MFTtrade Review, Shady, and anonymous online trading sites are popping up like mushrooms. You will not find any company data, it doesn’t matter how hard you look. We combed through the MFTrade site and only found two phone numbers and an email for contact. There’s no way to learn who is behind this broker.
Being pushy about investing in crypto and trading digital currencies, MFTrade promises easy access to global markets. Clients can pick an account type that best meets their trading plans and investing abilities. These claims are schematic and are not even remotely believable.
Our MFTrade review explores the concrete conditions given by this broker, so keep reading.
|Phone||United Kingdom: +44 2080 972521Australia: +61 2907 23029|
|Leverage||Up to 1:400|
Regulation and MFTtrade Funds Security
MFTrade doesn’t even claim to be regulated. They completely disregard this obligatory condition. It’s like it doesn’t matter if they have a business license at all. A bunch of scammers decided to set up a trivial-looking website and sell services they don’t have authorization for. Goal? Defrauding investors!
The only clue about the company’s location is the UK and AU phone numbers. Led by this, we checked the registers of the two jurisdictional regulators – FCA and ASIC. Both financial authorities belong to top-tier regulators with some of the harshest regulatory criteria. MFTrade is not in either database of regulated brokerage houses.
FCA and ASIC require the brokers to take special care of all investments by keeping them in segregated bank accounts. Clients’ funds cannot be misused by the company as they’re separated from the firm’s capital. Since security is the top priority, all necessary safety protocols are implemented and traders’ information is protected. Investors can trade safely knowing they will never lose more money than they have put in.
Just so we wouldn’t categorically label MFTrade as a phony, we did a check of several more registers. Predictably enough, MFTrade doesn’t show up in lists kept by BaFin, AMF, IIROC, NFA, CySEC, FINMA, or CONSOB.
There’s no single evidence about this fake broker being regulated – please stay away!
What Trading Platforms Are Available?
A quick registration process takes you to the trading area. The terminal present is a web-based, dull, and limited platform of little to no use to anyone. If you ever tried to test out a scammer’s trading software, this is probably what it looked like.
Without any particular purpose except creating an illusion of trading, MFTrade web trader is a generic lie. Set up only to fool investors that their funds are growing, this terminal can hardly offer any realistic trading opportunities.
Several basic features are there, but it is debatable if they really do their work. Regulated brokers would be abashed if their offer of trading platforms was down to this. Licensed brokerage organizations will always provide you with award-winning platforms that put a web terminal like this one to shame.
Deposit and Withdrawal on MFTtrade
|Broker||MFTtrade||FXTM||OctaFX||FPMarkets||XM Broker||HFM||FBS Broker|
Attempting to deposit from the user area was hopeless. All we kept getting was the infamous 404 HTTP error. Since MFTrade forces crypto trading as the only instrument class available, you can assume all deposits have to be via crypto.
Another typical scammer tactic is advocating digital currency depositing. Tracking the E-wallet owner (person or company) is nearly impossible. You will lose your hard-earned money while the con stays anonymous and untouchable. Beware of crypto depositing!
From the account types, the cheapest one asks for a $250 deposit.
The Withdrawal page also acted up and only showed error 404 messages. Pointless to say withdrawals are not an option with a cyber thief.
None of this would be allowed with regulated brokers. It would be unimaginable not to know all the withdrawing conditions to the smallest detail. The absence of information relating to funding and refunds is a clear red flag.
Do not put trust in MFTrade when it comes to handling your investments!
How Does the Trading Scam Operate?
Cryptocurrencies have undoubtedly gained popularity in recent years. Scammers grab the attention of potential investors by proposing business suggestions that allegedly bring profit.
Less experienced traders who would like to try their luck with digital currencies trust the fraud with their investment. The friendly, comforting tone convinces them to deposit. Everything else will be taken care of by the trading expert/account manager.
This farce can go on as long as the investor is willing to put their money into it. The fake trading terminal is set up to show the funds are only growing. If the client decides to issue a withdrawal request the illusion will fall apart like broken glass.
Refunds take a tremendous amount of time and energy. How well disguised and anonymous the frauds remain, getting money back is seemingly impossible.
Forex Broker Recommendations
MFTrade is definitely not an example of an authentic broker. A complete opposite of their shadiness and suspiciousness, regulated brokers are transparent. FXTM, OctaFX, FP Markets, and others have nothing to hide as their business is fully regulated and authorized.
Thousands of satisfied customers around the world bear witness to the success of the most popular brokerage enterprises. Award-winning software, adjustable trading conditions, and helpful customer support tend to every trader’s needs.
Please take a look at several of our suggestions. You can always make an account with more than one site to compare their offers and choose what suits your trading taste.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFx.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||Xm.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||Hfm.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||Fbs.com|
Incognito company operating the MFTrade website prefers to stay under the radar and not reveal itself to us. We don’t know absolutely anything about it, not even the country where it operates from. Not exactly the kind of circumstances that make newcomers easily trust a firm.
Either way, MFTrade attempts to lure its victims by vowing to multiply their crypto deposits in a flash. While you could earn from trading online, you must be extremely careful with who you choose to invest.
Whenever you are not sure if the broker is legit or not, check again. The registers that regulators keep and warnings issued can reveal so much you will be surprised.
If you’d like to share your experience with us, do not refrain from it. We’re at your disposal if you want to make contact and seek advice.
FAQs About MFTtrade Broker
What Are MFTtrade's Funding Options?
Since the deposit page is unfunctional, funding options are inaccessible. The broker only allows cryptocurrencies as trading instruments. It could also be the only funding method accepted.
What Accounts Are Available at MFTtrade?
MFTrade has Basic, Silver, Gold and Platinum accounts.
What Is MFTtrade's Minimum Deposit Amount?
Basic account costs $250, which is taken as a minimum depositing amount.