MkFX24.co review – 5 things you should know about mkfx24

MkFX24.co review – 5 things you should know about mkfx24

Rating: 1

Beware! MkFX24.co is an offshore broker! Your investment may be at risk.

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We did not expect MkFX24.co to be as bad as it turned out to be, but here we are, again, with a surprisingly scammer broker. We want to make ourselves clear by saying that we never had any hopes for this broker being anything but a hard pass, but MkFX24.co turned out to be worse. It’s site is very uninformative, and we felt like the broker hid some of its trading and payment preconditions. Just make sure to read the review before investing here.

We registered relatively fast and without any hold backs, which directly gives us a glimpse into the true purpose of the broker: it aims to take as many investments as it can form just about anyone.

Upon opening an account, we were face with the typical user area, shady that is, that we have encountered hundreds of times before. At least we got a web trader, where the EUR/USD  cost of trade was indicated at 0.5 pips. Now, usually there are commission for such a low spread, but according to the website there are no commissions, so either MkFX24.co is very generous, or there are hidden preconditions the broker has not told us about, and not once did MkFX24.co strike us as a giver. The available assets were  forex currency pairs, cryptocurrencies, commodities, indices, and stocks. The leverage was capped ats 1:200.

MKFX24.CO REGULATION AND SAFETY OF FUNDS

There is just one piece of legal information that concerns us here. And that is the claim that the broker fully adheres by the laws of the United Arab Emirates. Obviously, for a broker to abide by a given set of rules, there must be proof and not just empty promises; anyone can do that. In the UAE, the authority that regulates and approves FX brokers is the Central Bank of the United Arab Emirates, while its laws and regulations are enforced by the Securities and Commodities Authority. As you might expect, we found no evidence of the broker being regulated in the Emirates, so this means that it lied about it being an UAE brokerage!

As uncommon the last claim was, one would expect there to be other statements equally rare if not more, but alas there is nothing to further the broker’s lies. There are no further details pertaining to a license or to an address, which leads us to conclude the only logical outcome: MkFX24.co is completely unregulated and a risk to all!

If you are investing in an unregulated broker better not invest at all; at least in the latter occasion you will not be ensnared in an investment scam that will not only take your money but will greatly waste your time and energy. Better yet, if you have the will to invest, and either are skilled at it or want to expand your knowledge, there is no better way to go than any of the EuropeanUKUS, or Australian brokers we have compiled for you. These are all regulated, and so are up to industry standards, but are also limited in the amount of freedom they can have by some of the top regulators!

MKFX24.CO TRADING SOFTWARE

Here is the web trader that we got in the user area:

It’s a software that, to our eyes and experience, is quite new in the game, and is slowly but surely gaining  popularity with the scammer and the fraudsters. And we can see why; it offers very little options and features, but what wins the hearts of scammers is that it expertly creates the illusion of being a professional software, whereas in reality it barely odes the minimum.

MKFX24.CO DEPOSIT/WITHDRAW METHODS AND FEES

Let’s see what the user area has in store for us. There we find the real payment methods, which are said to be wire transfer, some crypto methods, and credit/debit direct to crypto. The minimum deposit requirement is set at $250. Please note that all crypto methods require the user to directly invest into some arbitrary address that may or may not belong to the broker. In other words, who knows where the money is invested in; it’s untraceable, making crypto gateways the favorite investment methods of scammer brokers like this one.

The same withdrawal methods are noted in the relevant section. According to the site, all withdrawals that are lower than $1000 will be charged with a fee of $30. If the withdrawal amount is lower than $800, the fee will be $16. Requests are processed up to 2 days.

Don’t be fooled by these forced payment conditions. The broker remains unregulated and a risk to all!

HOW DOES THE SCAM WORK

Scams have surprisingly little evolved over the past decades since their inception. It’s basically the same principle being rendered through different sites and by a plethora of different agents.

The core remains the same. The broker tries to grab the client’s attention either by advertising false profit gains, or by directly contacting the user, who is the vastness of the internet let his guard down at some point and either provided an email or a phone number to some now forgotten source.

Should the user get contacted (or fall for the ads) he or she will be shown to the website of the investment fraud and promptly be pushed to invest, either by sweet talking representatives of the scam, or by the account manager which is also the one that keeps the whole thing in check.

The ultimate goal is to compel the user to invest once, and after that the trap is fully shut. The client already lost money, and any further investments are a bonus to the broker. All withdrawals will not be available, and even if the broker seems to be keeping a straight face, it’s all part of the scheme.

Sometimes the users will get a small teasing taste of profit, just so they are motivated to invest more. But after that one time is when most clients realize that something is wrong.

WHAT TO DO IF SCAMMED

The best thing to do is to file for a charge back with your credit or debit card provider, provided that you had previously invested via them. MasterCard and VISA have a chargeback period of 540 days, so its relatively easy to get reimbursed, and that’s why fewer and fewer scammer brokers are offering card payments.

An easier way to lose money is through wire investments. The only advise we can give you is to contact the bank as soon as the money has been lost (or when you realize you have been played). That and to change your bank account password and user name!

We come to the favorite investment methods of unlicensed brokers – crypto wallets. These are untraceable, and thus once a payment goes through it’s finished! There is no real way of getting one’s money back.

Also do not trust recovery agent or agencies promising to get your money back. These will fee you a hefty sum in return for their services, but as soon as you pay them they will disappear!

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