from your life forever.