Beware! MFC Market 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.
There is a certain charm that MFC Market possesses that we cannot figure out from where it originates. Is it from the streamlined visuals or the simplicity of the website. If only MFC Market were more clear on its regulation and overall legitimacy, then these feeling that we have for it would not be suppressed. Yet, we turn to our objective view of MFC Market, which, as more and more time we spend with the broker, took over our initial impressions of the company. The answer as to what caused this is detailed in the following review. Please reason on.
We had to complete just four credentials in order to open a live account. This simple a registration process says a lot of a broker. However, when we tried to create an account by clicking on the “register” button, nothing happened. There was no change in the sub-page, no refresh of the current site, no pop-up message, nothing! We tried everything within our power and the results remained as baren as ever. We even checked our email, which had no new letters from MFC Market.
Without an account, we have no choice but to look to the website for all the trading information as well as the payment details. This is a dangerous move because we do not fully trust the website of MFC Market. Readers will see why soon enough.
The trading details are very odd, and they seem not to be taken too seriously by the broker. For example, the leverage is capped at 1:50, which is very low. A more extreme example is the supposed minimum spread of 2.4 pips. There is no asset attached to this cost of trade. The alleged trading assets are forex currency pairs, energies, metals, indices, and stocks.
English is the only available language.
MFC MARKET REGULATION AND SAFETY OF FUNDS
There is nothing on the website of the broker to give us hope that it is regulated. The broker does one of those turn of events where it shifts the responsibility of being regulated and puts it into the users’ hands. This is not how things are done.
The only one that should be regulated is the broker. None of the spaces in the website are dedicated to any regulation information. Even the legal documents are unhelpful.
We cannot ignore the evidence or lack thereof. MFC Market is UNREGULATED, and a risk to all those that invest in it.
Do not invest in unregulated brokers, because you are risking complete financial loss! The first thing you should do when considering an investment in an FX broker is to check for a legitimate license, like one from either the FCA or CySEC. These are some of the top regulators in today’s FX industry, and they have reached this level of respect by employing a huge range of guidelines that all brokers under them are required to follow. Furthermore, both FCA and CySEC offer to all clients of their brokers two compensation schemes that come in effect if a broker cannot pay back a user. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
MFC MARKET TRADING SOFTWARE
MFC Market claims to be offering the MT4. Two issues arise from these claims. The first is that the broker is unlicensed and therefore we cannot trust it with this serious information. Second, the MT4 is not a platform that any broker can just employ.
Personally, we do not trust the broker with this information. Further support of this is that we found no download link to an MT4.
MFC MARKET DEPOSIT/WITHDRAW METHODS AND FEES
All the payment details will be taken from the website. This poses a problem, because MFC Market is untrustworthy and unregulated, and so it can write whatever it wants.
For example, the minimum deposit requirement from the most basic account is €2499. This is absolutely ridiculous and incredibly unrealistic. Usually, the average minimum deposit is $250. As it turns out, the minimum deposit is €2499 for all account types.
Aside from this, we could not find any further payment information, including payment systems and fees. It is common for an unregulated broker to use credit/debit cards, wire transfers, and most of all some sort of a bitcoin wallet. These are very dangerous because payments cannot be traced when made through a crypto method.
The biggest problem here is that we d not know what the withdrawal pre-requisites are. However, seeing that MFC Market is unregulated, withdrawals is the last place you wish to reach with the broker.
MFC Market is unregulated and most certainly a scam. Do not invest here!
How does the scam work?
There is one very popular scammer scheme that is basically the only efficient way for scammers to steal money from users. It is devised in such a way that users are lured in without realizing it. Most brokers have their own little spin on it, but the basic premise remains unchanged.
The scam follows a number of steps, with the first one acting as bait. Users from all around are witnessing all sorts of online ads on a daily basis. Some of these ads (promising a rich man’s lifestyle) lead to scammer brokers directly, or to intermediary websites. Whatever the site is, these fraudsters will always ask for some kind of contact information, including a phone number and an e-mail address. If users decide to give these away, there will start receiving calls from representatives of the broker. No matter what they are telling you, know that their ultimate goal is to induce the first deposit.
After the first deposit, the scammer broker organization will launch the expert scammers to try and compel you to deposit twice, thrice, and so on. These sometimes called expert managers are relentless, notorious, and very charming. They will make it their mission to hustle users to deposit. Some of their tactics include raising FX trading profit awareness, giving advice on how to deposit, and so on.
Sooner or later, users will start noticing a pattern, and it is at this point that they will realize they are being scammed. The next step is obviously to request to withdraw all funds and leave. Yet, the fraudulent broker is aware of this impending day and is ready to deny every withdrawal request, by using an excuse, shutting down the account, closing the whole website down, or just stalling the user.
What to do if scammed?
The first step to (trying to) retrieving lost funds is to apply for a chargeback with their credit or debit card company. The good news is that MasterCard and VISA have extended their chargeback period to 540 days.
Those users that have deposited through a bank transfer, and lost their money due to a scam, should immediately change their back account credentials, that is user name and password. Users can also contact the bank for it may have a procedure ready for such occasions.
Never invest in dubious brokers through a crypto method. Most of them are untraceable and there is no way to get your payments back.
Moreover, never trust the self-proclaimed recovery agents or agencies. These are either an extension of the initial scammer or a scheme of its own. They will promise to return all investments, however, they will require a small fee for doing so. Once the fee is paid in full, these agents will disappear without a trace.