Beware! MrGuru 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.
This broker with the lofty name of MrGuru trades in cryptocurrency. Our first impression of the website is of something bland and unimpressive followed by the realisation that some the information is missing.
MrGuru Regulation and safety of funds
The site of this broker is owned and operated by Mandarella Ltd from the Dominican Republic which is an offshore zone. We do not recommend trade with offshore brokers because they are not reliable and cannot provide safety for your funds.
On the other hand, there are lots of forex brokers from some well-established jurisdictions around the world that are licensed and can guarantee the safety for your funds. Brokers from such jurisdictions must jump from numerous hoops in order to get licensed. First of all, they must have a set amount of a minimum initial capital that aims at, among other things, keeping scammers away. For example, in the US and Australia, it is no likely that scammers will much the requirement to provide an initial capital of $20 million and 1 million AUD respectively. Being well capitalised also means that brokers will be able to protect their clients from unfavourable events.
In the EU and the UK, licensed brokers must have an initial capital of 730,000 EUR minimum and they must also contribute towards a compensation scheme or fund from which the traders will be refunded if the company goes belly up. Brokers that are regulated by FCA in the UK and contribute to the local Financial Services Compensation Scheme, will be able to provide compensation of up to 85,000 GBP per person. If the broker is regulated by CySec and contributes to the local Investor Compensation Fund, its clients will be compensated by up to 20,000 EUR per person in case of bankruptcy.
These are excellent conditions to benefit from in case you are considering joining a forex broker. Please use the links above to do some research when selecting a broker and take in mind also the rating for each of the broker.
MrGuru Trading software
This broker has not made the effort to provide workable links for registering an account and downloading the trading platform. Due to that fact, we were unable to open the web trader and see how it works.
Some of the dodgy brokers offer web traders which are rather basic trading platforms. We want to suggest to you when you are looking for a licensed broker to trade with, to select one that offers either MetaTrader 4 or MetaTrader 5. These are the Rolls-Royces of the forex trading industry and they are choice number one among around 80% of the brokers because of the amazing package of trading tools and instruments that they offer. Both platforms come with a demo account which the newbies can use to practice and gain trading experience. Also, they provide an auto trading option, code base with customs scripts, VPS, trading signals that can be obtained for a subscription fee, an app market, a financial calendar and an array of charting options containing indicators that help traders predict future exchange rates and make a profit.
MrGuru Deposit/withdrawal methods and fees
As we already mentioned, a lot of the basic information is missing from this company’s website. We couldn’t find information about what account types this broker offers to its clients, not could we find what the minimum initial deposit is. This is crucial information and normally readily available and visible on the broker’s website. Not in this case, apparently, which proves again that it is not safe to trade with this broker.
Whereas the withdrawal methods are concerned, we could find out that withdrawals in cryptocurrency can be done without any fuss. The minimum withdrawal amount via credit card is 100 EUR/USD/GBP. For a withdrawal via wire transfer, the minimum withdrawal amount is 250 EUR/USD/GBP.
The processing time of withdrawal requests is quite long – up to 14 business days.
There is no information in the Terms and Conditions document regarding inactive accounts or whether this broker is offering any bonuses.
Lack of information regarding important issues is a drawback when considering a forex broker. We hope you will be able to find one that is licensed, offers a great trading platform and that all the legal information is visible on its site.
How does scam work?
If scammers make a movie, it will probably be called “Dream on”. They make everything sound credible and build their scam on your dreams of getting an easy and quick profit. People get duped if they decide to deposit money into one of the scammers’ schemes. What you probably do not know is that your hard-earned money goes as commission to the scammers. Next, you get inundated by daily calls. First, the scammers congratulate you for joining their business, next they try to persuade you to invest even more money. After all, the more money you send, the bigger money fall you can expect. This of course is not how things work. By the time you realise that no money is coming your way, it might be too late. All you want now is to get your money back and get out of there but the scammers have other plans for you and they won’t late get away so easily. Now they try to delay you so that you miss the deadline for a chargeback.
What to do if scammed?
If you get scammed, our advice is to act immediately and if you have paid your deposit via credit/debit card you may still have a chance. Visa and MasterCard allow you 540 days time limit to file for chargeback which gives you a fighting chance to recover your money.
However, if you have used bitcoin or bank wire for your payment, the chances of you recovering your money are really slim.
Cancelling your credit/debit card in case you have given the scammers your CVV code may be another good idea. Also, make sure to remove from your PC any software that my give scammers access to your private data stored on your computer.
Whatever you do to recover your funds, beware of the so-called recovery agents. Please make sure that you are dealing with a genuine one by checking their credentials and company’s information transparency. Otherwise, you may fall victim to another form of scam.
Kevin John Roche
I believe that I have and am being scammed by. Mr Guru.
We’ve been scammed, how do we remove the website from the laptop?
I believe I have been scammed from Mr guru. I paid in £200 and have been trading for 4 weeks. I have made nearly £300 and have asked to withdraw that money as I’m unemployed and now I have been left. No account manager to talk to to authorise my withdraw. And they said I’d have to speak to someone in financial but they have never called me back.