Macking Financial review – 5 things you should know about mackingforex.com

Macking Financial review – 5 things you should know about mackingforex.com

Rating: 1

Beware! Macking Financial is an offshore broker! Your investment may be at risk.

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Macking Financial claims to be forex broker operating from one of the leading global financial centres and providing customers “safe and convenient transaction environment”. But it quickly becomes apparent that this is actually an anonymous website that misleads by claiming to be a licensed broker. Macking Financial is a typical fraudulent scheme and is linked to a whole network of scam sites.

MACKING FINANCIAL REGULATION AND SAFETY OF FUNDS

The Macking Financial website lacks the Terms and Conditions, Privacy Policy and other legal documentation required of any legitimate business.

According to the little information available on the website the legal company behind it is Macking Financial Limited. An address in Hong Kong is given. To operate from the Hong Kong, a broker must be licensed by the Hong Kong Securities and Futures Commission (SFC). But no company with that name can be found in the regulator’s database:

It should be noted that in many ways Macking Financial is identical to another scam scheme we’ve reviewed, TRP Forex. The suspicion that Macking Financial is part of a network of scam websites is confirmed by the fact that the trading platform it uses is in fact configured for another fake broker, Narsq Futures Limited:

At the time of writing this review, the Narsq Futures website is down. However, Narsq Futures Limited does appear on the SFC’s warning list of unlicensed entities: 

You should only trust legitimate brokers that are truly operating in one of the established financial centres like 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), 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 20 000 EUR in the 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.

While Macking Financial itself is virtually anonymous, it does not accept account registration without identity verification. Attaching a copy of your passport, driver’s license, or other identification is required to create an account. Registration is not automatic and is subject to administrative approval.

MACKING FINANCIAL TRADING SOFTWARE

While Macking Financial are undeniably scammers, actual trading software – MetaTrader 5 (MT5) – can be downloaded from the website. But as already noted, this software is configured for another shady broker. The login details provided by Macking Financial was not accepted by the platform.

It is advisable to contact one of the many legitimate brokers that offer MT5 or the still very popular MT4. These platforms have established themselves as industry standard because they offer a wide range of features, including a wide variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

MACKING FINANCIAL TRADING CONDITIONS

Macking Financial offers only one account type, Standard, with a minimum deposit of 1000 USD. Legitimate brokers typically offer various packages optimized for traders with different experience and capital. These often include micro accounts with a minimum deposit of around 100 USD.

The main page of the website states that Macking Financial offers a leverage of 1:200 and the account registration form states a level of 1:100. This again proves that Macking Financial could not be a licensed broker based in the UK. The FCA, like the EU regulators, is capping leverage for retail traders at 1:30. While high leverage allows for more significant profits, it also carries a higher risk of excessive losses, especially for inexperienced traders.

The spread mentioned in the account description is 1.2 pips, which is comparable to the industry average. But given that Macking Financial  is a fake broker and offers no real trading, these values mean practically nothing.

MACKING FINANCIAL DEPOSIT/WITHDRAW METHODS AND FEES

According to the website, Macking Financial accepts dollar deposits via bank wire transfer. The other stated option is to deposit in Chinese Yuan via the UnionPay platform. After the initial deposit of 1000 USD, the minimum amount for subsequent deposits is 100 USD. For a bank transfer using US dollars, the minimum withdrawal amount is 100 USD, and for Unionpay RMB withdrawal the minimum is the equivalent of 50 USD. There are handling fees for a bank transfer, for which only an average amount of 20 USD is indicated.

However, after logging into the system, the deposit methods listed are only cryptocurrency and bank transfer, with the second option referring to technical support. So the only option actually available is cryptocurrency.

Scammers prefer cryptocurrencies because these transactions are not subject to refunds. While there are some legitimate brokers that accept Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like PayPal, Neteller or FasaPay.

HOW DOES THE SCAM WORK

With all the buzz surrounding skyrocketing prices of cryptocurrencies, many people are starting to consider investing in the financial markets as a bid to improve their fortunes. Scammers on the internet have taken notice of that and take advantage of the ignorance of the general public by creating countless websites posing as brokers. These websites offer no real brokerage services and only deceive people into believing that their money is really being invested.

If you come across such a scam website and give out your contacts, you will be contacted by experienced scammers who will convince you that they can take on all the frighteningly complex aspects of investing for you. But you will never get any real profits, nor will you be able to get back the money you deposited. The terms and conditions of these websites are riddled with clauses that make withdrawing funds from your account unfeasible – for example, extremely high minimum trading volume requirements or hefty fees of 10%, 20% or even more of the amount.

Scammers hide behind fake addresses and names and operate through offshore companies that are not subject to regulation and scrutiny. So even if all the withdrawal requirements are met, they may simply disappear and move on to their next fraudulent scheme.

WHAT TO DO WHEN SCAMMED

It is very important not to rush into trusting people on the internet who offer to magically refund your money for a fee. These are also scammers, and they may even be the same ones who scammed you in the first place.

If you have made the transfers using credit or debit card, you can claim a chargeback. Visa and MasterCard allow this to be done within 540 days. However, such a request may not be approved if you have given the fraudsters documents such as a copy of an ID and proof of address. This will allow them to claim that the transaction is legitimate and approved by both parties.

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