Beware! MiaVenture 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.
It may take some time for some to realize that MiaVenture is not what it desperately tries to be. This will be an even harder process for those of you who are new to the FX trading game, but the truth is objective. MiaVenture is not worth your time and money, and the following review will reveal why. For one, we find a TradingView chart right in the middle of the home page. You may not know, but the presence of third party charts on FX brokers’ sites is a sign that the company has no liquidity pool. There are other signs conveying the illegitimacy of MiaVenture. Read on to find out what they are.
Registering is the best way to clear out the most accurate payment and trading details. Here, the account creation area was simple to complete, but each time we finalized the process the page did nothing more than to refresh, giving us no sign of a completed registration. Even our email had not received a confirmation. To put it plain and simple, we could not register. Perhaps, MiaVenture does not want us in, leaving us to speculate that there is a hidden account creation process only for the chosen few users.
Whatever the case is, we know now that we have no other choice but to quote the website on all treading details, as well as the payment ones. The so-called “narrow” spread of 3 pips is definitely nothing to be proud of, while the 1:200, alleged, leverage is too low for an offshore firm. We learn that the available assets for trading are forex currency pairs, spot metals, stocks, commodities, shares indices, cryptocurrencies, commodity futures, and bonds. We cannot verify if this is accurate or if MiaVenture has lied. Keep this in mind.
The site is available to speakers of Arabic, German, English, and Spanish.
MIAVENTURE REGULATION AND SAFETY OF FUNDS
The main thing about the broker is that it is operated by a company that is located in Saint Vincent and the Grenadines. This nation has no FX regulator, and is home to literally thousands of unregulated brokers. MiaVenture is just one of many.
We don’t need much more information than that. Any broker bragging about a Saint Vincent and the Grenadines registration is surely to be UNAUTHORIZED, a risk, and probably a scam!
Yes, we do have a mention that the broker is regulated by the International Financial Market Relations Regulation Center (IFMRC), but this is a FAKE regulatory agency, made up of scammers!
Better to invest in an FCA or CySEC regulated broker than throwing it to a scammer/unlicensed broker that will spend it on its own indulgences. Unregulated brokers will not return your funds, and users of these companies will face other issues! That is why we always say to readers that they should always check and double-check for a legitimate license. The FCA or CySEC are preferable regulations, but there are dozens of other equally capable regulators. Check our list for all of them. Crucially, though some FX watchdogs offer compensation schemes that apply to users of brokers that cannot deliver their financial duties. For example, CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
MIAVENTURE TRADING SOFTWARE
There is no real evidence on the website in support of an actual trading platform. So, either there is no trading terminal, or there is some very inadequate web trader used here. What ever the case is, it does not change the fact that MiaVenture is a scam!
MIAVENTURE DEPOSIT/WITHDRAW METHODS AND FEES
Since we have no access to a user area, we have to take all the payment details from the website. We find the minimum deposit to be at $250. The payment methods are the same as the withdrawal ones.
The following is what we learn from the website. The withdrawal methods and their fees are as follows: credit card (3.5% fee), wire transfer ($25 charge), Yandex – Neteller – Qiwi (3.5% commission), PerfectMoney – Skrill (2% tax), WebMoney (0.9% charge), and BTC (7% fee). The minimum withdrawal amount is $10. There is also a 5% fee on all withdrawals when there has been no prior trading. There are other fees indicated on the website, so please make sure you have been made aware of them. The processing time for withdrawals is between 3 to 5 days.
As a conclusion to this review we will have to say that MiaVenture is not worth the risk. Do not invest here!
How does the scam work?
The crucial moment for scammers happens when a random user decides to click on an ad that promises high profit, luxury goods, a care-free lifestyle, or any other too-goo-to-bee-true prospect.
Said user will be redirected either to the scammer investments site directly or to an intermediary site. There, she will be asked for her phone number and email address, through which the broker’s representatives will contact her. The goal is for the user to deposit the initial deposit.
Once this happens, in come the expert scammers, whose job is to keep the user as invested in the scam as possible, by initiating further deposits and, if possible, extracting sensitive ID documents.
At some point, the user will want to see results. She might see a couple of impressive profit sessions, but these are devices to keep her invested. The crucial part arrives when the client want’s to actually withdraw this money.
At this time, the broker will delay the request, block the account, stop calling the user, shit down the website, or do whatever it can so as to keep the user’s money for itself!
What to do if scammed?
Filling for a chargeback with your credit or debit card is crucial. That is if you have invested by means of a credit card. The good news is that MasterCard and VISA have a chargeback period of 540 days.
Bank deposits are harder to recuperate, but not impossible. Your best bet is to contact the bank and see with the institution itself if it can somehow get the money back. It’s crucial to always change your bank details – user name and password – if you have been defrauded by means of a wire transfer.
Last are deposits made by some kind of crypto method. These are untraceable, and therefore impossible to retrieve. That is why users should never invest by means of any digital currency.
The last line is the recovery agent or agencies. These promise to retrieve all the lost funds, using questionable techniques. Do not trust these for they will take a commission from you and leave you at an even bigger loss!