February 1, 2024

MiralFX Reviews Avoid Falling for Miralfx.com Scam! Exposed

Heard of Miralfx.com trading platform? Really want to find more details before choosing the broker? You can carefully read the MiralFX reviews to know about this forex broker whether to use or not.

MiralFX Reviews

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.

MiralFX: What is it?

MiralFX otherwise known as Miralfx.com 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.

Is MiralFX a Scam Forex Broker?

First of, MiralFX is operated by MiralFX LLC and an incorporation in Saint Vincent and the Grenadines.

SVG

But, Saint Vincent and the Grenadines SVG is an offshore zone with no broker regulations in place. As soon as you open the website of the local Financial Services Authority you see a warning that the institution does not license forex and other types of brokers and does not supervise the activities of International Business Companies engaged in such activities.

SVG Official Warning
SVG Official Warning

Not all brokers registered in St. Vincent and the Grenadines are scammers, some of them are offshore branches of reliable international companies. This is not the case with MiralFX, however, they are just a shady unregulated entity.

Following this, the broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.

These drawbacks are for forex traders/ clients to avoid losing money with scam brokers lurking online. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.

Won’t you rather trade with a licensed and legit 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, ASIC in Australia, NBRB in Belarus, CySEC in Cyprus as well as IIROC in Canada which makes client funds safe. They accept traders worldwide…visit their official website

Does MiralFX Have Account Types?

MiralFX provides variety of trading account for clients. The broker’s leverage capped 1:500.

Account type
Account type

MiralFX minimum deposit is specified $50 based on the account type. This is fair start if only the broker is licensed.

In contrast, some licensed FX brokers can offer clients trading rate as low as $100 with the assurance of their trading funds.

The broker advertises payment deposit like Visa and MasterCard, through TC Pay, and Western Union, or in Bitcoin and Tether. 

Just so you know, 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!

MiralFX Trading Software

MiralFX claims to offer the industry standard MetaTrader 5 (MT5) platform. We were only allowed to access the web version of MT5 and keep in mind that this was not a terminal that belonged to MiralFX but the generic version of the software.

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 unregulated forex broker like this one because you stand the chance of losing your money.

MiralFX 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 Miralfx.com 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

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

Verdict:

MiralFX broker appears like a reliable trading platform, however, you should not take the words they say and the attractive website layout. By all appearances, the broker lacks one important indicator – its license. Thus, traders should steer clear from an unlicensed broker as its likely run by scammers. To this end, we urge our readers to rely on regulated brokers like this or any licensed entity.

Was the information helpful? Please share with us your experience in the comment section below. Thank you!

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