Beware! MoreFx Way 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.
MoreFx Way is such a typical fake broker that it could serve as a textbook example of how to recognize such scams. Let’s take a detailed look at what the signs are that this website is not the well-established forex broker based in a global financial hub that it presents itself to be.
MOREFX WAY REGULATION AND SAFETY OF FUNDS
If a financial services provider is legitimate, you will find on its website clear and detailed information about the company that owns and operates it, where it is based, and what licences it has. Genuine brokers also provide access to a comprehensive set of legal documentation. The availability of such information does not guarantee that it is not false or misleading. But the absence of these elements is very indicative that in all likelihood you are dealing with scammers.
MoreFx Way is completely anonymous. Nowhere on the website is the name of a legal entity mentioned. Nowhere are there links to the Terms and Conditions, Customer Agreement and other company policies from which we can find out who we are dealing with and what terms we are agreeing to when we sign up for an account.
The only identifying information is a UK contact address.
But we’re pretty sure this address is fake. The UK has strict regulations on financial service providers. Such an anonymous website could not legally operate as a forex broker. No authorised broker using the MoreFx Way brand and domain can be found in the database of the local regulator, the Financial conduct Authority (FCA).
If you want to trade on financial markets without being scammed, you can turn to some of the legitimate brokers that actually operate from established financial hubs like the UK. These brokers have to meet stringent requirements for financial stability and transparency of operations imposed by the Financial Conduct Authority. They must provide clients with negative balance protection and to participate in a guarantee fund that covers up to GBP 85,000 of a client’s investment should the broker go into insolvency. These brokers are also required to keep their clients’ money segregated from their own operating funds in separate bank accounts.
MOREFX WAY TRADING SOFTWARE
On the homepage of the website, we see promises of advanced technology enabling fast trading. After registering an account, however, it becomes apparent that MoreFx Way does not have any trading software.
Not only does MoreFx Way not have the legal authorisation to offer trading in financial instruments, but it also does not have the necessary technological tools. This shows that MoreFx Way is a scam, aimed at people without any experience and knowledge of financial trading, who do not know what to expect from a genuine forex broker.
If you use the services of a licensed broker, you will get the opportunity to use established software with advanced features and versions for all types of devices and operating systems. The most widely used trading platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.
MOREFX WAY TRADING CONDITIONS
Legitimate forex brokers offer a variety of trading account types tailored to the needs of clients with different capital and investment intentions. These brokers also provide clear and detailed information on trading parameters – leverage, spread, commissions, order execution method, etc.
The descriptions of account types on the MoreFx Way website specify only one parameter – a minimum deposit of 500 USD. You should know that for ten times this amount you could open a starter account with a number of licensed brokers, including some of the leading brands in the industry.
Elsewhere on the website, extremely high leverage of up to 1:1000 for major currency pairs is indicated. High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders. The FCA, like EU regulators, limits leverage to 1:30 for trading in major currency pairs and even lower levels for more volatile assets.
In addition, the FCA prohibits crypto derivatives trading entirely. MoreFx Way’s claim that it offers such trading is further evidence that it is not a licensed broker in the UK.
The clearest sign that MoreFx Way is a scam is that it promises guaranteed and high weekly returns. A genuine broker will not and cannot promise you guaranteed profits. In fact, licensed companies are obliged by regulators to warn their clients about the high risk of losses when trading financial instruments.
MOREFX WAY DEPOSIT/WITHDRAW METHODS AND FEES
MoreFx Way does not try to conceal that it only uses cryptocurrencies as a payment method. Financial fraudsters prefer cryptocurrency transactions because they do not allow the defrauded to request a refund or chargeback.
While there are some legitimate brokers that accept digital currencies like Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like Skrill, Sofort or QIWI.
Since MoreFx Way does not provide proper legal documentation, it is unclear what traps the fraudsters may have set. Typically, fake brokers make withdrawing money impossible through huge fees and impossible-to-fulfil traded volume conditions.
HOW DOES THE SCAM WORK
The idea of passive income is increasingly attractive to more and more people. The Internet gives the impression that making money through investments in the financial markets is more accessible than ever to non-experts. But the online space is full of scammers who lure inexperienced wannabe traders through flashy advertisements and fake testimonials from satisfied clients. However, these fake brokers don’t really invest the money you give them – even though they very confidently assure you that you are generating great profits and should invest even more.
But when you try to withdraw some of your supposed winnings or deposit, it turns out to be impossible. Scammers will tell you that a sudden change in the market has wiped out all your money, or point you to vague clauses in the Terms and Conditions that require a huge minimum volume traded. The victim of such a scam may also be surprised with hidden fees and taxes amounting to tens of percentages of their funds.
Holding fraudsters accountable is difficult because they operate through offshore companies that are uncontrolled and unregulated. In addition, scammers require that you provide them with a copy of your ID and proof of address so that they can claim that all transactions were voluntary and agreed upon by both parties.
WHAT TO DO WHEN SCAMMED
First of all, you should know that there is another kind of scammers who prey on victims of fake brokers. They claim they can refund your money for an upfront fee. The most realistic option to get at least some of your money back is to request a chargeback, but this is only possible if you used a credit or debit card for the transactions. Scammers usually insist on using cryptocurrencies, direct bank transfers or shady online payment platforms where refunds are impossible.