Beware! MFX partner 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.
MFX partner is an extremely dubious and completely anonymous website claiming to be “one of the most advanced and efficient performance-based partnership programs in the world of forex trading”.
This website lacks even basic information about who is behind it and exactly what services it offers. It is beyond any doubt that this is not a legitimate broker, but a fraudulent scheme trying to take advantage of the hype surrounding cryptocurrencies and the general public’s ignorance of how financial markets work.
MFX PARTNER REGULATION AND SAFETY OF FUNDS
Any legitimate broker, and any legitimate business in general, can be expected to state the legal entity behind it, where it is based and what regulations it is subject to. The MFX partner website lacks any information about this. The contact information only includes an email. Terms and conditions and other basic legal documentation are missing. When registering for an account you must agree to a “Privacy Policy”, but the link to that policy simply reloads the page.
After logging into the client system, you are required to confirm that you will become a “partner” and provide additional personal information. The menu can display a lot of strange options, which are not something you would expect from a brokerage firm – “apartment promotion”, “point distribution”, genealogy tree”, “prize draw”, etc.
We weren’t able to check what’s behind these curious descriptions because all the menus link to the deposit form with the explanation that you need to deposit money to proceed.
It is quite obvious that MFX partner is not a regulated broker, it is not a broker at all. These are undisputed scammers and you should avoid them from afar.
If you want to try your abilities and luck in the world of forex trading, it is highly advisable to do so through legitimate brokers operating in one of the established financial centres in the UK, EU, USA or Australia. There, the activities of brokers are controlled by powerful regulatory bodies such as Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), the Commodity Futures Trading Commission (CFTC), and Australian Securities and Exchanges Commission (ASIC). Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds.
In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to EUR 20,000 EU and 85,000 GBP in the UK. However, the likelihood of such a bankruptcy is low because regulators also have significant net capital requirements that companies must maintain – EUR 730 000 in UK and Cyprus, AUD 1000 000 in Australia and at least 20 million USD in the United States.
MFX PARTNER TRADING SOFTWARE
We have not been able to verify whether MFX partner has a trading platform at all. As mentioned, all options in the client system are blocked unless you deposit real money.
Legitimate brokers that can be trusted usually offer multiple software options to their clients, allowing them to use desktop, mobile or browser apps to trade. Some of the most widely used platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which have a wide range of functionalities. These features include the ability to use multiple accounts and to design and use scripts for automated trading and testing of trading strategies.
MFX PARTNER TRADING CONDITIONS
A legitimate broker can be expected to offer a variety of options for beginners and experienced traders and to provide clear information on terms and conditions, including minimum deposit, spread, leverage, fees, etc. As in all other respects, the MFX partner’s website provides absolutely no information on these matters.
One can only assume from the options on the client menu that it offers clients some sort of rewards and bonuses – something that is prohibited on regulated brokers.
MFX PARTNER DEPOSIT/WITHDRAW METHODS AND FEES
The only specific information that can be found is that MFX partner accepts three payment methods – Bitcoin, Perfect Money and X2. The latter is an unknown and very dubious-looking e-wallet.
There is a legitimate payment platform called PerfectMoney, based in Hong Kong. But the deposit menu on the MFX partner’s website leads to a site with a different domain than PerfectMoney’s (.is instead of .com). This looks like a clone site that only mimics the original.
And regarding Bitcoin, scammers prefer to use cryptocurrencies because these transfers are non-refundable. While there are legitimate brokers that accept payments with Bitcoin, they do so alongside other options such as bank transfer, credit cards, and known digital platforms like PayPal, Neteller, Skrill or UnionPay.
HOW DOES THE SCAM WORK
It is tempting to be lured by the promises of easy money that we constantly come across on the internet. But behind the vast majority of these promises, if not all, are scammers. In recent years, many fraudulent schemes have consisted of websites posing as brokers and trying to cash in on the excitement surrounding cryptocurrencies.
If you give your contacts to one of these scammers, they will start convincing you that they will multiply your money, with nothing required of you but to sit back and take profits. If you agree to an initial investment of a few hundred dollars, they will start persuading you to invest more and more.
But you will never get the promised profits or the money you deposited. Scammers have many ways to ensure this. First of all, they are hidden behind offshore companies, not subject to controls and regulations. For the money transfers they use shady payment platforms, direct bank transfers or cryptocurrencies that make recovering money very difficult and often impossible. The terms and conditions are always riddled with traps that also block your ability to withdraw your money, such as prohibitively high minimum trading volume requirements or withdrawal fees amounting to tens of percentages of your funds.
WHAT TO DO WHEN SCAMMED
When you find yourself scammed and seek advice and help online, you are likely to receive offers from individuals and companies who promise to refund your money for a fee that you have to pay in advance. Don’t trust such offers or recommendations from anonymous commentators on the internet – this is also a well established scam.
The best chance to get at least some of your money back is to request a chargeback, but this applies only if the transfer is made via credit card. It is of course advisable to notify the relevant authorities of the fraudsters’ activities and to spread the word online to warn other people who may fall victim to the same scammers.
