MoreFX WayReview, If we were to choose an example of a fraudulent broker through which we will present to you all the shortcomings of a company that points to fraud, it would be the MoreFx Way broker. All defects that are clearly visible without excessive analysis indicate that it is a fraudulent broker.
Lack of a license, unclear information about the company’s headquarters, a support email, and a couple of phone numbers are all that this broker offers its users.
The only thing MoreFx Way can ask from a client is trust. But trust in this case is expensive, more precisely, it will cost you at least $500.
That is why it is good to fully familiarize yourself with the scam carried out by MoreFx Way through the other segments of the article.
MoreFx Way Regulation and Security of Fund
As soon as we started looking for the basic data that a potential client needs to decide whether to invest with the company, it was clear that it was a scam.
Legitimate brokers provide transparent and detailed information on where their headquarters are located, which regulatory body issues them a license, and under which code the company is registered.
Here, of course, we had to search every corner of the site and did not find any information. MoreFx Way is a completely anonymous company. There is no mention of the legal entity behind it on the website.
There are no characters anywhere until the Terms and Conditions, as well as the Customer Agreement and other company policies, which should contain information that is crucial when choosing a broker.
The only information is the contact address: 71 Cherry Court SOUTHAMPTON SO53 5PD UK. We can consider the address fake, knowing that the UK has strict regulations on financial service providers. Therefore, such an anonymous website would not be able to legally operate as a forex broker.
There is no company under this name in the FCA database, and if MoreFx Way were to be regulated, it would have to be by this regulatory body.
Just to be one hundred percent certain that this is indeed an illicit broker, we checked several major European regulators such as BaFin, FSMA, and FINMA, and found nothing about MoreFx Way.
Trading Platform Available at MoreFx Way
MoreFx Way points out on its website that the trading platform it offers its users is reliable, innovative, and simple to use. The problem is that we cannot find out anything more about the trading platform used by this company anywhere on the site, so the question can be raised whether MoreFx Way even has a trading platform.
The company does not offer a Demo Account option, so we were deprived of a direct encounter with the trading platform.
It is probably a web trader with few basic tools, and it is quite possible that there is no trading platform. This is not uncommon among fraudulent brokers, whose only goal is to steal from their users.
MoreFx Way Trading Instrument Offered
As for trading instruments, MoreFx Way offers its users the following trading options: crypto, indices, Forex, Energies, and shares. Even if this offer seems tempting to you, don’t forget that there are loads of other regulated brokers with the same or similar offers.
Any experienced trader, regardless of the volume of the offer, will first pay attention to the regulation of the broker, because when that basic segment, which is the most important for business, is missing, the offer becomes irrelevant, because with fraudulent brokers there is no real chance of making money. After the first payment, whatever you decide to trade, you are at a loss.
Deposit and Withdrawal Procedure
The MoreFx Way company website parades information that the company works with more than 20 payment systems.
Among other things, they present themselves as a company of divergent options for Bitcoin and Ethereum payments.
Most scam companies will require payments to be made via cryptocurrencies, as their control is still not well established, so transactions of this type are difficult to track and it is difficult to prove that payments have been made.
Your only salvation can be paid via credit and debit cards such as VISA or Mastercard, which allow withdrawal up to 540 days after payment. The minimum deposit with MoreFx Way is $500. This is a large amount, considering that regulated brokers for micro orders require a deposit of $10.
For refunds, the site provides information that money can be withdrawn from all investment plans when the trading period of such a package expires.
The company also advises the client to be in contact with their account manager. All this is confusing when we consider that we have no information about what are the fees for transactions and withdrawals.
How Does This Scam Operate?
The scam perpetrated by MoreFx Way is no different from the scam perpetrated by any other scam broker. The fraud is carried out in several stages. What is most important to phony brokers is to reach as many clients as possible and get as many deposits as possible.
When they do, their job is basically done. After that, they will confuse clients with the impossibility of withdrawing funds and highlight various conditions and requirements that must be met before withdrawing money.
This will buy the illicit brokers time to carry out more fraud on other clients until the company fails, which they are ready for at the very beginning.
Most of them appear in a new location under a different name after the website is shut down, that’s why the number of fraudulent brokers is growing day by day.
Top Forex Brokers
In order to protect yourself from a bunch of fraudulent brokers, which are increasing every day, we have prepared a list of regulated brokers for you. Take a look at the table below the text. These are the best-rated brokers, who operate in a regulated manner.
Besides having a quality offer for their traders, these brokers also offer good trading platforms. Their business conditions are customer-oriented, so there is no reason to fear. You will be able to trade in a secure environment.
|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|
MoreFx Way Summary
As we’ve said before, MoreFx Way is a textbook example of a scam broker. In addition to the lack of information that is considered the most important for clients, this broker also made use of lies on its website many times.
When choosing a company to do business with, it should be everything that MoreFx Way is not.
We hope that we have protected you from this fraudulent broker in the sea of others and that you have seen what it is advisable to pay attention to when deciding whether to do business with a company or not. Be careful and always double-check before investing money.
FAQs About MoreFx Way Broker
Is MoreFx Way Regulated?
MoreFx Way is not a regulated company.
What Is The Funding Method at MoreFx Way?
MoreFx Way allows payment methods before cryptocurrencies Bitcoin and Ethereum.
Does MoreFx Way offer a Demo Account?
The broker does not offer users a Demo Account option.