Beware! N/A 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.
MciWealthManagement presents a classic offshore brokerage site. That much is obvious to us. As for the rest of the details, we have compiled a thorough review for all your needs.
We started with a shady and familiar registration area and user area, both of which remind us of hundreds of other suspicious brokers.
We accessed a web trader. We discovered a EUR/USD cost of trade of 0.2 pips, which is too good to be true, leading to our suspicion that it has been manipulated. There was no leverage value revealed. The available trading assets were forex currency pairs, commodities, crypto, indices, metals, and stocks.
There might be commissions, as the broker mentions the word “commission” in the legal docs, but never expands on it. These are the most dangerous kinds of fees, because we have no idea how and when they apply.
MCIWEALTHMANAGEMENT REGULATION AND SAFETY OF FUNDS
It’s not everyday that we see the following clause. It basically suggest that MciWealthManagement is regulated in the following jurisdictions.
It’s a very bold claim to suggest that behind MciWealthManagement are 5 different subsidiaries that all provide trading services in some of the biggest FX jurisdictions in the world. The amount of responsibilities and hardship that goes into getting settled and regulated in these countries is unprecedented. However, none of it is true.
- In order to be legit as an FX company in Australia, the broker must hold a license form ASIC. MciWealthManagement is nowhere to be found in ASIC’s database.
- In Canda it’s pretty much the same situation. It’s IIROC that’s in charge of regulating all FX brokers in Canada, and we pretty much found no result of the broker there.
- The European claim is even more obscure since it does not state where in Europe. There is no one ubiquitous regulator there, but a collection of dozens for each nation. MciWealthManagement is not regulated by neither one.
- The US statement is the most ridiculous, since the US is the most heavily regulated brokerage nation in the world, and its close to impossible to break though there even if you were trying. The local NFA and CFTC are the world’s top regulators.
- Last but not least we have the British Virgin Islands address which actually covers all other countries; if you are a resident of any country other than the ones listed then you fall under the Virgin Islands jurisidiction. However, it’s easy to bust thic claim too, since the nation has a regulator – the British Virgin Islands Financial Services Commission – and it does not oversee the broker.
MciWealthManagement is completely unregulated and a risk to all users. Do not invest here!
Unless you wish to throw your money away for no reason , there is absolutely no incentive for investing in unlicensed brokers. In fact, you would be doing them a big favor by funding their further fraudulent projects. If you wish to trade real FX and CFD with regulated brokers, looks no further that those that are regulated, especially in well known locations such as Europe, the UK, the US, or Australia. The regulators there are pedantic to a ridiculous degree and will do everything in their power to uphold the rights of the user and the integrity of the market industry. It is within their power to penalize brokers and demand client compensation, as well as to set industry standards and introduce new rules and regulation.
MCIWEALTHMANAGEMENT TRADING SOFTWARE
Here is the web trader. It’s a very wide spread web trader, common to tons of unlicensed brokers.
We have been through this countless times. Similar web trader are added for the sole purpose of finalizing the illusion that MciWealthManagement is a legit entity. In reality, users will find it very difficult to trade here, not only because there are barely any options but also because the firm has probably manipulated the values.
MCIWEALTHMANAGEMENT DEPOSIT/WITHDRAW METHODS AND FEES
Both the deposit and withdraw areas in the client portal were not available. The odd thing is that they are blank, suggesting that there is no internal error, but that the broker has judged us unworthy of investing. Whatever the case may actually be, we are left getting all payment details from the website.
But this turned out to be easier said than done for the site holds abolutely no payment details. The only thing that we read about are third party fees (meaning that the broker has connections to unknown third parties), as well as other fees whose values have not been disclosed.
The more reason to mistrust MciWealthManagement. This broker is a risk and a scam!
HOW DOES THE SCAM WORK
Getting scammed usually happens without you knowing it. It’s a deceivingly simple process that owes its success precisely because it seems so avoidable.
First, there is the matter of getting in contact with the broker which happens in one of two ways. Either it contacts you, or you it. If it calls, it means that somewhere in your net journey you accidently left a phone number or an email address. Or you were persuaded by the broker to contact it, which is why many scammer brokerage sites looks so appealing.
The hardest thing to achieve, for a fraudster, is to convince a user to invest an initial deposit. Prior to this a certain level of trust must be built, centered around a false sense of rapport. The broker will fake an interest in the user and in the process talk about market and profit opportunities, as well as investment choices. It’s all a part of a retaining strategy that will keep the user invested for at least a couple of thousand dollars, on average, until, eventually, he realizes the scammer pit he has fallen in.
When this happens, the broker will seize all contact with the user, and might even block the client from the website. It will go to great lengths not to return a single penny of the user’s money.
WHAT TO DO IF SCAMMED
The first thing you should do it to file for a charge back. That’s if you have invested by means of a credit or debit card. MasterCard and VISA have a chargeback period of 540 days giving users more than enough time to try to get their money back.
Wire transfer deposits are not as easy to acquire, and the best advice we can give you is to set up a reimbursement strategy with the bank leading the transactions. Most banks have strategies put in motion when these circumstances are met. Furthermore, if scammed via a wire transfer, it’s best to change your bank account user name and password.
Unfortunately, all crypto deposits are most surely lost for good. These transactions are untraceable and therefore once they reach the scammer end it all depends on the fraudsters if you see your money back or not.
Lastly, do not trust recovery agents or agencies. These are either separate scammers trying to get a hold of any leftovers, or can even be an extension of the brokerage scam.