Heard of mbfx.co trading platform? Really want to find more details before choosing the broker? You can carefully read the MBFX reviews to know about this forex broker whether to use or not.
This post promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
MBFX otherwise known as mbfx.co is an offshore brokerage with a lot of promises for forex traders. The forex company claims to offer crypto investment services to their clients.
Furthermore, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices.
What We Discovered about MBFX Regulation
First of, MBFX claims registered address in London, United Kingdom. The financial regulator saddles with the regulatory duty in the UK is called Financia Conduct Authority (FCA). FCA provides extensive information about each licensed broker.
To clear the doubts, we searched the register of the UK’s financial regulator, the FCA and it showed this broker is not authorized to provide investment services.
The only document on the MBFX website is AML and KYC policy policy, where a different company name is given – MBFX Limited.
Furthermore, this broker does not offer money back guarantee which means trading on such platform is clearly putting your funds at a risk of scam.
These drawbacks are for forex traders/ clients to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
MBFX Minimum Deposit for Traders
MBFX offers an account for every type of trader. According to the website descriptions, the broker ‘s leverage is capped 1:200 and a spread of 0.2 pips.
MBFX deposit is indicated $1000 for traders. This is ridiculous for a starter.
In contrast, licensed FX brokers clearly spell out their regulations and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
MBFX displays different logos of payment methods, but the deposit menu is not available for an unverified account.
Another important thing, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
MBFX Trading Software
Realdot claims to offer the industry standard MetaTrader 5 (MT5) platform. The presence of a good platform does not guarantee this broker any better.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
Frankly, we say don’t consider doing that with an illegitimate forex broker like this one because you stand the chance of losing your money.
MBFX Licensing and Regulation
Like in any corporation, integrity is a key to uphold these days. It doesn’t matter if you make a lot of money but you can’t take it out. That is to say, exactly what is happening with non-licensed companies.
Having said that, it is not far from believing that mbfx.co is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
MBFX located at mbfx.co appears like a trustworthy trading broker, however, you should not take the words they say and the attractive website layout. By all appearances, we would advise traders to steer clear from unlicensed brokers as they likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
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