Beware! MajoROI 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.
MajoROI comes forth as a Seychelles licensed broker with offices in London that’s offering a strange selection of leverage levels and bonuses. That said, we can affirm there is something wrong with this entity, and we are going to discuss critical details about it in the full MajoROI review.
MajoROI REGULATION AND SAFETY OF FUNDS
MajoROI claims to be a brand of R Capital Group Ltd– a company licensed in Seychelles as a security dealer. At first glance, one could believe that MajoROI is a trustworthy broker, but that’s not the case actually. First of all, the Seychelles license doesn’t convey any security for traders whatsoever as the only customer protection measure undertaken in the country is the capital adequacy requirement- each broker needs to provide $50 000 in paid-up capital to obtain a license, which doesn’t really change anything. Generally, the regulation there is loose, and we’ve seen many Seychelles licensed brokers acting stupid before. Moreover, the country mentioned is still found on the EU list of non-cooperative jurisdictions, so it’s still a shady tax haven that’s anything else but trustworthy.
However, MajoROI claims to be present in London, so it needs a license to operate there legally. Well, it has none, so it’s selling its services on a regulated market without authorisation, thus breaching the local financial laws. Those things considered, we can only conclude that your funds won’t be safe if you deposit with MajoROI because its license is unreliable. Not to mention that the Seychelles registration gives no information about the broker, so it may as well be a clone firm.
Avoid it and better check the high-rated EU brokers and British brokers on both lists by following the links provided. We recommend them as they are competently regulated and, most importantly, covered by deposit insurance funds securing clients money in case of insolvency or fraud (depending on the jurisdiction). Namely, if you trade with CySEC brokers, you can claim up to 20 000 EUR in compensation, while the British protections are up to 85 000 GBP per person. Europe is reliable, and it’s safe to open accounts with companies holding EU and UK licenses.
MajoROI TRADING SOFTWARE
MajoROI claims to offer a state-of-the-art platform, but that’s simply a lie. Upon registration, we ended up with faulty web-based software that’s not scalable and can’t offer any significant advantage over MetaTrader, for example. The EUR/USD spread is 0.2 pips, which is an excellent cost-effective Buy/Sell difference, but the broker reviewed is already highly suspicious, so don’t even think about opening an account there. You can see a picture of the useless platform at the bottom of this section.
Anyway, while talking about software, check the high-rated MetaTrader4 brokers and MetaTrader5 brokers, which are indeed delivering the best distributions available. We recommend MT companies as their terminals are packed with sophisticated features such as Expert Advisors, complex indicators, and excellent charting tools. MetaTrader also comes with a Marketplace delivering more than 10 000 apps and other trading solutions, which happens to be a peerless advantage.
As to leverage, it varies between 1:5 and 1:300, depending on the deposit. Well, there is a problem arising because the British FCA capped leverage to 1:30 a few years ago, so 1:300 is certainly a level that shouldn’t be provided by MajoROI, who is claiming to be present in London. A red flag!
In fact, leverage is so dangerous that many other authorities also imposed regulations restricting its usage. Namely, licensed EU and Australian brokers have to limit retail clients to 1:30 for FX majors, while the US brokers to 1:50. In contrast, high-leverage brokers are either poorly regulated or not at all, so you need to be careful with such entities. You’d better remember this piece of information as it can help you detect some of the fraudulent offers on the market.
MajoROI DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $250, which is a bearable requirement, but too many better brokers accept clients for $100 or less, so it’s anyway worthless dealing with the fishy MajoROI.
As to funding, the broker reviewed accepts Credit/Debit cards, Wires and Bitcoins, out of which the first-mentioned is the safest one. We claim so because it allows getting a refund for up to 540 days after the transaction.
While talking about deposits, though, check our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a trusted payment system. The high-rated companies are competently regulated, and you won’t see scammers if you choose among the ones topping the lists.
As to withdrawal and fees, there is not much to discuss. Seemingly, there is no minimum withdrawal requirement, but the conditions will drastically change if clients accept bonuses. In such a case, they need to trade the bonus plus the deposit 30 times to become eligible for withdrawal. Unless the requirement is met, clients won’t be able to take any sum out of the balance, as the bonus is final. That’s fishy nonetheless and shows how worthless the Seychelles license actually is as the broker dares to lock trading accounts, not allowing any withdrawals whatsoever.
Moreover, the British FCA prohibited trading incentives a few years ago, which yet again shows that MajoROI wrongly pretends to be a legit UK broker. The bonus policy prompts us to raise another red flag.
As to fees, there is nothing except for the inactivity charges. According to the Terms, an account becomes dormant after 12 months of inactivity and will be charged $30 annually, which is generally a fair condition. Nevertheless, MajoROI proved to be a fishy one, so we can’t take their word for it.
Overall, MajoROI is an unreliable offshore broker, and you should avoid it, notwithstanding its license.
HOW DOES THE SCAM WORK
Today, the Internet is plagued by scammers and their tricky deals. It all starts when you click on an appealing fraudulent offer and provide your e-mail and contact numbers. Scammers, as seasoned manipulators, would ring you at once, insisting that you should start investing as soon as possible. During the phone call, you’d be presented with bonuses, promotions, risk-free offers, Bitcoin opportunities, and anything else you could possibly imagine. Scammers would claim to work with reputable firms, banks, governments, and so on, trying to make their business appear legit. Those thieves lie big time and would promise you anything to gain your confidence and get a deposit from you.
However, the first deposit is just the beginning. Day by day, scammers would carry on asking for funds. If you lost, they’d persuade you to put more money and recover the losses. If you are profitable, you’d be asked to put more money and increase the gains. The headaches start as soon as you ask to take your money back. The scammers would do whatever it takes to discourage you and would even urge you to deposit again if you want to withdraw. The scammers’ mantra is “give me your money”, they’d push you to transfer more money over and over again for no obvious reason. Urgency is a treacherous sign, so if someone forces you to invest ASAP, that’s a scam.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is safe from scams. If you get defrauded, the first thing you need to do is to protect yourself from further risk. Deactivate your card immediately, contact your bank and ask for advice.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly trying to recover your funds because fraudulent fund recovery agencies are trying to double scam the victims. They ask for upfront payment, take the money but don’t do a thing to help you!
Last but not least, share online your experience; it’s important to inform the public about scams. Be responsible!
