Beware! MicFX.co 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.
All things put aside concerning MicFX.co’s legitimacy, we do have to say that its interface and website structure are one of a kind. We rarely see innovative approaches with legit brokers, let alone with illicit ones. The biggest nuisance we had with the broker was that it is unregulated, which was unfortunate because we really liked the way the website was designed. Yes. there were issues with the delivery, but overall the idea is very good. However, aside from this MicFX.co has almost nothing else to brag about; in fact, it should be ashamed about it. Read the review to find out what we mean.
It took us a very short time to create an account and enter a client area. Something like 10 seconds in total, which gives to show how easily anyone can create an account and deposit- this is perfect for scammer brokers. The client area was underwhelming and it did not impress us one bit. Thankfully, we were able to open an MT4, which is not something you get to see every day with a shady broker.
To our big surprise we opened a live trading account with the MT4, which seems great but in reality, shows that MicFX.co does not care who enters its trading software.
The MT4 revealed to us a EUR/USD spread of 1.5 pips on average. The available financial instruments were forex currency pairs, metals, energies, indices, stocks, and cryptocurrencies. We find no specific leverage value.
The website of the broker is available in English, Malaysian, and Chinese.
MICFX.CO REGULATION AND SAFETY OF FUNDS
The main thing we read about the broker is that it defines itself as a Cyprus based broker that is actually regulated by the Financial Services Authority St. Vincent and the Grenadines. This authority does exist, and it does regulate the local St. Vincent and the Grenadines banking sector, but it does not oversee the FX markets industry. It has, in the past, released multiple notices on this. Thus, MicFX.co is not legitimized by the agency.
As for the Cypriot registration, we have to say that in order to be authorized in Cyrpus to open a legit FX business, the broker at hand must pass through CySEC. From everything e have seen, we can tell our readers with confidence that MicFX.co is not regulated by CySEC.
The broker is also bold enough to claim that it is expecting a license from Australia’s ASIC. To us, this is fake news.
All these are clear indicators that MicFX.co is UNREGULATED.
We cannot, for the life of us, recommend to our readers, or for that matter to anyone else, to register and invest in an unregulated broker. It would be like throwing money down the drain. It is imperative to check that the broker is regulated by the FCA or CySEC, or any other license issuer out of the hundreds. Regulatory agencies make sure that their brokers function with the user’s interest as their top priority. Moreover, certain agencies offer compensation schemes to all users of their overseen brokerages. CySEC offers a €20 000 refund amount per person, while the FCA guarantees up to £85 000. These funds are applied when the regulated broker cannot pay its dues.
MICFX.CO TRADING SOFTWARE
Somehow this broker was able to get its hands on an MT4 platform.
This is the best trading software in the industry, as we have said hundreds of times before. But even the great MT4 cannot redeem the scammer nature of the broker.
MICFX.CO DEPOSIT/WITHDRAW METHODS AND FEES
The payment methods, as quoted from the user area, are not known to us, which makes them very suspicious. They are FPX Gateway, PayTrust, and BipiPay. The minimum deposit is $30.
The only gateways available for withdrawing are a wire transfer and a crypto-based wallet. Requests take up to 2 days to process, while bak transfers attract a $20 charge. We took most of the withdrawal info from the website, meaning that it may not be true. Unregulated brokers can and will deceive users by providing false information.
All we have revealed is nothing new. Unfortunately, MicFX.co turned out to be your very average scammer broker. It is a risk to invest here. Stay away!
How does the scam work?
Users have entered the scam once they have registered or provided certain contact details to the broker or the investment schemes.
They get to this point once after being tempted by one of the thousands of alluring online ads that promise easy money and a chill lifestyle to go with it. Most of these ads lead to either the broker’s site or an intermediary website. Whichever one happens to be the source of the ad, either one will ask the client for contact details.
Through these contact details, the scammer will contact the user and solicit a first deposit in the scam. This is the most important step, for the first deposit is the initiating ritual, where the user gets to build an artificial trust with the reps of the scam.
After the first deposit, the broker/scammer is able to build on this relationship, lying to the user. As a result of this, more deposits will be demanded, and more fake promises will be wasted.
This is all a ticking time bomb, since the user will want, at some point, to withdraw his/her money. The scammer will deny this request and those that follow, making up excuses at it goes.
What to do if scammed?
Filling for a chargeback is the best solution. Credit and debit card companies allow for this service, The good news is that MasterCard and VISA have a chargeback period of 540 days.
Users should immediately change their bank account user name and password if they have lost money to an investment scam through a wire transfer. They should also contact their bank and try to find a solution with the institution.
Forget about being able to retrieve crypto funds. Crypto deposits are the surest way to lose money!
Moreover, do not trust recovery agents or agencies. These are either an extension of the investment scam or an independent fraud. They promise to return your lost investments but not before demanding a payment for their “services”. After the user pays them, they will disappear with the money!