Beware! MCM Corp 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.
MCM Corp does not seem like a reliable, legitimate broker – there were far too many problems with them. If you are even considering investing with them, read the following review – we guarantee that you will have changed your mind by the end of it.
MCM Corp Regulation and safety of funds
|Guaranteed Funds||Segregated Accounts||Negative balance protection|
|UK regulated brokers||£85 000||Yes||Yes|
|EU regulated brokers||€20 000||Yes||Yes|
|AU regulated brokers||No||Yes||Yes|
|US regulted brokers||Yes||Yes||No|
MCM Corp is supposedly based in Belize – a fairly strict jurisdiction. When we checked the company’s name in the register of the local regulator IFSC, we established that such a company was indeed licensed:
What is very convenient, however, is that this regulator does not provide any information about the companies it regulates other than a name and license number – this might as well mean that MCM Corp is just using the name of another, actually regulated company. There were just far too many problems with this broker – their website provided very little information about the company behind the broker and about trading conditions, and they did not actually provide access to the trading platform they promised access to.
All of these discrepancies lead us to one conclusion – this cannot be a broker that is actually regulated.
Choose a broker who is licensed in the UK, the EU, and Australia – these brokers are very reliable and are obligated to follow the law strictly if they want to obtain a license and keep it. They have to prove their financial stability by maintaining a certain minimum operational capital – €730 000 in the UK and the EU, and A$1 million in Australia. The sum could, however, go up if the broker has many clients. Negative balance protection is a must – which means you could never suffer losses exceeding the amount of money you have in your account. Client funds are kept in segregated bank accounts – the broker has very limited access to your money after you have deposited which proves they would not be able to use it for their own business. In addition to all that, UK and EU brokers are obligated to provide funds for compensation schemes so if a broker goes bankrupt, each of their clients could receive a compensation of up to €20 000 in the EU and £85 000 in the UK.
MCM Corp Trading Software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|MCM Corp platform||❌||❌||❌||❌|
|cTrader||40+ indicators||✅||✅||Android and iOS|
MCM Corp claimed that its clients would get access to one of the leading platforms in the world of trading – MetaTrader 4. However, when we tried to download the platform, we were just redirected to the website of the software’s creators, MetaQuotes. We were not given the chance to actually download or access MT4. As a result, the promise of this great platform is just an empty one.
Turn to a broker that can actually offer MT4. This platform remained the most popular in the trading world for years and considering how accessible and highly functional it is, it is easy to see why. MT4 provides access to a full charting and analysis package, on top of many additional features – Expert Advisors that trade automatically, the possibility to create custom scripts, and signals, the chance to purchase add-ons and VPSs, a Strategy Tester, and much more.
MCM Corp Trading instruments
MCM Corp stated that the only market you would be able to trade on if you opened an account with them was forex majors. This means that you would only get access to an extremely limited range of instruments.
Many legitimate brokers, on the other hand, offer access to thousands of instruments across various markets – forex majors, stocks, commodities, indices, and even cryptocurrencies.
MCM Corp Spreads and cost of trading
MCM Corp did not specify what sort of spreads it offers but spreads are only important when you are sure that a broker has a functional platform to offer. We are not convinced that this is the case with MCM Corp – and they did not provide us with a lot of information anyway. Some of the best brokers in the industry can offer amazing spreads – check out their offers instead of dealing with scammers.
MCM Corp Maximum leverage
|MCM Corp broker||30:1||20:1||❌||20:1||10:1|
|UK regulated brokers||30:1||5:1||❌||10:1||10:1|
|EU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|AU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|US regulated brokers||50:1||❌||❌||❌||❌|
MCM Corp claims to allow maximum leverage of 1:30 on forex majors and lower on other asset classes. This is actually very reasonable and even in line with the leverage caps in many strict jurisdictions. However, since this broker did not allow access to an actual platform, we cannot be sure that leverage would be a relevant category at all.
MCM Corp Deposit and withdrawal methods
|Deposit time||Withdrawal time||Fee|
|Bank wire||2-5 business days||2-5 business days||$25+|
MCM Corp states that it only accepts wire transfer deposits. This is a very secure payment method usually – however, depositing with scammers can never result in anything good. That is why we would generally recommend that you avoid transferring money to such shady enterprises.
MCM Corp Minimum deposit
|Minimum deposit||No information||$5||$10||$5|
MCM Corp did not actually say what minimum deposit is required in order to open a trading account. We would like to point out, however, that there are plenty of legitimate brokers that would allow you to start trading for a very small amount of money – even for as little as $5.
MCM Corp Withdrawal requirements
MCM Corp did not provide us with Terms and Conditions – as a result, we are not sure what withdrawal requirements the broker has. You should be aware, however, that such brokers often do have withdrawal requirements, and pretty outrageous ones at that. They might ask you to reach huge turnovers in order to allow any withdrawals at all or charge you enormous withdrawal fees of up to 20%. Whatever the case is, being vigilant is your best option.
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|MCM Corp/ offshore brokers||No information||No information||No information|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|