Beware! MWB Dev 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.
MWB Dev is a fairly typical example of an anonymous website misrepresenting itself as a regulated forex broker. Fact checking leaves no doubt that MWB Dev’s sole purpose is to scam inexperienced people out of their money.
MWB Dev 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|
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.
As previously stated, MWB Dev is an anonymous website. No company name is mentioned anywhere, including in the text of the Terms and Conditions. Therefore, there is no reason to believe the claims that the unknown company is based in the UK and has licences from the financial regulators in Cyprus, Canada, Australia and other jurisdictions.
A check of the records of the relevant financial regulators shows that there is no authorised forex broker using the MWB Dev trading name and domain.
The text of the Terms and Conditions lists Vanuatu as the applicable jurisdiction offshore, but we do not find MWB Dev in the relevant registries.
We can only be certain that MWB Dev is not a regulated broker.
You should only trust legitimate brokers 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 UK’s Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Commodity Futures Trading Commission (CFTC) in US or 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.
MWB Dev Trading software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|MWB Dev platform||✅||❌||✅||❌|
|cTrader||40+ indicators||✅||✅||Android and iOS|
MWB Dev uses a basic web-based trading platform as we have seen with many other fake brokers.
While the platform has the basic features for placing orders, customising charts and application of technical indicators, it lacks the more advanced functionality found in the most widely used trading platforms in the industry, 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.
It should be noted that the presence of a trading platform does not make this website any more legitimate and does not guarantee that this alleged broker offers real trading. Many scammers use rigged trading software to fool their victims that their money is being invested.
MWB Dev Trading instruments
MWB Dev advertises trading in all major asset classes but does not provide detailed information on the terms of this trading.
MWB Dev Spreads and cost of trading
In the trading platform we see a spread close to zero. Such raw spreads mean that the broker has to charge a commission. But MWB Dev does not provide information about the cost of trading.
MWB Dev Maximum leverage
|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||❌||❌||❌||❌|
According to the descriptions of the trading account types, MWB Dev offers leverage up to 1:500. This is further evidence that MWB Dev is not a regulated broker.
Trading with high leverage allows higher profits, but also increases the risk of sudden and excessive losses proportionally. All leading regulators limit leverage for retail traders. In the EU, UK and Australia the maximum permitted level is 1:30 and in the US it is 1:50. This maximum level only applies to trading major currency pairs, with even more limited leverage for more volatile assets.
Regulated brokers offer higher leverage only to professional clients who must meet very high standards for capital and experience and forgo the guarantees enjoyed by retail traders.
If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.
MWB Dev Deposit and withdrawal methods
|Deposit time||Withdrawal time||Price|
|Crypto||24 hours||24 hours||Fee depends on crypto|
MWB Dev only allows cryptocurrency deposits.
This is typical of financial scammers. Cryptocurrencies are their payment method of choice because on the one hand they allow the scammer a degree of anonymity, and on the other hand they do not allow the scammed to ask for a refund.
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 PayPal, Neteller or POLi.
MWB Dev Minimum deposit
MWB Dev requires a minimum deposit of 150 USD. For the same or even lower amount you can open a starter account with a leading brand in the industry.
MWB Dev Withdrawal requirements
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|MWB Dev||Not specified||Not specified||Not specified|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|
MWB Dev does not allow withdrawals to be made earlier than 15 or 30 days after deposit depending on the payment method. Similar scam websites also typically charge hidden fees.