Beware! MeinFXpro 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.
MeinFXpro did not strike us as anything but an ordinary suspicious broker that cannot and should not be judged by looks alone. The website is simple and easy to go through, but it never felt like it took itself seriously. How can we trust a broker who does not consider itself serious? As to what really matters, the trading conditions, well that’s a completely different story. The following review attempts to clear things up. Read it before you make any moves you might regret later.
The registration was simple enough, and we opened a Micro account, which seemed to be the most basic and preferred account type. Our leverage could be adjusted between 1:200 and 1:500, which is the most common offshore broker value there is. We had no choice but to open a demo account, which turned out to be harder than usual. By that, we mean not the process itself but the logging in the web-based trading software. After multiple attempts at logging in, we gave up; we could not open any trading account.
And so we had to look to the website for a spread value. However, there are no specific spreads. According to the account page, the basic accounts have a minimum spread of 1 pip, while more advanced (and expensive) accounts have from 0.6 to .02 pip cost of trades for undisclosed assets. The alleged trading assets are Forex, Indices, Commodities, and Shares.
The website is available exclusively in English.
MEINFXPRO REGULATION AND SAFETY OF FUNDS
The Contact page puts the company’s main operations in the Caribbean nation of Saint Vincent and the Grenadines. This is not at all uplifting. In fact, it’s the exact opposite. The country has no FX regulator, and so all brokerage firms there are unlicensed, and therefore risks to all investors.
The other regulatory is incredibly vague, and as such really changes nothing.
When the words “applicable” and “jurisdiction” are put together, all you get is an excuse why you are not regulated. This provision is complete blabber.
We don’t think that more information is needed to conclude the ILLICIT NATURE OF THIS BROKER.
There is no reason at all to invest in an unregulated broker. The best advice there is, concerning the choice of a broker, is to always check for a license. If the broker has an FCA and CySEC license you are off to possibly the best start, as these are some of the top regulators in the industry. Usually, legitimate FX overseers integrate a set of rules to each of its listed brokers. Brokers form an agreement with them to follow very strict guidelines. Furthermore, some agencies, like the FCA or CySEC, have compensation schemes that reimburse clients whose brokers have become insolvent. As you can see, a regulated broker benefits not only the brokerage itself, but the traders as well.
MEINFXPRO DEPOSIT WITHDRAW METHODS AND FEES
The minimum deposit is $1. We were able to proceed with the payment procedure with just a dollar. The methods for depositing are wire transfer, pradexx, and an undisclosed e-paymet method. We took these payment details from the portal area, so you know that they are accurate. Even if there are discrepancies between what we just said with any info on the website, what should be trusted is the user area!
The only way to withdraw is through a bank. This is what the payment area revealed. Withdrawal requests are processed between 2 to 5 days. Fees are mentioned in the Withdrawal/Deposit Policy, however, their value is never released. Typical of fraudulent brokers.
If you thought that inventing in MeinFXpro was not worth it until now, well then we present you with another scammer reason for distrusting this broker. The Non-Deposite Funds provision is absolutely appalling. It forbids users to withdraw their profits!
We have listed so many reasons why you shouldn’t deposit in this broker. The main ones are its lack of regulation and, arguably, the Non-Depsoite Funds clause. All investments will be lost in MeinFXpro!
How does the scam work?
If things feel uneasy or suspicious, then you are probably being scammed. Most fraudsters adapt the same scam structure, however, they might add their own little nuances. The point is, that if you think you are in a scam, then you probably are!
The first step is the online ads. These annoying pop-ups or side distractors are the essence of scammer brokers. It’s through them that the user is lured into the fake broker website. The link of the ad leads to a website or a registration form. Both require the user to write down his or her personal details, like email and telephone number. Do not give these away. The scammers will contact you if you give these details away, and will sooner or later try to charm his/her way into your wallet, by asking you to deposit.
After a deposit is made, and hopefully, it isn’t, then the first step of the same is complete. The following step concerns the account manager, a.k.a the advanced scammers. These individuals are charming convincers, and if they succeed, it means that you have deposited a second time. This can go as long as the user keeps depositing. When suspicious arises, one of these things will probably happen: the broker will delete the account of the user without a reason; the broker will not allow for withdrawals, or the broker will keep finding ways to stall withdrawals.
What to do if scammed?
Filing for a chargeback is the best advice. VISA and MasterCard have prolonged their chargeback time span to 540 days.
If the deposit is made through wire transfer, then change your user name and password as soon as possible. Another step is to contact the bak as they might have a specialized procedure for such cases.
Another crucial piece of advice: NEVER deposit in unregulated brokers through bitcoin or any other form of cryptocurrency. These payment methods are untraceable, meaning that once a deposit is made, it cannot be traced. The money is lost.
Last but not least. recovery agencies are definitely a scam. These programs, or whatever they call themselves, offer help for defrauded users…for a price. Once the fee/tax is collected, these agents disappear, leaving you at a bigger loss.